# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001133228-25-006056
**Filing Date:** 2025-6
**Character Count:** 385784
**Document Hash:** 9a1942eb856c785f45ef559d6a573b84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006056.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001133228-25-006056

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250605

**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:** 251024407

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-02-27195150_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 **<u>811-23282</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>PFM Multi-Manager Series Trust</u>**

(Exact name of registrant as specified in charter)

**<u>213 Market Street</u>**

**<u>Harrisburg, Pennsylvania 17101-2141</u>**

(Address of principal executive offices) (Zip code)

**<u>The Corporation Trust Company</u>**

**<u>1209 Orange Street</u>**

**<u>Wilmington, Delaware 19801</u>**

(Name and address of agent for service)

Copy to:

**<u>Jonathan Kopcsik, Esq.</u>**

**<u>Stradley Ronon Stevens & Young LLP</u>**

**<u>2005 Market Street, Suite 2600</u>**

**<u>Philadelphia, Pennsylvania 19103-7018</u>**

**<u>(800) 527-5412</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **First American Multi-Manager Domestic** **Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Institutional Class \| FAEQX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager Domestic Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/DomesticEquity.html. You can also request this information by contacting us at (800) 527-5412.

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

**WHAT WERE THE FUND COSTS FOR THE 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 | $18 | 0.36% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1133116777 |
| **Number of Holdings** | 502 |
| **Portfolio Turnover** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2025)

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

![image](ts3644img003.jpg)

\*\* Percentages above are inclusive of underlying exposures within the iShares Russell 1000 ETF 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 First American Multi-Manager Domestic Equity 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

27.715.411.210.69.18.75.83.52.55.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image004.jpg) | **First American Multi-Manager** **International Equity Fund**  | ![image](image001.jpg) |
| ![image](image004.jpg) | Institutional Class \| FAIEX  | ![image](image001.jpg) |
| ![image](image004.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager International Equity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/InternationalEquity.html. You can also request this information by contacting us at (800) 527-5412.

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

**WHAT WERE THE FUND COSTS FOR THE 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 | $31 | 0.63% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $853428598 |
| **Number of Holdings** | 425 |
| **Portfolio Turnover** | 46% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2025)

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

![image](ts3646img003.jpg)

---

| | |
|:---|:---|
| **Region Breakdown** **\*\*** | **(%)** |
|  EMU  | 24.9% |
|  EM Asia  | 22.1% |
|  Pacific  | 19.2% |
|  Europe ex EMU  | 19.0% |
|  North America  | 5.6% |
|  EM Europe, Middle East & Africa  | 3.2% |
|  EM Latin America  | 2.8% |
|  Middle East  | 0.7% |
|  Cash Equivalents and Other  | 2.5% |

---

\*\* Percentages above are inclusive of underlying exposures within the iShares Core MSCI EAFE ETF, Schwab International Equity ETF, and Schwab Emerging Markets Equity 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 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 First American Multi-Manager International Equity 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

22.515.913.312.58.98.05.14.93.65.3 ------

---

| | | |
|:---|:---|:---|
| ![image](image003.jpg) | **First American Multi-Manager** **Fixed-Income Fund**  | ![image](image001.jpg) |
| ![image](image003.jpg) | Institutional Class \| FAFIX  | ![image](image001.jpg) |
| ![image](image003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the First American Multi-Manager Fixed-Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.firstamericanfunds.com/index/InvestmentSolutions/MMSTFunds/FixedIncome.html. You can also request this information by contacting us at (800) 527-5412.

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

**WHAT WERE THE FUND COSTS FOR THE 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 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1498565734 |
| **Number of Holdings** | 1964 |
| **Portfolio Turnover** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2025)

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

![image](ts3645img003.jpg)

\*\* Percentages above are inclusive of underlying exposures within the Brandywine Global High Yield Fund, Mainstay MacKay High Yield Corporate Bond Fund, 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 First American Multi-Manager Fixed-Income 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

31.324.819.09.87.13.81.71.11.4 ------

&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 issuers as of the close of the reporting
 period is included as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

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

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

(a) ![](first_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, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedules of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#tsoi2) | [8](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#tsoi3) | [16](#tsoi3) |
| [Statements of Assets and Liabilities](#sal) | [60](#sal) |
| [Statements of Operations](#tsop) | [61](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [62](#tscna) |
| Financial Highlights<br>|  |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Domestic Equity Fund](#fihi1) | [64](#fihi1) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager International Equity Fund](#fihi2) | [65](#fihi2) |
| &nbsp;&nbsp;&nbsp; [First American Multi-Manager Fixed-Income Fund](#fihi3) | [66](#fihi3) |
| [Notes to Financial Statements](#tnote) | [67](#tnote) |
| [Other Information](#tinfo) | [78](#tinfo) |

---

------

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

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

**Schedule of Investments (unaudited)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — 24.4%**<br>|  |  |
| **Communication Services — 2.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 29540 | $4568066  |
| Alphabet, Inc. - Class C | 24810 | 3876066  |
| AT&T, Inc. | 34306 | 970174  |
| ATN International, Inc. | 461 | 9363  |
| Bandwidth, Inc. - ClassA<sup>(a)</sup> | 5329 | 69810  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 408 | 150360  |
| Comcast Corp. - Class A | 6539 | 241289  |
| Electronic Arts, Inc. | 2552 | 368815  |
| Eventbrite, Inc. - Class A<sup>(a)</sup> | 4623 | 9754  |
| iHeartMedia, Inc. - Class A<sup>(a)</sup> | 16325 | 26936  |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 23763 | 191530  |
|  John Wiley & Sons, Inc. - Class A | 1931 | 86045  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 3734 | 122251  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 3423 | 31628  |
| Meta Platforms, Inc. - Class A | 14248 | 8211977  |
| Netflix, Inc.<sup>(a)</sup> | 1931 | 1800715  |
|  New York Times Co. (The) - Class A | 4696 | 232922  |
| Nextdoor Holdings, Inc.<sup>(a)</sup> | 37900 | 57987  |
| Outbrain, Inc.<sup>(a)</sup> | 4700 | 17531  |
| Playstudios, Inc.<sup>(a)</sup> | 4700 | 5969  |
| PubMatic, Inc. - Class A<sup>(a)</sup> | 13361 | 122120  |
| Roku, Inc.<sup>(a)</sup> | 1590 | 112000  |
| Scholastic Corp. | 10483 | 197919  |
| Spok Holdings, Inc. | 2790 | 45868  |
| Travelzoo<sup>(a)</sup> | 2300 | 31349  |
| Universal Music Group NV | 20683 | 570060  |
| Walt Disney Co. | 5921 | 584403  |
| Yelp, Inc.<sup>(a)</sup> | 19130 | 708384  |
| &nbsp;&nbsp;&nbsp; **Total Communication** <br>**Services** |  | 23421291  |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 49626 | 9441843  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 45640 | 185755  |
| AMMO, Inc.<sup>(a)</sup> | 6900 | 9522  |
| BARK, Inc.<sup>(a)</sup> | 16949 | 23559  |
| Best Buy Co., Inc. | 5207 | 383287  |
| Carriage Services, Inc. | 2400 | 93000  |
| Cavco Industries, Inc.<sup>(a)</sup> | 1425 | 740473  |
| Columbia Sportswear Co. | 494 | 37391  |
|  Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 4400 | 67408  |
| Cricut, Inc. - Class A | 4235 | 21810  |
| Dana, Inc. | 53452 | 712515  |
| eBay, Inc. | 4696 | 318060  |
| Ethan Allen Interiors, Inc. | 5085 | 140854  |
| Expedia Group, Inc. | 7616 | 1280250  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| Figs, Inc. - Class A<sup>(a)</sup> | 15300 | $70227  |
| Flexsteel Industries, Inc. | 717 | 26178  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 634 | 51018  |
| Foot Locker, Inc.<sup>(a)</sup> | 34351 | 484349  |
| General Motors Co. | 34677 | 1630859  |
| GoPro, Inc. - Class A<sup>(a)</sup> | 12312 | 8162  |
| Graham Holdings Co. - Class B | 204 | 196015  |
| Haverty Furniture Cos., Inc. | 4933 | 97279  |
| Helen of Troy Ltd.<sup>(a)</sup> | 2480 | 132655  |
| Hilton Worldwide Holdings, Inc. | 2960 | 673548  |
| Home Depot, Inc. (The) | 7094 | 2599880  |
| JAKKS Pacific, Inc. | 3181 | 78475  |
| &nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. - <br>Class A | 1211 | 30081  |
| KB Home | 9788 | 568879  |
| Latham Group, Inc.<sup>(a)</sup> | 6062 | 38979  |
| La-Z-Boy, Inc. | 6720 | 262685  |
| LKQ Corp. | 8066 | 343128  |
| Lowe's Cos., Inc. | 5411 | 1262007  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 510 | 144361  |
|  Marriott International, Inc. - Class A | 6799 | 1619522  |
|  MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 4163 | 71687  |
| McDonald's Corp. | 2348 | 733445  |
| Meritage Homes Corp. | 2824 | 200165  |
| Monarch Casino & Resort, Inc. | 2274 | 176803  |
| Movado Group, Inc. | 4967 | 83048  |
| NIKE, Inc. - Class B | 1648 | 104615  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1424 | 2039994  |
| Phinia, Inc. | 14856 | 630340  |
| PulteGroup, Inc. | 9087 | 934144  |
| Shoe Carnival, Inc. | 4016 | 88312  |
| Sleep Number Corp.<sup>(a)</sup> | 15994 | 101402  |
| Sonos, Inc.<sup>(a)</sup> | 47084 | 502386  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 50969 | 165649  |
| Stoneridge, Inc.<sup>(a)</sup> | 1391 | 6385  |
| Super Group SGHC Ltd. | 4100 | 26404  |
| Superior Group of Cos., Inc. | 1412 | 15447  |
| Tesla, Inc.<sup>(a)</sup> | 5204 | 1348669  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 21872 | 698154  |
| Universal Electronics, Inc.<sup>(a)</sup> | 1484 | 9082  |
| Vail Resorts, Inc. | 1225 | 196024  |
| Viking Holdings Ltd.<sup>(a)</sup> | 10488 | 416898  |
| Wolverine World Wide, Inc. | 30712 | 427204  |
| Zumiez, Inc.<sup>(a)</sup> | 5271 | 78485  |
| &nbsp;&nbsp;&nbsp; **Total Consumer** <br>**Discretionary** |  | 32828756  |
| **Consumer Staples — 1.4%**<br>|  |  |
| Andersons, Inc. (The) | 8598 | 369112  |
| Beauty Health Co. (The)<sup>(a)</sup> | 7198 | 9645  |
| Calavo Growers, Inc. | 8548 | 205067  |
| Casey's General Stores, Inc. | 612 | 265633  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Consumer Staples — (continued)**  | **Consumer Staples — (continued)**  | **Consumer Staples — (continued)**  |
|  Central Garden & Pet Co. - Class A<sup>(a)</sup> | 1600 | $52368 |
| Coca-Cola Co. (The) | 20522 | 1469786  |
| Costco Wholesale Corp. | 3327 | 3146610  |
| Coty, Inc. - Class A<sup>(a)</sup> | 10141 | 55471  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 56567 | 1767153  |
| Dole PLC | 6063 | 87610  |
| Herbalife Ltd.<sup>(a)</sup> | 48016 | 414378  |
| Hershey Co. (The) | 918 | 157006  |
| Interparfums, Inc. | 2920 | 332500  |
| Kenvue, Inc. | 20931 | 501925  |
| Kroger Co. | 9975 | 675208  |
| Lancaster Colony Corp. | 1652 | 289100  |
| Maplebear, Inc.<sup>(a)</sup> | 10598 | 422754  |
|  Molson Coors Beverage Co. - Class B | 9291 | 565543  |
| National Beverage Corp. | 3919 | 162795  |
|  Nature's Sunshine Products, Inc.<sup>(a)</sup> | 1056 | 13253  |
| Pilgrim's Pride Corp.<sup>(a)</sup> | 1962 | 106949  |
| PriceSmart, Inc. | 1100 | 96635  |
| Procter & Gamble Co. (The) | 5921 | 1009057  |
| SpartanNash Co. | 12297 | 249137  |
| Target Corp. | 5309 | 554047  |
| United Natural Foods, Inc.<sup>(a)</sup> | 6820 | 186800  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 4002 | 107934  |
| Walmart, Inc. | 23381 | 2052618  |
| WD-40 Co. | 2016 | 491904  |
| Zevia PBC - Class A<sup>(a)</sup> | 4100 | 8856  |
| **Total Consumer Staples** |  | 15826854  |
| **Energy — 0.7%**<br>|  |  |
| Amplify Energy Corp.<sup>(a)</sup> | 4900 | 18326  |
| Antero Resources Corp.<sup>(a)</sup> | 52676 | 2130217  |
| Berry Corp. | 22100 | 70941  |
| ConocoPhillips | 9189 | 965029  |
| CVR Energy, Inc. | 11275 | 218735  |
| DMC Global, Inc.<sup>(a)</sup> | 2000 | 16840  |
| &nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. - <br>Class A | 5898 | 169155  |
| Exxon Mobil Corp. | 11027 | 1311441  |
|  Forum Energy Technologies, Inc.<sup>(a)</sup> | 520 | 10457  |
| Gulfport Energy Corp.<sup>(a)</sup> | 2436 | 448565  |
| Halliburton Co. | 57274 | 1453041  |
| Kodiak Gas Services, Inc. | 4060 | 151438  |
| Matador Resources Co. | 600 | 30654  |
| Murphy Oil Corp. | 18423 | 523213  |
| NPK International, Inc.<sup>(a)</sup> | 14100 | 81921  |
| Permian Resources Corp. | 19917 | 275851  |
|  Ranger Energy Services, Inc. - Class A | 1750 | 24833  |
| Teekay Tankers Ltd. | 1675 | 64102  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| W&T Offshore, Inc. | 9551 | $14804  |
| World Kinect Corp. | 16101 | 456624  |
| **Total Energy** |  | 8436187  |
| **Financials — 4.2%**<br>|  |  |
|  American Coastal Insurance Corp. | 2300 | 26611  |
| Ameriprise Financial, Inc. | 8182 | 3960988  |
| AMERISAFE, Inc. | 1601 | 84133  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. | 12164 | 1665738  |
| Arch Capital Group Ltd. | 6142 | 590738  |
| Assured Guaranty Ltd. | 3981 | 350726  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 1440 | 73656  |
| Bank of America Corp. | 92355 | 3853974  |
|  Bank of N.T. Butterfield & Son Ltd. (The) | 5540 | 215617  |
|  Bank of New York Mellon Corp. (The) | 14396 | 1207393  |
| BankUnited, Inc. | 19692 | 678192  |
| BCB Bancorp, Inc. | 900 | 8874  |
|  Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 5207 | 2773144  |
| Blackrock, Inc. | 380 | 359662  |
|  Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 2150 | 87397  |
| Bread Financial Holdings, Inc. | 14951 | 748746  |
| Byline Bancorp, Inc. | 4222 | 110448  |
| Capital City Bank Group, Inc. | 791 | 28444  |
| Chubb Ltd. | 7382 | 2229290  |
| Citigroup, Inc. | 17561 | 1246655  |
| Civista Bancshares, Inc. | 380 | 7425  |
| Coastal Financial Corp./WA<sup>(a)</sup> | 900 | 81369  |
| Community Trust Bancorp, Inc. | 393 | 19791  |
| Corebridge Financial, Inc. | 13885 | 438349  |
| CVB Financial Corp. | 18700 | 345202  |
| Donegal Group, Inc. - Class A | 1246 | 24459  |
| eHealth, Inc.<sup>(a)</sup> | 3276 | 21884  |
| Employers Holdings, Inc. | 7348 | 372103  |
| FB Financial Corp. | 4383 | 203196  |
| Fifth Third Bancorp | 6840 | 268128  |
| First BanCorp/Puerto Rico | 32287 | 618942  |
|  First Commonwealth Financial Corp. | 2300 | 35742  |
| First Financial Corp. | 1533 | 75086  |
| First Internet Bancorp | 1433 | 38376  |
| FS Bancorp, Inc. | 197 | 7488  |
| Globe Life, Inc. | 758 | 99844  |
|  Goldman Sachs Group, Inc. (The) | 2960 | 1617018  |
|  Greenlight Capital Re Ltd. - Class A<sup>(a)</sup> | 1000 | 13550  |
| Guaranty Bancshares, Inc./TX | 1020 | 40831  |
|  Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 3293 | 68264  |
| Hanmi Financial Corp. | 1872 | 42420  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Financials — (continued)**  | **Financials — (continued)**  | **Financials — (continued)**  |
| HarborOne Bancorp, Inc. | 5530 | $57346  |
| Heritage Commerce Corp. | 2050 | 19516  |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 9920 | 143046  |
| Hilltop Holdings, Inc. | 13559 | 412872  |
| HomeStreet, Inc.<sup>(a)</sup> | 2150 | 25241  |
| Hope Bancorp, Inc. | 17737 | 185706  |
| Horace Mann Educators Corp. | 4040 | 172629  |
| Independent Bank Corp./MI | 1560 | 48032  |
| Intercontinental Exchange, Inc. | 14223 | 2453468  |
| &nbsp;&nbsp;&nbsp; Jackson Financial, <br>Inc. - Class A | 1642 | 137567  |
| JPMorgan Chase & Co. | 22233 | 5453755  |
| Kearny Financial Corp./MD | 11688 | 73167  |
| LendingTree, Inc.<sup>(a)</sup> | 6203 | 311825  |
| Live Oak Bancshares, Inc. | 4687 | 124955  |
| Mastercard, Inc. - Class A | 4696 | 2573972  |
| Mercantile Bank Corp. | 200 | 8688  |
| Merchants Bancorp/IN | 1395 | 51615  |
| Mercury General Corp. | 811 | 45335  |
| Midland States Bancorp, Inc. | 2229 | 38160  |
| NBT Bancorp, Inc. | 1543 | 66195  |
| NCR Atleos Corp.<sup>(a)</sup> | 9160 | 241641  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | 9592 | 86808  |
| Northrim BanCorp, Inc. | 500 | 36610  |
| OFG Bancorp | 7467 | 298829  |
| Payoneer Global, Inc.<sup>(a)</sup> | 71114 | 519843  |
| Perella Weinberg Partners | 12842 | 236293  |
| PRA Group, Inc.<sup>(a)</sup> | 11222 | 231398  |
| Primis Financial Corp. | 232 | 2267  |
|  Priority Technology Holdings, Inc.<sup>(a)</sup> | 8437 | 57498  |
| PROG Holdings, Inc. | 5056 | 134490  |
| Raymond James Financial, Inc. | 10210 | 1418271  |
| Regional Management Corp. | 1013 | 30501  |
|  Republic Bancorp, Inc./KY - Class A | 560 | 35739  |
| RLI Corp. | 1300 | 104429  |
| S&T Bancorp, Inc. | 5113 | 189437  |
| Safety Insurance Group, Inc. | 2474 | 195149  |
| Selective Insurance Group, Inc. | 6964 | 637485  |
| Selectquote, Inc.<sup>(a)</sup> | 10089 | 33697  |
| SiriusPoint Ltd.<sup>(a)</sup> | 3758 | 64976  |
| South Plains Financial, Inc. | 1059 | 35074  |
| Starwood Property Trust, Inc. | 17051 | 337098  |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, <br>Inc.<sup>(a)</sup> | 9881 | 738111  |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 2140 | 71412  |
| Tompkins Financial Corp. | 459 | 28908  |
| Towne Bank/Portsmouth VA | 6400 | 218816  |
| TPG, Inc. | 4900 | 232407  |
| Trustmark Corp. | 7981 | 275265  |
| UMB Financial Corp. | 4390 | 443829  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| United Bankshares, Inc./WV | 14600 | $506182  |
| United Fire Group, Inc. | 4864 | 143293  |
| Visa, Inc. - Class A | 8688 | 3044796  |
| Walker & Dunlop, Inc. | 4250 | 362780  |
| Westamerica BanCorp | 780 | 39491  |
| **Total Financials** |  | 48175806  |
| **Health Care — 3.0%**<br>|  |  |
| AbbVie, Inc. | 5411 | 1133713  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 32140 | 533845  |
| Accuray, Inc.<sup>(a)</sup> | 14816 | 26521  |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 115058 | 854881  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 17624 | 33838  |
| Alector, Inc.<sup>(a)</sup> | 13654 | 16794  |
| Amgen, Inc. | 1327 | 413427  |
| Anika Therapeutics, Inc.<sup>(a)</sup> | 1723 | 25897  |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 2529 | 26782  |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 19506 | 153122  |
| Astrana Health, Inc.<sup>(a)</sup> | 5791 | 179579  |
| AstraZeneca PLC - ADR | 3981 | 292603  |
| Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 6010 | 17970  |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 4900 | 26558  |
| Avita Medical, Inc.<sup>(a)</sup> | 1700 | 13838  |
| Becton Dickinson & Co. | 8434 | 1931892  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 816 | 198745  |
| Biote Corp.<sup>(a)</sup> | 1731 | 5764  |
| Bio-Techne Corp. | 30649 | 1796951  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 4921 | 435558  |
| Boston Scientific Corp.<sup>(a)</sup> | 15383 | 1551837  |
| C4 Therapeutics, Inc.<sup>(a)</sup> | 11600 | 18560  |
| CareDx, Inc.<sup>(a)</sup> | 16975 | 301306  |
| Caribou Biosciences, Inc.<sup>(a)</sup> | 17335 | 15829  |
| Cigna Group (The) | 3542 | 1165318  |
| Codexis, Inc.<sup>(a)</sup> | 17800 | 47882  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 14979 | 1710901  |
| CVS Health Corp. | 6234 | 422353  |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 10400 | 41704  |
| CytomX Therapeutics, Inc.<sup>(a)</sup> | 7392 | 4700  |
| Elevance Health, Inc. | 612 | 266196  |
| Eli Lilly & Co. | 3931 | 3246652  |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 6500 | 35880  |
| Entrada Therapeutics, Inc.<sup>(a)</sup> | 3151 | 28485  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 2100 | 6048  |
| Gossamer Bio, Inc.<sup>(a)</sup> | 33487 | 36836  |
| GRAIL, Inc.<sup>(a)</sup> | 1411 | 36037  |
| Guardant Health, Inc.<sup>(a)</sup> | 35977 | 1532620  |
| HCA Healthcare, Inc. | 714 | 246723  |
| HealthStream, Inc. | 11463 | 368879  |
| Innoviva, Inc.<sup>(a)</sup> | 10500 | 190365  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 44159 | 147049  |
| iRadimed Corp. | 870 | 45658  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Health Care — (continued)**  | **Health Care — (continued)**  | **Health Care — (continued)**  |
|  Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 11408 | $16770  |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 636 | 3797  |
| Johnson & Johnson | 6738 | 1117430  |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 9282 | 26036  |
| Kura Oncology, Inc.<sup>(a)</sup> | 39024 | 257558  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 29900 | 199134  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 3313 | 348329  |
| MacroGenics, Inc.<sup>(a)</sup> | 6421 | 8155  |
| MannKind Corp.<sup>(a)</sup> | 64775 | 325818  |
| McKesson Corp. | 1837 | 1236283  |
| Medtronic PLC | 4463 | 401045  |
| Merck & Co., Inc. | 8270 | 742315  |
| Nektar Therapeutics<sup>(a)</sup> | 50085 | 34058  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 21335 | 71899  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 4950 | 80734  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 967 | 24030  |
| Personalis, Inc.<sup>(a)</sup> | 1000 | 3510  |
|  Phathom Pharmaceuticals, Inc.<sup>(a)</sup> | 23100 | 144837  |
|  Phibro Animal Health Corp. - Class A | 9405 | 200891  |
|  Regeneron Pharmaceuticals, Inc. | 816 | 517532  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 5120 | 92109  |
| Royalty Pharma PLC - Class A | 4594 | 143011  |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | 11200 | 74480  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 27122 | 519658  |
| Tango Therapeutics, Inc.<sup>(a)</sup> | 6800 | 9316  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 3267 | 439411  |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 2450 | 6762  |
| Thermo Fisher Scientific, Inc. | 3477 | 1730155  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 31143 | 558083  |
| Tyra Biosciences, Inc.<sup>(a)</sup> | 5435 | 50545  |
| UnitedHealth Group, Inc. | 2858 | 1496877  |
| Varex Imaging Corp.<sup>(a)</sup> | 2650 | 30740  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2746 | 1331316  |
| Verve Therapeutics, Inc.<sup>(a)</sup> | 8487 | 38786  |
| Waystar Holding Corp.<sup>(a)</sup> | 14367 | 536751  |
| Xencor, Inc.<sup>(a)</sup> | 10342 | 110039  |
| &nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals, <br>Inc.<sup>(a)</sup> | 9299 | 14785  |
| Zimvie, Inc.<sup>(a)</sup> | 1907 | 20596  |
| Zoetis, Inc. | 5860 | 964849  |
| **Total Health Care** |  | 33514526  |
| **Industrials — 2.4%**<br>|  |  |
| ABM Industries, Inc. | 4200 | 198912  |
| Alamo Group, Inc. | 1144 | 203872  |
| Allegiant Travel Co. | 4737 | 244666  |
| AMETEK, Inc. | 13758 | 2368302  |
| ArcBest Corp. | 5590 | 394542  |
| Argan, Inc. | 499 | 65454  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| Astec Industries, Inc. | 6392 | $220204  |
|  Atmus Filtration Technologies, Inc. | 3199 | 117499  |
| Barrett Business Services, Inc. | 4412 | 181554  |
| Boeing Co. (The)<sup>(a)</sup> | 2858 | 487432  |
| Boise Cascade Co. | 3050 | 299175  |
| Chart Industries, Inc.<sup>(a)</sup> | 5517 | 796434  |
| Cintas Corp. | 1123 | 230810  |
| Conduent, Inc.<sup>(a)</sup> | 28881 | 77979  |
| Covenant Logistics Group, Inc. | 2698 | 59896  |
| CRA International, Inc. | 400 | 69280  |
| Deere & Co. | 816 | 382990  |
| DNOW, Inc.<sup>(a)</sup> | 8938 | 152661  |
| Ennis, Inc. | 3440 | 69110  |
| FedEx Corp. | 1423 | 346899  |
| Franklin Covey Co.<sup>(a)</sup> | 2272 | 62753  |
| Franklin Electric Co., Inc. | 232 | 21780  |
| FTI Consulting, Inc.<sup>(a)</sup> | 542 | 88931  |
| General Electric Co. | 5142 | 1029171  |
| Global Industrial Co. | 2620 | 58688  |
| Golden Ocean Group Ltd. | 28532 | 227685  |
| Graco, Inc. | 1440 | 120254  |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 5000 | 50400  |
| Heartland Express, Inc. | 19236 | 177356  |
|  Heidrick & Struggles International, Inc. | 13859 | 593581  |
| Honeywell International, Inc. | 8607 | 1822532  |
| Hub Group, Inc. - Class A | 2380 | 88465  |
| Hyster-Yale, Inc. | 1989 | 82623  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 1701 | 41419  |
| Insteel Industries, Inc. | 5032 | 132342  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 5700 | 34029  |
| Karat Packaging, Inc. | 1097 | 29158  |
| Karman Holdings, Inc.<sup>(a)</sup> | 996 | 33286  |
| Kelly Services, Inc. - Class A | 9815 | 129264  |
| Kennametal, Inc. | 1060 | 22578  |
| Kforce, Inc. | 3300 | 161337  |
| Korn Ferry | 9980 | 676943  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 42100 | 362481  |
| Leonardo DRS, Inc. | 10599 | 348495  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 35829 | 425290  |
| Marten Transport Ltd. | 1000 | 13720  |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 2853 | 38316  |
| Miller Industries, Inc./TN | 2398 | 101603  |
| Mistras Group, Inc.<sup>(a)</sup> | 1976 | 20906  |
| Mueller Industries, Inc. | 950 | 72333  |
| MYR Group, Inc.<sup>(a)</sup> | 5076 | 574045  |
| Norfolk Southern Corp. | 8115 | 1922038  |
| Northrop Grumman Corp. | 816 | 417800  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 6300 | 32949  |
| Otis Worldwide Corp. | 15272 | 1576070  |
| Powell Industries, Inc. | 2434 | 414583  |
| Primoris Services Corp. | 2300 | 132043  |
| Resources Connection, Inc. | 16494 | 107871  |

---

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

4<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Industrials — (continued)** | **Industrials — (continued)** | **Industrials — (continued)** |
| RTX Corp. | 3165 | $419236  |
| Ryder System, Inc. | 1398 | 201046  |
| Shyft Group, Inc. (The) | 8138 | 65837  |
| Skillsoft Corp.<sup>(a)</sup> | 900 | 17316  |
| SkyWest, Inc.<sup>(a)</sup> | 5660 | 494514  |
| Snap-on, Inc. | 612 | 206250  |
| Southwest Airlines Co. | 26546 | 891415  |
| Steelcase, Inc. - Class A | 4600 | 50416  |
| TaskUS, Inc. - Class A<sup>(a)</sup> | 5001 | 68164  |
| Trane Technologies PLC | 6616 | 2229063  |
| TriNet Group, Inc. | 7443 | 589783  |
| TrueBlue, Inc.<sup>(a)</sup> | 6290 | 33400  |
| Tutor Perini Corp.<sup>(a)</sup> | 14820 | 343528  |
| Union Pacific Corp. | 5105 | 1206005  |
| United Rentals, Inc. | 816 | 511387  |
| Vestis Corp. | 8763 | 86754  |
| Virco Mfg. Corp. | 1700 | 16082  |
| Wabash National Corp. | 9875 | 109119  |
| Werner Enterprises, Inc. | 8107 | 237535  |
| Worthington Enterprises, Inc. | 2000 | 100180  |
| **Total Industrials** |  | 27089819  |
| **Information Technology — 6.0%** | **Information Technology — 6.0%** |  |
| 8x8, Inc.<sup>(a)</sup> | 16800 | 33600  |
| A10 Networks, Inc. | 11740 | 191832  |
| Adeia, Inc. | 1355 | 17913  |
| Adobe, Inc.<sup>(a)</sup> | 1123 | 430704  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 7122 | 396339  |
| Alkami Technology, Inc.<sup>(a)</sup> | 2964 | 77805  |
| Ambarella, Inc.<sup>(a)</sup> | 11198 | 563595  |
| Amphenol Corp. - Class A | 15214 | 997886  |
| Analog Devices, Inc. | 4041 | 814948  |
| Appian Corp. - Class A<sup>(a)</sup> | 5320 | 153269  |
| Apple, Inc. | 60059 | 13340906  |
| Applied Materials, Inc. | 5244 | 761009  |
| Arteris, Inc.<sup>(a)</sup> | 4419 | 30535  |
| AudioEye, Inc.<sup>(a)</sup> | 2950 | 32745  |
| Aviat Networks, Inc.<sup>(a)</sup> | 4280 | 82048  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 21645 | 124675  |
| Broadcom, Inc. | 28657 | 4798042  |
| Calix, Inc.<sup>(a)</sup> | 6860 | 243118  |
| Cisco Systems, Inc. | 19603 | 1209701  |
| Climb Global Solutions, Inc. | 250 | 27690  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 19899 | 105664  |
| Couchbase, Inc.<sup>(a)</sup> | 7167 | 112880  |
| CPI Card Group, Inc.<sup>(a)</sup> | 1127 | 32875  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 2650 | 934337  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 15954 | 532704  |
| Domo, Inc. - Class B<sup>(a)</sup> | 8379 | 65021  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 16725 | 446725  |
| Fair Isaac Corp.<sup>(a)</sup> | 102 | 188104  |
| Gartner, Inc.<sup>(a)</sup> | 1521 | 638425  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 3267 | $588517  |
| Intel Corp. | 10228 | 232278  |
|  International Business Machines Corp. | 2654 | 659944  |
| Lam Research Corp. | 12048 | 875890  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 328 | 56757  |
| MeridianLink, Inc.<sup>(a)</sup> | 2469 | 45751  |
| Microsoft Corp. | 36827 | 13824488  |
| N-able, Inc./US<sup>(a)</sup> | 22866 | 162120  |
| NETGEAR, Inc.<sup>(a)</sup> | 5007 | 122471  |
| NVIDIA Corp. | 113255 | 12274577  |
| ON24, Inc.<sup>(a)</sup> | 1906 | 9911  |
| Oracle Corp. | 23877 | 3338243  |
| PC Connection, Inc. | 2471 | 154240  |
| Pegasystems, Inc. | 2924 | 203277  |
| PROS Holdings, Inc.<sup>(a)</sup> | 16626 | 316393  |
| QUALCOMM, Inc. | 4492 | 690016  |
| Rackspace Technology, Inc.<sup>(a)</sup> | 12257 | 20714  |
| Rapid7, Inc.<sup>(a)</sup> | 3940 | 104449  |
| Rogers Corp.<sup>(a)</sup> | 1730 | 116827  |
| Salesforce, Inc. | 3573 | 958850  |
| ScanSource, Inc.<sup>(a)</sup> | 13982 | 475528  |
|  SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 3446 | 32151  |
| ServiceNow, Inc.<sup>(a)</sup> | 2316 | 1843860  |
| Synopsys, Inc.<sup>(a)</sup> | 2788 | 1195634  |
| Telos Corp.<sup>(a)</sup> | 6060 | 14423  |
| Unisys Corp.<sup>(a)</sup> | 17008 | 78067  |
| Weave Communications, Inc.<sup>(a)</sup> | 18636 | 206673  |
| Workiva, Inc.<sup>(a)</sup> | 10061 | 763731  |
| Xperi, Inc.<sup>(a)</sup> | 23835 | 184006  |
| Yext, Inc.<sup>(a)</sup> | 15094 | 92979  |
|  Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 30775 | 417309  |
| **Total Information Technology** |  | 67445169  |
| **Materials — 0.6%**<br>|  |  |
| American Vanguard Corp. | 3500 | 15400  |
| Avery Dennison Corp. | 8631 | 1536059  |
| Balchem Corp. | 2184 | 362544  |
| Berry Global Group, Inc. | 5003 | 349259  |
| Coeur Mining, Inc.<sup>(a)</sup> | 76170 | 450926  |
| Commercial Metals Co. | 10160 | 467462  |
| DuPont de Nemours, Inc. | 2858 | 213435  |
| Eastman Chemical Co. | 6534 | 575711  |
| Freeport-McMoRan, Inc. | 16642 | 630066  |
| Greif, Inc. - Class A | 1343 | 73852  |
| Innospec, Inc. | 4702 | 445514  |
| Koppers Holdings, Inc. | 1200 | 33600  |
| Kronos Worldwide, Inc. | 4400 | 32912  |
| Louisiana-Pacific Corp. | 1768 | 162621  |
| Nucor Corp. | 4084 | 491469  |
| Olympic Steel, Inc. | 2418 | 76215  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 20601 | 207452  |
| Ryerson Holding Corp. | 6703 | 153901  |

---

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

5<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Materials — (continued)** | **Materials — (continued)** | **Materials — (continued)** |
| Stepan Co. | 1370 | $75405  |
| SunCoke Energy, Inc. | 1000 | 9200  |
| Valhi, Inc. | 100 | 1625  |
| Worthington Steel, Inc. | 3090 | 78270  |
| **Total Materials** |  | 6442898  |
| **Real Estate — 0.6%**<br>|  |  |
| Alexander & Baldwin, Inc. | 5300 | 91319  |
|  Alexandria Real Estate Equities, Inc. REIT | 6849 | 633601  |
| American Assets Trust, Inc. | 8870 | 178642  |
| Apple Hospitality REIT, Inc. | 9400 | 121354  |
|  Armada Hoffler Properties, Inc. REIT | 37777 | 283705  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 12864 | 1682354  |
| Chatham Lodging Trust REIT | 9928 | 70787  |
| Compass, Inc. - Class A<sup>(a)</sup> | 57982 | 506183  |
| CoStar Group, Inc.<sup>(a)</sup> | 2348 | 186032  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 1000 | 1720  |
|  Easterly Government Properties, Inc. REIT | 4009 | 42495  |
| eXp World Holdings, Inc. | 10450 | 102201  |
| Forestar Group, Inc.<sup>(a)</sup> | 5652 | 119483  |
|  Gaming and Leisure Properties, Inc. REIT | 21700 | 1104530  |
| InvenTrust Properties Corp. | 6521 | 191522  |
| Macerich Co. | 25450 | 436977  |
| Opendoor Technologies, Inc.<sup>(a)</sup> | 43411 | 44279  |
| Prologis, Inc. REIT | 7669 | 857318  |
| Real Brokerage, Inc. (The)<sup>(a)</sup> | 29926 | 121500  |
|  Sunstone Hotel Investors, Inc. REIT | 15601 | 146805  |
|  Xenia Hotels & Resorts, Inc. REIT | 29715 | 349448  |
| **Total Real Estate** |  | 7272255  |
| **Utilities — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br>Inc. | 8655 | 1276786  |
| Avista Corp. | 6180 | 258757  |
| California Water Service Group | 1240 | 60090  |
| Constellation Energy Corp. | 1837 | 370394  |
| NextEra Energy, Inc. | 23383 | 1657621  |
| NRG Energy, Inc. | 8474 | 808928  |
| PG&E Corp. | 72288 | 1241908  |
| **Total Utilities** |  | 5674484  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $268,754,278)** |  | 276128045  |

---

---

| | | |
|:---|:---|:---|
| **Investments**<br>| **Shares** | **Value**  |
| **EXCHANGE-TRADED FUNDS — 74.9%** | **EXCHANGE-TRADED FUNDS — 74.9%** |  |
| iShares Russell 1000 ETF | 14248 | $4370431  |
| Schwab US Large-Cap ETF<sup>(b)</sup> | 38272113 | 845048255  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $822,209,902)** |  | 849418686  |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  BlackRock Liquidity FedFund - Institutional Class, 4.23%<sup>(c)</sup> (Cost $7,879,820) | 7879820 | 7879820  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $1,098,844,000)** |  | $1133426551  |
| &nbsp;&nbsp;&nbsp; **OTHER ASSETS AND LIABILITIES,** <br>**NET — (0.0)%<sup>(d)</sup>** |  | (309774)  |
| **NET ASSETS — 100.0%** |  | $1133116777 |

---

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

ADR American Depositary Receipt

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

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

6<br>

------

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

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

**Schedule of Investments (unaudited)(concluded)** 

**March 31, 2025** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\* | $275557985 | $570060 | $— | $276128045  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 849418686 |  |  | 849418686  |
| &nbsp;&nbsp;&nbsp; Money Market Funds. | 7879820 |  |  | 7879820  |
| **Total Investments.** | $1132856491 | $570060 | $— | $1133426551 |

---

\* See Schedule of Investments for additional detailed categorizations.

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

7<br>

------

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

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

**Schedule of Investments (unaudited)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — 54.1%**<br>|  |  |
| **Australia — 1.1%**<br>|  |  |
| Aristocrat Leisure Ltd. | 30497 | $1231618  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 9490 | 2013873  |
| BlueScope Steel Ltd. | 47575 | 635973  |
| Brambles Ltd. | 46317 | 582649  |
| Cochlear Ltd. | 2660 | 438020  |
| Computershare Ltd. | 16263 | 400079  |
| Evolution Mining Ltd. | 11201 | 50100  |
| Fleetwood Ltd. | 7752 | 12212  |
| GR Engineering Services Ltd. | 29714 | 53759  |
| Horizon Oil Ltd. | 215936 | 28392  |
| Macmahon Holdings Ltd. | 136065 | 23518  |
| Mount Gibson Iron Ltd.<sup>(a)</sup> | 70521 | 14584  |
| Northern Star Resources Ltd. | 220779 | 2549264  |
| Pro Medicus Ltd. | 565 | 71402  |
| Qantas Airways Ltd. | 30711 | 175136  |
| REA Group Ltd. | 3787 | 524439  |
| Ricegrowers Ltd. | 2320 | 15450  |
| South32 Ltd. | 112865 | 227779  |
| Wagners Holding Co., Ltd. | 9659 | 10489  |
| **Total Australia** |  | 9058736  |
| **Austria — 0.3%**<br>|  |  |
| Erste Group Bank AG | 33184 | 2305543  |
| Fabasoft AG | 473 | 8487  |
| Palfinger AG | 231 | 7042  |
| Raiffeisen Bank International AG | 9646 | 249749  |
| RHI Magnesita NV | 1755 | 69176  |
| Zumtobel Group AG | 1953 | 9745  |
| **Total Austria** |  | 2649742  |
| **Belgium — 0.2%**<br>|  |  |
| KBC Group NV | 593 | 54235  |
| UCB SA | 7213 | 1272116  |
| **Total Belgium** |  | 1326351  |
| **Bermuda — 0.4%**<br>|  |  |
| Arch Capital Group Ltd. | 35900 | 3452862  |
| HAL Trust | 513 | 65420  |
| **Total Bermuda** |  | 3518282  |
| **Brazil — 0.8%**<br>|  |  |
| Banco BTG Pactual SA | 104469 | 620247  |
| Equatorial Energia SA | 91948 | 514002  |
| Lojas Renner SA | 112621 | 242750  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 239261 | 2450033  |
| Petroleo Brasileiro SA - ADR | 76463 | 1096479  |
| PRIO SA<sup>(a)</sup> | 78774 | 551485  |
| Raia Drogasil SA | 103312 | 346519  |
| Suzano SA | 48835 | 454679  |
| Vale SA - ADR | 62246 | 621215  |
| WEG SA | 41579 | 329924  |
| **Total Brazil** |  | 7227333  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **Britain — 6.7%**<br>|  |  |
| 3i Group PLC | 124670 | $5840181  |
| 4imprint Group PLC | 180 | 8636  |
| Ashtead Group PLC | 31100 | 1679509  |
| AstraZeneca PLC | 54946 | 8030107  |
| BAE Systems PLC | 257590 | 5212474  |
| Barclays PLC | 528229 | 1983560  |
| Barclays PLC - ADR | 86466 | 1328118  |
| Beazley PLC | 171435 | 2062631  |
| Centrica PLC | 247926 | 479115  |
|  Coca-Cola Europacific Partners PLC | 24800 | 2158344  |
| Compass Group PLC | 75240 | 2484091  |
| Costain Group PLC | 35140 | 47664  |
| Diageo PLC | 55200 | 1439997  |
| dotdigital group PLC | 46816 | 41089  |
| Gamma Communications PLC | 1182 | 18538  |
| GSK PLC | 63600 | 1214696  |
| GSK PLC - ADR | 40835 | 1581948  |
| Haleon PLC | 380200 | 1924365  |
|  London Stock Exchange Group PLC | 9668 | 1433692  |
| NatWest Group PLC | 212329 | 1244009  |
| Odfjell Technology Ltd. | 9968 | 43360  |
| Record PLC | 7638 | 4945  |
| RELX PLC | 51660 | 2594958  |
| Rentokil Initial PLC | 212300 | 959405  |
| Rolls-Royce Holdings PLC<sup>(a)</sup> | 894350 | 8647117  |
| Sage Group PLC (The) | 18371 | 286983  |
| Shell PLC | 51711 | 1882048  |
| Standard Chartered PLC | 27967 | 414501  |
| TechnipFMC PLC | 25008 | 792504  |
| Unilever PLC | 22500 | 1340230  |
| Vodafone Group PLC | 14126 | 13219  |
| Vodafone Group PLC - ADR | 1367 | 12809  |
| **Total Britain** |  | 57204843  |
| **Canada — 1.8%**<br>|  |  |
| ADENTRA, Inc. | 1180 | 22623  |
| Brookfield Corp. | 70425 | 3685561  |
| Cameco Corp. | 46300 | 1905988  |
|  Canadian Natural Resources Ltd. | 63260 | 1946529  |
|  Canadian Pacific Kansas City Ltd. | 45740 | 3211405  |
| Canfor Pulp Products, Inc.<sup>(a)</sup> | 2383 | 1076  |
| Cenovus Energy, Inc. | 9000 | 125083  |
| CES Energy Solutions Corp. | 2100 | 10799  |
|  Constellation Software, Inc./Canada | 562 | 1779814  |
| Dynacor Group, Inc. | 5600 | 18368  |
| Fortuna Mining Corp.<sup>(a)</sup> | 1724 | 10483  |
| Jaguar Mining, Inc.<sup>(a)</sup> | 8100 | 16436  |
|  Lassonde Industries, Inc. - Class A | 200 | 29296  |

---

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

8<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Canada — (continued)** | **Canada — (continued)** | **Canada — (continued)** |
| Martinrea International, Inc. | 6179 | $30142  |
| Melcor Developments Ltd. | 2000 | 17247  |
| Precision Drilling Corp.<sup>(a)</sup> | 830 | 38586  |
| Suncor Energy, Inc. | 13400 | 518848  |
| TELUS International CDA, Inc.<sup>(a)</sup> | 8400 | 22532  |
| Waste Connections, Inc. | 11240 | 2193936  |
| **Total Canada** |  | 15584752  |
| **Chile — 0.1%**<br>|  |  |
| Antofagasta PLC | 19543 | 426878  |
| **China — 5.4%**<br>|  |  |
| Alibaba Group Holding Ltd. | 328416 | 5445348  |
| BYD Co. Ltd. - Class A | 64900 | 3381815  |
| BYD Co., Ltd. - Class H | 22000 | 1112031  |
|  China Pacific Insurance Group Co., Ltd. - Class H | 198800 | 627564  |
|  Fuyao Glass Industry Group Co., Ltd. - Class H<sup>(c)</sup> | 86800 | 620945  |
|  Haitian International Holdings Ltd. | 174000 | 461149  |
| Innovent Biologics, Inc.<sup>(a)(c)</sup> | 119500 | 721192  |
| JD.com, Inc. - Class A | 66900 | 1380582  |
| Kanzhun Ltd. - ADR<sup>(a)</sup> | 36684 | 703232  |
| Meituan - Class B<sup>(a)(c)</sup> | 383400 | 7751816  |
|  Midea Group Co. Ltd. - Class H<sup>(a)</sup> | 102300 | 1041146  |
| Modern Land China Co., Ltd.<sup>(a)</sup> | 430000 | 553  |
|  Natural Food International Holding Ltd. | 174681 | 13759  |
| NetEase, Inc. | 73000 | 1504505  |
| New Hope Service Holdings Ltd. | 71000 | 17584  |
|  Nongfu Spring Co. Ltd. - Class H<sup>(c)</sup> | 121800 | 529846  |
|  PICC Property & Casualty Co., Ltd. - Class H | 470000 | 870230  |
| Tencent Holdings Ltd. | 214200 | 13651507  |
|  Tencent Music Entertainment Group - ADR | 67849 | 977704  |
| Trip.com Group Ltd. | 14600 | 931885  |
| Trip.com Group Ltd. - ADR | 28894 | 1837080  |
| Xiaomi Corp. - Class B<sup>(a)(c)</sup> | 67200 | 426770  |
| Xin Point Holdings Ltd. | 34000 | 16526  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 172100 | 300480  |
|  Zijin Mining Group Co. Ltd. - Class H | 610000 | 1393494  |
| **Total China** |  | 45718743  |
| **Denmark — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S - <br>Class B | 154 | 269463  |
| Columbus AS | 18502 | 32829  |
| Genmab AS<sup>(a)</sup> | 1257 | 245397  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| North Media A/S | 743 | $3833  |
| Novo Nordisk A/S | 68463 | 4745332  |
| Novo Nordisk A/S - ADR | 7724 | 536354  |
| Pandora A/S | 3285 | 503040  |
| **Total Denmark** |  | 6336248 |
| **FINLAND — 0.0%<sup>(b)</sup>**<br>|  |  |
| Nokia Oyj - ADR | 21755 | 114649  |
| Wartsila OYJ Abp | 17049 | 304354  |
| **Total Finland** |  | 419003  |
| **France — 3.2%**<br>|  |  |
| AKWEL SADIR | 736 | 5554  |
| Amundi SA<sup>(c)</sup> | 16300 | 1279215  |
| BNP Paribas SA | 21692 | 1806574  |
| CBo Territoria | 4714 | 18556  |
| Cie de Saint-Gobain SA | 23046 | 2290830  |
|  Cie Generale des Etablissements Michelin SCA | 43000 | 1508883  |
| Dassault Aviation SA | 2594 | 863064  |
| Dassault Systemes SE | 24843 | 946719  |
| Gaztransport Et Technigaz SA | 240 | 36368  |
| Hermes International SCA | 782 | 2049219  |
| Klepierre SA | 17439 | 583218  |
|  LVMH Moet Hennessy Louis Vuitton SE | 2246 | 1402233  |
| Manitou BF SA | 530 | 10270  |
| NRJ Group | 1377 | 9893  |
| Publicis Groupe SA | 243 | 22897  |
| Rexel SA | 17379 | 466889  |
| Safran SA | 27530 | 7262599  |
| Schneider Electric SE | 7910 | 1831035  |
| Societe Generale SA | 81516 | 3680281  |
| TotalEnergies SE | 23800 | 1538216  |
| **Total France** |  | 27612513  |
| **Germany — 4.8%**<br>|  |  |
| adidas AG | 5768 | 1350696  |
| BASF SE | 5159 | 256407  |
| Continental AG | 3879 | 271137  |
| Deutsche Bank AG | 1999 | 47209  |
| Deutsche Boerse AG | 4555 | 1342521  |
| Deutsche Telekom AG | 117567 | 4353356  |
|  DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 311 | 16959  |
| Fresenius SE & Co. KGaA<sup>(a)</sup> | 33979 | 1448553  |
| HOCHTIEF AG | 577 | 98227  |
| Infineon Technologies AG | 46572 | 1538030  |
| Knorr-Bremse AG | 681 | 61695  |
| Krones AG | 336 | 45592  |
| KSB SE & Co. KGaA | 26 | 22997  |
| Leifheit AG | 365 | 7065  |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in <br>Muenchen | 5404 | 3406312  |

---

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

9<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Germany — (continued)** | **Germany — (continued)** | **Germany — (continued)** |
| Nemetschek SE | 20623 | $2391531  |
| Rheinmetall AG | 2634 | 3777713  |
| SAP SE | 38080 | 10109934  |
| Siemens Energy AG<sup>(a)</sup> | 117234 | 6845325  |
| Symrise AG | 10400 | 1077149  |
| Talanx AG | 2289 | 239441  |
| thyssenkrupp AG | 206584 | 2123141  |
| **Total Germany** |  | 40830990 |
| **Greece — 0.1%**<br>|  |  |
|  Eurobank Ergasias Services and Holdings SA | 168246 | 453015  |
| National Bank of Greece SA | 21309 | 219563  |
| Piraeus Financial Holdings SA | 51300 | 282461  |
| **Total Greece** |  | 955039  |
| **Hong Kong — 0.5%**<br>|  |  |
| AIA Group Ltd. | 220500 | 1666806  |
| APT Satellite Holdings Ltd. | 94000 | 22035  |
| Bank of East Asia Ltd. (The) | 86000 | 128491  |
| BOC Hong Kong Holdings Ltd. | 4500 | 18217  |
| Chen Hsong Holdings | 38098 | 7415  |
|  China Resources Beer Holdings Co., Ltd. | 189000 | 687341  |
| Futu Holdings Ltd. - ADR | 670 | 68575  |
| Jardine Matheson Holdings Ltd. | 3000 | 126808  |
| Kerry Logistics Network Ltd. | 173038 | 152603  |
| Midland Holdings Ltd.<sup>(a)</sup> | 204000 | 26781  |
| PC Partner Group Ltd. | 16000 | 19128  |
| Pico Far East Holdings Ltd. | 264607 | 66330  |
|  Singamas Container Holdings Ltd. | 276253 | 23838  |
|  SITC International Holdings Co., Ltd. | 168043 | 456762  |
| Stella International Holdings Ltd. | 6000 | 13345  |
| Techtronic Industries Co., Ltd. | 48000 | 578106  |
| VTech Holdings Ltd. | 3200 | 23562  |
| **Total Hong Kong** |  | 4086143  |
| **Hungary — 0.1%**<br>|  |  |
| OTP Bank Nyrt | 8635 | 581810  |
| **India — 2.8%**<br>|  |  |
| Ashok Leyland Ltd. | 161833 | 383590  |
| Axis Bank Ltd. | 6715 | 86463  |
| Axis Bank Ltd. - GDR<sup>(d)</sup> | 12957 | 835276  |
| Bajaj Finance Ltd. | 4050 | 422477  |
| Bharti Airtel Ltd. | 62101 | 1256371  |
| HDFC Bank Ltd. | 27351 | 582574  |
| HDFC Bank Ltd. - ADR | 22188 | 1474171  |
| ICICI Bank Ltd. | 2979 | 46939  |
| ICICI Bank Ltd. - ADR | 235972 | 7437838  |
| Infosys Ltd. | 37009 | 676897  |
| Macrotech Developers Ltd.<sup>(c)</sup> | 88592 | 1236010  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. - <br>GDR | 33086 | $1031919  |
| MakeMyTrip Ltd.<sup>(a)</sup> | 4758 | 466236  |
| Max Healthcare Institute Ltd. | 176843 | 2273306  |
| PB Fintech Ltd.<sup>(a)</sup> | 26891 | 496659  |
| Power Grid Corp. of India Ltd. | 251933 | 851519  |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. - <br>GDR<sup>(c)</sup> | 6083 | 362991  |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. - <br>GDR<sup>(c)</sup> | 4920 | 288568  |
|  Sun Pharmaceutical Industries Ltd. | 27041 | 548152  |
| Tata Consultancy Services Ltd. | 24778 | 1041291  |
| Tata Consumer Products Ltd. | 37971 | 444345  |
| Varun Beverages Ltd. | 294858 | 1859653  |
| **Total India** |  | 24103245  |
| **Indonesia — 0.1%**<br>|  |  |
| Bank Central Asia Tbk PT | 1205600 | 613998  |
|  Bank Rakyat Indonesia Persero Tbk PT | 1987700 | 480767  |
|  Telkom Indonesia Persero Tbk PT | 116900 | 17053  |
| **Total Indonesia** |  | 1111818  |
| **Ireland — 1.3%**<br>|  |  |
| Accenture PLC - Class A | 7100 | 2215484  |
| CRH PLC | 8964 | 781118  |
| Experian PLC | 99103 | 4593194  |
| ICON PLC<sup>(a)</sup> | 16960 | 2967830  |
| James Hardie Industries PLC<sup>(a)</sup> | 11010 | 261189  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 4431 | 524409  |
| **Total Ireland** |  | 11343224  |
| **Israel — 0.4%**<br>|  |  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 3181 | 725014  |
| Monday.com Ltd.<sup>(a)</sup> | 10340 | 2514274  |
| Wix.com Ltd.<sup>(a)</sup> | 3559 | 581469  |
|  Zvi Sarfati & Sons Investments & Constructions 1992 Ltd. | 1414 | 15268  |
| **Total Israel** |  | 3836025  |
| **Italy — 1.4%**<br>|  |  |
| A2A SpA | 213550 | 514387  |
| Cairo Communication SpA | 7053 | 21860  |
| Emak SpA | 21988 | 19392  |
| Enel SpA | 299410 | 2428747  |
| Ferrari NV | 14265 | 6084351  |
| FNM SpA | 30414 | 13683  |
| Leonardo SpA | 15919 | 776946  |
| Orsero SpA | 3283 | 42612  |
| Piquadro SpA | 1638 | 3491  |
| UniCredit SpA | 42810 | 2402822  |
| **Total Italy** |  | 12308291  |

---

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

10<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Japan — 5.5%**<br>|  |  |
| Ajis Co., Ltd. | 1000 | $16297  |
| Brother Industries Ltd. | 11400 | 206022  |
| Capcom Co., Ltd. | 3900 | 96164  |
| CTS Co., Ltd. | 4600 | 23750  |
|  Daihatsu Diesel Manufacturing Co., Ltd. | 4700 | 54176  |
| Dai-Ichi Cutter Kogyo KK | 2800 | 25868  |
| Dai-ichi Life Holdings, Inc. | 38000 | 289288  |
| Daiichi Sankyo Co., Ltd. | 14800 | 347295  |
| Daikin Industries Ltd. | 13400 | 1454803  |
|  Densan System Holdings Co., Ltd. | 1400 | 24295  |
| Denso Corp. | 15800 | 196030  |
| Eisai Co., Ltd. | 18900 | 524354  |
| FANUC Corp. | 95100 | 2595410  |
| Fast Retailing Co., Ltd. | 5500 | 1642454  |
| ID Holdings Corp. | 1600 | 19621  |
| JAC Recruitment Co., Ltd. | 7200 | 38934  |
| Japan Exchange Group, Inc. | 26900 | 275609  |
| Japan Post Holdings Co., Ltd. | 49000 | 489476  |
| Japan Post Insurance Co., Ltd. | 9000 | 182541  |
| Kanamoto Co., Ltd. | 900 | 19519  |
| &nbsp;&nbsp;&nbsp; KAWADA TECHNOLOGIES, <br>Inc. | 2700 | 52666  |
| Kenko Mayonnaise Co., Ltd. | 2600 | 32407  |
| Kita-Nippon Bank Ltd. | 800 | 17240  |
| Koike Sanso Kogyo Co., Ltd. | 6000 | 50618  |
| Kubota Corp. | 58600 | 719475  |
| Kuriyama Holdings Corp. | 900 | 7943  |
| Kyowa Kirin Co., Ltd. | 5800 | 84111  |
| Lasertec Corp. | 4700 | 403181  |
| Makiya Co., Ltd. | 1100 | 7720  |
| Mazda Motor Corp. | 52500 | 331846  |
| Mitani Sangyo Co., Ltd. | 6600 | 14645  |
| Mitsubishi Electric Corp. | 7700 | 140590  |
| Mitsubishi Heavy Industries Ltd. | 249700 | 4267125  |
|  Mitsubishi UFJ Financial Group, Inc. | 7400 | 99939  |
| Mizuho Financial Group, Inc. | 94000 | 2560134  |
| MonotaRO Co., Ltd. | 132100 | 2466995  |
| NEC Corp. | 17500 | 371392  |
| NEOJAPAN, Inc. | 1600 | 16491  |
| Nexon Co., Ltd. | 7500 | 102516  |
| NIDEC Corp. | 28000 | 468840  |
| Nintendo Co., Ltd. | 79400 | 5415829  |
| Nippon Shinyaku Co., Ltd. | 7000 | 177833  |
|  Nippon Telegraph & Telephone Corp. | 621400 | 600203  |
| Nomura Holdings, Inc. | 15500 | 95026  |
| Oiles Corp. | 2800 | 42313  |
| Ono Pharmaceutical Co., Ltd. | 9900 | 106288  |
| ORIX Corp. | 18900 | 391027  |
| Otsuka Holdings Co., Ltd. | 25400 | 1318443  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
|  Pan Pacific International Holdings Corp. | 83800 | $2293868  |
| Recruit Holdings Co., Ltd. | 38400 | 1994893  |
| Resona Holdings, Inc. | 183000 | 1583911  |
| Ricoh Co., Ltd. | 14600 | 154407  |
| Santen Pharmaceutical Co., Ltd. | 19000 | 180086  |
| SCREEN Holdings Co., Ltd. | 1600 | 104297  |
| Sekisui Kasei Co., Ltd. | 5400 | 12851  |
| Shionogi & Co., Ltd. | 3000 | 45227  |
| SMS Co., Ltd. | 900 | 6794  |
| SoftBank Group Corp. | 2500 | 126506  |
| Sompo Holdings, Inc. | 85300 | 2585758  |
| Sony Group Corp. | 243000 | 6189574  |
| Subaru Corp. | 7800 | 138873  |
|  Sumitomo Mitsui Financial Group, Inc. | 38200 | 974705  |
| Taiko Bank Ltd. | 1500 | 14401  |
| Takaoka Toko Co., Ltd. | 1900 | 26652  |
| Tokio Marine Holdings, Inc. | 13400 | 516806  |
| Tokyo Electron Ltd. | 4300 | 586351  |
| Topy Industries Ltd. | 2200 | 31300  |
| Toyokumo, Inc. | 900 | 14623  |
| Trend Micro, Inc. | 5700 | 383454  |
| Trinity Industrial Corp. | 1500 | 11688  |
| Tsubakimoto Kogyo Co., Ltd. | 2100 | 29138  |
| TYK Corp. | 3500 | 11350  |
| Universal Engeisha KK | 600 | 17007  |
|  Yushin Precision Equipment Co., Ltd. | 5900 | 25224  |
| **Total Japan** |  | 46944486  |
| **Jordan — 0.0%<sup>(b)</sup>**<br>|  |  |
| Hikma Pharmaceuticals PLC | 4722 | 118816  |
| **Liechtenstein — 0.0%<sup>(b)</sup>**<br>|  |  |
| VP Bank AG - Class A | 197 | 18395  |
| **Mexico — 0.6%**<br>|  |  |
| Cemex SAB de CV - ADR | 62693 | 351708  |
|  Fomento Economico Mexicano SAB de CV - ADR | 12266 | 1196916  |
|  Grupo Aeroportuario del Pacifico SAB de CV - Class B | 20218 | 373496  |
|  Grupo Financiero Banorte SAB de CV | 93010 | 645746  |
|  Grupo Mexico SAB de CV - Class B | 310890 | 1553197  |
|  Vista Energy SAB de CV - ADR<sup>(a)</sup> | 15107 | 703382  |
| Wal-Mart de Mexico SAB de CV | 234312 | 647708  |
| **Total Mexico** |  | 5472153  |
| **Netherlands — 1.9%**<br>|  |  |
| Adyen NV<sup>(a)(c)</sup> | 2413 | 3688287  |
| Akzo Nobel NV | 14900 | 918608  |
| ASM International NV | 4130 | 1892280  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Netherlands — (continued)** | **Netherlands — (continued)** | **Netherlands — (continued)** |
| ASML Holding NV | 5402 | $3579527  |
| BE Semiconductor Industries NV | 12229 | 1270268  |
| Euronext NV<sup>(c)</sup> | 735 | 106447  |
| Heineken NV | 14200 | 1159668  |
| Koninklijke Ahold Delhaize NV | 30968 | 1157765  |
| NN Group NV | 12888 | 717346  |
| Stellantis NV | 15834 | 177312  |
| Wolters Kluwer NV | 9956 | 1546429  |
| **Total Netherlands** |  | 16213937  |
| **New Zealand — 0.0%<sup>(b)</sup>**<br>|  |  |
| Scales Corp. Ltd. | 3335 | 8108  |
| **Norway — 0.1%**<br>|  |  |
| DNB Bank ASA | 24488 | 644088  |
| **Peru — 0.3%**<br>|  |  |
| Credicorp Ltd. | 13357 | 2486539  |
| **Poland — 0.4%**<br>|  |  |
| Bank Polska Kasa Opieki SA | 8540 | 390884  |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 105593 | 2063702  |
|  Powszechny Zaklad Ubezpieczen SA | 38564 | 560667  |
| **Total Poland** |  | 3015253  |
| **Portugal — 0.1%**<br>|  |  |
| Ibersol SGPS SA | 2340 | 22121  |
| Jeronimo Martins SGPS SA | 24829 | 527425  |
| **Total Portugal** |  | 549546  |
| **Saudi Arabia — 0.1%**<br>|  |  |
| Saudi National Bank (The) | 94974 | 906966  |
| **Singapore — 1.5%**<br>|  |  |
| BRC Asia Ltd. | 14800 | 34074  |
| DBS Group Holdings Ltd. | 66800 | 2292540  |
| Hafnia Ltd. | 3936 | 16332  |
| HRnetgroup Ltd. | 101100 | 53040  |
|  Oversea-Chinese Banking Corp. Ltd. | 22200 | 283701  |
| Raffles Medical Group Ltd. | 16900 | 12507  |
| Sea Ltd. - ADR<sup>(a)</sup> | 73485 | 9589058  |
| Singapore Airlines Ltd. | 57500 | 289941  |
| Singapore Exchange Ltd. | 57800 | 575420  |
|  Singapore Technologies Engineering Ltd. | 7900 | 39753  |
| **Total Singapore** |  | 13186366  |
| **South Africa — 0.4%**<br>|  |  |
| Absa Group Ltd. | 50770 | 487909  |
| Bid Corp. Ltd. | 16134 | 386742  |
| Bidvest Group Ltd. | 24136 | 311137  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| FirstRand Ltd. | 122398 | $480519  |
| Gold Fields Ltd. | 29109 | 642924  |
| Naspers Ltd. | 2018 | 501289  |
| Shoprite Holdings Ltd. | 24945 | 371225  |
| **Total South Africa** |  | 3181745  |
| **South Korea — 0.9%**<br>|  |  |
| Hanwha Aerospace Co., Ltd. | 1457 | 620350  |
| KB Financial Group, Inc. | 8152 | 438187  |
| Kia Corp. | 10423 | 658188  |
| NAVER Corp. | 2535 | 330720  |
| &nbsp;&nbsp;&nbsp; Samsung Biologics Co., <br>Ltd.<sup>(a)(c)</sup> | 723 | 499454  |
|  Samsung Electro-Mechanics Co., Ltd. | 2670 | 236126  |
| Samsung Electronics Co., Ltd. | 70191 | 2779685  |
|  Samsung Electronics Co., Ltd. - GDR<sup>(d)</sup> | 950 | 934777  |
|  Samsung Fire & Marine Insurance Co., Ltd. | 1365 | 333835  |
| SK Hynix, Inc. | 8099 | 1074026  |
| **Total South Korea** |  | 7905348  |
| **Spain — 0.9%**<br>|  |  |
|  ACS Actividades de Construccion y Servicios SA | 1204 | 68673  |
|  Banco Bilbao Vizcaya Argentaria SA | 103164 | 1406259  |
| Banco Santander SA | 379049 | 2553076  |
| CaixaBank SA | 68058 | 529704  |
| Grupo Empresarial San Jose SA | 3607 | 21837  |
| Iberdrola SA | 130292 | 2106361  |
| Industria de Diseno Textil SA | 14548 | 725689  |
| Naturhouse Health SAU | 579 | 1095  |
| **Total Spain** |  | 7412694  |
| **Sweden — 1.1%**<br>|  |  |
| Assa Abloy AB - Class B | 43000 | 1292091  |
| Boliden AB | 2104 | 68890  |
| Cloetta AB - Class B | 16080 | 45436  |
|  Skandinaviska Enskilda Banken AB - Class A | 30200 | 495169  |
| Spotify Technology SA<sup>(a)</sup> | 10911 | 6001377  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br>Ericsson - ADR | 99516 | 772244  |
| Volvo AB - Class B | 16355 | 480993  |
| Zinzino AB - Class B | 3183 | 45381  |
| **Total Sweden** |  | 9201581  |
| **Switzerland — 2.4%**<br>|  |  |
| ABB Ltd. | 31152 | 1612154  |
| Alcon, Inc. | 20100 | 1897586  |
| Cie Financiere Richemont SA | 134 | 23400  |
| dormakaba Holding AG | 52 | 38855  |
| DSM-Firmenich AG | 10400 | 1030718  |
| Holcim AG | 4993 | 537114  |

---

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

12<br>

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Switzerland — (continued)** | **Switzerland — (continued)** | **Switzerland — (continued)** |
| Klingelnberg AG | 360 | $4894  |
| Logitech International SA | 10590 | 900643  |
| Lonza Group AG | 3275 | 2015681  |
| Novartis AG | 9076 | 1009592  |
| On Holding AG - Class A<sup>(a)</sup> | 4720 | 207302  |
| Roche Holding AG | 13702 | 4505252  |
| Schindler Holding AG | 3304 | 1032230  |
| STMicroelectronics NV | 28495 | 625750  |
|  Sunrise Communications AG/old<sup>(a)</sup> | 33416 | 1619233  |
| UBS Group AG | 100259 | 3072097  |
| **Total Switzerland** |  | 20132501  |
| **Taiwan — 3.2%**<br>|  |  |
| Accton Technology Corp. | 34000 | 600885  |
|  ASE Technology Holding Co., Ltd. | 147000 | 644156  |
|  Cathay Financial Holding Co., Ltd. | 335037 | 621907  |
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding Co., <br>Ltd. | 477000 | 568843  |
| Delta Electronics, Inc. | 72000 | 793638  |
| E Ink Holdings, Inc. | 92000 | 740135  |
|  Hon Hai Precision Industry Co., Ltd. | 241000 | 1076894  |
| MediaTek, Inc. | 36000 | 1518010  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 537000 | 14970382  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 31480 | 5225680  |
| Uni-President Enterprises Corp. | 169000 | 411259  |
| **Total Taiwan** |  | 27171789  |
| **Thailand — 0.1%**<br>|  |  |
| Kasikornbank PCL - NVDR | 89300 | 426963  |
| **United Arab Emirates — 0.5%**<br>|  |  |
|  Abu Dhabi Commercial Bank PJSC | 84967 | 252313  |
| Adnoc Gas PLC | 394196 | 343709  |
| Aldar Properties PJSC | 1228454 | 2817955  |
| Emaar Properties PJSC | 208834 | 760808  |
| First Abu Dhabi Bank PJSC | 100524 | 377904  |
| **Total United Arab Emirates** |  | 4552689  |
| **United States — 1.2%**<br>|  |  |
| Aon PLC - Class A | 5560 | 2218940  |
| Coupang, Inc.<sup>(a)</sup> | 130460 | 2860988  |
| Linde PLC | 5490 | 2556364  |
| STERIS PLC | 12010 | 2722067  |
| **Total United States** |  | 10358359  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **Uruguay — 0.7%**<br>|  |  |
| Globant SA<sup>(a)</sup> | 2289 | $269461  |
| MercadoLibre, Inc.<sup>(a)</sup> | 2818 | 5497552  |
| **Total Uruguay** |  | 5767013  |
| **Virgin Islands (British) — 0.0%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; SF Real Estate Investment <br>Trust | 41675 | 15290  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $411,973,377)** |  | 461930633  |
| **PREFERRED STOCKS — 0.2%**<br>|  |  |
| **Brazil — 0.1%**<br>|  |  |
| Itau Unibanco Holding SA | 191937 | 1055653  |
| **Germany — 0.1%**<br>|  |  |
| Volkswagen AG | 3585 | 363090  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,436,026)** |  | 1418743  |
| **EXCHANGE-TRADED FUNDS — 44.1%** | **EXCHANGE-TRADED FUNDS — 44.1%** |  |
| iShares Core MSCI EAFE ETF | 922 | 69749  |
|  Schwab Emerging Markets Equity ETF | 3617713 | 99740347  |
|  Schwab International Equity ETF<sup>(e)</sup> | 13989633 | 276714941  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $366,463,712)** |  | 376525037  |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |  |
|  BlackRock Liquidity FedFund - Institutional Class, 4.23%<sup>(f)</sup> (Cost $10,309,184) | 10309184 | 10309184  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.6%** <br>**(Cost $790,182,299)** |  | $850183598  |
|  **OTHER ASSETS AND LIABILITIES, NET — 0.4%** |  | 3245000  |
| **NET ASSETS — 100.0%** |  | $853428598 |

---

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

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $17,528,500 or 2.1% of the Fund's net assets.

<sup>(d)</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

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

13<br>

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

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. At March 31, 2025, the value of these securities was $1,770,053, representing 0.2% of net assets.

<sup>(e)</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.

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

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

ADR American Depositary Receipt

ASA Advanced Subscription Agreement

ETF Exchange-Traded Fund

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $2013873 | $7044863 | $— | $9058736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2649742 |  | 2649742  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1326351 |  | 1326351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 3452862 | 65420 |  | 3518282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7227333 |  |  | 7227333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Britain | 5873722 | 51331121 |  | 57204843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 15584752 |  |  | 15584752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 426878 |  | 426878  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 3518017 | 42200726 |  | 45718743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 536355 | 5799893 |  | 6336248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 114649 | 304354 |  | 419003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 27612513 |  | 27612513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 40830990 |  | 40830990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 955039 |  | 955039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 68574 | 4017569 |  | 4086143  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 581810 |  | 581810  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 9378245 | 14725000 |  | 24103245  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1111818 |  | 1111818  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 5707723 | 5635501 |  | 11343224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3820757 | 15268 |  | 3836025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 12308291 |  | 12308291  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 46944486 |  | 46944486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan |  | 118816 |  | 118816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liechtenstein |  | 18395 |  | 18395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 5472153 |  |  | 5472153  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3579527 | 12634410 |  | 16213937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 8108 |  | 8108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 644088 |  | 644088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 2486539 |  |  | 2486539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 3015253 |  | 3015253  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 549546 |  | 549546  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 906966 |  | 906966  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 9589058 | 3597308 |  | 13186366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 3181745 |  | 3181745  |

---

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

14<br>

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

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

**Schedule of Investments (unaudited)(concluded)** 

**March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets: — (continued)**  | **Assets: — (continued)**  | **Assets: — (continued)**  | **Assets: — (continued)**  | **Assets: — (continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stocks — (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks — (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks — (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks — (continued)  | &nbsp;&nbsp;&nbsp; Common Stocks — (continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | $— | $7905348 | $— | $7905348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 7412694 |  | 7412694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 6773621 | 2427960 |  | 9201581  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 833053 | 19299448 |  | 20132501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5225680 | 21946109 |  | 27171789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 426963 |  | 426963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 4552689 |  | 4552689  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 10358359 |  |  | 10358359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 5767013 |  |  | 5767013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Islands (British) |  | 15290 |  | 15290  |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | 107381865 | 354548769 |  | 461930633  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1055653 | 363090 |  | 1418743  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 376525037 |  |  | 376525037  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10309184 |  |  | 10309184  |
| **Total Investments\*** | $495271739 | $354911859 | $— | $850183598 |

---

\* See Schedule of Investments for additional detailed categorizations.

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

15<br>

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

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

**Schedule of Investments (unaudited)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — 21.2%** | **U.S. CORPORATE BONDS — 21.2%** |  |
| **BASIC MATERIALS — 0.4%**  | **BASIC MATERIALS — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, <br>Inc., <br>4.80%, 03/03/2033 | $1000000 | $999908  |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc., <br>5.38%, 03/15/2044  | 169000 | 154686  |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029<sup>(a)</sup> | 115000 | 112534  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033<sup>(a)</sup> | 70000 | 67167  |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.73%, 11/15/2028  | 720000 | 722837  |
| &nbsp;&nbsp;&nbsp; 5.42%, 11/15/2048  | 70000 | 70556  |
|  Eastman Chemical Co., 5.75%, 03/08/2033  | 110000 | 113598  |
| Ecolab, Inc.  | Ecolab, Inc.  | Ecolab, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028  | 98000 | 100764  |
| &nbsp;&nbsp;&nbsp; 2.70%, 12/15/2051  | 163000 | 99265  |
| &nbsp;&nbsp;&nbsp; FMC Corp., <br>6.38%, 05/18/2053  | 780000 | 752606  |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, <br>0.95%, 05/15/2026<sup>(a)</sup> | 434000 | 417813  |
| &nbsp;&nbsp;&nbsp; Newmont Corp., <br>2.25%, 10/01/2030  | 470000 | 416189  |
| &nbsp;&nbsp;&nbsp; Novelis, Inc., <br>6.88%, 01/30/2030<sup>(a)</sup> | 125000 | 126769  |
| Nucor Corp.  | Nucor Corp.  | Nucor Corp.  |
| &nbsp;&nbsp;&nbsp; 4.30%, 05/23/2027  | 115000 | 114801  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/01/2035  | 130000 | 128190  |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., <br>4.80%, 09/01/2031  | 2062000 | 2056822  |
| Steel Dynamics, Inc.  | Steel Dynamics, Inc.  | Steel Dynamics, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2034  | 66000 | 66176  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2055  | 81000 | 78478  |
| &nbsp;&nbsp;&nbsp; Westlake Corp., <br>3.38%, 08/15/2061  | 185000 | 109996  |
| **Total Basic Materials** |  | 6709155  |
| **Communications — 0.9%** | **Communications — 0.9%** | **Communications — 0.9%** |
| Amazon.com, Inc.  | Amazon.com, Inc.  | Amazon.com, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/13/2027  | 136000 | 133716  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029  | 87000 | 88675  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/13/2032  | 51000 | 48058  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/22/2037  | 49000 | 44052  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/22/2047  | 83000 | 69034  |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032  | 1320000 | 1113321  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034  | 101000 | 102623  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035  | 167000 | 156970  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/2037  | 148000 | 141198  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2046  | 379000 | 329685  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053  | 630000 | 429591  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059  | 28000 | 18884  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060  | 58000 | 40404  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/2029  | $89000 | $91897  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035  | 320000 | 324292  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041  | 87000 | 60267  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042  | 430000 | 294149  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047  | 400000 | 331432  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050  | 494000 | 372443  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061  | 56000 | 34012  |
| Cisco Systems, Inc.  | Cisco Systems, Inc.  | Cisco Systems, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029  | 178000 | 181176  |
| &nbsp;&nbsp;&nbsp; 5.10%, 02/24/2035  | 151000 | 153068  |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| &nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028  | 133000 | 131550  |
| &nbsp;&nbsp;&nbsp; 3.40%, 04/01/2030  | 71000 | 67188  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2030  | 90000 | 88325  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033  | 2500000 | 2450562  |
| &nbsp;&nbsp;&nbsp; 4.60%, 10/15/2038  | 96000 | 88398  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048  | 252000 | 195138  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2064  | 94000 | 88285  |
| Corning, Inc.  | Corning, Inc.  | Corning, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/15/2049  | 83000 | 62654  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2079  | 64000 | 58299  |
| Cox Communications, Inc.  | Cox Communications, Inc.  | Cox Communications, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2028<sup>(a)</sup> | 99000 | 101409  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031<sup>(a)</sup> | 625000 | 538106  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034<sup>(a)</sup> | 1320000 | 1289338  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054<sup>(a)</sup> | 55000 | 50998  |
| &nbsp;&nbsp;&nbsp; Discovery Communications <br>LLC, <br>3.63%, 05/15/2030 | 72000 | 64774  |
| &nbsp;&nbsp;&nbsp; Fox Corp., <br>5.58%, 01/25/2049  | 107000 | 100220  |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., <br>5.55%, 08/15/2064  | 57000 | 56082  |
| Paramount Global  | Paramount Global  | Paramount Global  |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/19/2032  | 1000000 | 896775  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043  | 27000 | 23642  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2044  | 67000 | 53891  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2045  | 46000 | 34462  |
|  Time Warner Cable LLC, 6.55%, 05/01/2037  | 4000 | 3968  |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030  | 150000 | 143796  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2041  | 1443000 | 1046906  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060  | 95000 | 63602  |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030  | 25000 | 21279  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031  | 477000 | 420303  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033  | 165000 | 158421  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035  | 171000 | 171431  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041  | 110000 | 84691  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **COMMUNICATIONS — (continued)**  | **COMMUNICATIONS — (continued)**  | **COMMUNICATIONS — (continued)**  |
| Verizon Communications, Inc. (continued) | Verizon Communications, Inc. (continued) | Verizon Communications, Inc. (continued) |
| &nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041  | $129000 | $90778  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052  | 110000 | 82194  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/20/2060  | 204000 | 120381  |
| &nbsp;&nbsp;&nbsp; Walt Disney Co., <br>2.00%, 09/01/2029  | 140000 | 126485  |
| **Total Communications** |  | 13533278  |
| **CONSUMER, CYCLICAL — 1.2%** | **CONSUMER, CYCLICAL — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>5.89%, 03/15/2035  | 47000 | 46908  |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc., <br>5.10%, 07/15/2029  | 46000 | 46734  |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(a)</sup> | 150000 | 152055  |
| &nbsp;&nbsp;&nbsp; Cummins, Inc., <br>5.45%, 02/20/2054  | 1000000 | 979364  |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, <br>5.13%, 01/19/2028<sup>(a)</sup> | 159000 | 160453  |
| &nbsp;&nbsp;&nbsp; Dana, Inc., <br>5.38%, 11/15/2027  | 75000 | 74166  |
|  Darden Restaurants, Inc., 4.35%, 10/15/2027  | 72000 | 71469  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines 2020-1 Class A Pass Through Trust, <br>2.50%, 06/10/2028  | 949416 | 893277  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass Through Trust, <br>2.00%, 06/10/2028  | 365464 | 341495  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>4.75%, 01/15/2043  | 505000 | 383211  |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025  | 200000 | 198849  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027  | 1200000 | 1182562  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029  | 1500000 | 1445973  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029  | 400000 | 395638  |
| &nbsp;&nbsp;&nbsp; 6.05%, 11/05/2031  | 205000 | 200841  |
| Gap, Inc.  | Gap, Inc.  | Gap, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029<sup>(a)</sup> | 50000 | 45102  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031<sup>(a)</sup> | 125000 | 107824  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>6.60%, 04/01/2036  | 840000 | 867128  |
|  General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028  | 1155000 | 1056699  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/08/2031  | 47000 | 47391  |
| &nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031  | 105000 | 89563  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/18/2031  | 290000 | 290024  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co., <br>6.50%, 11/01/2028  | 132000 | 139354  |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc., <br>4.90%, 04/15/2029  | 87000 | 88687  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.50%, 06/30/2034  | $45000 | $44171  |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 87000 | 86984  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 172000 | 172387  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> | 445000 | 435448  |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/15/2041  | 1250000 | 864998  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/15/2046  | 78000 | 58095  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053  | 1150000 | 1127469  |
| Marriott International, Inc./MD  | Marriott International, Inc./MD  | Marriott International, Inc./MD  |
| &nbsp;&nbsp;&nbsp; 2.85%, 04/15/2031  | 192000 | 170732  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2032  | 890000 | 793594  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037  | 56000 | 55375  |
| McDonald's Corp.  | McDonald's Corp.  | McDonald's Corp.  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/14/2028  | 260000 | 262962  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/03/2035  | 102000 | 101506  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2049  | 127000 | 92657  |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030  | 60000 | 58370  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032  | 35000 | 34001  |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026  | 86000 | 87576  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/01/2027  | 163000 | 159624  |
|  RB Global Holdings, Inc., 6.75%, 03/15/2028<sup>(a)</sup> | 25000 | 25532  |
|  Stellantis Finance US, Inc., 6.45%, 03/18/2035<sup>(a)</sup> | 208000 | 206439  |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., <br>5.13%, 08/01/2030<sup>(a)</sup> | 100000 | 96100  |
|  Toyota Motor Credit Corp., 4.60%, 10/10/2031  | 98000 | 97034  |
| United Airlines, Inc.  | United Airlines, Inc.  | United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026<sup>(a)</sup> | 185000 | 182058  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029<sup>(a)</sup> | 35000 | 33120  |
| &nbsp;&nbsp;&nbsp; Walmart, Inc., <br>1.80%, 09/22/2031  | 1175000 | 1007456  |
| Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032  | 86000 | 75769  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042  | 886000 | 708626  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052  | 1449000 | 1056316  |
| &nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062  | 84000 | 60807  |
| &nbsp;&nbsp;&nbsp; William Carter Co., <br>5.63%, 03/15/2027<sup>(a)</sup> | 250000 | 248265  |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(a)</sup> | 150000 | 126916  |
| **Total Consumer, Cyclical** |  | 17835154  |
| **CONSUMER, NON-CYCLICAL — 3.5%** | **CONSUMER, NON-CYCLICAL — 3.5%** |  |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031  | 112000 | 113789  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2035  | 380000 | 366850  |
| &nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039  | 195000 | 171005  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **CONSUMER, NON-CYCLICAL — (continued)**  | **CONSUMER, NON-CYCLICAL — (continued)**  | **CONSUMER, NON-CYCLICAL — (continued)**  |
| AbbVie, Inc. (continued) | AbbVie, Inc. (continued) | AbbVie, Inc. (continued) |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2045  | $150000 | $136630  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049  | 351000 | 290794  |
| Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/15/2029  | 171000 | 157557  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/12/2031  | 253000 | 219835  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, <br>3.50%, 03/15/2029<sup>(a)</sup> | 175000 | 161054  |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028  | 112000 | 114014  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030  | 47000 | 48072  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033  | 140000 | 142022  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2041  | 55000 | 51854  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045  | 42000 | 35525  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053  | 154000 | 151063  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063  | 82000 | 79910  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036  | 120000 | 115719  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046  | 226000 | 208391  |
| Ascension Health  | Ascension Health  | Ascension Health  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/15/2029  | 630000 | 579147  |
| &nbsp;&nbsp;&nbsp; 3.11%, 11/15/2039  | 120000 | 94049  |
| Astrazeneca Finance LLC  | Astrazeneca Finance LLC  | Astrazeneca Finance LLC  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/03/2028  | 150000 | 152508  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/26/2029  | 180000 | 182669  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/03/2030  | 163000 | 166259  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., <br>4.45%, 09/09/2034  | 1000000 | 968254  |
| BAT Capital Corp.  | BAT Capital Corp.  | BAT Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 6.34%, 08/02/2030  | 130000 | 138195  |
| &nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031  | 620000 | 549053  |
| &nbsp;&nbsp;&nbsp; 4.39%, 08/15/2037  | 730000 | 641009  |
| Becton Dickinson & Co.  | Becton Dickinson & Co.  | Becton Dickinson & Co.  |
| &nbsp;&nbsp;&nbsp; 4.69%, 02/13/2028  | 149000 | 149561  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/22/2032  | 66000 | 63155  |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2031  | 168000 | 177671  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2042  | 60000 | 45015  |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/2031  | 1450000 | 1284840  |
| Cardinal Health, Inc.  | Cardinal Health, Inc.  | Cardinal Health, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2029  | 68000 | 69096  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044  | 262000 | 220902  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2054  | 57000 | 55836  |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029  | 47000 | 47232  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034  | 167000 | 166685  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047  | 84000 | 68053  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/15/2028  | $71000 | $70458  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030  | 374000 | 335244  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031  | 213000 | 185850  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2047  | 62000 | 46248  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050  | 241000 | 162689  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, <br>5.32%, 12/01/2034  | 1030000 | 1019720  |
| Conagra Brands, Inc.  | Conagra Brands, Inc.  | Conagra Brands, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2028  | 176000 | 188421  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/01/2048  | 112000 | 101947  |
| &nbsp;&nbsp;&nbsp; Conservation Fund A Nonprofit Corp., <br>3.47%, 12/15/2029  | 1000000 | 938761  |
|  Constellation Brands, Inc., 4.35%, 05/09/2027  | 75000 | 74694  |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2031  | 146000 | 149031  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038  | 654000 | 586802  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045  | 332000 | 289452  |
| &nbsp;&nbsp;&nbsp; Dcli Bidco LLC, <br>7.75%, 11/15/2029<sup>(a)</sup> | 200000 | 205856  |
| &nbsp;&nbsp;&nbsp; Duke University Health System, Inc., <br>3.92%, 06/01/2047  | 70000 | 55997  |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc., <br>6.10%, 10/15/2052  | 19000 | 19423  |
| Eli Lilly & Co.  | Eli Lilly & Co.  | Eli Lilly & Co.  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/14/2027  | 46000 | 46026  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/12/2030  | 95000 | 96455  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034  | 99000 | 97307  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/09/2054  | 335000 | 314093  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/14/2064  | 125000 | 118511  |
|  Ford Foundation (The), 2.82%, 06/01/2070  | 1186000 | 673073  |
| &nbsp;&nbsp;&nbsp; General Mills, Inc., <br>4.95%, 03/29/2033  | 1500000 | 1484384  |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029  | 114000 | 115147  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035  | 75000 | 75296  |
|  GlaxoSmithKline Capital, Inc., 4.50%, 04/15/2030  | 99000 | 98996  |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc., <br>6.25%, 05/06/2029  | 92000 | 94939  |
| Haleon US Capital LLC  | Haleon US Capital LLC  | Haleon US Capital LLC  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/24/2029  | 1500000 | 1433367  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/24/2032  | 357000 | 328700  |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029  | 64000 | 60508  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030  | 141000 | 130758  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2031  | 95000 | 96496  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032  | 105000 | 106019  |
| &nbsp;&nbsp;&nbsp; 7.75%, 07/15/2036  | 150000 | 170054  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2049  | 85000 | 74801  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2051  | 161000 | 106168  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **CONSUMER, NON-CYCLICAL — (continued)**  | **CONSUMER, NON-CYCLICAL — (continued)**  | **CONSUMER, NON-CYCLICAL — (continued)**  |
| HCA, Inc. (continued) | HCA, Inc. (continued) | HCA, Inc. (continued) |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052  | $179000 | $142505  |
| &nbsp;&nbsp;&nbsp; Hershey Co., <br>4.55%, 02/24/2028  | 79000 | 79739  |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp., <br>4.80%, 03/30/2027  | 132000 | 133216  |
| Humana, Inc.  | Humana, Inc.  | Humana, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2030  | 154000 | 153204  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2033  | 53000 | 54187  |
| Johnson & Johnson  | Johnson & Johnson  | Johnson & Johnson  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/2031  | 1150000 | 1177415  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2050  | 1000000 | 585854  |
|  Kaiser Foundation Hospitals, 2.81%, 06/01/2041  | 2500000 | 1792720  |
| &nbsp;&nbsp;&nbsp; Kellanova, <br>7.45%, 04/01/2031  | 210000 | 238070  |
|  Keurig Dr Pepper, Inc., 2.25%, 03/15/2031  | 1247000 | 1084555  |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2032  | 71000 | 71786  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046  | 309000 | 252565  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049  | 86000 | 74434  |
| Kroger Co.  | Kroger Co.  | Kroger Co.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2034  | 64000 | 62545  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2046  | 40000 | 30543  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2054  | 119000 | 112249  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/15/2064  | 119000 | 112374  |
| Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030<sup>(a)</sup> | 75000 | 69862  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032<sup>(a)</sup> | 225000 | 205528  |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/20/2031<sup>(a)</sup> | 1675000 | 1667288  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045<sup>(a)</sup> | 103000 | 103224  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> | 115000 | 114903  |
|  Massachusetts Institute of Technology<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114  | 150000 | 128139  |
| &nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116  | 75000 | 53201  |
| &nbsp;&nbsp;&nbsp; Mather Foundation, <br>2.68%, 10/01/2031  | 1000000 | 848520  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, <br>3.88%, 04/01/2029<sup>(a)</sup> | 175000 | 163578  |
| Mylan, Inc.  | Mylan, Inc.  | Mylan, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/29/2043  | 180000 | 150548  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2048  | 135000 | 105199  |
|  NBM US Holdings, Inc., 6.63%, 08/06/2029<sup>(a)</sup> | 800000 | 799818  |
| &nbsp;&nbsp;&nbsp; Nestle Holdings, Inc., <br>4.95%, 03/14/2030<sup>(a)</sup> | 900000 | 919923  |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., <br>4.00%, 09/18/2031  | 92000 | 89297  |
| &nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co.-Issuer BV, <br>4.13%, 04/30/2028<sup>(a)</sup> | 275000 | 257002  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, <br>4.09%, 10/01/2048  | $50000 | $40666  |
| PepsiCo, Inc.  | PepsiCo, Inc.  | PepsiCo, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/07/2028  | 114000 | 114735  |
| &nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028  | 94000 | 92673  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/18/2032  | 106000 | 101129  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/19/2040  | 3000000 | 2477257  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/05/2042  | 40000 | 33954  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/15/2049  | 1000000 | 659585  |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028  | 575000 | 589136  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030  | 1165000 | 1187903  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/07/2030  | 480000 | 498736  |
|  President and Fellows of Harvard College<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/01/2038  | 210000 | 227761  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2039<sup>(a)</sup> | 105000 | 121906  |
| Procter & Gamble Co.  | Procter & Gamble Co.  | Procter & Gamble Co.  |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/29/2030  | 1150000 | 975637  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034  | 1000000 | 995138  |
| &nbsp;&nbsp;&nbsp; Providence St. Joseph Health Obligated Group, <br>2.53%, 10/01/2029  | 110000 | 100287  |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030  | 109000 | 98118  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032  | 115000 | 96587  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/09/2034  | 129000 | 127492  |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc., <br>5.25%, 03/27/2035  | 520000 | 524055  |
| Roche Holdings, Inc.  | Roche Holdings, Inc.  | Roche Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.49%, 11/13/2030<sup>(a)</sup> | 231000 | 241933  |
| &nbsp;&nbsp;&nbsp; 4.91%, 03/08/2031<sup>(a)</sup> | 200000 | 203668  |
| &nbsp;&nbsp;&nbsp; 5.59%, 11/13/2033<sup>(a)</sup> | 980000 | 1029535  |
| &nbsp;&nbsp;&nbsp; 4.59%, 09/09/2034<sup>(a)</sup> | 410000 | 401188  |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc., <br>2.70%, 03/01/2029  | 145000 | 135939  |
| Sutter Health  | Sutter Health  | Sutter Health  |
| &nbsp;&nbsp;&nbsp; 5.16%, 08/15/2033  | 409000 | 412169  |
| &nbsp;&nbsp;&nbsp; 4.09%, 08/15/2048  | 125000 | 100729  |
| Sysco Corp.  | Sysco Corp.  | Sysco Corp.  |
| &nbsp;&nbsp;&nbsp; 2.40%, 02/15/2030  | 2500000 | 2247879  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2030  | 43000 | 45075  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/23/2030  | 141000 | 143126  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2046  | 183000 | 153064  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2048  | 171000 | 139864  |
|  Tenet Healthcare Corp., 4.38%, 01/15/2030  | 200000 | 187485  |
|  Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029  | 86000 | 87928  |
|  Trustees of Boston College, 3.13%, 07/01/2052  | 169000 | 116684  |
| Trustees of Princeton University <br>&nbsp;&nbsp;&nbsp;&nbsp;(The)  | Trustees of Princeton University <br>&nbsp;&nbsp;&nbsp;&nbsp;(The)  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2039  | 495000 | 528611  |
| &nbsp;&nbsp;&nbsp; 2.52%, 07/01/2050  | 90000 | 56781  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **CONSUMER, NON-CYCLICAL — (continued)** | **CONSUMER, NON-CYCLICAL — (continued)** | **CONSUMER, NON-CYCLICAL — (continued)** |
| Unilever Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/06/2029  | $840000 | $765668  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/12/2034  | 1950000 | 1917714  |
| United Rentals North America, Inc. | United Rentals North America, Inc. |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030  | 45000 | 44173  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031  | 62000 | 56257  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032  | 50000 | 44163  |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/15/2026  | 150000 | 146453  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2031  | 99000 | 100242  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2033  | 1560000 | 1508622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034  | 470000 | 467521  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052  | 688000 | 594754  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2054  | 86000 | 84418  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2062  | 60000 | 52103  |
|  University of Chicago (The), 2.76%, 04/01/2045  | 100000 | 76858  |
|  Utah Acquisition Sub, Inc., 5.25%, 06/15/2046  | 140000 | 111996  |
| Viatris, Inc.  | Viatris, Inc.  | Viatris, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040  | 94000 | 68334  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050  | 193000 | 126578  |
| &nbsp;&nbsp;&nbsp; Wyeth LLC, <br>5.95%, 04/01/2037  | 75000 | 79472  |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030  | 675000 | 593518  |
| &nbsp;&nbsp;&nbsp; 5.60%, 11/16/2032  | 71000 | 74059  |
| &nbsp;&nbsp;&nbsp; **Total Consumer,** <br>**Non-cyclical** |  | 52576271  |
| **ENERGY — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; APA Corp., <br>5.35%, 07/01/2049<sup>(a)</sup> | 455000 | 377136  |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.54%, 04/06/2027  | 292000 | 287401  |
| &nbsp;&nbsp;&nbsp; 4.89%, 09/11/2033  | 1125000 | 1108482  |
| &nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050  | 1000000 | 614041  |
|  Cheniere Energy Partners LP, 5.95%, 06/30/2033  | 500000 | 513515  |
| &nbsp;&nbsp;&nbsp; Chevron Corp., <br>2.24%, 05/11/2030  | 241000 | 216410  |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc., <br>4.20%, 10/15/2049  | 52000 | 42199  |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., <br>8.63%, 11/01/2030<sup>(a)</sup> | 25000 | 25792  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>3.25%, 05/15/2030<sup>(a)</sup> | 510000 | 472228  |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, <br>5.93%, 08/15/2030<sup>(a)</sup> | 215000 | 223411  |
| ConocoPhillips Co.  | ConocoPhillips Co.  | ConocoPhillips Co.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2033  | 750000 | 752689  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2053  | 950000 | 888716  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Continental Wind LLC, <br>6.00%, 02/28/2033<sup>(a)</sup> | $888416 | $913027  |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc., <br>5.90%, 02/15/2055  | 132000 | 125591  |
| DCP Midstream Operating LP  | DCP Midstream Operating LP  | DCP Midstream Operating LP  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029  | 320000 | 322127  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037<sup>(a)</sup> | 550000 | 584487  |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., <br>5.75%, 09/15/2054  | 75000 | 68657  |
| Diamondback Energy, Inc.  | Diamondback Energy, Inc.  | Diamondback Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2029  | 88000 | 83233  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033  | 1395000 | 1475206  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035  | 1046000 | 1050107  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/24/2051  | 167000 | 130386  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053  | 166000 | 166212  |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual  | 1000000 | 998821  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028  | 183000 | 184266  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028  | 115000 | 115769  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2030  | 70000 | 70791  |
| &nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033  | 760000 | 812600  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043  | 135000 | 120003  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/15/2047  | 110000 | 97272  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047  | 246000 | 220293  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050  | 850000 | 715727  |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>4.85%, 08/15/2042  | 200000 | 182634  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051  | 43000 | 31238  |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., <br>4.75%, 02/01/2032  | 125000 | 118230  |
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, <br>2.30%, 10/01/2031<sup>(a)</sup> | 355000 | 298741  |
|  Gray Oak Pipeline LLC, 3.45%, 10/15/2027<sup>(a)</sup> | 192000 | 185095  |
| &nbsp;&nbsp;&nbsp; Halliburton Co., <br>4.75%, 08/01/2043  | 118000 | 103513  |
| HF Sinclair Corp.  | HF Sinclair Corp.  | HF Sinclair Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028  | 93000 | 92648  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2035  | 120000 | 120602  |
|  Hilcorp Energy I LP / Hilcorp Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 75000 | 71323  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> | 100000 | 93428  |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, <br>5.50%, 03/01/2044  | 95000 | 89342  |
|  Marathon Petroleum Corp., 5.70%, 03/01/2035  | 146000 | 145398  |
| MPLX LP  | MPLX LP  | MPLX LP  |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026  | 1655000 | 1611720  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/01/2035  | 130000 | 127734 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2049  | 225000  | 204613  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **ENERGY — (continued)**  | **ENERGY — (continued)**  | **ENERGY — (continued)**  |
| &nbsp;&nbsp;&nbsp; Murray Energy Corp., <br>12.00%, 04/15/2024<sup>(a)(b)(k)</sup> | $180991 | $0  |
|  Northwest Pipeline LLC, 4.00%, 04/01/2027  | 1655000 | 1636633  |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031  | 136000 | 139784  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036  | 79000 | 81320  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046  | 179000 | 134213  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054  | 675000 | 631873  |
| &nbsp;&nbsp;&nbsp; ONEOK Partners LP, <br>6.65%, 10/01/2036  | 116000 | 125175  |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2030  | 610000 | 561570  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030<sup>(a)</sup> | 123000 | 130489  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/13/2047  | 150000 | 127702  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2048  | 300000 | 263644  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2050  | 250000 | 197663  |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc., <br>7.38%, 11/01/2031  | 231000 | 253287  |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., <br>5.10%, 03/29/2026  | 77000 | 77514  |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, <br>5.90%, 09/15/2037  | 65000 | 66943  |
|  SANCHEZ ENERGY CORP PERP SR GLBL NT, 6.13%, 01/15/2050<sup>(b)(k)</sup> | 100000 | 0  |
| &nbsp;&nbsp;&nbsp; SANCHEZ ENERGY CORP SR GLBL NT 21, <br>7.75%, 12/31/2050<sup>(b)(k)</sup> | 150000 | 0  |
| &nbsp;&nbsp;&nbsp; Sunoco LP, <br>6.25%, 07/01/2033<sup>(a)</sup> | 1500000 | 1501570  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>6.00%, 12/31/2030<sup>(a)</sup> | 175000 | 166021  |
| Targa Resources Corp.  | Targa Resources Corp.  | Targa Resources Corp.  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034  | 860000 | 918280  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035  | 150000 | 149113  |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., <br>5.50%, 03/01/2030  | 86000 | 86801  |
| Topaz Solar Farms LLC  | Topaz Solar Farms LLC  | Topaz Solar Farms LLC  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/30/2039<sup>(a)</sup> | 282695 | 251245  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/2039<sup>(a)</sup> | 885041 | 852188  |
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, <br>3.95%, 05/15/2050  | 230000 | 176077  |
|  Valero Energy Partners LP, 4.50%, 03/15/2028  | 350000 | 349371  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu <br>Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu <br>Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu <br>Pass LLC  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029<sup>(a)</sup> | $25000 | $23143  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> | 175000 | 177617  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031<sup>(a)</sup> | 25000 | 22715  |
|  Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030<sup>(c)</sup> | 1210000 | 1154790  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2034  | 1000000 | 977026  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048  | 56000 | 48079  |
| Williams Cos., Inc.  | Williams Cos., Inc.  | Williams Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/24/2044  | 244000 | 240084  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/15/2045  | 200000 | 175972  |
| **Total Energy** |  | 28950756  |
| **FINANCIAL — 6.6%**<br>|  |  |
|  200 Park Funding Trust, 5.74%, 02/15/2055<sup>(a)</sup> | 2425000 | 2406312  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., <br>4.75%, 04/15/2035  | 135000 | 128566  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>5.54% to 01/17/2030 <br>then SOFR + <br>1.73%, 01/17/2031  | 210000 | 208938  |
| American Express Co.  | American Express Co.  | American Express Co.  |
| &nbsp;&nbsp;&nbsp; 6.34% to 10/30/2025 <br>then SOFR + <br>1.33%, 10/30/2026  | 885000 | 893551  |
| &nbsp;&nbsp;&nbsp; 5.10% to 02/16/2027 <br>then SOFR + <br>1.00%, 02/16/2028  | 294000 | 297514  |
| &nbsp;&nbsp;&nbsp; 5.09% to 01/30/2030 <br>then SOFR + <br>1.02%, 01/30/2031  | 96000 | 97214  |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| &nbsp;&nbsp;&nbsp; 3.13%, 01/15/2027  | 105000 | 102279  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029  | 224000 | 227578  |
| &nbsp;&nbsp;&nbsp; 2.30%, 09/15/2031  | 146000 | 124843  |
|  Ameriprise Financial, Inc., 5.20%, 04/15/2035  | 2700000 | 2693707  |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2031  | 178000 | 182119  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2054  | 115000 | 113414  |
| Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029  | 366000 | 368528  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032  | 1000000 | 999916  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2053  | 55000 | 53798  |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/27/2026<sup>(a)</sup> | 131000 | 131407  |
| &nbsp;&nbsp;&nbsp; 1.73%, 10/02/2026<sup>(a)</sup> | 143000 | 137070  |
| &nbsp;&nbsp;&nbsp; 5.32%, 11/13/2031<sup>(a)</sup> | 203000 | 203130  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>3.45%, 05/15/2052  | 54000 | 34655  |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026  | 1525000 | 1522528  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  |
| Bank of America Corp. (continued)  | Bank of America Corp. (continued)  | Bank of America Corp. (continued)  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 <br>then 3 mo. Term SOFR + 1.84%, 01/20/2028  | $1367000 | $1349681  |
|  3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028  | 544000 | 527204  |
|  3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030  | 45000 | 42203  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 <br>then SOFR + <br>1.00%, 01/24/2031  | 206000 | 208839  |
| &nbsp;&nbsp;&nbsp; 2.65% to 03/11/2031 <br>then SOFR + <br>1.22%, 03/11/2032  | 1675000 | 1478038  |
| &nbsp;&nbsp;&nbsp; 2.57% to 10/20/2031 <br>then SOFR + <br>1.21%, 10/20/2032  | 530000 | 457258  |
| &nbsp;&nbsp;&nbsp; 4.57% to 04/27/2032 <br>then SOFR + <br>1.83%, 04/27/2033  | 77000 | 74408  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 <br>then SOFR + <br>1.91%, 04/25/2034  | 745000 | 748365  |
| &nbsp;&nbsp;&nbsp; 5.43% to 08/15/2034 <br>then SOFR + <br>1.91%, 08/15/2035  | 94000 | 92038  |
| &nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 <br>then SOFR + <br>1.74%, 10/25/2035  | 321000 | 314949  |
| &nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 <br>then SOFR + <br>1.70%, 02/12/2036  | 53000 | 52899  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 <br>then 5 yr. CMT Rate + <br>2.00%, 03/08/2037  | 402000 | 360814  |
|  4.08% to 04/23/2039 then 3 mo. Term SOFR + 1.58%, 04/23/2040  | 81000 | 70047  |
| &nbsp;&nbsp;&nbsp; 3.31% to 04/22/2041 <br>then SOFR + <br>1.58%, 04/22/2042  | 107000 | 81345  |
| Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  |
| &nbsp;&nbsp;&nbsp; 6.30% to 03/20/2030 <br>then 5 yr. CMT Rate + <br>2.30%, Perpetual  | 2000000 | 2049846  |
| &nbsp;&nbsp;&nbsp; 4.94% to 02/11/2030 then SOFR + <br>0.89%, 02/11/2031  | 172000 | 173528  |
| BankUnited, Inc.  | BankUnited, Inc.  | BankUnited, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/17/2025  | 179000 | 178764  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/11/2030  | 96000 | 94255  |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund,<br>2.85%, 09/30/2028  | 1300000 | 1191113  |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027  | 1375000 | 1435080  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Brixmor Operating Partnership LP, 4.05%, 07/01/2030  | $625000 | $598700  |
|  Broadstone Net Lease LLC, 2.60%, 09/15/2031  | 515000 | 436070  |
| &nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, <br>4.50%, 04/14/2027<sup>(a)</sup> | 1225000 | 1212095  |
|  Capital One Financial Corp., 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031  | 260000 | 289566  |
|  Chubb INA Holdings LLC, 4.65%, 08/15/2029  | 196000 | 197652  |
| Citibank NA  | Citibank NA  | Citibank NA  |
| &nbsp;&nbsp;&nbsp; 4.93%, 08/06/2026  | 259000 | 260702  |
| &nbsp;&nbsp;&nbsp; 5.57%, 04/30/2034  | 254000 | 261024  |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.12% to 01/28/2026 <br>then SOFR + <br>0.77%, 01/28/2027  | 820000 | 796457  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027  | 1557000 | 1549668  |
| &nbsp;&nbsp;&nbsp; 3.98% to 03/20/2029 <br>then 3 mo. Term SOFR + 1.60%, 03/20/2030  | 610000 | 591347  |
| &nbsp;&nbsp;&nbsp; 4.54% to 09/19/2029 <br>then SOFR + <br>1.34%, 09/19/2030  | 150000 | 147977  |
| &nbsp;&nbsp;&nbsp; 2.98% to 11/05/2029 <br>then SOFR + <br>1.42%, 11/05/2030  | 160000 | 147337  |
|  2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032  | 300000 | 260607  |
| &nbsp;&nbsp;&nbsp; 3.06% to 01/25/2032 <br>then SOFR + <br>1.35%, 01/25/2033  | 1880000 | 1648191  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/22/2033  | 259000 | 267358  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/31/2033  | 226000 | 235082  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 <br>then SOFR + <br>2.66%, 05/25/2034  | 73000 | 74823  |
|  5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039  | 180000 | 172179  |
| &nbsp;&nbsp;&nbsp; 2.90% to 11/03/2041 <br>then SOFR + <br>1.38%, 11/03/2042  | 56000 | 39368  |
| Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.72% to 07/23/2031 <br>then SOFR + <br>1.91%, 07/23/2032  | 140000 | 142517  |
| &nbsp;&nbsp;&nbsp; 2.64%, 09/30/2032  | 281000 | 230857  |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030  | 701000 | 712331  |
| &nbsp;&nbsp;&nbsp; Community Preservation Corp., <br>2.87%, 02/01/2030  | 1000000 | 898683  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)** | **U.S. CORPORATE BONDS — (continued)** | **U.S. CORPORATE BONDS — (continued)** |
| **Financial — (continued)** | **Financial — (continued)** | **Financial — (continued)** |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/11/2028  | $101000 | $101379  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029  | 87000 | 88907  |
| &nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, <br>3.88%, 02/15/2026<sup>(a)</sup> | 970000 | 951317  |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding, <br>1.30%, 07/12/2026<sup>(a)</sup> | 147000 | 141204  |
| &nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., <br>3.13%, 10/15/2052  | 590000 | 361215  |
|  F&G Annuities & Life, Inc., 6.25%, 10/04/2034  | 40000 | 38741  |
| &nbsp;&nbsp;&nbsp; F&G Global Funding, <br>2.30%, 04/11/2027<sup>(a)</sup> | 171000 | 162796  |
|  Fidus Investment Corp., 6.75%, 03/19/2030  | 680000 | 681367  |
| &nbsp;&nbsp;&nbsp; First Horizon Bank, <br>5.75%, 05/01/2030  | 250000 | 252793  |
| &nbsp;&nbsp;&nbsp; FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + <br>1.93%, 12/11/2030  | 141000 | 140855  |
|  GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/2031<sup>(a)</sup> | 940000 | 769732  |
| &nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., <br>5.38%, 04/15/2026  | 150000 | 150471  |
| Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.54% to 09/10/2026 then SOFR + <br>0.82%, 09/10/2027  | 92000 | 88019  |
|  3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029  | 925000 | 903066  |
|  4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029  | 1314000 | 1295873  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + <br>1.14%, 10/23/2030  | 65000 | 64600  |
| &nbsp;&nbsp;&nbsp; 5.21% to 01/28/2030 then SOFR + <br>1.08%, 01/28/2031  | 965000 | 978127  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + <br>1.28%, 04/22/2032  | 770000 | 672321  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + <br>1.25%, 07/21/2032  | 133000 | 113913  |
| &nbsp;&nbsp;&nbsp; 5.85% to 04/25/2034 then SOFR + <br>1.55%, 04/25/2035  | 99000 | 102316  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| 6.75%, 10/01/2037  | $393000 | $424981  |
| &nbsp;&nbsp;&nbsp; 3.21% to 04/22/2041 then SOFR + <br>1.51%, 04/22/2042  | 146000 | 107660  |
| &nbsp;&nbsp;&nbsp; 5.73% to 01/28/2055 then SOFR + <br>1.70%, 01/28/2056  | 82000 | 81672  |
| &nbsp;&nbsp;&nbsp; Goodman US Finance Six LLC, <br>5.13%, 10/07/2034<sup>(a)</sup> | 56000 | 55349  |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., <br>6.38%, 07/01/2034<sup>(a)</sup> | 2000000 | 1976784  |
|  HAT Holdings I LLC / HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/2027<sup>(a)</sup> | 500000 | 517615  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/15/2030<sup>(a)</sup> | 1000000 | 888809  |
| &nbsp;&nbsp;&nbsp; HNA 2015 LLC, <br>2.37%, 09/18/2027  | 140676 | 135762  |
|  Host Hotels & Resorts LP, 3.50%, 09/15/2030  | 6000 | 5497  |
|  Huntington Bancshares, Inc./OH, 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029  | 145000 | 150941  |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., <br>4.95%, 06/15/2052  | 152000 | 137370  |
| JPMorgan Chase & Co.  | JPMorgan Chase & Co.  | JPMorgan Chase & Co.  |
|  3.78% to 02/01/2027 then 3 mo. Term SOFR + 1.60%, 02/01/2028  | 300000 | 295970  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 then SOFR + <br>0.93%, 04/22/2028  | 1875000 | 1912472  |
|  3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028  | 170000 | 166593  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + <br>0.86%, 10/22/2028  | 105000 | 104894  |
|  4.01% to 04/23/2028 then 3 mo. Term SOFR + 1.38%, 04/23/2029  | 1240000 | 1218785  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + <br>1.02%, 06/01/2029  | 770000 | 712923  |
|  6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual  | 1250000 | 1312874  |
| &nbsp;&nbsp;&nbsp; 5.00% to 07/22/2029 then SOFR + <br>1.13%, 07/22/2030  | 2000000 | 2018103  |
|  2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030  | 2250000 | 2064600  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **FINANCIAL — (continued)** | **FINANCIAL — (continued)** | **FINANCIAL — (continued)** |
| JPMorgan Chase & Co. (continued) | JPMorgan Chase & Co. (continued) | JPMorgan Chase & Co. (continued) |
|  2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032  | $405000 | $355845  |
| &nbsp;&nbsp;&nbsp; 2.55% to 11/08/2031 <br>then SOFR + <br>1.18%, 11/08/2032  | 658000 | 569079  |
| &nbsp;&nbsp;&nbsp; 4.91% to 07/25/2032 then SOFR + <br>2.08%, 07/25/2033  | 81000 | 80356  |
|  6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034  | 40000 | 42960  |
| &nbsp;&nbsp;&nbsp; 5.77% to 04/22/2034 then SOFR + <br>1.49%, 04/22/2035  | 500000 | 519653  |
| &nbsp;&nbsp;&nbsp; 2.53% to 11/19/2040 then <br>3 mo. Term SOFR + <br>1.51%, 11/19/2041  | 637000 | 440548  |
| KeyBank NA/Cleveland OH  | KeyBank NA/Cleveland OH  | KeyBank NA/Cleveland OH  |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/20/2026  | 255000 | 251100  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/08/2032  | 250000 | 238940  |
| KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp;&nbsp; 5.12% to 04/04/2030 then SOFR + <br>1.23%, 04/04/2031  | 96000 | 96422  |
| &nbsp;&nbsp;&nbsp; 6.40% to 03/06/2034 then SOFR + <br>2.42%, 03/06/2035  | 185000 | 195438  |
| Kimco Realty OP LLC  | Kimco Realty OP LLC  | Kimco Realty OP LLC  |
| &nbsp;&nbsp;&nbsp; 2.25%, 12/01/2031  | 1100000 | 935203  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/01/2033  | 135000 | 130421  |
| Liberty Mutual Group, Inc.  | Liberty Mutual Group, Inc.  | Liberty Mutual Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.57%, 02/01/2029<sup>(a)</sup> | 700000 | 694465  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050<sup>(a)</sup> | 120000 | 87925  |
| &nbsp;&nbsp;&nbsp; 3.95%, 05/15/2060<sup>(a)</sup> | 85000 | 57906  |
|  Low Income Investment Fund, 3.39%, 07/01/2026  | 1000000 | 976103  |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc., <br>4.38%, 05/15/2031<sup>(a)</sup> | 325000 | 309230  |
| &nbsp;&nbsp;&nbsp; Lseg US Fin Corp., <br>5.30%, 03/28/2034<sup>(a)</sup> | 590000 | 595362  |
|  M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032  | 1500000 | 1553478  |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 104000 | 104491  |
| Mastercard, Inc.  | Mastercard, Inc.  | Mastercard, Inc.  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031  | 1000000 | 867804  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032  | 138000 | 135539  |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027  | 950000 | 939691  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028<sup>(d)</sup> | 390000 | 380286  |
|  3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029  | 1155000 | 1129739  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.17% to 01/16/2029 then SOFR + <br>1.45%, 01/16/2030  | $300000 | $303977  |
|  4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030  | 440000 | 434429  |
| &nbsp;&nbsp;&nbsp; 4.65% to 10/18/2029 then SOFR + <br>1.10%, 10/18/2030  | 47000 | 46621  |
| &nbsp;&nbsp;&nbsp; 3.62% to 04/01/2030 then SOFR + <br>3.12%, 04/01/2031  | 51000 | 48155  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + <br>1.18%, 07/21/2032  | 210000 | 178805  |
| &nbsp;&nbsp;&nbsp; 2.94% to 01/21/2032 then SOFR + <br>1.29%, 01/21/2033  | 2450000 | 2149001  |
| &nbsp;&nbsp;&nbsp; 5.32% to 07/19/2034 then SOFR + <br>1.56%, 07/19/2035  | 79000 | 79008  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + <br>1.36%, 09/16/2036  | 134000 | 111098  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + <br>2.62%, 04/20/2037  | 186000 | 182448  |
|  5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039  | 215000 | 217011  |
| &nbsp;&nbsp;&nbsp; 3.22% to 04/22/2041 then SOFR + <br>1.49%, 04/22/2042  | 146000 | 109337  |
| &nbsp;&nbsp;&nbsp; 5.52% to 11/19/2054 then SOFR + <br>1.71%, 11/19/2055  | 98000 | 95736  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund, <br>4.50%, 02/11/2027  | 1310000 | 1296006  |
|  MPT Operating Partnership LP / MPT Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027  | 150000 | 135526  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031  | 200000 | 133318  |
|  National Community Renaissance of California, 3.27%, 12/01/2032  | 1000000 | 847588  |
| &nbsp;&nbsp;&nbsp; National Health Investors, Inc., <br>3.00%, 02/01/2031  | 111000 | 96147  |
| New York Life Global Funding  | New York Life Global Funding  | New York Life Global Funding  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/09/2028<sup>(a)</sup> | 72000 | 72911  |
| &nbsp;&nbsp;&nbsp; 4.55%, 01/28/2033<sup>(a)</sup> | 1000000 | 969944  |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, <br>4.35%, 09/15/2027<sup>(a)</sup> | 99000 | 98930  |
| &nbsp;&nbsp;&nbsp; OFS Capital Corp., <br>4.75%, 02/10/2026  | 1300000 | 1275211  |
|  OneMain Finance Corp., 3.88%, 09/15/2028  | 100000 | 92472  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., <br>4.25%, 02/15/2029<sup>(a)</sup> | $225000 | $210176  |
| &nbsp;&nbsp;&nbsp; Preservation Of Affordable Housing, Inc., <br>4.48%, 12/01/2032  | 1000000 | 939508  |
| Private Export Funding Corp.  | Private Export Funding Corp.  | Private Export Funding Corp.  |
| &nbsp;&nbsp;&nbsp; 4.30%, 12/15/2028  | 1000000 | 1009552  |
| &nbsp;&nbsp;&nbsp; 4.60%, 02/15/2034  | 1000000 | 1012335  |
|  Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048<sup>(e)</sup> | 78000 | 78345  |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., <br>3.25%, 01/15/2031  | 285000 | 261841  |
| Regions Financial Corp.  | Regions Financial Corp.  | Regions Financial Corp.  |
|  5.72% to 06/06/2029 then SOFR + 1.49%, 06/06/2030  | 112000 | 114696  |
|  5.50% to 09/06/2034 then SOFR + 2.06%, 09/06/2035  | 117000 | 115493  |
| &nbsp;&nbsp;&nbsp; 7.38%, 12/10/2037  | 160000 | 179642  |
|  Reinvestment Fund, Inc., 3.88%, 02/15/2027  | 500000 | 483673  |
|  Signature Bank/New York NY, 4.00% to 10/15/2025 then 3 mo. AMERIBOR + 3.89%, 10/15/2030  | 150000 | 88500  |
| Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029<sup>(a)</sup> | 1000000 | 1025149  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030<sup>(a)</sup> | 1445000 | 1412021  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030<sup>(a)</sup> | 2105000 | 2085477  |
| Sun Communities Operating LP  | Sun Communities Operating LP  | Sun Communities Operating LP  |
| &nbsp;&nbsp;&nbsp; 2.30%, 11/01/2028  | 750000 | 692157  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/2033  | 285000 | 290677  |
| Synchrony Financial  | Synchrony Financial  | Synchrony Financial  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/2029  | 186000 | 185136  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 <br>then SOFR + <br>1.68%, 03/06/2031  | 59000 | 58577  |
|  Teachers Insurance & Annuity Association of America, 3.30%, 05/15/2050<sup>(a)</sup> | 210000 | 140325  |
| &nbsp;&nbsp;&nbsp; Thirax 2 LLC, <br>2.32%, 01/22/2034  | 775329 | 699950  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., <br>7.16% to 10/30/2028 then SOFR + <br>2.45%, 10/30/2029  | 300000 | 323035  |
| &nbsp;&nbsp;&nbsp; Unum Group, <br>6.00%, 06/15/2054  | 130000 | 130317  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036  | $195000 | $161971  |
| &nbsp;&nbsp;&nbsp; USAA Capital Corp., <br>2.13%, 05/01/2030<sup>(a)</sup> | 2500000 | 2232495  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., <br>5.75%, 02/01/2027<sup>(a)</sup> | 1100000 | 1114271  |
| &nbsp;&nbsp;&nbsp; Visa, Inc., <br>1.90%, 04/15/2027  | 1000000 | 956880  |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc., <br>5.00%, 09/20/2034  | 55000 | 52916  |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp., <br>4.00%, 05/12/2050  | 160000 | 122942  |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
|  5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028  | 1361000 | 1390753  |
|  5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029  | 1160000 | 1191539  |
|  2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030  | 48000 | 44238  |
| &nbsp;&nbsp;&nbsp; 2.57% to 02/11/2030 then <br>3 mo. Term SOFR + 1.26%, 02/11/2031  | 772000 | 695785  |
|  5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034  | 435000 | 438003  |
|  6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034  | 380000 | 409939  |
|  5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035  | 48000 | 48653  |
|  5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035  | 650000 | 645515  |
|  3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041  | 831000 | 619300  |
| &nbsp;&nbsp;&nbsp; 5.61%, 01/15/2044  | 93000 | 89028  |
| Weyerhaeuser Co.  | Weyerhaeuser Co.  | Weyerhaeuser Co.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2026  | 147000 | 147225  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/09/2052  | 73000 | 54827  |
| Willis North America, Inc.  | Willis North America, Inc.  | Willis North America, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027  | 200000 | 200124  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/2054  | 152000 | 149753  |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA, <br>3.25%, 10/29/2029  | 271000 | 244520  |
| **Total Financial** |  | **98635920**  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **INDUSTRIAL — 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AECOM, <br>5.13%, 03/15/2027  | $100000 | $99218  |
| &nbsp;&nbsp;&nbsp; AGCO Corp., <br>5.45%, 03/21/2027  | 352000 | 356322  |
| Allegion US Holding Co., Inc.  | Allegion US Holding Co., Inc.  | Allegion US Holding Co., Inc.  |
| &nbsp;&nbsp;&nbsp; 5.41%, 07/01/2032  | 89000 | 90343  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/29/2034  | 92000 | 93088  |
|  Amcor Flexibles North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/17/2030<sup>(a)</sup> | 50000 | 50401  |
| &nbsp;&nbsp;&nbsp; 2.69%, 05/25/2031  | 71000 | 62473  |
| Amphenol Corp.  | Amphenol Corp.  | Amphenol Corp.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/05/2029  | 48000 | 48974  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2054  | 56000 | 55180  |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2029  | 275000 | 278260  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/2031  | 100000 | 86678  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., <br>1.57%, 01/15/2026  | 1010000 | 984461  |
| Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026  | 460000 | 451863  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026  | 2040000 | 1995938  |
| &nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027  | 78000 | 80251  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030  | 107000 | 107664  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034  | 54000 | 46476  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040  | 1305000 | 1268599  |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/2046  | 87000 | 58323  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2048  | 565000 | 385959  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2050  | 139000 | 97426  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050  | 63000 | 59975  |
| &nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060  | 551000 | 518303  |
|  Burlington Northern Santa Fe LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2043  | 31000 | 27270  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/15/2048  | 132000 | 107590  |
| &nbsp;&nbsp;&nbsp; 4.45%, 01/15/2053  | 80000 | 67712  |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., <br>2.20%, 03/01/2032  | 382000 | 318067  |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., <br>3.38%, 04/05/2040  | 199000 | 156526  |
|  Caterpillar Financial Services Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 01/08/2027  | 103000 | 98651  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/14/2027  | 48000 | 48762  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/03/2028  | 171000 | 171459  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/16/2029  | 57000 | 56892  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/15/2029  | 148000 | 149515  |
| &nbsp;&nbsp;&nbsp; Deere & Co., <br>5.45%, 01/16/2035  | 132000 | 136686  |
| &nbsp;&nbsp;&nbsp; Flowserve Corp., <br>2.80%, 01/15/2032  | 245000 | 209558  |
| &nbsp;&nbsp;&nbsp; GATX Corp., <br>3.25%, 09/15/2026  | 118000 | 115688  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Honeywell International, Inc.  | Honeywell International, Inc.  | Honeywell International, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2031  | $97000 | $98580  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/2041  | 2000000 | 1995510  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., <br>4.20%, 05/01/2030  | 1700000 | 1632556  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc., <br>4.90%, 03/15/2030  | 48000 | 48296  |
| John Deere Capital Corp.  | John Deere Capital Corp.  | John Deere Capital Corp.  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/14/2028  | 68000 | 69377  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/11/2029  | 153000 | 155482  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/10/2030  | 114000 | 115139  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/08/2031  | 138000 | 136628  |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2031  | 96000 | 97771  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/31/2033  | 100000 | 101269  |
|  Lennox International, Inc., 5.50%, 09/15/2028  | 143000 | 146697  |
|  Lockheed Martin Corp., 4.70%, 12/15/2031  | 112000 | 111738  |
| Martin Marietta Materials, Inc.  | Martin Marietta Materials, Inc.  | Martin Marietta Materials, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.40%, 07/15/2031  | 88000 | 76118  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054  | 121000 | 115108  |
| &nbsp;&nbsp;&nbsp; MasTec, Inc., <br>5.90%, 06/15/2029  | 89000 | 91129  |
|  Nature Conservancy (The), 1.51%, 07/01/2029  | 300000 | 261987  |
| Owens Corning  | Owens Corning  | Owens Corning  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2027  | 445000 | 453626  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2030  | 125000 | 117752  |
|  Packaging Corp. of America, 5.70%, 12/01/2033  | 141000 | 145579  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.25%, 02/01/2030<sup>(a)</sup> | 146000 | 147778  |
|  Penske Truck Leasing Co. LP / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026<sup>(a)</sup> | 1450000 | 1419978  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028<sup>(a)</sup> | 124000 | 128706  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029<sup>(a)</sup> | 64000 | 65218  |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/15/2030<sup>(a)</sup> | 91000 | 96349  |
|  Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(a)</sup> | 300000 | 301905  |
| Republic Services, Inc.  | Republic Services, Inc.  | Republic Services, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029  | 118000 | 119845  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2030  | 32000 | 32162  |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/15/2040  | 2281000 | 2132532  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/27/2053  | 131000 | 125037  |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., <br>5.50%, 06/01/2029  | 105000 | 107833  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, <br>6.13%, 02/01/2028<sup>(a)</sup> | 25000 | 25036  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **INDUSTRIAL — (continued)** | **INDUSTRIAL — (continued)** | **INDUSTRIAL — (continued)** |
| Sonoco Products Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2029  | $192000 | $189215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034  | 94000 | 89901  |
| Standard Industries, Inc./NY  | Standard Industries, Inc./NY  | Standard Industries, Inc./NY  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> | 125000 | 120985  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030<sup>(a)</sup> | 175000 | 161483  |
|  Stanley Black & Decker, Inc., 6.71% to 03/15/2030 then 5 yr. CMT Rate + 2.66%, 03/15/2060  | 342000 | 340404  |
|  Tote Shipholdings LLC, 3.40%, 10/16/2040  | 866000 | 761326  |
| &nbsp;&nbsp;&nbsp; Trimble, Inc., <br>6.10%, 03/15/2033  | 69000 | 72290  |
| &nbsp;&nbsp;&nbsp; Vontier Corp., <br>2.95%, 04/01/2031  | 207000 | 179669  |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co., <br>5.70%, 12/01/2054  | 81000 | 79209  |
|  Waste Management, Inc., 4.95%, 07/03/2027  | 139000 | 141158  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br>5.61%, 03/11/2034  | 53000 | 54383  |
| **Total Industrial** |  | 21803295  |
| **Technology — 0.8%** | **Technology — 0.8%** | **Technology — 0.8%** |
|  Accenture Capital, Inc., 4.50%, 10/04/2034  | 77000 | 74402  |
| Adobe, Inc.  | Adobe, Inc.  | Adobe, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 04/04/2027  | 61000 | 61821  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/17/2028  | 158000 | 160308  |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/20/2027  | 1000000 | 977084  |
| &nbsp;&nbsp;&nbsp; 1.40%, 08/05/2028  | 270000 | 247041  |
| &nbsp;&nbsp;&nbsp; 2.65%, 05/11/2050  | 205000 | 129112  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/05/2051  | 83000 | 52298  |
| &nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061  | 10000 | 6044  |
|  Applied Materials, Inc., 4.80%, 06/15/2029  | 64000 | 65037  |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., <br>5.50%, 12/01/2034  | 80000 | 79982  |
|  Booz Allen Hamilton, Inc., 5.95%, 04/15/2035  | 81000 | 80790  |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029  | 556000 | 563722  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031<sup>(a)</sup> | 221000 | 194442  |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033<sup>(a)</sup> | 809000 | 720300  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035<sup>(a)</sup> | 194000 | 160798  |
| &nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036<sup>(a)</sup> | 480000 | 393982  |
| &nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., <br>2.67%, 12/01/2026  | 815000 | 786110  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Dell International LLC / EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028  | $165000 | $165754  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/01/2030  | 189000 | 184765  |
| &nbsp;&nbsp;&nbsp; 8.10%, 07/15/2036  | 119000 | 142005  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2041  | 183000 | 135163  |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034  | 92000 | 91250  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049  | 184000 | 151632  |
| Foundry JV Holdco LLC  | Foundry JV Holdco LLC  | Foundry JV Holdco LLC  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(a)</sup> | 340000 | 353469  |
| &nbsp;&nbsp;&nbsp; 6.30%, 01/25/2039<sup>(a)</sup> | 200000 | 207137  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.,<br>4.45%, 09/25/2026  | 67000 | 66844  |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/05/2032  | 1082000 | 1003082  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047  | 181000 | 126168  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053  | 83000 | 76293  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054  | 80000 | 72752  |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp., <br>4.65%, 02/10/2028  | 362000 | 364311  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>3.15%, 10/15/2031  | 99000 | 86934  |
| Leidos, Inc.  | Leidos, Inc.  | Leidos, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2030  | 132000 | 128293  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2035  | 109000 | 108653  |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028  | 271000 | 254546  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032  | 2120000 | 2261089  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034  | 82000 | 76270  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037  | 328000 | 276353  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2047  | 119000 | 90215  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053  | 38000 | 35517  |
|  Texas Instruments, Inc., 4.60%, 02/15/2028  | 100000 | 101048  |
| **Total Technology** |  | 11312816  |
| **UTILITIES — 4.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AEP Texas, Inc., <br>5.45%, 05/15/2029  | 290000 | 296812  |
|  AEP Transmission Co. LLC, 4.25%, 09/15/2048  | 425000 | 347458  |
| AES Corp.  | AES Corp.  | AES Corp.  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028  | 102000 | 103770  |
| &nbsp;&nbsp;&nbsp; 2.45%, 01/15/2031  | 211000 | 180370  |
| &nbsp;&nbsp;&nbsp; 7.60% to 01/15/2030 then 5 yr. CMT Rate + <br>3.20%, 01/15/2055  | 1000000 | 1009109  |
| &nbsp;&nbsp;&nbsp; Alabama Power Co., <br>3.75%, 03/01/2045  | 170000 | 131842  |
| &nbsp;&nbsp;&nbsp; Ameren Corp., <br>5.70%, 12/01/2026  | 63000 | 64117 |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **UTILITIES — (continued)**  | **UTILITIES — (continued)**  | **UTILITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp., <br>5.25%, 03/01/2035  | $1200000 | $1206583  |
|  AmeriGas Partners LP / AmeriGas Finance Corp., 5.88%, 08/20/2026  | 225000 | 223232  |
| Arizona Public Service Co.  | Arizona Public Service Co.  | Arizona Public Service Co.  |
| &nbsp;&nbsp;&nbsp; 6.35%, 12/15/2032  | 630000 | 671082  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2046  | 500000 | 377829  |
| Avangrid, Inc.  | Avangrid, Inc.  | Avangrid, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/15/2025  | 300000 | 299758  |
| &nbsp;&nbsp;&nbsp; 3.80%, 06/01/2029  | 1000000 | 962762  |
| &nbsp;&nbsp;&nbsp; Boston Gas Co., <br>5.84%, 01/10/2035<sup>(a)</sup> | 415000 | 425559  |
|  Brooklyn Union Gas Co., 6.42%, 07/18/2054<sup>(a)</sup> | 72000 | 75416  |
| &nbsp;&nbsp;&nbsp; Calpine Corp., <br>3.75%, 03/01/2031<sup>(a)</sup> | 275000 | 250815  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br>4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050  | 1880000 | 1768001  |
| Commonwealth Edison Co.  | Commonwealth Edison Co.  | Commonwealth Edison Co.  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/15/2028  | 320000 | 313593  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/01/2051  | 1000000 | 606193  |
| Connecticut Light and Power Co.  | Connecticut Light and Power Co.  | Connecticut Light and Power Co.  |
| &nbsp;&nbsp;&nbsp; 4.65%, 01/01/2029  | 1000000 | 1005075  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2048  | 105000 | 83086  |
|  Consolidated Edison Co. of New York, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/15/2044  | 61000 | 52570  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2045  | 84000 | 72259  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/15/2049  | 103000 | 81284  |
|  Consumers Energy Co., 4.60%, 05/30/2029  | 1000000 | 1002068  |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/2030  | 230000 | 214941  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/2041  | 2000000 | 1804548  |
|  7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054  | 625000 | 656909  |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/01/2028  | 1000000 | 932965  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/01/2049  | 2461000 | 1946094  |
| &nbsp;&nbsp;&nbsp; DTE Energy Co., <br>4.88%, 06/01/2028  | 149000 | 149910  |
| Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  |
| &nbsp;&nbsp;&nbsp; 2.55%, 04/15/2031  | 3000000 | 2660333  |
| &nbsp;&nbsp;&nbsp; 2.85%, 03/15/2032  | 1000000 | 880212  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/15/2052  | 56000 | 39600  |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/15/2054  | 42000 | 40498  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>5.80%, 06/15/2054  | 83000 | 81211  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Duke Energy Florida LLC  | Duke Energy Florida LLC  | Duke Energy Florida LLC  |
| &nbsp;&nbsp;&nbsp; 3.80%, 07/15/2028  | $550000 | $539995  |
| &nbsp;&nbsp;&nbsp; 2.50%, 12/01/2029  | 1000000 | 914796  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/15/2048  | 50000 | 40231  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/15/2051  | 1000000 | 635055  |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/15/2052  | 56000 | 57161  |
|  Duke Energy Indiana LLC, 2.75%, 04/01/2050  | 930000 | 567179  |
|  Duke Energy Ohio, Inc., 5.65%, 04/01/2053  | 40000 | 39308  |
|  Duke Energy Progress LLC, 4.00%, 04/01/2052  | 88000 | 67502  |
| Emera US Finance LP  | Emera US Finance LP  | Emera US Finance LP  |
| &nbsp;&nbsp;&nbsp; 3.55%, 06/15/2026  | 225000 | 221768  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2046  | 126000 | 103874  |
| Entergy Mississippi LLC  | Entergy Mississippi LLC  | Entergy Mississippi LLC  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2049  | 64000 | 47759  |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/15/2055  | 34000 | 33850  |
| Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2035  | 57000 | 56923  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/30/2039  | 453000 | 410054  |
|  Evergy Kansas Central, Inc., 4.70%, 03/13/2028  | 37000 | 37130  |
|  Exelon Corp., 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055  | 950000 | 945951  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., <br>4.85%, 07/15/2047<sup>(c)</sup> | 106000 | 90646  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., <br>5.20%, 04/01/2028<sup>(a)</sup> | 174000 | 176624  |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2029  | 141000 | 144886  |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/04/2051  | 570000 | 361390  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 03/15/2051  | 194000 | 131500  |
|  Indiana Michigan Power Co., 5.63%, 04/01/2053  | 47000 | 46103  |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., <br>3.50%, 09/30/2049  | 102000 | 72072  |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp., <br>4.95%, 09/22/2027<sup>(a)</sup> | 450000 | 453135  |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., <br>2.75%, 03/01/2032<sup>(a)</sup> | 68000 | 58769  |
| &nbsp;&nbsp;&nbsp; Kentucky Power Co., <br>7.00%, 11/15/2033<sup>(a)</sup> | 208000 | 223102  |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033<sup>(a)</sup> | 131000 | 134226  |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/2030<sup>(a)</sup> | 91000 | 78281  |
| MidAmerican Energy Co.  | MidAmerican Energy Co.  | MidAmerican Energy Co.  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2034  | 875000 | 898329  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054  | 975000 | 1001611  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **UTILITIES — (continued)**  | **UTILITIES — (continued)**  | **UTILITIES — (continued)**  |
| MidAmerican Energy Co. (continued)  | MidAmerican Energy Co. (continued)  | MidAmerican Energy Co. (continued)  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2055  | $1050000 | $997064  |
|  Narragansett Electric Co., 5.35%, 05/01/2034<sup>(a)</sup> | 92000 | 92314  |
|  National Fuel Gas Co., 5.95%, 03/15/2035  | 71000 | 72350  |
|  National Rural Utilities Cooperative Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.12%, 09/16/2027  | 155000 | 154109  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/07/2028  | 106000 | 107049  |
| &nbsp;&nbsp;&nbsp; 1.35%, 03/15/2031  | 1500000 | 1232831  |
| &nbsp;&nbsp;&nbsp; 4.15%, 12/15/2032  | 1000000 | 945347  |
|  New York State Electric & Gas Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 08/15/2028<sup>(a)</sup> | 1000000 | 1030821  |
| &nbsp;&nbsp;&nbsp; 2.15%, 10/01/2031<sup>(a)</sup> | 2500000 | 2118405  |
| &nbsp;&nbsp;&nbsp; 5.85%, 08/15/2033<sup>(a)</sup> | 93000 | 96864  |
|  NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2029  | 1000000 | 1008503  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032  | 149000 | 151423  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/2055  | 122000 | 121825  |
| &nbsp;&nbsp;&nbsp; NextEra Energy Operating Partners LP, <br>7.25%, 01/15/2029<sup>(a)</sup> | 1016000 | 999461  |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2029  | 505000 | 514330  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055  | 41000 | 40755  |
| &nbsp;&nbsp;&nbsp; Northern States Power Co./MN, <br>3.20%, 04/01/2052  | 1000000 | 672522  |
|  Northwest Natural Gas Co., 3.08%, 12/01/2051  | 1000000 | 618600  |
| &nbsp;&nbsp;&nbsp; NSTAR Electric Co., <br>5.40%, 06/01/2034  | 265000 | 269511  |
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., <br>5.50%, 01/15/2033<sup>(a)</sup> | 930000 | 941961  |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, <br>4.15%, 06/01/2032  | 112000 | 106497  |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2045  | 134000 | 104868  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2047  | 797000 | 582628  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050  | 320000 | 267211  |
| &nbsp;&nbsp;&nbsp; 6.70%, 04/01/2053  | 1000000 | 1040550  |
| PacifiCorp  | PacifiCorp  | PacifiCorp  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2049  | 935000 | 722314  |
|  7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055  | 195000 | 197509  |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| &nbsp;&nbsp;&nbsp; 4.84%, 06/01/2033  | 1000000 | 1003628  |
| &nbsp;&nbsp;&nbsp; 5.53%, 06/01/2049  | 2000000 | 1996935  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  PPL Capital Funding, Inc., 5.25%, 09/01/2034  | $50000 | $49752  |
| PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/2034  | 950000 | 938651  |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/15/2048  | 85000 | 69788  |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| &nbsp;&nbsp;&nbsp; 3.70%, 06/15/2028  | 588000 | 575604  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2034  | 835000 | 839349  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/15/2048  | 2258000 | 1756431  |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/15/2051  | 304000 | 180694  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, <br>2.20%, 08/15/2031  | 1146000 | 972509  |
|  Public Service Electric and Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 05/01/2050  | 420000 | 259598  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2053  | 800000 | 751913  |
|  Puget Sound Energy, Inc., 5.69%, 06/15/2054  | 81000 | 80303  |
| RWE Finance US LLC  | RWE Finance US LLC  | RWE Finance US LLC  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/16/2034<sup>(a)</sup> | 700000 | 712880  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/16/2054<sup>(a)</sup> | 1000000 | 995693  |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2028  | 1000000 | 1013852  |
| &nbsp;&nbsp;&nbsp; 2.95%, 08/15/2051  | 1375000 | 863705  |
|  SCE Recovery Funding LLC, 2.94%, 11/15/2042  | 1627000 | 1329451  |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/2027  | 550000 | 551932  |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027  | 685000 | 701713  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032  | 1000000 | 851440  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034  | 575000 | 561377  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048  | 110000 | 82803  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051  | 1000000 | 685153  |
| Southern California Gas Co.  | Southern California Gas Co.  | Southern California Gas Co.  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/15/2049  | 75000 | 60271  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2054  | 52000 | 50445  |
| &nbsp;&nbsp;&nbsp; Southwestern Public Service Co.,<br>3.75%, 06/15/2049  | 360000 | 264034  |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/15/2051  | 1000000 | 597013  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052  | 88000 | 67149  |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., <br>5.55%, 08/15/2054  | 40000 | 38807  |
|  Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual<sup>(a)</sup> | 2000000 | 2025196  |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> | 375000 | 373605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(a)</sup> | 100000 | 98455  |
| &nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., <br>3.95%, 09/01/2032  | 79000 | 74084  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  | **U.S. CORPORATE BONDS — (continued)**  |
| **UTILITIES — (continued)**  | **UTILITIES — (continued)**  | **UTILITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., <br>2.85%, 12/01/2051  | $510000 | $319264  |
| **Total Utilities** |  | 66608173  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. CORPORATE BONDS** <br>**(Cost $329,146,613)** |  | 317964818  |
| **U.S. GOVERNMENT AGENCIES — 18.2%** | **U.S. GOVERNMENT AGENCIES — 18.2%** |  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class XA, 0.31%, 04/15/2042<sup>(a)(d)(f)</sup> | 7875000 | 85514  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage <br>Corp.  | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage <br>Corp.  | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage <br>Corp.  |
| &nbsp;&nbsp;&nbsp; Pool A97420, <br>4.00%, 03/01/2041  | 74333 | 71588  |
| &nbsp;&nbsp;&nbsp; Pool C04420, <br>3.00%, 01/01/2043  | 376300 | 339349  |
| &nbsp;&nbsp;&nbsp; Pool C09044, <br>3.50%, 07/01/2043  | 108567 | 101324  |
| &nbsp;&nbsp;&nbsp; Pool C91967, <br>3.00%, 12/01/2037  | 179808 | 167602  |
| &nbsp;&nbsp;&nbsp; Pool G06784, <br>3.50%, 10/01/2041  | 47038 | 43903  |
| &nbsp;&nbsp;&nbsp; Pool G07025, <br>5.00%, 02/01/2042  | 85889 | 86752  |
| &nbsp;&nbsp;&nbsp; Pool G07028, <br>4.00%, 06/01/2042  | 132225 | 127287  |
| &nbsp;&nbsp;&nbsp; Pool G08654, <br>3.50%, 07/01/2045  | 98211 | 90836  |
| &nbsp;&nbsp;&nbsp; Pool G08658, <br>3.00%, 08/01/2045  | 166600 | 148334  |
| &nbsp;&nbsp;&nbsp; Pool G08721, <br>3.00%, 09/01/2046  | 990935 | 879706  |
| &nbsp;&nbsp;&nbsp; Pool G08741, <br>3.00%, 01/01/2047  | 574337 | 508756  |
| &nbsp;&nbsp;&nbsp; Pool G08760, <br>3.00%, 04/01/2047  | 207779 | 183568  |
| &nbsp;&nbsp;&nbsp; Pool G08768, <br>4.50%, 06/01/2047  | 167492 | 163258  |
| &nbsp;&nbsp;&nbsp; Pool G08772, <br>4.50%, 07/01/2047  | 38413 | 37244  |
| &nbsp;&nbsp;&nbsp; Pool G16015, <br>3.00%, 01/01/2032  | 98419 | 95464  |
| &nbsp;&nbsp;&nbsp; Pool G16177, <br>2.00%, 01/01/2032  | 66095 | 62414  |
| &nbsp;&nbsp;&nbsp; Pool G61713, <br>3.50%, 01/01/2045  | 152017 | 141874  |
| &nbsp;&nbsp;&nbsp; Pool G67715, <br>4.50%, 08/01/2048  | 96225 | 94235  |
| &nbsp;&nbsp;&nbsp; Pool Q12052, <br>3.50%, 10/01/2042  | 243660 | 227410  |
| &nbsp;&nbsp;&nbsp; Pool Q49494, <br>4.50%, 07/01/2047  | 40889 | 39883  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool Q52081, <br>3.50%, 11/01/2047  | $121448 | $111028  |
| &nbsp;&nbsp;&nbsp; Pool QA7234, <br>3.00%, 02/01/2050  | 295412 | 259544  |
| &nbsp;&nbsp;&nbsp; Pool QC0039, <br>2.50%, 03/01/2051  | 241531 | 202158  |
| &nbsp;&nbsp;&nbsp; Pool QC9556, <br>2.50%, 10/01/2051  | 274458 | 230945  |
| &nbsp;&nbsp;&nbsp; Pool QE0375, <br>4.00%, 04/01/2052  | 348482 | 328216  |
| &nbsp;&nbsp;&nbsp; Pool QE5182, <br>4.50%, 06/01/2052  | 314519 | 301327  |
| &nbsp;&nbsp;&nbsp; Pool QE5382, <br>4.50%, 07/01/2052  | 316698 | 303415  |
| &nbsp;&nbsp;&nbsp; Pool RA7211, <br>4.00%, 04/01/2052  | 475250 | 444370  |
| &nbsp;&nbsp;&nbsp; Pool RA9629, <br>5.50%, 08/01/2053  | 1235412 | 1235512  |
| &nbsp;&nbsp;&nbsp; Pool SB8088, <br>1.50%, 02/01/2036  | 246229 | 216723  |
| &nbsp;&nbsp;&nbsp; Pool SB8106, <br>1.50%, 06/01/2036  | 278175 | 244311  |
| &nbsp;&nbsp;&nbsp; Pool SB8189, <br>4.00%, 11/01/2037  | 1148848 | 1120740  |
| &nbsp;&nbsp;&nbsp; Pool SD1059, <br>3.50%, 06/01/2052  | 1341563 | 1214444  |
| &nbsp;&nbsp;&nbsp; Pool SD1844, <br>3.00%, 06/01/2052  | 678257 | 592031  |
| &nbsp;&nbsp;&nbsp; Pool SD1937, <br>3.00%, 03/01/2052  | 316324 | 274581  |
| &nbsp;&nbsp;&nbsp; Pool SD7551, <br>3.00%, 01/01/2052  | 1150390 | 1009905  |
| &nbsp;&nbsp;&nbsp; Pool SD8016, <br>3.00%, 10/01/2049  | 52418 | 46075  |
| &nbsp;&nbsp;&nbsp; Pool SD8090, <br>2.00%, 09/01/2050  | 2113632 | 1695973  |
| &nbsp;&nbsp;&nbsp; Pool SD8104, <br>1.50%, 11/01/2050  | 376631 | 285222  |
| &nbsp;&nbsp;&nbsp; Pool SD8128, <br>2.00%, 02/01/2051  | 3091777 | 2465443  |
| &nbsp;&nbsp;&nbsp; Pool SD8135, <br>2.50%, 03/01/2051  | 8609268 | 7197307  |
| &nbsp;&nbsp;&nbsp; Pool SD8141, <br>2.50%, 04/01/2051  | 4716903 | 3954687  |
| &nbsp;&nbsp;&nbsp; Pool SD8178, <br>2.50%, 11/01/2051  | 1448647 | 1209087  |
| &nbsp;&nbsp;&nbsp; Pool SD8189, <br>2.50%, 01/01/2052  | 625003 | 522945  |
| &nbsp;&nbsp;&nbsp; Pool SD8195, <br>3.00%, 02/01/2052  | 230230 | 200081  |
| &nbsp;&nbsp;&nbsp; Pool SD8213, <br>3.00%, 05/01/2052  | 1757952 | 1525076  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, <br>3.50%, 05/01/2052  | 2952630 | 2667050  |
| &nbsp;&nbsp;&nbsp; Pool SD8231, <br>4.50%, 07/01/2052  | 511788 | 489821  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)** | **U.S. GOVERNMENT AGENCIES — (continued)** | **U.S. GOVERNMENT AGENCIES — (continued)** |
| Federal Home Loan Mortgage Corp. (continued)  | Federal Home Loan Mortgage Corp. (continued)  | Federal Home Loan Mortgage Corp. (continued)  |
| &nbsp;&nbsp;&nbsp; Pool SD8233, <br>5.00%, 07/01/2052  | $1689557 | $1661656  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, <br>4.00%, 09/01/2052  | 953156 | 889495  |
| &nbsp;&nbsp;&nbsp; Pool SD8246, <br>5.00%, 09/01/2052  | 2511049 | 2468934  |
| &nbsp;&nbsp;&nbsp; Pool SD8265, <br>4.00%, 11/01/2052  | 6170933 | 5758389  |
| &nbsp;&nbsp;&nbsp; Pool SD8286, <br>4.00%, 01/01/2053  | 5140899 | 4797216  |
| &nbsp;&nbsp;&nbsp; Pool SD8300, <br>5.50%, 02/01/2053  | 774800 | 775481  |
| &nbsp;&nbsp;&nbsp; Pool SD8329, <br>5.00%, 06/01/2053  | 1465256 | 1439155  |
| &nbsp;&nbsp;&nbsp; Pool SD8349, <br>5.50%, 08/01/2053  | 3908454 | 3907864  |
| &nbsp;&nbsp;&nbsp; Pool U90490, <br>4.00%, 06/01/2042  | 2821 | 2696  |
| &nbsp;&nbsp;&nbsp; Pool U99175, <br>4.50%, 06/01/2047  | 18856 | 18439  |
| &nbsp;&nbsp;&nbsp; Pool V83956, <br>4.50%, 02/01/2048  | 85684 | 83576  |
| &nbsp;&nbsp;&nbsp; Pool ZK5708, <br>2.50%, 06/01/2028  | 23019 | 22451  |
| &nbsp;&nbsp;&nbsp; Pool ZM2486, <br>3.50%, 01/01/2047  | 124833 | 113076  |
| &nbsp;&nbsp;&nbsp; Pool ZT0536, <br>3.50%, 03/01/2048  | 510981 | 468160  |
|  Federal National Mortgage Association<br>|  |  |
| 0.63%, 04/22/2025  | 1000000 | 997820  |
| 0.88%, 08/05/2030  | 1265000 | 1073267  |
| 0.00%, 03/17/2031<sup>(m)</sup> | 260000 | 201111  |
| &nbsp;&nbsp;&nbsp; Pool 310210, <br>4.00%, 05/01/2044  | 1995636 | 1914421  |
| &nbsp;&nbsp;&nbsp; Pool AB2459, <br>4.00%, 03/01/2041  | 177800 | 171094  |
| &nbsp;&nbsp;&nbsp; Pool AB6832, <br>3.50%, 11/01/2042  | 180674 | 168408  |
| &nbsp;&nbsp;&nbsp; Pool AE0481, <br>5.00%, 09/01/2040  | 70810 | 71431  |
| &nbsp;&nbsp;&nbsp; Pool AE1761, <br>4.00%, 09/01/2040  | 104898 | 100942  |
| &nbsp;&nbsp;&nbsp; Pool AE3049, <br>4.50%, 09/01/2040  | 101262 | 99930  |
| &nbsp;&nbsp;&nbsp; Pool AH3384, <br>3.50%, 01/01/2041  | 141210 | 131631  |
| &nbsp;&nbsp;&nbsp; Pool AL0028, <br>5.00%, 02/01/2041  | 59919 | 60444  |
| &nbsp;&nbsp;&nbsp; Pool AL0054, <br>4.50%, 02/01/2041  | 197328 | 194590  |
| &nbsp;&nbsp;&nbsp; Pool AL7343, <br>5.50%, 02/01/2042  | 31827 | 32342  |
| &nbsp;&nbsp;&nbsp; Pool AL8858, <br>4.00%, 07/01/2046  | 183491 | 173739  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool AL9072, <br>5.00%, 07/01/2044  | $146684 | $148587  |
| &nbsp;&nbsp;&nbsp; Pool AO7352, <br>3.50%, 08/01/2042  | 119352 | 111251  |
| &nbsp;&nbsp;&nbsp; Pool AS0212, <br>3.50%, 08/01/2043  | 79850 | 74428  |
| &nbsp;&nbsp;&nbsp; Pool AS4952, <br>3.00%, 05/01/2030  | 68364 | 66555  |
| &nbsp;&nbsp;&nbsp; Pool AS6311, <br>3.50%, 12/01/2045  | 131663 | 121415  |
| &nbsp;&nbsp;&nbsp; Pool AS7568, <br>4.50%, 07/01/2046  | 73594 | 71828  |
| &nbsp;&nbsp;&nbsp; Pool AS7660, <br>2.50%, 08/01/2046  | 388444 | 330993  |
| &nbsp;&nbsp;&nbsp; Pool AS7742, <br>3.50%, 08/01/2046  | 142344 | 130978  |
| &nbsp;&nbsp;&nbsp; Pool AS7847, <br>3.00%, 09/01/2046  | 94240 | 83487  |
| &nbsp;&nbsp;&nbsp; Pool AS7877, <br>2.50%, 09/01/2046  | 34345 | 29262  |
| &nbsp;&nbsp;&nbsp; Pool AS8073, <br>2.50%, 10/01/2046  | 104658 | 88789  |
| &nbsp;&nbsp;&nbsp; Pool AS8299, <br>3.00%, 11/01/2046  | 144305 | 128658  |
| &nbsp;&nbsp;&nbsp; Pool AS8583, <br>3.50%, 01/01/2047  | 80359 | 73753  |
| &nbsp;&nbsp;&nbsp; Pool AS8960, <br>4.00%, 03/01/2047  | 98404 | 92548  |
| &nbsp;&nbsp;&nbsp; Pool AT2725, <br>3.00%, 05/01/2043  | 284257 | 255659  |
| &nbsp;&nbsp;&nbsp; Pool AX7677, <br>3.50%, 01/01/2045  | 8499 | 7906  |
| &nbsp;&nbsp;&nbsp; Pool BA3907, <br>3.50%, 12/01/2045  | 185902 | 171894  |
| &nbsp;&nbsp;&nbsp; Pool BC0769, <br>4.00%, 12/01/2045  | 216533 | 205049  |
| &nbsp;&nbsp;&nbsp; Pool BC9096, <br>3.50%, 12/01/2046  | 70669 | 64940  |
| &nbsp;&nbsp;&nbsp; Pool BM1278, <br>3.00%, 05/01/2032  | 243955 | 235441  |
| &nbsp;&nbsp;&nbsp; Pool BM3148, <br>4.50%, 11/01/2047  | 32332 | 31496  |
| &nbsp;&nbsp;&nbsp; Pool BM3881, <br>4.50%, 05/01/2048  | 68737 | 66960  |
| &nbsp;&nbsp;&nbsp; Pool BM3904, <br>5.00%, 05/01/2048  | 35427 | 35432  |
| &nbsp;&nbsp;&nbsp; Pool BM4012, <br>4.50%, 05/01/2048  | 46225 | 45030  |
| &nbsp;&nbsp;&nbsp; Pool BM4716, <br>3.50%, 12/01/2030  | 18453 | 18160  |
| &nbsp;&nbsp;&nbsp; Pool BM5261, <br>4.00%, 01/01/2048  | 163655 | 154405  |
| &nbsp;&nbsp;&nbsp; Pool BM5654, <br>3.50%, 06/01/2048  | 122541 | 112178  |
| &nbsp;&nbsp;&nbsp; Pool BM5839, <br>3.50%, 11/01/2047  | 4017 | 3741  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)** | **U.S. GOVERNMENT AGENCIES — (continued)** | **U.S. GOVERNMENT AGENCIES — (continued)** |
| Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  |
| &nbsp;&nbsp;&nbsp; Pool BM6038, <br>4.00%, 01/01/2045  | $8301 | $7923  |
| &nbsp;&nbsp;&nbsp; Pool BP2403, <br>3.50%, 04/01/2050  | 1026937 | 934854  |
| &nbsp;&nbsp;&nbsp; Pool BP6496, <br>2.00%, 07/01/2035  | 1847931 | 1681920  |
| &nbsp;&nbsp;&nbsp; Pool BP6618, <br>2.50%, 08/01/2050  | 521888 | 438743  |
| &nbsp;&nbsp;&nbsp; Pool BT0267, <br>3.00%, 09/01/2051  | 267720 | 235429  |
| &nbsp;&nbsp;&nbsp; Pool BU8763, <br>3.00%, 04/01/2052  | 430904 | 374384  |
| &nbsp;&nbsp;&nbsp; Pool BV2540, <br>4.50%, 06/01/2052  | 146971 | 140837  |
| &nbsp;&nbsp;&nbsp; Pool BW3382, <br>4.50%, 07/01/2052  | 134371 | 128727  |
| &nbsp;&nbsp;&nbsp; Pool CA0549, <br>4.00%, 10/01/2047  | 53991 | 50920  |
| &nbsp;&nbsp;&nbsp; Pool CA1020, <br>4.50%, 01/01/2048  | 95963 | 93482  |
| &nbsp;&nbsp;&nbsp; Pool CA1210, <br>4.50%, 02/01/2048  | 15478 | 15078  |
| &nbsp;&nbsp;&nbsp; Pool CA5083, <br>3.50%, 01/01/2035  | 78614 | 76162  |
| &nbsp;&nbsp;&nbsp; Pool CA6414, <br>3.00%, 07/01/2050  | 3300009 | 2913566  |
| &nbsp;&nbsp;&nbsp; Pool CB1301, <br>2.50%, 08/01/2051  | 258212 | 217276  |
| &nbsp;&nbsp;&nbsp; Pool CB2095, <br>3.00%, 11/01/2051  | 4019707 | 3485660  |
| &nbsp;&nbsp;&nbsp; Pool CB2243, <br>2.50%, 11/01/2036  | 496615 | 462188  |
| &nbsp;&nbsp;&nbsp; Pool CB2795, <br>3.00%, 02/01/2052  | 390754 | 340555  |
| &nbsp;&nbsp;&nbsp; Pool CB3599, <br>3.50%, 05/01/2052  | 271861 | 245785  |
| &nbsp;&nbsp;&nbsp; Pool CB3715, <br>3.50%, 06/01/2037  | 710804 | 685515  |
| &nbsp;&nbsp;&nbsp; Pool CB3905, <br>3.50%, 06/01/2052  | 461458 | 416874  |
| &nbsp;&nbsp;&nbsp; Pool FM1001, <br>3.50%, 11/01/2048  | 163972 | 149798  |
| &nbsp;&nbsp;&nbsp; Pool FM1361, <br>3.50%, 12/01/2046  | 78529 | 73194  |
| &nbsp;&nbsp;&nbsp; Pool FM2309, <br>3.50%, 03/01/2049  | 143227 | 130872  |
| &nbsp;&nbsp;&nbsp; Pool FM3664, <br>4.00%, 03/01/2049  | 1012175 | 953509  |
| &nbsp;&nbsp;&nbsp; Pool FM4216, <br>3.50%, 06/01/2049  | 59156 | 54025  |
| &nbsp;&nbsp;&nbsp; Pool FM4962, <br>3.00%, 02/01/2047  | 863032 | 776357  |
| &nbsp;&nbsp;&nbsp; Pool FM6272, <br>2.50%, 02/01/2051  | 179223 | 151487  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool FM6687, <br>2.50%, 04/01/2051  | $296115 | $249579  |
| &nbsp;&nbsp;&nbsp; Pool FM8325, <br>2.50%, 07/01/2035  | 629215 | 599377  |
| &nbsp;&nbsp;&nbsp; Pool FS0759, <br>3.50%, 02/01/2052  | 760915 | 693658  |
| &nbsp;&nbsp;&nbsp; Pool FS1228, <br>3.00%, 03/01/2052  | 399229 | 349153  |
| &nbsp;&nbsp;&nbsp; Pool FS1533, <br>3.00%, 04/01/2052  | 274748 | 240549  |
| &nbsp;&nbsp;&nbsp; Pool FS1535, <br>3.00%, 04/01/2052  | 91693 | 80192  |
| &nbsp;&nbsp;&nbsp; Pool FS5179, <br>5.00%, 06/01/2053  | 444692 | 439847  |
| &nbsp;&nbsp;&nbsp; Pool FS5848, <br>2.50%, 12/01/2051  | 1223566 | 1028080  |
| &nbsp;&nbsp;&nbsp; Pool FS8254, <br>2.00%, 08/01/2042  | 5174395 | 4417897  |
| &nbsp;&nbsp;&nbsp; Pool MA1178, <br>4.00%, 09/01/2042  | 20354 | 19426  |
| &nbsp;&nbsp;&nbsp; Pool MA1221, <br>4.50%, 09/01/2042  | 1762 | 1721  |
| &nbsp;&nbsp;&nbsp; Pool MA1439, <br>2.50%, 05/01/2043  | 179068 | 155027  |
| &nbsp;&nbsp;&nbsp; Pool MA1711, <br>4.50%, 12/01/2043  | 10203 | 9914  |
| &nbsp;&nbsp;&nbsp; Pool MA2806, <br>3.00%, 11/01/2046  | 173238 | 153393  |
| &nbsp;&nbsp;&nbsp; Pool MA2863, <br>3.00%, 01/01/2047  | 173589 | 153636  |
| &nbsp;&nbsp;&nbsp; Pool MA2959, <br>3.50%, 04/01/2047  | 238671 | 218465  |
| &nbsp;&nbsp;&nbsp; Pool MA3076, <br>2.50%, 07/01/2032  | 169389 | 161370  |
| &nbsp;&nbsp;&nbsp; Pool MA3114, <br>2.50%, 08/01/2032  | 187523 | 179045  |
| &nbsp;&nbsp;&nbsp; Pool MA3120, <br>3.50%, 09/01/2047  | 108655 | 99441  |
| &nbsp;&nbsp;&nbsp; Pool MA3121, <br>4.00%, 09/01/2047  | 125769 | 118707  |
| &nbsp;&nbsp;&nbsp; Pool MA3124, <br>2.50%, 09/01/2032  | 179067 | 170892  |
| &nbsp;&nbsp;&nbsp; Pool MA3182, <br>3.50%, 11/01/2047  | 33641 | 30733  |
| &nbsp;&nbsp;&nbsp; Pool MA3211, <br>4.00%, 12/01/2047  | 78367 | 74080  |
| &nbsp;&nbsp;&nbsp; Pool MA3307, <br>4.50%, 03/01/2048  | 55741 | 54300  |
| &nbsp;&nbsp;&nbsp; Pool MA3333, <br>4.00%, 04/01/2048  | 57282 | 53986  |
| &nbsp;&nbsp;&nbsp; Pool MA3383, <br>3.50%, 06/01/2048  | 120166 | 109709  |
| &nbsp;&nbsp;&nbsp; Pool MA3871, <br>3.00%, 12/01/2049  | 279724 | 244931  |
| &nbsp;&nbsp;&nbsp; Pool MA3937, <br>3.00%, 02/01/2050  | 700690 | 615687  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  |
| &nbsp;&nbsp;&nbsp; Pool MA4017, <br>3.00%, 05/01/2040  | $170727 | $157352  |
| &nbsp;&nbsp;&nbsp; Pool MA4027, <br>3.50%, 05/01/2040  | 57961 | 54624  |
| &nbsp;&nbsp;&nbsp; Pool MA4119, <br>2.00%, 09/01/2050  | 2666717 | 2134836  |
| &nbsp;&nbsp;&nbsp; Pool MA4156, <br>2.50%, 10/01/2035  | 1155225 | 1072238  |
| &nbsp;&nbsp;&nbsp; Pool MA4157, <br>1.50%, 10/01/2050  | 347879 | 263437  |
| &nbsp;&nbsp;&nbsp; Pool MA4159, <br>2.50%, 10/01/2050  | 268386 | 224298  |
| &nbsp;&nbsp;&nbsp; Pool MA4182, <br>2.00%, 11/01/2050  | 341777 | 273817  |
| &nbsp;&nbsp;&nbsp; Pool MA4204, <br>2.00%, 12/01/2040  | 417662 | 357144  |
| &nbsp;&nbsp;&nbsp; Pool MA4209, <br>1.50%, 12/01/2050  | 1595141 | 1207946  |
| &nbsp;&nbsp;&nbsp; Pool MA4236, <br>1.50%, 01/01/2051  | 455140 | 344287  |
| &nbsp;&nbsp;&nbsp; Pool MA4237, <br>2.00%, 01/01/2051  | 352555 | 282725  |
| &nbsp;&nbsp;&nbsp; Pool MA4255, <br>2.00%, 02/01/2051  | 385582 | 308853  |
| &nbsp;&nbsp;&nbsp; Pool MA4268, <br>2.00%, 02/01/2041  | 348324 | 297660  |
| &nbsp;&nbsp;&nbsp; Pool MA4302, <br>1.50%, 04/01/2036  | 471228 | 414757  |
| &nbsp;&nbsp;&nbsp; Pool MA4306, <br>2.50%, 04/01/2051  | 1349732 | 1130810  |
| &nbsp;&nbsp;&nbsp; Pool MA4325, <br>2.00%, 05/01/2051  | 5611274 | 4485815  |
| &nbsp;&nbsp;&nbsp; Pool MA4328, <br>1.50%, 05/01/2036  | 247643 | 217965  |
| &nbsp;&nbsp;&nbsp; Pool MA4329, <br>2.00%, 05/01/2036  | 389713 | 352781  |
| &nbsp;&nbsp;&nbsp; Pool MA4333, <br>2.00%, 05/01/2041  | 706936 | 603891  |
| &nbsp;&nbsp;&nbsp; Pool MA4355, <br>2.00%, 06/01/2051  | 3973896 | 3179365  |
| &nbsp;&nbsp;&nbsp; Pool MA4359, <br>1.50%, 06/01/2036  | 544833 | 479530  |
| &nbsp;&nbsp;&nbsp; Pool MA4377, <br>1.50%, 07/01/2051  | 545119 | 412131  |
| &nbsp;&nbsp;&nbsp; Pool MA4378, <br>2.00%, 07/01/2051  | 579880 | 463411  |
| &nbsp;&nbsp;&nbsp; Pool MA4382, <br>1.50%, 07/01/2036  | 946848 | 832794  |
| &nbsp;&nbsp;&nbsp; Pool MA4473, <br>1.50%, 11/01/2041  | 4662382 | 3882228  |
| &nbsp;&nbsp;&nbsp; Pool MA4497, <br>2.00%, 12/01/2036  | 368351 | 333866  |
| &nbsp;&nbsp;&nbsp; Pool MA4512, <br>2.50%, 01/01/2052  | 493815 | 412025  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, <br>2.50%, 02/01/2052  | $1553218 | $1294877  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052  | 1245062 | 1126951  |
| &nbsp;&nbsp;&nbsp; Pool MA4579, <br>3.00%, 04/01/2052  | 689361 | 598041  |
| &nbsp;&nbsp;&nbsp; Pool MA4580, <br>3.50%, 04/01/2052  | 588028 | 531183  |
| &nbsp;&nbsp;&nbsp; Pool MA4600, <br>3.50%, 05/01/2052  | 473569 | 427789  |
| &nbsp;&nbsp;&nbsp; Pool MA4624, <br>3.00%, 06/01/2052  | 410011 | 355538  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, <br>4.00%, 06/01/2052  | 5527817 | 5160017  |
| &nbsp;&nbsp;&nbsp; Pool MA4644, <br>4.00%, 05/01/2052  | 1354713 | 1264579  |
| &nbsp;&nbsp;&nbsp; Pool MA4655, <br>4.00%, 07/01/2052  | 1057123 | 986784  |
| &nbsp;&nbsp;&nbsp; Pool MA4656, <br>4.50%, 07/01/2052  | 2478043 | 2374382  |
| &nbsp;&nbsp;&nbsp; Pool MA4684, <br>4.50%, 06/01/2052  | 3413054 | 3270281  |
| &nbsp;&nbsp;&nbsp; Pool MA4700, <br>4.00%, 08/01/2052  | 3641830 | 3399512  |
| &nbsp;&nbsp;&nbsp; Pool MA4701, <br>4.50%, 08/01/2052  | 3760839 | 3603515  |
| &nbsp;&nbsp;&nbsp; Pool MA4709, <br>5.00%, 07/01/2052  | 685262 | 674122  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, <br>4.00%, 09/01/2052  | 7082876 | 6609813  |
| &nbsp;&nbsp;&nbsp; Pool MA4733, <br>4.50%, 09/01/2052  | 10071201 | 9650253  |
| &nbsp;&nbsp;&nbsp; Pool MA4737, <br>5.00%, 08/01/2052  | 1018549 | 1001728  |
| &nbsp;&nbsp;&nbsp; Pool MA4761, <br>5.00%, 09/01/2052  | 168878 | 166090  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, <br>4.00%, 10/01/2052  | 6799407 | 6344848  |
| &nbsp;&nbsp;&nbsp; Pool MA4784, <br>4.50%, 10/01/2052  | 618440 | 592613  |
| &nbsp;&nbsp;&nbsp; Pool MA4785, <br>5.00%, 10/01/2052  | 4366186 | 4291831  |
| &nbsp;&nbsp;&nbsp; Pool MA4804, <br>4.00%, 11/01/2052  | 653434 | 609750  |
| &nbsp;&nbsp;&nbsp; Pool MA4805, <br>4.50%, 11/01/2052  | 5981180 | 5731827  |
| &nbsp;&nbsp;&nbsp; Pool MA4807, <br>5.50%, 11/01/2052  | 2652097 | 2664256  |
| &nbsp;&nbsp;&nbsp; Pool MA4842, <br>5.50%, 12/01/2052  | 1934318 | 1936763  |
| &nbsp;&nbsp;&nbsp; Pool MA4918, <br>5.00%, 02/01/2053  | 1683693 | 1654135  |
| &nbsp;&nbsp;&nbsp; Pool MA4919, <br>5.50%, 02/01/2053  | 856017 | 856769  |
| &nbsp;&nbsp;&nbsp; Pool MA4942, <br>6.00%, 03/01/2053  | 580863 | 590160  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  |
| &nbsp;&nbsp;&nbsp; Pool MA4978, <br>5.00%, 04/01/2053  | $2894726 | $2843758  |
| &nbsp;&nbsp;&nbsp; Pool MA5011, <br>6.00%, 05/01/2053  | 1594816 | 1621639  |
| &nbsp;&nbsp;&nbsp; Pool MA5026, <br>.50%, 04/01/2053  | 4546047 | 4103036  |
| &nbsp;&nbsp;&nbsp; Pool MA5039, <br>5.50%, 06/01/2053  | 2321826  | 2322372  |
| &nbsp;&nbsp;&nbsp; Pool MA5106, <br>5.00%, 08/01/2053  | 1579405 | 1551270  |
| &nbsp;&nbsp;&nbsp; Pool MA5138, <br>5.50%, 09/01/2053  | 2385143 | 2385218  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, <br>6.00%, 09/01/2053  | 4291635 | 4359701  |
| &nbsp;&nbsp;&nbsp; Pool MA5165, <br>5.50%, 10/01/2053  | 8006268 | 8001653  |
| &nbsp;&nbsp;&nbsp; Pool MA5190, <br>5.50%, 11/01/2053  | 6541417 | 6534533  |
| &nbsp;&nbsp;&nbsp; Pool MA5247, <br>6.00%, 01/01/2054  | 276112 | 280502  |
| &nbsp;&nbsp;&nbsp; Pool MA5353, <br>5.50%, 05/01/2054  | 2082727 | 2080534  |
| &nbsp;&nbsp;&nbsp; Ginnie Mae I Pool, Pool BU5340, <br>3.00%, 04/15/2050  | 163199 | 144914  |
| Ginnie Mae II Pool  | Ginnie Mae II Pool  | Ginnie Mae II Pool  |
| &nbsp;&nbsp;&nbsp; Pool 4540, <br>4.50%, 09/20/2039  | 61719 | 60817  |
| &nbsp;&nbsp;&nbsp; Pool 4853, <br>4.00%, 11/20/2040  | 59641 | 57260  |
| &nbsp;&nbsp;&nbsp; Pool 5115, <br>4.50%, 07/20/2041  | 35512 | 34920  |
| &nbsp;&nbsp;&nbsp; Pool 5304, <br>3.50%, 02/20/2042  | 122574 | 114971  |
| &nbsp;&nbsp;&nbsp; Pool 785163, <br>3.50%, 10/20/2050  | 51046 | 47044  |
| &nbsp;&nbsp;&nbsp; Pool 786483, <br>3.50%, 11/20/2052  | 3117335 | 2815791  |
| &nbsp;&nbsp;&nbsp; Pool BX3679, <br>3.00%, 08/20/2050  | 227326 | 201155  |
| &nbsp;&nbsp;&nbsp; Pool BX3680, <br>3.00%, 08/20/2050  | 293304 | 259174  |
| &nbsp;&nbsp;&nbsp; Pool BX3681, <br>3.00%, 08/20/2050  | 198168 | 174987  |
| &nbsp;&nbsp;&nbsp; Pool BY0325, <br>2.50%, 10/20/2050  | 1179668 | 996415  |
| &nbsp;&nbsp;&nbsp; Pool BY0330, <br>3.00%, 10/20/2050  | 88856 | 78735  |
| &nbsp;&nbsp;&nbsp; Pool BY0331, <br>3.00%, 10/20/2050  | 230676 | 204368  |
| &nbsp;&nbsp;&nbsp; Pool BY0338, <br>3.50%, 08/20/2050  | 119895 | 111234  |
| &nbsp;&nbsp;&nbsp; Pool BY0339, <br>3.50%, 08/20/2050  | 142579 | 131864  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool BY0340, <br>3.50%, 08/20/2050  | $124746 | $115272  |
| &nbsp;&nbsp;&nbsp; Pool MA0220, <br>3.50%, 07/20/2042  | 177757 | 166126  |
| &nbsp;&nbsp;&nbsp; Pool MA0534, <br>3.50%, 11/20/2042  | 80995 | 75545  |
| &nbsp;&nbsp;&nbsp; Pool MA0624, <br>3.00%, 12/20/2042  | 149811 | 135840  |
| &nbsp;&nbsp;&nbsp; Pool MA2964, <br>5.00%, 07/20/2045  | 84990 | 85829  |
| &nbsp;&nbsp;&nbsp; Pool MA3034, <br>3.50%, 08/20/2045  | 31516 | 29261  |
| &nbsp;&nbsp;&nbsp; Pool MA3105, <br>3.50%, 09/20/2045  | 31386 | 29132  |
| &nbsp;&nbsp;&nbsp; Pool MA3309, <br>3.00%, 12/20/2045  | 46423 | 41760  |
| &nbsp;&nbsp;&nbsp; Pool MA3455, <br>4.00%, 02/20/2046  | 125504 | 119792  |
| &nbsp;&nbsp;&nbsp; Pool MA3522, <br>4.00%, 03/20/2046  | 47278 | 45155  |
| &nbsp;&nbsp;&nbsp; Pool MA3597, <br>3.50%, 04/20/2046  | 45217 | 41887  |
| &nbsp;&nbsp;&nbsp; Pool MA3936, <br>3.00%, 09/20/2046  | 67220 | 60378  |
| &nbsp;&nbsp;&nbsp; Pool MA4003, <br>3.00%, 10/20/2046  | 140321 | 126003  |
| &nbsp;&nbsp;&nbsp; Pool MA4125, <br>2.50%, 12/20/2046  | 66095 | 57405  |
| &nbsp;&nbsp;&nbsp; Pool MA4127, <br>3.50%, 12/20/2046  | 255858 | 236414  |
| &nbsp;&nbsp;&nbsp; Pool MA4261, <br>3.00%, 02/20/2047  | 164385 | 147526  |
| &nbsp;&nbsp;&nbsp; Pool MA4264, <br>4.50%, 02/20/2047  | 22037 | 21506  |
| &nbsp;&nbsp;&nbsp; Pool MA4381, <br>3.00%, 04/20/2047  | 111444 | 99985  |
| &nbsp;&nbsp;&nbsp; Pool MA4452, <br>4.00%, 05/20/2047  | 68282 | 64374  |
| &nbsp;&nbsp;&nbsp; Pool MA4653, <br>4.00%, 08/20/2047  | 35410 | 33425  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, <br>4.50%, 08/20/2047  | 33510 | 32661  |
| &nbsp;&nbsp;&nbsp; Pool MA4720, <br>4.00%, 09/20/2047  | 533548 | 505199  |
| &nbsp;&nbsp;&nbsp; Pool MA4837, <br>3.50%, 11/20/2047  | 84735 | 78337  |
| &nbsp;&nbsp;&nbsp; Pool MA4899, <br>3.00%, 12/20/2047  | 49510 | 44368  |
| &nbsp;&nbsp;&nbsp; Pool MA4961, <br>3.00%, 01/20/2048  | 103041 | 92346  |
| &nbsp;&nbsp;&nbsp; Pool MA4962, <br>3.50%, 01/20/2048  | 86749 | 80185  |
| &nbsp;&nbsp;&nbsp; Pool MA4964, <br>4.50%, 01/20/2048  | 103214 | 100521  |
| &nbsp;&nbsp;&nbsp; Pool MA5079, <br>4.50%, 03/20/2048  | 20826 | 20289  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  | **U.S. GOVERNMENT AGENCIES — (continued)**  |
| Ginnie Mae II Pool (continued)  | Ginnie Mae II Pool (continued)  | Ginnie Mae II Pool (continued)  |
| &nbsp;&nbsp;&nbsp; Pool MA5331, <br>4.50%, 07/20/2048  | $41812 | $40667  |
| &nbsp;&nbsp;&nbsp; Pool MA5594, <br>3.50%, 11/20/2048  | 346386 | 319684  |
| &nbsp;&nbsp;&nbsp; Pool MA5876, <br>4.00%, 04/20/2049  | 1790623 | 1690312  |
| &nbsp;&nbsp;&nbsp; Pool MA5987, <br>4.50%, 06/20/2049  | 115153 | 111816  |
| &nbsp;&nbsp;&nbsp; Pool MA6090, <br>3.50%, 08/20/2049  | 1060623 | 976443  |
| &nbsp;&nbsp;&nbsp; Pool MA6153, <br>3.00%, 09/20/2049  | 79689 | 71079  |
| &nbsp;&nbsp;&nbsp; Pool MA6338, <br>3.00%, 12/20/2049  | 160773 | 143028  |
| &nbsp;&nbsp;&nbsp; Pool MA6409, <br>3.00%, 01/20/2050  | 372499 | 331607  |
| &nbsp;&nbsp;&nbsp; Pool MA6411, <br>4.00%, 01/20/2050  | 202215 | 190587  |
| &nbsp;&nbsp;&nbsp; Pool MA6476, <br>4.00%, 02/20/2050  | 295659 | 278548  |
| &nbsp;&nbsp;&nbsp; Pool MA6768, <br>4.00%, 07/20/2050  | 445765 | 419955  |
| &nbsp;&nbsp;&nbsp; Pool MA6931, <br>2.50%, 10/20/2050  | 3353227 | 2864648  |
| &nbsp;&nbsp;&nbsp; Pool MA7135, <br>2.00%, 01/20/2051  | 549919 | 449967  |
| &nbsp;&nbsp;&nbsp; Pool MA7194, <br>3.00%, 02/20/2051  | 214157 | 190098  |
| &nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051  | 321727 | 263335  |
| &nbsp;&nbsp;&nbsp; Pool MA7367, <br>2.50%, 05/20/2051  | 3870130 | 3302634  |
| &nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051  | 346474 | 307047  |
| &nbsp;&nbsp;&nbsp; Pool MA7471, <br>2.00%, 07/20/2051  | 393864 | 322276  |
| &nbsp;&nbsp;&nbsp; Pool MA7533, <br>2.00%, 08/20/2051  | 435176 | 356079  |
| &nbsp;&nbsp;&nbsp; Pool MA7534, <br>2.50%, 08/20/2051  | 287097 | 244996  |
| &nbsp;&nbsp;&nbsp; Pool MA7648, <br>2.00%, 10/20/2051  | 924082 | 756123  |
| &nbsp;&nbsp;&nbsp; Pool MA7766, <br>2.00%, 12/20/2051  | 949292 | 776751  |
| &nbsp;&nbsp;&nbsp; Pool MA7768, <br>3.00%, 12/20/2051  | 1461142 | 1294872  |
| &nbsp;&nbsp;&nbsp; Pool MA7828, <br>3.00%, 01/20/2052  | 399368 | 353922  |
| &nbsp;&nbsp;&nbsp; Pool MA7829, <br>3.50%, 01/20/2052  | 786023 | 721653  |
| &nbsp;&nbsp;&nbsp; Pool MA7871, <br>2.50%, 02/20/2052  | 249377 | 207330  |
| &nbsp;&nbsp;&nbsp; Pool MA7883, <br>3.50%, 02/20/2052  | 2095893 | 1924144  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA7989, <br>3.50%, 04/20/2052  | $1970034 | $1808185  |
| &nbsp;&nbsp;&nbsp; Pool MA8149, <br>3.50%, 07/20/2052  | 2392762 | 2193956  |
| &nbsp;&nbsp;&nbsp; Pool MA8201, <br>4.50%, 08/20/2052  | 1031792 | 991247  |
| &nbsp;&nbsp;&nbsp; Pool MA8267, <br>4.00%, 09/20/2052  | 6290566 | 5897647  |
| &nbsp;&nbsp;&nbsp; Pool MA8347, <br>4.50%, 10/20/2052  | 516011 | 495521  |
| &nbsp;&nbsp;&nbsp; Pool MA8428, <br>5.00%, 11/20/2052  | 560391 | 552090  |
| &nbsp;&nbsp;&nbsp; Pool MA8487, <br>3.50%, 12/20/2052  | 3351011 | 3072588  |
| &nbsp;&nbsp;&nbsp; Pool MA8489, <br>4.50%, 12/20/2052  | 1444429 | 1392750  |
| &nbsp;&nbsp;&nbsp; Pool MA8646, <br>4.50%, 02/20/2053  | 1709452 | 1646875  |
| &nbsp;&nbsp;&nbsp; Pool MA8647, <br>5.00%, 02/20/2053  | 1440990 | 1419478  |
| &nbsp;&nbsp;&nbsp; Pool MA8725, <br>5.00%, 03/20/2053  | 286200 | 281913  |
| &nbsp;&nbsp;&nbsp; Pool MA9101, <br>3.00%, 08/20/2053  | 2945462 | 2610284  |
|  International Finance Corp., 4.38%, 01/15/2027  | 1000000 | 1006172  |
| Tennessee Valley Authority  | Tennessee Valley Authority  | Tennessee Valley Authority  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/15/2031  | 105000 | 88971  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2034<sup>(m)</sup> | 45000 | 28994  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055  | 660000 | 654886  |
|  U.S. Department of Housing and Urban Development, 2.87%, 08/01/2027  | 1000000 | 971292  |
|  U.S. International Development Finance Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 04/15/2028  | 1000000 | 939944  |
| &nbsp;&nbsp;&nbsp; 1.05%, 10/15/2029  | 609861 | 564998  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCIES** <br>**(Cost $281,014,773)** |  | 272441585 |
| **ASSET-BACKED SECURITIES — 14.5%** | **ASSET-BACKED SECURITIES — 14.5%** |  |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund ABS Ltd., Series 2020-1A, Class A, <br>3.20%, 12/29/2030<sup>(a)</sup> | 1200244 | 1177646  |
| &nbsp;&nbsp;&nbsp; Adams Outdoor Advertising LP, Series 2023-1, Class A2, <br>6.97%, 07/15/2053<sup>(a)</sup> | 500000 | 514429  |
| Affirm, Inc.  | Affirm, Inc.  | Affirm, Inc.  |
|  Series 2024-A, Class 1A, 5.61%, 02/15/2029<sup>(a)</sup> | 1600000 | 1608966  |
|  Series 2024-X2, Class A, 5.22%, 12/17/2029<sup>(a)</sup> | 867024 | 866674  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| Air Canada | Air Canada | Air Canada |
| &nbsp;&nbsp;&nbsp; Series 2013-1, <br>4.13%, 05/15/2025<sup>(a)</sup> | $1188406 | $1186347  |
| &nbsp;&nbsp;&nbsp; Series 2015-1, <br>3.60%, 03/15/2027<sup>(a)</sup> | 550127 | 537569  |
|  Series 2020-2, Class A, 5.25%, 04/01/2029<sup>(a)</sup> | 1044636 | 1048965  |
|  Aligned Data Centers Issuer LLC<br>|  |  |
|  Series 2022-1A, Class A2, 6.35%, 10/15/2047<sup>(a)</sup> | 1000000 | 1004621  |
|  Series 2023-1A, Class A2, 6.00%, 08/17/2048<sup>(a)</sup> | 1180000 | 1191134  |
|  AmeriCredit Automobile Receivables Trust<br>|  |  |
|  Series 2021-3, Class C, 1.41%, 08/18/2027  | 300000 | 292005  |
|  Series 2023-2, Class C, 6.00%, 07/18/2029  | 500000 | 515684  |
|  Angel Oak Mortgage Trust LLC, Series 2021-8, Class A3, 2.84%, 11/25/2066<sup>(a)(d)</sup> | 100000 | 71612  |
| &nbsp;&nbsp;&nbsp; Apidos CLO, Series 2018-18A, Class A1R2, 5.70% <br>(3 mo. Term SOFR + 1.33%), 01/22/2038<sup>(a)</sup> | 2500000 | 2500237  |
|  Ares Loan Funding IX Ltd., Series 2025-ALF9A, Class A1, 0.00% (3 mo. Term SOFR + 1.18%), 03/31/2038<sup>(a)</sup> | 2500000 | 2494467  |
| Atlas Senior Loan Fund Ltd.  | Atlas Senior Loan Fund Ltd.  | Atlas Senior Loan Fund Ltd.  |
|  Series 2016-7A, Class A2R, 6.13% (3 mo. Term SOFR + 1.81%), 11/27/2031<sup>(a)</sup> | 1500000 | 1500603  |
|  Series 2018-10A, Class B, 6.06% (3 mo. Term SOFR + 1.76%), 01/15/2031<sup>(a)</sup> | 2250000 | 2253735  |
|  Series 2018-11A, Class A1L, 5.66% (3 mo. Term SOFR + 1.36%), 07/26/2031<sup>(a)</sup> | 412492 | 412612  |
|  ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064<sup>(a)(c)</sup> | 570483 | 548524  |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
|  Series 2021-1A, Class A, 1.38%, 08/20/2027<sup>(a)</sup> | 800000 | 770194  |
|  Series 2021-2A, Class A, 1.66%, 02/20/2028<sup>(a)</sup> | 900000 | 856769  |
|  Series 2022-1A, Class A, 3.83%, 08/21/2028<sup>(a)</sup> | 1000000 | 983634  |
|  Series 2023-1A, Class A, 5.25%, 04/20/2029<sup>(a)</sup> | 1400000 | 1422700  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2023-2A, Class A, 5.20%, 10/20/2027<sup>(a)</sup> | $400000 | $402852  |
|  Series 2023-3A, Class A, 5.44%, 02/22/2028<sup>(a)</sup> | 600000 | 607639  |
|  Series 2023-4A, Class A, 5.49%, 06/20/2029<sup>(a)</sup> | 2000000 | 2044659  |
|  Series 2024-1A, Class A, 5.36%, 06/20/2030<sup>(a)</sup> | 500000 | 510311  |
|  Bain Capital Credit CLO, Series 2019-1A, Class AR2, 5.52% (3 mo. Term SOFR + 1.23%), 04/19/2034<sup>(a)</sup> | 3250000 | 3245092  |
| Bankers Healthcare Group, Inc.  | Bankers Healthcare Group, Inc.  | Bankers Healthcare Group, Inc.  |
|  Series 2022-C, Class B, 5.93%, 10/17/2035<sup>(a)</sup> | 1418191 | 1420297  |
|  Series 2023-B, Class B, 7.45%, 12/17/2036<sup>(a)</sup> | 540000 | 555902  |
| Barrow Hanley Ltd.  | Barrow Hanley Ltd.  | Barrow Hanley Ltd.  |
|  Series 2023-1A, Class A1R, 5.64% (3 mo. Term SOFR + 1.34%), 01/20/2038<sup>(a)</sup> | 2450000 | 2449924  |
|  Series 2024-3A, Class A1, 5.91% (3 mo. Term SOFR + 1.62%), 04/20/2037<sup>(a)</sup> | 3000000 | 3004818  |
| &nbsp;&nbsp;&nbsp; Blue Stream Communications LLC, Series 2023-1A, Class A2, <br>5.40%, 05/20/2053<sup>(a)</sup> | 1300000 | 1307107  |
|  BlueMountain CLO Ltd., Series 2021-31A, Class A1, 5.70% (3 mo. Term SOFR + 1.41%), 04/19/2034<sup>(a)</sup> | 3000000 | 2999892  |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., Series 2024-B, Class A, <br>4.62%, 05/15/2031  | 1630000 | 1637982  |
| Business Jet Securities LLC  | Business Jet Securities LLC  | Business Jet Securities LLC  |
|  Series 2022-1A, Class B, 5.19%, 06/15/2037<sup>(a)</sup> | 486163 | 476620  |
|  Series 2024-1A, Class B, 6.92%, 05/15/2039<sup>(a)</sup> | 1226045 | 1256525  |
|  Capital Automotive LLC, Series 2024-3A, Class A1, 4.40%, 10/15/2054<sup>(a)</sup> | 1215200 | 1166798  |
|  Carlyle Global Market Strategies, Series 2021-5A, Class A1, 5.67% (3 mo. Term SOFR + 1.38%), 07/20/2034<sup>(a)</sup> | 1500000 | 1500090  |
| CarMax Auto Owner Trust  | CarMax Auto Owner Trust  | CarMax Auto Owner Trust  |
|  Series 2021-2, Class C, 1.34%, 02/16/2027  | 200000 | 199072  |
|  Series 2021-3, Class C, 1.25%, 05/17/2027  | 190000 | 186485  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| CarMax Auto Owner Trust (continued)  | CarMax Auto Owner Trust (continued)  | CarMax Auto Owner Trust (continued)  |
|  Series 2021-4, Class C, 1.38%, 07/15/2027  | $200000 | $195022  |
|  Series 2022-1, Class C, 2.20%, 11/15/2027  | 300000 | 292497  |
|  Series 2022-1, Class D, 2.47%, 07/17/2028  | 100000 | 97570  |
|  CBAM Ltd., Series 2020-12A, Class AR, 5.73% (3 mo. Term SOFR + 1.44%), 07/20/2034<sup>(a)</sup> | 1750000 | 1749937  |
|  CCG Receivables Trust, Series 2025-1A, Class A2, 5.50%, 03/26/2055<sup>(a)</sup> | 1050000 | 1026527  |
|  CFG Investments Ltd., Series 2025-1, Class A, 6.47%, 03/25/2036<sup>(a)</sup> | 1500000 | 1504660  |
|  CIFC Funding Ltd., Series 2018-2A, Class A1R, 5.66% (3 mo. Term SOFR + 1.37%), 10/20/2037<sup>(a)</sup> | 3250000 | 3251576  |
| &nbsp;&nbsp;&nbsp; Citibank NA, Series 2018-A7, Class A7, <br>3.96%, 10/13/2030  | 600000 | 592859  |
|  Cogent Communications Holdings, Inc., Series 2024-1A, Class A2, 7.92%, 05/25/2054<sup>(a)</sup> | 2200000 | 2293678  |
| Credit Acceptance Corp.  | Credit Acceptance Corp.  | Credit Acceptance Corp.  |
|  Series 2023-5A, Class C, 7.30%, 04/17/2034<sup>(a)</sup> | 1000000 | 1040932  |
|  Series 2024-3A, Class B, 4.85%, 11/15/2034<sup>(a)</sup> | 520000 | 518384  |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, Series 2018-RPL9, Class A, <br>3.85%, 09/25/2057<sup>(a)(d)</sup> | 99490 | 95223  |
|  Crown Point CLO Ltd., Series 2021-11A, Class A1R, 5.52% (3 mo. Term SOFR + 1.26%), 02/28/2038<sup>(a)</sup> | 3000000 | 2993439  |
|  Cyrusone Holdco LLC, Series 2025-1A, Class A2, 5.91%, 02/20/2050<sup>(a)</sup> | 880000 | 895998  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Series 2015-1, <br>3.88%, 07/30/2027  | 326832 | 316285  |
|  DigitalBridge Group, Inc., Series 2021-1A, Class A2, 3.93%, 09/25/2051<sup>(a)</sup> | 1020000 | 979397  |
| &nbsp;&nbsp;&nbsp; EFMT 2024-CES1, Series 2024-CES1, Class A1, <br>5.52%, 01/26/2060<sup>(a)(c)</sup> | 874441 | 877761  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  EnFin Residential Solar Receivables Trust, Series 2024-2A, Class A, 5.98%, 09/20/2055<sup>(a)</sup> | $974542 | $946771  |
| &nbsp;&nbsp;&nbsp; ExteNet LLC, Series 2024-1A, Class A2, <br>5.34%, 07/25/2054<sup>(a)</sup> | 750000 | 753767  |
| &nbsp;&nbsp;&nbsp; FedEx Corp., <br>1.88%, 02/20/2034  | 51637 | 43671  |
|  Flexential Issuer LLC, Series 2021-1A, Class A2, 3.25%, 11/27/2051<sup>(a)</sup> | 1700000 | 1622210  |
| Ford Credit Auto Owner Trust  | Ford Credit Auto Owner Trust  | Ford Credit Auto Owner Trust  |
|  Series 2021-1, Class A, 1.37%, 10/17/2033<sup>(a)</sup> | 3000000 | 2904921  |
|  Series 2021-1, Class B, 1.61%, 10/17/2033<sup>(a)</sup> | 120000 | 116080  |
|  Series 2021-2, Class B, 1.91%, 05/15/2034<sup>(a)</sup> | 100000 | 95774  |
|  Series 2022-B, Class A4, 3.93%, 08/15/2027  | 1500000 | 1493867  |
|  Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(c)</sup> | 2300000 | 2327877  |
| Ford Credit Floorplan LLC  | Ford Credit Floorplan LLC  | Ford Credit Floorplan LLC  |
|  Series 2020-2, Class A, 1.06%, 09/15/2027  | 600000 | 590202  |
|  Series 2024-3, Class A1, 4.30%, 09/15/2029<sup>(a)</sup> | 1700000 | 1695969  |
|  Ford Motor Co., Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(a)</sup> | 2100000 | 2134205  |
|  Frontier Communications Parent, Inc., Series 2024-1, Class A2, 6.19%, 06/20/2054<sup>(a)</sup> | 590000 | 608801  |
|  General Motors Co., Series 2024-4A, Class A1, 4.73%, 11/15/2029<sup>(a)</sup> | 1000000 | 1005008  |
|  General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027  | 244351 | 240861  |
| Global Sea Containers Two SRL  | Global Sea Containers Two SRL  | Global Sea Containers Two SRL  |
|  Series 2020-1A, Class A, 2.17%, 10/17/2040<sup>(a)</sup> | 579647 | 546359  |
|  Series 2020-2A, Class A, 2.26%, 11/19/2040<sup>(a)</sup> | 152524 | 143628  |
|  Series 2020-2A, Class B, 3.32%, 11/19/2040<sup>(a)</sup> | 127099 | 120973  |
|  GM Financial Consumer Automobile Receivables Trust Series 2023-4, Class B, 6.16%, 04/16/2029 | 500000 | 513977  |
|  Series 2023-4, Class C, 6.41%, 05/16/2029  | 300000 | 308532  |
|  GM Financial Revolving Receivables Trust Series 2021-1, Class B, 1.49%, 06/12/2034<sup>(a)</sup> | 100000 | 95602  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| GM Financial Revolving Receivables Trust (continued)  | GM Financial Revolving Receivables Trust (continued)  | GM Financial Revolving Receivables Trust (continued)  |
|  Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | $500000 | $519807  |
|  Series 2024-2, Class A, 4.52%, 03/11/2037<sup>(a)</sup> | 1700000 | 1699080  |
|  Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, 01/22/2029<sup>(a)</sup> | 248112 | 245857  |
|  GoodLeap Sustainable Home Solutions Trust<br>|  |  |
|  Series 2021-3CS, Class A, 2.10%, 05/20/2048<sup>(a)</sup> | 267378 | 208159  |
|  Series 2021-5CS, Class A, 2.31%, 10/20/2048<sup>(a)</sup> | 1041650 | 831909  |
|  Series 2022-1GS, Class A, 2.70%, 01/20/2049<sup>(a)</sup> | 745804 | 620986  |
|  Series 2022-3CS, Class A, 4.95%, 07/20/2049<sup>(a)</sup> | 819520 | 746279  |
|  GreenSky Home Improvement Trust 2024-1, Series 2024-1, Class A2, 5.88%, 06/25/2059<sup>(a)</sup> | 619705 | 624883  |
| HERO Funding Trust  | HERO Funding Trust  | HERO Funding Trust  |
|  Series 2016-1A, Class A, 4.05%, 09/20/2041<sup>(a)</sup> | 210044 | 195653  |
|  Series 2016-3A, Class A1, 3.08%, 09/20/2042<sup>(a)</sup> | 95429 | 85627  |
|  Series 2020-1A, Class A, 2.59%, 09/20/2057<sup>(a)</sup> | 377695 | 317059  |
|  Hertz Corp., Series 2021-2A, Class A, 1.68%, 12/27/2027<sup>(a)</sup> | 400000 | 381981  |
| Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  | Hertz Global Holdings, Inc.  |
|  Series 2022-2A, Class A, 2.33%, 06/26/2028<sup>(a)</sup> | 1100000 | 1049068  |
|  Series 2025-2A, Class A, 5.13%, 09/25/2031<sup>(a)</sup> | 810000 | 814033  |
|  Hertz Vehicle Financing LLC, Series 2023-2A, Class C, 7.13%, 09/25/2029<sup>(a)</sup> | 900000 | 926929  |
|  Home Equity Asset Trust, Series 2003-1, Class M1, 5.93% (1 mo. Term SOFR + 1.61%), 06/25/2033  | 1475 | 1447  |
|  Home Partners of America Trust, Series 2021-3, Class A, 2.20%, 01/17/2041<sup>(a)</sup> | 339638 | 310365  |
|  Hotwire Funding LLC, Series 2024-1A, Class B, 6.67%, 06/20/2054<sup>(a)</sup> | 1500000 | 1531924  |
|  ICG US CLO Ltd., Series 2015-2RA, Class BR, 6.05% (3 mo. Term SOFR + 1.75%), 01/16/2033<sup>(a)</sup> | 1000000 | 992143  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2022-NQM6, Class M1, <br>7.10%, 10/25/2067<sup>(a)(d)</sup> | $150000 | $149802  |
|  Jamestown CLO Ltd., Series 2019-14A, Class A1RR, 5.36% (3 mo. Term SOFR + 1.04%), 10/20/2034<sup>(a)</sup> | 3000000 | 2975379  |
|  JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.54% (30 day avg SOFR US + 1.20%), 02/25/2055<sup>(a)</sup> | 808155 | 808151  |
| &nbsp;&nbsp;&nbsp; Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, <br>2.73%, 10/25/2048<sup>(a)</sup> | 6060 | 6017  |
|  Lendmark Funding Trust, Series 2024-1A, Class A, 5.53%, 06/21/2032<sup>(a)</sup> | 2000000 | 2027578  |
| &nbsp;&nbsp;&nbsp; LIAS Administration Fee Issuer, Series 2018-1A, Class A, <br>5.96%, 07/25/2048<sup>(a)</sup> | 913817 | 864555  |
| Loanpal Solar Loan Ltd.  | Loanpal Solar Loan Ltd.  | Loanpal Solar Loan Ltd.  |
|  Series 2021-1GS, Class A, 2.29%, 01/20/2048<sup>(a)</sup> | 550388 | 445755  |
|  Series 2021-2GS, Class A, 2.22%, 03/20/2048<sup>(a)</sup> | 312423 | 245077  |
| Madison Park Funding Ltd.  | Madison Park Funding Ltd.  | Madison Park Funding Ltd.  |
|  Series 2018-29A, Class A1R2, 5.50% (3 mo. Term SOFR + 1.18%), 03/25/2038<sup>(a)</sup> | 3830000 | 3829395  |
|  Series 2019-37A, Class AR2, 5.83% (3 mo. Term SOFR + 1.53%), 04/15/2037<sup>(a)</sup> | 3000000 | 3004812  |
|  Marble Point CLO, Series 2020-2A, Class A1R2, 5.49% (3 mo. Term SOFR + 1.21%), 03/15/2038<sup>(a)</sup> | 2500000 | 2481587  |
| Mariner Finance Issuance Trust  | Mariner Finance Issuance Trust  | Mariner Finance Issuance Trust  |
|  Series 2021-AA, Class A, 1.86%, 03/20/2036<sup>(a)</sup> | 1710000 | 1639412  |
|  Series 2024-AA, Class A, 5.13%, 09/22/2036<sup>(a)</sup> | 320000 | 323882  |
|  MCA Fund Holding LLC, Series 2020-1, Class A, 3.25%, 11/15/2035<sup>(a)</sup> | 170953 | 168781  |
| MFRA Trust  | MFRA Trust  | MFRA Trust  |
|  Series 2020-NQM1, Class B1, 4.98%, 08/25/2049<sup>(a)(d)</sup> | 2500000 | 2432520  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| MFRA Trust (continued)  | MFRA Trust (continued)  | MFRA Trust (continued)  |
|  Series 2021-RPL1, Class A1, 1.13%, 07/25/2060<sup>(a)(d)</sup> | $376936 | $340825  |
|  MidOcean Credit CLO, Series 2018-9A, Class A1, 5.70% (3 mo. Term SOFR + 1.41%), 07/20/2031<sup>(a)</sup> | 106236 | 106250  |
| MMAF Equipment Finance LLC  | MMAF Equipment Finance LLC  | MMAF Equipment Finance LLC  |
|  Series 2019-A, Class A5, 3.08%, 11/12/2041<sup>(a)</sup> | 79276 | 78950  |
|  Series 2019-B, Class A5, 2.29%, 11/12/2041<sup>(a)</sup> | 300000 | 293880  |
|  Series 2025-A, Class A3, 4.82%, 08/13/2032<sup>(a)</sup> | 2000000 | 2019474  |
|  Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, 2.82%, 04/22/2031<sup>(a)</sup> | 1494782 | 1470714  |
| Mosaic Solar Loans LLC  | Mosaic Solar Loans LLC  | Mosaic Solar Loans LLC  |
|  Series 2020-1A, Class A, 2.10%, 04/20/2046<sup>(a)</sup> | 361570 | 319279  |
|  Series 2020-2A, Class A, 1.44%, 08/20/2046<sup>(a)</sup> | 411066 | 346493  |
|  Series 2021-1A, Class B, 2.05%, 12/20/2046<sup>(a)</sup> | 481182 | 381736  |
|  Series 2021-3A, Class A, 1.44%, 06/20/2052<sup>(a)</sup> | 1030888 | 834744  |
|  Series 2021-3A, Class C, 1.77%, 06/20/2052<sup>(a)</sup> | 347980 | 242337  |
|  Series 2022-3A, Class A, 6.10%, 06/20/2053<sup>(a)</sup> | 749460 | 749623  |
|  Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | 655995 | 661202  |
|  Mountain View Funding CLO, Series 2015-9A, Class A1R, 5.68% (3 mo. Term SOFR + 1.38%), 07/15/2031<sup>(a)</sup> | 363585 | 363858  |
|  Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 08/15/2034<sup>(a)</sup> | 485857 | 459399  |
|  Nassau Global Credit Ltd., Series 2024-1A, Class A1, 5.89% (3 mo. Term SOFR + 1.60%), 07/20/2037<sup>(a)</sup> | 3000000 | 3002133  |
| Navient Student Loan Trust  | Navient Student Loan Trust  | Navient Student Loan Trust  |
|  Series 2019-CA, Class A2, 3.13%, 02/15/2068<sup>(a)</sup> | 50873 | 49915  |
|  Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 92762 | 87689  |
|  Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 71441 | 67380  |
|  Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 2245427 | 2040727  |
|  Series 2021-EA, Class A, 0.97%, 12/16/2069<sup>(a)</sup> | 2173117 | 1927034  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; NFAS2 LLC, <br>Series 2022-1, Class A, 6.86%, 09/15/2028<sup>(a)</sup> | $830000 | $830036  |
|  North Mill Equipment Finance LLC, Series 2022-B, Class B, 7.12%, 06/15/2029<sup>(a)</sup> | 1340000 | 1365064  |
|  Ocean Trails CLO, Series 2014-5A, Class ARR, 5.83% (3 mo. Term SOFR + 1.54%), 10/13/2031<sup>(a)</sup> | 672969 | 673346  |
| On Deck Capital, Inc.  | On Deck Capital, Inc.  | On Deck Capital, Inc.  |
|  Series 2024-2A, Class A, 4.98%, 10/17/2031<sup>(a)</sup> | 1090000 | 1083823  |
|  Series 2025-1A, Class C, 6.64%, 04/19/2032<sup>(a)</sup> | 980000 | 982134  |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto <br>Receivables Trust  | &nbsp;&nbsp;&nbsp; OneMain Direct Auto <br>Receivables Trust  | &nbsp;&nbsp;&nbsp; OneMain Direct Auto <br>Receivables Trust  |
|  Series 2019-1A, Class A, 3.63%, 09/14/2027<sup>(a)</sup> | 248915 | 247970  |
|  Series 2021-1A, Class B, 1.26%, 07/14/2028<sup>(a)</sup> | 600000 | 585096  |
|  Series 2021-1A, Class C, 1.42%, 07/14/2028<sup>(a)</sup> | 500000 | 487504  |
|  Series 2025-1A, Class A, 5.36%, 04/16/2035<sup>(a)</sup> | 1800000 | 1834545  |
| OneMain Financial Issuance Trust  | OneMain Financial Issuance Trust  | OneMain Financial Issuance Trust  |
|  Series 2020-2A, Class A, 1.75%, 09/14/2035<sup>(a)</sup> | 600000 | 580613  |
|  Series 2021-1A, Class A2, 5.11% (30 day avg SOFR US + 0.76%), 06/16/2036<sup>(a)</sup> | 600000 | 599589  |
|  Series 2023-2A, Class A1, 5.84%, 09/15/2036<sup>(a)</sup> | 1200000 | 1224551  |
|  Series 2023-2A, Class B, 6.17%, 09/15/2036<sup>(a)</sup> | 1070000 | 1108015  |
|  Oportun Financial Corp., Series 2021-B, Class C, 3.65%, 05/08/2031<sup>(a)</sup> | 617937 | 609296  |
|  Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031<sup>(a)</sup> | 2663728 | 2674144  |
|  OZLM Funding Ltd., Series 2012-2A, Class A2RA, 6.09% (3 mo. Term SOFR + 1.80%), 07/30/2031<sup>(a)</sup> | 840000 | 835985  |
| &nbsp;&nbsp;&nbsp; OZLM Ltd., <br>Series 2014-6A, Class B1T, 6.30% (3 mo. Term <br>SOFR + 2.00%), 04/17/2031<sup>(a)</sup> | 1750000 | 1752628  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **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, 4.98% (30 day avg SOFR US + 0.64%), 05/25/2070<sup>(a)</sup> | $214963 | $212160  |
|  PHH Arval, Series 2024-1A, Class A1, 5.52%, 05/15/2036<sup>(a)</sup> | 373584 | 377254  |
|  Rad CLO, Series 2024-23A, Class A1, 5.89% (3 mo. Term SOFR + 1.60%), 04/20/2037<sup>(a)</sup> | 2500000 | 2505405  |
| RCKT Mortgage Trust  | RCKT Mortgage Trust  | RCKT Mortgage Trust  |
|  Series 2024-CES3, Class A1A, 6.59%, 05/25/2044<sup>(a)(d)</sup> | 907991 | 919829  |
|  Series 2025-CES1, Class A1A, 5.65%, 01/25/2045<sup>(a)(c)</sup> | 587120 | 589581  |
|  RCKT Mortgage Trust 2024-CES4, Series 2024-CES5, Class A1A, 5.85%, 08/25/2044<sup>(a)(c)</sup> | 222227 | 222967  |
|  ReadyCap Commercial LLC, Series 2019-2, Class A, 7.00% (Prime Rate + (0.50%)), 12/27/2044<sup>(a)</sup> | 57893 | 57779  |
| Regatta Funding Ltd.  | Regatta Funding Ltd.  | Regatta Funding Ltd.  |
|  Series 2016-1A, Class A1R2, 5.72% (3 mo. Term SOFR + 1.41%), 06/20/2034<sup>(a)</sup> | 1500000 | 1500433  |
|  Series 2024-2A, Class A1, 5.85% (3 mo. Term SOFR + 1.55%), 04/25/2037<sup>(a)</sup> | 3000000 | 3004896  |
|  Regional Management Issuance Trust, Series 2021-1, Class A, 1.68%, 03/17/2031<sup>(a)</sup> | 277793 | 275741  |
| &nbsp;&nbsp;&nbsp; Renew, Series 2018-1, Class A, <br>3.95%, 09/20/2053<sup>(a)</sup> | 131810 | 121833  |
|  Renew Financial, Series 2021-1, Class A, 2.06%, 11/20/2056<sup>(a)</sup> | 549967 | 445102  |
|  Republic Finance Issuance Trust, Series 2024-B, Class B, 5.86%, 11/20/2037<sup>(a)</sup> | 1380000 | 1396951  |
| &nbsp;&nbsp;&nbsp; ROMARK CLO LLC, Series 2018-1A, Class A1, 5.58% (3 mo. Term <br>SOFR + 1.29%), 04/20/2031<sup>(a)</sup> | 926895 | 927002  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Sabey Data Center Issuer LLC  | Sabey Data Center Issuer LLC  | Sabey Data Center Issuer LLC  |
|  Series 2020-1, Class A2, 3.81%, 04/20/2045<sup>(a)</sup> | $201818 | $201511  |
|  Series 2022-1, Class A2, 5.00%, 06/20/2047<sup>(a)</sup> | 600000 | 591868  |
|  Santander Consumer USA Holdings, Inc.<br>|  |  |
|  Series 2023-4, Class C, 6.04%, 12/15/2031  | 600000 | 616010  |
|  Series 2023-5, Class C, 6.43%, 02/18/2031  | 900000 | 938322  |
|  Series 2023-6, Class B, 5.98%, 04/16/2029  | 300000 | 307171  |
|  Series 2023-6, Class C, 6.40%, 03/17/2031  | 100000 | 103956  |
|  Series 2024-2, Class C, 5.84%, 06/17/2030  | 500000 | 510505  |
|  Series 2024-3, Class C, 5.64%, 08/15/2030  | 1500000 | 1529939  |
|  Series 2024-4, Class C, 4.95%, 04/15/2030  | 800000 | 804925  |
|  Santander Consumer USA, Inc., Series 2023-1, Class C, 5.09%, 05/15/2030  | 200000 | 200986  |
|  Santander Drive Auto Receivables LLC, Series 2021-2, Class D, 1.35%, 07/15/2027  | 127150 | 126332  |
| SBA Depositor LLC  | SBA Depositor LLC  | SBA Depositor LLC  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2026<sup>(a)</sup> | 1250000 | 1187048  |
|  Series 2022-1, 6.60%, 01/15/2028<sup>(a)</sup> | 1000000 | 1025092  |
|  SCF Equipment Trust LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033<sup>(a)</sup> | 1560000 | 1570851  |
|  Sculptor Alternative Solutions LLC, Series B, 6.00%, 05/15/2029<sup>(a)</sup> | 1720000 | 1527360  |
|  SFS Auto Receivables Securitization Trust<br>|  |  |
|  Series 2023-1A, Class B, 5.71%, 01/22/2030<sup>(a)</sup> | 100000 | 102636  |
|  Series 2023-1A, Class C, 5.97%, 02/20/2031<sup>(a)</sup> | 100000 | 102385  |
|  SMB Private Education Loan Trust, Series 2017-A, Class B, 3.50%, 06/17/2041<sup>(a)</sup> | 2000000 | 1961558  |
|  SoFi Professional Loan Program LLC<br>|  |  |
|  Series 2019-A, Class A2FX, 3.69%, 06/15/2048<sup>(a)</sup> | 31445 | 31072  |
|  Series 2019-C, Class A2FX, 2.37%, 11/16/2048<sup>(a)</sup> | 79633 | 76499  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  | **ASSET-BACKED SECURITIES — (continued)**  |
| SoFi Professional Loan Program LLC (continued) | SoFi Professional Loan Program LLC (continued) | SoFi Professional Loan Program LLC (continued) |
|  Series 2020-A, Class A2FX, 2.54%, 05/15/2046<sup>(a)</sup> | $145011 | $139156  |
|  Series 2020-C, Class AFX, 1.95%, 02/15/2046<sup>(a)</sup> | 80817 | 75384  |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, <br>5.90%, 10/25/2048<sup>(a)</sup> | 1270000 | 1289799  |
|  Starwood Property Mortgage Trust<br>|  |  |
|  Series 2019-FL1, Class B, 6.03% (1 mo. Term SOFR + 1.71%), 07/15/2038<sup>(a)</sup> | 470000 | 469880  |
|  Series 2019-FL1, Class C, 6.38% (1 mo. Term SOFR + 2.06%), 07/15/2038<sup>(a)</sup> | 280000 | 277755  |
|  Structured Asset Investment Loan Trust, Series 2004-8, Class M1, 5.33% (1 mo. Term SOFR + 1.01%), 09/25/2034  | 7651 | 7309  |
| Summit Issuer LLC  | Summit Issuer LLC  | Summit Issuer LLC  |
|  Series 2020-1A, Class A2, 2.29%, 12/20/2050<sup>(a)</sup> | 1620000 | 1587396  |
|  Series 2023-1A, Class A2, 5.60%, 02/20/2053<sup>(a)</sup> | 1000000 | 1006831  |
|  Sunnova Energy International, Inc.<br>|  |  |
|  Series 2023-B, Class A, 5.30%, 08/22/2050<sup>(a)</sup> | 877726 | 851589  |
|  Series 2023-GRID1, Class 1A, 5.75%, 12/20/2050<sup>(a)</sup> | 857069 | 866058  |
| Sunrun, Inc.  | Sunrun, Inc.  | Sunrun, Inc.  |
|  Series 2018-1, Class A, 5.31%, 04/30/2049<sup>(a)</sup> | 203407 | 194640  |
|  Series 2019-1A, Class A, 3.98%, 06/30/2054<sup>(a)</sup> | 283785 | 263893  |
|  Series 2021-2A, Class A, 2.27%, 01/30/2057<sup>(a)</sup> | 1063189 | 923102  |
|  Series 2022-1A, Class A, 4.75%, 07/30/2057<sup>(a)</sup> | 904652 | 851264  |
|  Series 2023-2A, Class A1, 6.60%, 01/30/2059<sup>(a)</sup> | 1235138 | 1245154  |
|  Series 2024-1A, Class A, 6.27%, 02/01/2055<sup>(a)</sup> | 493344 | 483816  |
|  Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, 03/25/2055<sup>(a)</sup> | 1000000 | 964276  |
|  Symphony CLO Ltd., Series 2012-9A, Class CR3, 7.07% (3 mo. Term SOFR + 2.76%), 07/16/2032<sup>(a)</sup> | 1840000 | 1818441  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., Series 2019-2A, Class A1R2, 5.59% <br>(3 mo. Term SOFR + 1.27%), 01/20/2038<sup>(a)</sup> | $3250000 | $3233347  |
| Tesla Auto Lease Trust  | Tesla Auto Lease Trust  | Tesla Auto Lease Trust  |
|  Series 2023-A, Class A3, 5.89%, 06/22/2026<sup>(a)</sup> | 286720 | 287410  |
|  Series 2023-A, Class A4, 5.94%, 07/20/2027<sup>(a)</sup> | 1000000 | 1003422  |
|  Series 2023-B, Class A3, 6.13%, 09/21/2026<sup>(a)</sup> | 1010707 | 1014747  |
|  Series 2023-B, Class B, 6.57%, 08/20/2027<sup>(a)</sup> | 1090000 | 1103652  |
|  Series 2024-A, Class A3, 5.30%, 06/21/2027<sup>(a)</sup> | 1170000 | 1177103  |
|  Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 06/20/2028<sup>(a)</sup> | 1200000 | 1211214  |
|  Texas Debt Capital CLO Ltd., Series 2025-1A, Class A1, 5.40% (3 mo. Term SOFR + 1.14%), 04/24/2038<sup>(a)</sup> | 2500000 | 2481510  |
|  Tikehau US CLO Ltd., Series 2023-1A, Class A1, 6.50% (3 mo. Term SOFR + 2.20%), 07/15/2034<sup>(a)</sup> | 1500000 | 1503652  |
| Towd Point Mortgage Trust  | Towd Point Mortgage Trust  | Towd Point Mortgage Trust  |
|  Series 2018-5, Class M1, 3.25%, 07/25/2058<sup>(a)(d)</sup> | 2385000 | 1996966  |
|  Series 2020-4, Class A1, 1.75%, 10/25/2060<sup>(a)</sup> | 106755 | 96468  |
|  Series 2021-SJ1, Class A1, 2.25%, 07/25/2068<sup>(a)(d)</sup> | 233072 | 223789  |
|  Series 2021-SJ2, Class A1A, 2.25%, 12/25/2061<sup>(a)(d)</sup> | 350076 | 337601  |
|  Series 2024-CES3, Class A1, 6.29%, 05/25/2064<sup>(a)(d)</sup> | 496499 | 505267  |
|  Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033<sup>(a)</sup> | 300000 | 298391  |
|  Trinitas CLO Ltd., Series 2018-9A, Class BRRR, 5.99% (3 mo. Term SOFR + 1.70%), 01/20/2032<sup>(a)</sup> | 2000000 | 2001504  |
|  Uniti Group, Inc., Series 2025-1A, Class A2, 5.88%, 04/20/2055<sup>(a)</sup> | 1460000 | 1482664  |
|  VCP RRL ABS, Series 2021-1A, Class A, 2.15%, 10/20/2031<sup>(a)</sup> | 324044 | 311308  |
|  Verus Securitization Trust, Series 2021-7, Class A3, 2.24%, 10/25/2066<sup>(a)(d)</sup> | 98652 | 85642  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** | **ASSET-BACKED SECURITIES — (continued)** |
|  Vivant Solar Financing V Parent LLC<br>|  |  |
|  Series 2018-1A, Class A, 4.73%, 04/30/2048<sup>(a)</sup> | $211261 | $198772  |
|  Series 2018-1A, Class B, 7.37%, 04/30/2048<sup>(a)</sup> | 366526 | 346961  |
|  Voya CLO Ltd., Series 2019-3A, Class AR, 5.64% (3 mo. Term SOFR + 1.34%), 10/17/2032<sup>(a)</sup> | 2445117 | 2445183  |
|  Wendy's SPV Guarantor LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049<sup>(a)</sup> | 443701 | 436504  |
|  Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, Class A, 5.80%, 04/18/2038<sup>(a)</sup> | 675702 | 681172  |
|  World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027  | 100000 | 98504  |
|  Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055<sup>(a)</sup> | 1190000 | 1186920  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $218,879,020)** |  | 217724240  |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.3%** |  |
|  Alen Mortgage Trust, Series 2021-ACEN, Class C, 6.68% (1 mo. Term SOFR + 2.36%), 04/15/2034<sup>(a)</sup> | 1000000 | 710000  |
|  American Tower Depositor Sub LLC, 5.49%, 03/15/2028<sup>(a)</sup> | 1400000 | 1422284  |
|  ATLXM Trust, Series 2024-RPL2, Class A1, 3.85%, 04/25/2063<sup>(a)(c)</sup> | 1159941 | 1122055  |
|  BAHA Trust, Series 2024-MAR, Class A, 5.57%, 12/10/2041<sup>(a)(d)</sup> | 1320000 | 1338658  |
|  BANK-2018, Series 2018-BN15, Class A3, 4.14%, 11/15/2061  | 563627 | 552672  |
| BANK-2020  | BANK-2020  | BANK-2020  |
|  Series 2020-BN28, Class A3, 1.58%, 03/15/2063  | 1172983 | 1004939  |
|  Series 2020-BN29, Class A3, 1.74%, 11/15/2053  | 500000 | 427701  |
| BANK5 Trust  | BANK5 Trust  | BANK5 Trust  |
|  Series 2023-5YR1, Class A3, 6.26%, 04/15/2056<sup>(d)</sup> | 2100000 | 2178526  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2023-5YR2, Class A3, 6.66%, 07/15/2056<sup>(d)</sup> | $3000000 | $3156709  |
|  Series 2024-5YR11, Class A3, 5.89%, 11/15/2057  | 2120000 | 2206326  |
|  Series 2024-5YR12, Class A3, 5.90%, 12/15/2057<sup>(d)</sup> | 1840000 | 1916102  |
| BBCMS Trust  | BBCMS Trust  | BBCMS Trust  |
|  Series 2023-5C23, Class A3, 6.68%, 12/15/2056<sup>(d)</sup> | 1900000 | 2014737  |
|  Series 2023-C21, Class A2, 6.30%, 09/15/2056<sup>(d)</sup> | 768023 | 805975  |
|  Series 2024-5C27, Class A3, 6.01%, 07/15/2057  | 900000 | 937217  |
| Benchmark Mortgage Trust  | Benchmark Mortgage Trust  | Benchmark Mortgage Trust  |
|  Series 2018-B4, Class A3, 3.89%, 07/15/2051  | 500000 | 493717  |
|  Series 2019-B10, Class 3CCA, 3.90%, 03/15/2062<sup>(a)(d)</sup> | 250000 | 182061  |
|  Series 2019-B10, Class A3, 3.46%, 03/15/2062  | 841523 | 802029  |
|  Series 2020-B19, Class A4, 1.55%, 09/15/2053  | 1325000 | 1156799  |
|  Series 2020-B20, Class A4, 1.75%, 10/15/2053  | 1300000 | 1144907  |
|  Series 2020-B21, Class A4, 1.70%, 12/17/2053  | 800000 | 683160  |
|  Series 2020-IG3, Class A2, 2.48%, 09/15/2048<sup>(a)</sup> | 540116 | 529272  |
|  Series 2021-B24, Class A3, 2.01%, 03/15/2054  | 550000 | 497831  |
|  Series 2021-B24, Class A4, 2.26%, 03/15/2054  | 600000 | 526110  |
|  Series 2021-B25, Class A3, 1.91%, 04/15/2054  | 1200000 | 1075465  |
|  Series 2021-B25, Class A4, 2.27%, 04/15/2054  | 800000 | 700570  |
|  Series 2021-B30, Class A4, 2.33%, 11/15/2054  | 3000000 | 2561513  |
|  Series 2021-B31, Class A4, 2.42%, 12/15/2054  | 1200000 | 1027961  |
|  Series 2023-V4, Class A3, 6.84%, 11/15/2056<sup>(d)</sup> | 1700000 | 1802703  |
|  Series 2024-V11, Class A3, 5.91%, 11/15/2057<sup>(d)</sup> | 2340000 | 2435216  |
|  Series 2024-V7, Class A3, 6.23%, 05/15/2056<sup>(d)</sup> | 2100000 | 2200841  |
|  Series 2024-V8, Class A3, 6.19%, 07/15/2057<sup>(d)</sup> | 1700000 | 1781454  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
|  BFLD Trust, Series 2024-WRHS, Class A, 5.81% (1 mo. Term SOFR + 1.49%), 08/15/2026<sup>(a)</sup> | $926997 | $923521  |
| BMO Mortgage Trust  | BMO Mortgage Trust  | BMO Mortgage Trust  |
|  Series 2022-C1, Class 360B, 3.94%, 02/17/2055<sup>(a)(d)</sup> | 1000000 | 824518  |
|  Series 2022-C3, Class A5, 5.31%, 09/15/2054  | 1000000 | 1013191  |
|  Series 2023-5C1, Class A3, 6.53%, 08/15/2056<sup>(d)</sup> | 1650000 | 1727564  |
|  Series 2023-5C2, Class A3, 7.05%, 11/15/2056<sup>(d)</sup> | 2100000 | 2247401  |
|  Series 2024-5C7, Class A3, 5.57%, 11/15/2057<sup>(d)</sup> | 2100000 | 2152167  |
| &nbsp;&nbsp;&nbsp; BMP Multifamily, <br>Series 2024-MF23, Class A, 5.69% (1 mo. Term SOFR + 1.37%), 06/15/2041<sup>(a)</sup> | 1330000 | 1328338  |
|  BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, 04/25/2054<sup>(a)(c)</sup> | 823239 | 829888  |
|  BX Trust, Series 2022-AHP, Class C, 6.41% (1 mo. Term SOFR + 2.09%), 01/17/2039<sup>(a)</sup> | 1000000 | 981875  |
|  Cantor Commercial Real Estate Lending LP<br>|  |  |
|  Series 2019-CF3, Class A3, 2.75%, 01/15/2053  | 800000 | 729564  |
|  Series 2020-P1, Class A1, 2.84%, 04/15/2025<sup>(a)(d)</sup> | 817408 | 814707  |
|  Capital Automotive REIT, Series 2022-1A, Class A1, 3.35%, 03/15/2052<sup>(a)</sup> | 1061400 | 997604  |
| Century Plaza Towers  | Century Plaza Towers  | Century Plaza Towers  |
|  Series 2019-CPT, Class A, 2.87%, 11/13/2039<sup>(a)</sup> | 485000 | 436538  |
|  Series 2019-CPT, Class E, 3.00%, 11/13/2039<sup>(a)(d)</sup> | 350000 | 282131  |
| CF Hippolyta Issuer LLC  | CF Hippolyta Issuer LLC  | CF Hippolyta Issuer LLC  |
|  Series 2020-1, Class B1, 2.28%, 07/15/2060<sup>(a)</sup> | 350786 | 345249  |
|  Series 2022-1A, Class A1, 5.97%, 08/15/2062<sup>(a)</sup> | 488565 | 490536  |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., <br>Series 2016-SH2, Class M2, 3.75%, 12/25/2045<sup>(a)(d)</sup> | 2077044 | 1919535  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; CHI Commercial Mortgage Trust, <br>Series 2025-SFT, Class A, 5.66%, 04/15/2042<sup>(a)(d)</sup> | $2000000 | $2009926  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
|  Series 2016-GC37, Class A4, 3.31%, 04/10/2049  | 3000000 | 2955097  |
|  Series 2016-P3, Class A3, 3.06%, 04/15/2049  | 2000000 | 1975196  |
|  Series 2016-P4, Class A3, 2.65%, 07/10/2049  | 114286 | 111482  |
|  Series 2018-C6, Class A3, 4.15%, 11/10/2051  | 837000 | 815753  |
|  Series 2019-C7, Class A3, 2.86%, 12/15/2072  | 319729 | 295317  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust<br>|  |  |
|  Series 2016-CD2, Class B, 3.88%, 11/10/2049<sup>(d)</sup> | 500000 | 428594  |
|  Series 2019-CD8, Class A3, 2.66%, 08/15/2057  | 858920 | 791496  |
|  CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, 2.57%, 07/20/2051<sup>(a)</sup> | 2394262 | 2020779  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
|  Series 2013-LC13, Class D, 5.37%, 08/10/2046<sup>(a)(d)</sup> | 499882 | 425649  |
|  Series 2022-HC, Class B, 3.17%, 01/10/2039<sup>(a)</sup> | 1000000 | 924888  |
|  Computershare Corporate Trust<br>|  |  |
|  Series 2024-MGP, Class A12, 6.01% (1 mo. Term SOFR + 1.69%), 08/15/2041<sup>(a)</sup> | 1640000 | 1630840  |
|  Series 2024-SVEN, Class A, 6.01%, 06/10/2037<sup>(a)</sup> | 1000000 | 1030025  |
|  Credit Suisse Mortgage Capital Certificates, Series 2020-RPL6, Class A1, 3.47%, 03/25/2059<sup>(a)(d)</sup> | 109253 | 109198  |
| &nbsp;&nbsp;&nbsp; CRSO TR 2023-BRND A 20400712 FLT, Series 2023-BRND, <br>7.12%, 07/12/2040<sup>(a)</sup> | 1000000 | 1046677  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
|  CSAIL Commercial Mortgage Trust Series 2018-C14, Class A3, 4.15%, 11/15/2051  | $665234 | $647033  |
|  Series 2021-C20, Class A2, 2.49%, 03/15/2054  | 1169665 | 1048221  |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.80%, 09/12/2040<sup>(a)</sup> | 890000 | 914068  |
|  Ellington Financial Mortgage Trust, Series 2023-1, Class M1, 6.77%, 02/25/2068<sup>(a)(d)</sup> | 150000 | 149947  |
|  Fannie Mae Connecticut Avenue Securities<br>|  |  |
|  Series 2022-R01, Class 1M2, 6.24% (30 day avg SOFR US + 1.90%), 12/25/2041<sup>(a)</sup> | 300000 | 302576  |
|  Series 2022-R04, Class 1M2, 7.44% (30 day avg SOFR US + 3.10%), 03/25/2042<sup>(a)</sup> | 315000 | 324777  |
|  Series 2022-R05, Class 2M2, 7.34% (30 day avg SOFR US + 3.00%), 04/25/2042<sup>(a)</sup> | 120000 | 123056  |
|  Series 2022-R06, Class 1M2, 8.19% (30 day avg SOFR US + 3.85%), 05/25/2042<sup>(a)</sup> | 625000 | 653125  |
|  Series 2022-R07, Class 1M2, 8.99% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(a)</sup> | 505000 | 537194  |
|  Series 2022-R08, Class 1M2, 7.94% (30 day avg SOFR US + 3.60%), 07/25/2042<sup>(a)</sup> | 160000 | 166761  |
|  Series 2022-R09, Class 2M2, 9.09% (30 day avg SOFR US + 4.75%), 09/25/2042<sup>(a)</sup> | 230000 | 246245  |
|  Series 2023-R01, Class 1M2, 8.09% (30 day avg SOFR US + 3.75%), 12/25/2042<sup>(a)</sup> | 1260000 | 1325558  |
|  Series 2023-R02, Class 1M2, 7.69% (30 day avg SOFR US + 3.35%), 01/25/2043<sup>(a)</sup> | 100000 | 104815  |
|  Series 2023-R05, Class 1M2, 7.44% (30 day avg SOFR US + 3.10%), 06/25/2043<sup>(a)</sup> | 900000 | 936779  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2023-R06, Class 1M2, 7.04% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(a)</sup> | $715000 | $734030  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
|  Series 2021-P011, Class A1, 1.20%, 09/25/2031  | 508222 | 464006  |
|  Series 2022-HQA2, Class M1B, 8.34% (30 day avg SOFR US + 4.00%), 07/25/2042<sup>(a)</sup> | 45000 | 47435  |
|  Series 2022-P013, Class A2, 2.76%, 02/25/2032<sup>(d)</sup> | 1000000 | 886797  |
|  Series 2024-P016, Class A2, 4.30%, 09/25/2033<sup>(d)</sup> | 1000000 | 1000312  |
|  Series 406, Class PO, 0.00%, 10/25/2053<sup>(g)</sup> | 368168 | 304487  |
|  Series 4748, Class Z, 4.00%, 11/15/2047  | 110381 | 104623  |
|  Series 4776, Class WZ, 4.00%, 03/15/2048<sup>(h)</sup> | 330628 | 311390  |
|  Series 4783, Class Z, 4.00%, 04/15/2048  | 285329 | 268160  |
|  Series 4835, Class AS, 2.70% (-2 x 30 day avg SOFR US + 9.66%), 10/15/2048<sup>(i)</sup> | 60252 | 52162  |
|  Series 5017, Class VZ, 2.00%, 09/25/2050<sup>(h)</sup> | 312336 | 208842  |
|  Series 5021, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.55%), 10/25/2050<sup>(f)(i)</sup> | 846760 | 23068  |
|  Series 5160, Class ZG, 3.00%, 09/25/2050<sup>(h)</sup> | 73098 | 53733  |
|  Series 5251, Class PO, 0.00%, 08/25/2052<sup>(g)</sup> | 695763 | 479593  |
|  Series 5296, Class T, 5.00%, 11/25/2052  | 833399 | 833241  |
|  Federal National Mortgage Association<br>|  |  |
|  Series 2018-M8, Class A2, 3.30%, 06/25/2028<sup>(d)</sup> | 449534 | 437926  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class 3A1, <br>2.10%, 06/25/2034  | 89786 | 88050  |
|  Series 2020-24, Class SP, 1.60% (-1 x 30 day avg SOFR US + 5.94%), 04/25/2050<sup>(f)(i)</sup> | 222821 | 27824  |
|  Series 2020-56, Class LI, 2.00%, 08/25/2050<sup>(f)</sup> | 313709 | 40030  |
|  Series 2020-75, Class LI, 2.50%, 11/25/2050<sup>(f)</sup> | 482923 | 66938  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** |
| Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  | Federal National Mortgage Association (continued)  |
|  Series 2021-17, Class EA, 1.50%, 04/25/2051  | $3480162 | $2864293  |
|  Series 2021-76, Class IY, 2.50%, 11/25/2051<sup>(f)</sup> | 210223 | 24800  |
|  Series 2022-18, Class DZ, 3.50%, 04/25/2052<sup>(h)</sup> | 616350 | 476899  |
|  Series 2022-40, Class AZ, 2.00%, 08/25/2050<sup>(h)</sup> | 866324 | 589843  |
|  Series 2022-51, Class PS, 1.61% (-1 x 30 day avg SOFR US + 5.95%), 08/25/2052<sup>(f)(i)</sup> | 549525 | 56659  |
| Flagstar Mortgage Trust  | Flagstar Mortgage Trust  | Flagstar Mortgage Trust  |
|  Series 2018-2, Class B4, 4.00%, 04/25/2048<sup>(a)(d)</sup> | 123466 | 112904  |
|  Series 2021-12, Class B3, 2.97%, 11/25/2051<sup>(a)(d)</sup> | 137919 | 110475  |
|  Series 2021-4, Class A21, 2.50%, 06/01/2051<sup>(a)(d)</sup> | 190301 | 154412  |
|  Series 2021-7, Class B3, 2.93%, 08/25/2051<sup>(a)(d)</sup> | 136768 | 111321  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
|  Series 2021-DNA5, Class M2, 5.99% (30 day avg SOFR US + 1.65%), 01/25/2034<sup>(a)</sup> | 23252 | 23296  |
|  Series 2022-DNA4, Class M1B, 7.69% (30 day avg SOFR US + 3.35%), 05/25/2042<sup>(a)</sup> | 735000 | 763235  |
|  Series 2022-DNA5, Class M1B, 8.84% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(a)</sup> | 670000 | 711460  |
|  Series 2022-HQA3, Class M1B, 7.89% (30 day avg SOFR US + 3.55%), 08/25/2042<sup>(a)</sup> | 135000 | 140882  |
|  Series 2023-HQA1, Class M1B, 7.84% (30 day avg SOFR US + 3.50%), 05/25/2043<sup>(a)</sup> | 263000 | 279036  |
| FREMF Mortgage Trust  | FREMF Mortgage Trust  | FREMF Mortgage Trust  |
|  Series 2018-K84, Class C, 4.19%, 10/25/2028<sup>(a)(d)</sup> | 3000000 | 2895321  |
|  Series 2020-K104, Class B, 3.53%, 02/25/2052<sup>(a)(d)</sup> | 3000000 | 2805621  |
|  Government National Mortgage Association<br>|  |  |
|  Series 2010-9, Class UI, 5.00%, 01/20/2040<sup>(f)</sup> | 564665 | 115519  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2013-99, Class AX, 3.00%, 07/20/2043<sup>(c)</sup> | $124656 | $112102  |
|  Series 2015-143, Class WA, 4.00%, 10/20/2045  | 111616 | 108028  |
|  Series 2018-121, Class KS, 0.00% (-1 x 1 mo. Term SOFR + 3.75%), 09/20/2048<sup>(f)(i)</sup> | 230517 | 5435  |
|  Series 2018-148, Class DS, 0.00% (-1 x 1 mo. Term SOFR + 3.73%), 10/20/2048<sup>(f)(i)</sup> | 297788 | 7751  |
|  Series 2018-151, Class SL, 0.00% (-1 x 1 mo. Term SOFR + 3.69%), 11/20/2048<sup>(f)(i)</sup> | 1779161 | 45913  |
|  Series 2018-155, Class PS, 0.00% (-1 x 1 mo. Term SOFR + 3.19%), 11/20/2048<sup>(f)(i)</sup> | 534125 | 6688  |
|  Series 2018-76, Class IO, 4.00%, 06/20/2046<sup>(f)</sup> | 25388 | 2905  |
|  Series 2019-92, Class S, 0.00% (-1 x 1 mo. Term SOFR + 2.70%), 07/20/2049<sup>(f)(i)</sup> | 1066022 | 7628  |
|  Series 2019-97, Class MS, 0.00% (-1 x 1 mo. Term SOFR + 2.97%), 08/20/2049<sup>(f)(i)</sup> | 553610 | 6283  |
|  Series 2019-99, Class SA, 0.00% (-1 x 1 mo. Term SOFR + 3.24%), 08/20/2049<sup>(f)(i)</sup> | 472201 | 7018  |
|  Series 2021-114, Class TI, 3.00%, 06/20/2051<sup>(f)</sup> | 762935 | 110415  |
|  Series 2021-165, Class ST, 0.00% (-1 x 1 mo. Term SOFR + 3.25%), 01/20/2050<sup>(f)(i)</sup> | 128990 | 51  |
|  Series 2021-209, Class Z, 3.00%, 11/20/2051<sup>(h)</sup> | 641193 | 471077  |
|  Series 2022-124, Class QZ, 4.00%, 07/20/2052<sup>(h)</sup> | 133484 | 109931  |
|  Series 2022-126, Class CS, 0.00% (-1 x 30 day avg SOFR US + 3.76%), 07/20/2052<sup>(f)(i)</sup> | 1190499 | 23712  |
|  Series 2022-133, Class SA, 0.00% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052<sup>(f)(i)</sup> | 458760 | 10161  |
|  Series 2022-148, Class DS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 08/20/2052<sup>(f)(i)</sup> | 476297 | 8330  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** |
| Government National Mortgage Association (continued)  | Government National Mortgage Association (continued)  | Government National Mortgage Association (continued)  |
|  Series 2022-178, Class SA, 0.56% (-1 x 30 day avg SOFR US + 4.90%), 10/20/2052<sup>(f)(i)</sup> | $5575820 | $276209  |
|  Series 2022-46, Class S, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(i)</sup> | 323222 | 5513  |
|  Series 2022-51, Class SC, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052<sup>(f)(i)</sup> | 957149 | 22876  |
|  Series 2022-66, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(i)</sup> | 321228 | 8005  |
|  Series 2022-68, Class SP, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052<sup>(f)(i)</sup> | 261438 | 7319  |
|  Series 2022-78, Class MS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 04/20/2052<sup>(f)(i)</sup> | 849358 | 19079  |
|  Series 2022-78, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.75%), 04/20/2052<sup>(f)(i)</sup> | 600597 | 15070  |
|  Series 2022-93, Class GS, 0.00% (-1 x 30 day avg SOFR US + 3.65%), 05/20/2052<sup>(f)(i)</sup> | 202496 | 4050  |
|  Series 2022-93, Class IO, 3.00%, 08/20/2051<sup>(f)</sup> | 2790001 | 316535  |
|  Series 2023-111, Class ZA, 3.00%, 02/20/2052<sup>(h)</sup> | 524292 | 363032  |
|  Series 2023-169, Class EO, 0.00%, 05/20/2053<sup>(g)</sup> | 395880 | 311308  |
|  Series 2023-186, Class ZJ, 5.00%, 12/20/2053<sup>(h)</sup> | 351238 | 334721  |
|  Series 2023-81, Class IO, 5.00%, 04/20/2052<sup>(f)</sup> | 448362 | 81311  |
|  Series 2024-23, Class ID, 5.00%, 03/20/2040<sup>(f)</sup> | 381699 | 74802  |
|  Series 2024-69, Class AZ, 2.50%, 04/20/2054<sup>(h)</sup> | 332526 | 238067  |
| GS Mortgage Securities Corp. II  | GS Mortgage Securities Corp. II  | GS Mortgage Securities Corp. II  |
|  Series 2015-GC34, Class A3, 3.24%, 10/10/2048  | 979605 | 974329  |
|  Series 2018-GS10, Class A3, 4.26%, 07/10/2051<sup>(d)</sup> | 800000 | 781470  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2019-GC39, Class A3, 3.31%, 05/10/2052  | $958374 | $902462  |
|  Series 2019-GC42, Class A3, 2.75%, 09/10/2052  | 1230000 | 1129754  |
|  Series 2020-GC47, Class A4, 2.12%, 05/12/2053  | 1400000 | 1253912  |
|  Series 2020-GSA2, Class A4, 1.72%, 12/12/2053  | 1100000 | 952371  |
|  Series 2021-GSA3, Class A4, 2.37%, 12/15/2054  | 1400000 | 1197776  |
|  Series 2021-IP, Class B, 5.58% (1 mo. Term SOFR + 1.26%), 10/15/2036<sup>(a)</sup> | 1720000 | 1702904  |
|  GS Mortgage-Backed Securities Trust<br>|  |  |
|  Series 2021-PJ10, Class A4, 2.50%, 03/25/2052<sup>(a)(d)</sup> | 179379 | 145549  |
|  Series 2021-PJ5, Class A4, 2.50%, 10/25/2051<sup>(a)(d)</sup> | 302333 | 245315  |
|  Series 2021-PJ6, Class A4, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 218216 | 176783  |
|  Series 2021-PJ7, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 355518 | 288469  |
|  Series 2021-PJ8, Class A4, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 243055 | 197216  |
|  Series 2022-PJ4, Class A36, 3.00%, 09/25/2052<sup>(a)(d)</sup> | 82824 | 69957  |
|  Series 2022-PJ5, Class A36, 3.00%, 10/25/2052<sup>(a)(d)</sup> | 241622 | 204086  |
|  Series 2022-PJ6, Class A4, 3.00%, 01/25/2053<sup>(a)(d)</sup> | 902816 | 765902  |
|  Series 2023-PJ1, Class A24, 3.50%, 02/25/2053<sup>(a)(d)</sup> | 280377 | 244640  |
|  Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 08/05/2034<sup>(a)(d)</sup> | 900000 | 867495  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
|  Series 2016-JP4, Class A3, 3.39%, 12/15/2049  | 1071000 | 1050995  |
|  Series 2019-BKWD, Class A, 5.93% (1 mo. Term SOFR + 1.61%), 09/15/2029<sup>(a)</sup> | 154493 | 147928  |
| JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  |
|  Series 2015-1, Class B1, 5.65%, 12/25/2044<sup>(a)(d)</sup> | 36954 | 35797  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)** |
| JP Morgan Mortgage Trust (continued)  | JP Morgan Mortgage Trust (continued)  | JP Morgan Mortgage Trust (continued)  |
|  Series 2017-2, Class A13, 3.50%, 05/25/2047<sup>(a)(d)</sup> | $5706 | $5163  |
|  Series 2017-5, Class A2, 5.01%, 10/26/2048<sup>(a)(d)</sup> | 56545 | 56648  |
|  Series 2018-5, Class A13, 3.50%, 10/25/2048<sup>(a)(d)</sup> | 28660 | 25678  |
|  Series 2018-6, Class B2, 3.90%, 12/25/2048<sup>(a)(d)</sup> | 2046782 | 1889440  |
|  Series 2018-7FRB, Class A2, 5.18% (1 mo. Term SOFR + 0.86%), 04/25/2046<sup>(a)</sup> | 11404 | 11179  |
|  Series 2018-8, Class A13, 4.00%, 01/25/2049<sup>(a)(d)</sup> | 3289 | 3067  |
|  Series 2018-9, Class A13, 4.00%, 02/25/2049<sup>(a)(d)</sup> | 1243 | 1161  |
|  Series 2019-1, Class A15, 4.00%, 05/25/2049<sup>(a)(d)</sup> | 3075 | 2878  |
|  Series 2020-1, Class B2, 3.82%, 06/25/2050<sup>(a)(d)</sup> | 30970 | 27782  |
|  Series 2021-10, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 78140 | 63403  |
|  Series 2021-11, Class A15, 2.50%, 01/25/2052<sup>(a)(d)</sup> | 161691 | 131298  |
|  Series 2021-14, Class A15, 2.50%, 05/25/2052<sup>(a)(d)</sup> | 100071 | 81198  |
|  Series 2021-15, Class A15, 2.50%, 06/25/2052<sup>(a)(d)</sup> | 689289 | 559293  |
|  Series 2021-15, Class A2, 3.00%, 06/25/2052<sup>(a)(d)</sup> | 2512215 | 2136759  |
|  Series 2021-4, Class B2, 2.88%, 08/25/2051<sup>(a)(d)</sup> | 112975 | 91605  |
|  Series 2021-7, Class A15, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 141708 | 114983  |
|  Series 2021-8, Class A15, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 104645 | 84910  |
|  Series 2021-8, Class B3, 2.84%, 12/25/2051<sup>(a)(d)</sup> | 154594 | 121476  |
|  Series 2021-LTV2, Class A3, 2.93%, 05/25/2052<sup>(a)(d)</sup> | 72512 | 62242  |
|  Series 2022-2, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 81452 | 68951  |
|  Series 2022-3, Class A25, 3.00%, 08/25/2052<sup>(a)(d)</sup> | 361938 | 305710  |
|  Series 2022-4, Class A17A, 3.00%, 10/25/2052<sup>(a)(d)</sup> | 246097 | 207865  |
|  Series 2022-4, Class B3, 3.24%, 10/25/2052<sup>(a)(d)</sup> | 116652 | 93341  |
|  Series 2022-5, Class B3, 2.95%, 09/25/2052<sup>(a)(d)</sup> | 116311 | 90555  |
|  Series 2022-6, Class A17A, 3.00%, 11/25/2052<sup>(a)(d)</sup> | 209075 | 176595  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Series 2022-7, Class 1A17, 3.00%, 12/25/2052<sup>(a)(d)</sup> | $123406 | $104235  |
|  Series 2022-LTV2, Class A6, 3.50%, 09/25/2052<sup>(a)(d)</sup> | 245253 | 214606  |
|  Series 2023-1, Class A15B, 5.50%, 06/25/2053<sup>(a)(d)</sup> | 114593 | 111387  |
|  Series 2024-3, Class A9, 3.00%, 05/25/2054<sup>(a)(d)</sup> | 924459 | 780842  |
|  Series 2024-7, Class A9, 3.00%, 04/25/2053<sup>(a)(d)</sup> | 296138 | 250132  |
|  Series 2025-CCM1, Class A4, 5.50%, 06/25/2055<sup>(a)(d)</sup> | 2470710 | 2460161  |
|  JP Morgan Seasoned Mortgage Trust, Series 2024-1, Class A3, 4.45%, 01/25/2063<sup>(a)(d)</sup> | 2458598 | 2355101  |
|  JPMBB Commercial Mortgage Securities Trust<br>|  |  |
|  Series 2014-C24, Class D, 3.91%, 11/15/2047<sup>(a)(d)</sup> | 470000 | 353600  |
|  Series 2015-C30, Class A4, 3.55%, 07/15/2048  | 32332 | 32215  |
|  Manhattan West, Series 2020-1MW, Class C, 2.33%, 09/10/2039<sup>(a)(d)</sup> | 500000 | 462086  |
|  MCR Mortgage Trust, Series 2024-TWA, Class A, 5.92%, 06/12/2039<sup>(a)</sup> | 1000000 | 1011324  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
|  Series 2015-C23, Class A3, 3.45%, 07/15/2050  | 119609 | 119266  |
|  Series 2016-C29, Class A3, 3.06%, 05/15/2049  | 230485 | 227514  |
|  Series 2016-C29, Class D, 3.00%, 05/15/2049<sup>(a)</sup> | 400000 | 322967  |
| Morgan Stanley Capital I, Inc.  | Morgan Stanley Capital I, Inc.  | Morgan Stanley Capital I, Inc.  |
|  Series 2018-L1, Class A3, 4.14%, 10/15/2051  | 2500000 | 2449193  |
|  Series 2019-H6, Class A3, 3.16%, 06/15/2052  | 1000000 | 945846  |
|  Morgan Stanley Residential Mortgage Loan Trust<br>|  |  |
|  Series 2021-5, Class A9, 2.50%, 08/25/2051<sup>(a)(d)</sup> | 135772 | 110211  |
|  Series 2021-6, Class A4, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 108919 | 96955  |
|  Series 2021-6, Class A9, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 125492 | 101828  |
|  Series 2023-1, Class A7, 4.00%, 02/25/2053<sup>(a)(d)</sup> | 259529 | 236499  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
| &nbsp;&nbsp;&nbsp; MSCG Trust, Series 2015-ALDR, Class A1, <br>2.61%, 06/07/2035<sup>(a)</sup> | $5814 | $5795  |
|  MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 6.71% (1 mo. Term SOFR + 2.39%), 03/15/2039<sup>(a)</sup> | 1090000 | 1088302  |
|  Natixis Commercial Mortgage Securities Trust<br>|  |  |
|  Series 2019-MILE, Class D, 7.15% (1 mo. Term SOFR + 2.83%), 07/15/2036<sup>(a)</sup> | 1000000 | 769210  |
|  Series 2019-MILE, Class F, 8.65% (1 mo. Term SOFR + 4.33%), 07/15/2036<sup>(a)</sup> | 750000 | 485675  |
|  New Economy Assets LLC, Series 2021-1, Class B1, 2.41%, 10/20/2061<sup>(a)</sup> | 1730000 | 1581348  |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.18% (1 mo. Term SOFR + 0.86%), 01/25/2048<sup>(a)</sup> | 27775 | 27105  |
|  Oak Street Real Estate Capital LLC, Series 2023-NLP, Class A, 6.09%, 03/15/2040<sup>(a)(d)</sup> | 1400000 | 1421379  |
|  One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054<sup>(a)</sup> | 3547000 | 3166803  |
|  One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 02/10/2032<sup>(a)</sup> | 730448 | 685077  |
|  Onslow Bay Mortgage Loan Trust, Series 2021-J2, Class A19, 2.50%, 07/25/2051<sup>(a)(d)</sup> | 234003 | 189872  |
| RCKT Mortgage Trust  | RCKT Mortgage Trust  | RCKT Mortgage Trust  |
|  Series 2021-4, Class A21, 2.50%, 09/25/2051<sup>(a)(d)</sup> | 287274 | 233096  |
|  Series 2021-5, Class A1, 2.50%, 11/25/2051<sup>(a)(d)</sup> | 4245397 | 3465968  |
|  Series 2021-5, Class B4, 2.92%, 11/25/2051<sup>(a)(d)</sup> | 183423 | 144760  |
|  Series 2022-2, Class A22, 2.50%, 02/25/2052<sup>(a)(d)</sup> | 361263 | 293131  |
|  Series 2022-3, Class A21, 3.00%, 05/25/2052<sup>(a)(d)</sup> | 132989 | 112329  |
|  Series 2022-4, Class A22, 3.50%, 06/25/2052<sup>(a)(d)</sup> | 204020 | 178525  |
|  SCOTT Trust 2023-SFS, Series 2023-SFS, Class A, 5.91%, 03/10/2040<sup>(a)</sup> | 1550000 | 1583950  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| Sequoia Mortgage Trust  | Sequoia Mortgage Trust  | Sequoia Mortgage Trust  |
|  Series 2015-2, Class A1, 3.50%, 05/25/2045<sup>(a)(d)</sup> | $8317 | $7619  |
|  Series 2020-1, Class B4, 3.85%, 02/25/2050<sup>(a)(d)</sup> | 214511 | 173152  |
|  Series 2020-3, Class A19, 3.00%, 04/25/2050<sup>(a)(d)</sup> | 44563 | 38064  |
|  Series 2021-1, Class B3, 2.66%, 03/25/2051<sup>(a)(d)</sup> | 89804 | 73362  |
|  Series 2021-4, Class A19, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 77603 | 62967  |
|  Series 2023-1, Class A19, 5.00%, 01/25/2053<sup>(a)(d)</sup> | 187753 | 179627  |
|  Starwood Property Mortgage Trust, Series 2021-LIH, Class AS, 5.69% (1 mo. Term SOFR + 1.37%), 11/15/2036<sup>(a)</sup> | 1000000 | 988750  |
| STORE Master Funding LLC  | STORE Master Funding LLC  | STORE Master Funding LLC  |
|  Series 2019-1, Class A1, 2.82%, 11/20/2049<sup>(a)</sup> | 989276 | 952599  |
|  Series 2021-1A, Class A1, 2.12%, 06/20/2051<sup>(a)</sup> | 1128437 | 1033066  |
|  Tricon Residential Trust, Series 2025-SFR1, Class A, 5.40% (1 mo. Term SOFR + 1.10%), 03/17/2042<sup>(a)</sup> | 900000 | 899998  |
|  TYSN 2023-CRNR Mortgage Trust, Series 2023-CRNR, Class A, 6.58%, 12/10/2033<sup>(a)(d)</sup> | 1000000 | 1049470  |
|  UBS Commercial Mortgage Trust<br>|  |  |
|  Series 2017-C4, Class A3, 3.30%, 10/15/2050  | 1047682 | 1020765  |
|  Series 2017-C4, Class A4, 3.56%, 10/15/2050  | 148558 | 142756  |
|  Series 2017-C7, Class A3, 3.42%, 12/15/2050  | 214496 | 207878  |
|  Series 2018-C10, Class A3, 4.05%, 05/15/2051  | 1150844 | 1123351  |
|  Series 2018-C11, Class A3, 4.31%, 06/15/2051  | 152269 | 150408  |
|  UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 3.65%, 03/10/2046<sup>(a)(d)</sup> | 225000 | 173133  |
|  WB Commercial Mortgage Trust, Series 2024-HQ, Class A, 5.54%, 03/15/2040<sup>(a)(d)</sup> | 500000 | 501173  |
|  Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 05/15/2052  | 930258 | 890386  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  | &nbsp;&nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES — (continued)**  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI<br>|  |  |
|  Series 2024-5C1, Class A3, 5.93%, 07/15/2057  | $2300000 | $2385879  |
|  Series 2024-5C2, Class A3, 5.92%, 11/15/2057<sup>(d)</sup> | 2125000 | 2212761  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed <br>Securities Trust  | &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed <br>Securities Trust  | &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed <br>Securities Trust  |
|  Series 2019-2, Class A17, 4.00%, 04/25/2049<sup>(a)(d)</sup> | 6478 | 6141  |
|  Series 2021-2, Class A17, 2.50%, 06/25/2051<sup>(a)(d)</sup> | 280443 | 227553  |
|  Series 2022-2, Class A18, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 88750 | 72012  |
|  Series 2022-2, Class A2, 2.50%, 12/25/2051<sup>(a)(d)</sup> | 3972621 | 3243271  |
|  WF-RBS Commercial Mortgage Trust, Series 2013-C13, Class D, 3.93%, 05/15/2045<sup>(a)(d)</sup> | 180867 | 159852  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $173,181,337)** |  | 169183433  |
| **U.S. GOVERNMENT OBLIGATIONS — 6.5%** | **U.S. GOVERNMENT OBLIGATIONS — 6.5%** | **U.S. GOVERNMENT OBLIGATIONS — 6.5%** |
| U.S. Treasury Bonds  | U.S. Treasury Bonds  | U.S. Treasury Bonds  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041  | 350000 | 245547  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041  | 500000 | 370527  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042  | 90000 | 66797  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042  | 75000 | 58336  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043  | 2500000 | 2282031  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043  | 2415000 | 2156142  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043<sup>(n)</sup> | 275000 | 280940  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044  | 54000 | 50591  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044  | 3110000 | 3113888  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045  | 14554000 | 14820065  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045  | 2500000 | 1960938  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049  | 2940000 | 1944879  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050  | 2990000 | 1809184  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050  | 11155000 | 6072067  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051  | 1665000 | 965440  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051  | 62000 | 36924  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051  | 3215000 | 1849253  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052  | 960000 | 605625  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053  | 92000 | 77485  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053  | 2600000 | 2395859  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053  | 2230000 | 2279391  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054  | 253000 | 253820  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054  | 661000 | 623922  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054  | 10126000 | 9977274  |
| U.S. Treasury Notes  | U.S. Treasury Notes  | U.S. Treasury Notes  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026  | 120000 | 120619  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027  | $671000 | $673542  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027  | 2755000 | 2527390  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027  | 320000 | 321813  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028  | 2037000 | 2036682  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028  | 1000000 | 970039  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028  | 125000 | 125420  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028  | 1000000 | 911953  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029  | 52000 | 52142  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029  | 48400 | 49449  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029  | 55000 | 55670  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2029  | 136000 | 133530  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029  | 320000 | 320713  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029  | 315000 | 317436  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030  | 97000 | 98243  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030  | 12617000 | 12645585  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030  | 2500000 | 2461621  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030  | 41000 | 40566  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2030  | 167000 | 165147  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030  | 72000 | 73313  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030  | 125000 | 123301  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031  | 280000 | 281116  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031  | 55000 | 54035  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031  | 120000 | 120384  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/30/2031  | 2000000 | 2006328  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031  | 145000 | 148642  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032  | 177000 | 153700  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032  | 426000 | 427132  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032  | 67000 | 61985  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032  | 212000 | 193831  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033  | 3933000 | 3725442  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033  | 32000 | 31363  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034  | 160000 | 157825  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034  | 237000 | 240203  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034  | 471000 | 459078  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034  | 65000 | 65193  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035  | 2176000 | 2248080  |
| U.S. Treasury STRIP Coupon  | U.S. Treasury STRIP Coupon  | U.S. Treasury STRIP Coupon  |
|  Zero Coupon, 11/15/2040<sup>(m)</sup> | 305000 | 146432  |
|  Zero Coupon, 05/15/2041<sup>(m)(n)</sup> | 6840000 | 3192121  |
|  Zero Coupon, 11/15/2041<sup>(m)</sup> | 440000 | 199729  |
|  Zero Coupon, 02/15/2042<sup>(m)(n)</sup> | 1090000 | 489005  |
|  Zero Coupon, 05/15/2042<sup>(m)</sup> | 80000 | 35381  |
|  Zero Coupon, 11/15/2042<sup>(m)</sup> | 935000 | 402725  |
|  Zero Coupon, 08/15/2043<sup>(m)</sup> | 480000 | 198813  |
|  Zero Coupon, 11/15/2043<sup>(m)</sup> | 270000 | 110468  |
|  Zero Coupon, 02/15/2044<sup>(m)</sup> | 1020000 | 411733  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **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>(m)</sup> | $205000 | $81681  |
|  Zero Coupon, 08/15/2044<sup>(m)</sup> | 975000 | 384270  |
|  Zero Coupon, 11/15/2044<sup>(m)</sup> | 490000 | 190660  |
|  Zero Coupon, 02/15/2045<sup>(m)</sup> | 265000 | 101867  |
|  Zero Coupon, 11/15/2045<sup>(m)</sup> | 560000 | 208085  |
|  Zero Coupon, 02/15/2046<sup>(m)</sup> | 405000 | 148601  |
|  Zero Coupon, 05/15/2046<sup>(m)</sup> | 235000 | 85285  |
|  Zero Coupon, 02/15/2050<sup>(m)</sup> | 330000 | 100382  |
|  Zero Coupon, 05/15/2050<sup>(m)</sup> | 185000 | 55725  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034  | 1033440 | 1031652  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054  | 1035080 | 993087  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT OBLIGATIONS** <br>**(Cost $101,658,039)** |  | 97463138  |
| **FOREIGN CORPORATE BONDS — 6.1%** | **FOREIGN CORPORATE BONDS — 6.1%** |  |
| **BASIC MATERIALS — 0.3%**<br>|  |  |
|  Alcoa Nederland Holding BV, 7.13%, 03/15/2031<sup>(a)</sup> | 345000 | 355134  |
| BHP Billiton Finance USA Ltd.  | BHP Billiton Finance USA Ltd.  | BHP Billiton Finance USA Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2033  | 980000 | 991610  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/21/2035  | 150000 | 151290  |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, <br>6.78%, 01/13/2055<sup>(a)</sup> | 204000 | 209061  |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty Ltd., <br>6.13%, 04/15/2032<sup>(a)</sup> | 500000 | 493130  |
| Nutrien Ltd.  | Nutrien Ltd.  | Nutrien Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/21/2027  | 70000 | 70818  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/21/2034  | 1000000 | 1002559  |
| &nbsp;&nbsp;&nbsp; OCP SA, <br>6.75%, 05/02/2034<sup>(a)</sup> | 426000 | 437401  |
| Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035  | 200000 | 201536  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/14/2065  | 59000 | 59672  |
|  South32 Treasury Ltd., 4.35%, 04/14/2032<sup>(a)</sup> | 177000 | 165315  |
| **Total Basic Materials** |  | 4137526  |
| **COMMUNICATIONS — 0.1%** <br>|  |  |
|  Telefonica Emisiones SA, 4.90%, 03/06/2048  | 150000 | 126096  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Turkcell Iletisim Hizmetleri AS, 7.65%, 01/24/2032<sup>(a)</sup> | $500000 | $505215  |
| Vodafone Group PLC  | Vodafone Group PLC  | Vodafone Group PLC  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/17/2050  | 50000 | 38503  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/10/2063  | 82000 | 77200  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/28/2064  | 312000 | 299127  |
| **Total Communications** |  | 1046141  |
| **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 | 119471  |
| &nbsp;&nbsp;&nbsp; Carnival Corp., <br>6.13%, 02/15/2033<sup>(a)</sup> | 185000 | 182304  |
| &nbsp;&nbsp;&nbsp; Sands China Ltd., <br>5.40%, 08/08/2028<sup>(c)</sup> | 200000 | 200187  |
| **Total Consumer, Cyclical** |  | 501962  |
| **CONSUMER, NON-CYCLICAL — 0.3%**  | **CONSUMER, NON-CYCLICAL — 0.3%**  |  |
| BAT International Finance PLC  | BAT International Finance PLC  | BAT International Finance PLC  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/16/2028  | 740000 | 736411  |
| &nbsp;&nbsp;&nbsp; 5.93%, 02/02/2029  | 40000 | 41689  |
|  Belron UK Finance PLC, 5.75%, 10/15/2029<sup>(a)</sup> | 200000 | 198600  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co.Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032  | 520000 | 468537  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034  | 836000 | 902515  |
|  Pfizer Investment Enterprises Pte Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/19/2033  | 119000 | 117692  |
| &nbsp;&nbsp;&nbsp; 5.11%, 05/19/2043  | 82000 | 78202  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/19/2053  | 1021000 | 969412  |
| &nbsp;&nbsp;&nbsp; 5.34%, 05/19/2063  | 79000 | 73552  |
| Royalty Pharma PLC  | Royalty Pharma PLC  | Royalty Pharma PLC  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/02/2029  | 65000 | 65427  |
| &nbsp;&nbsp;&nbsp; 2.15%, 09/02/2031  | 184000 | 154171  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/02/2054  | 77000 | 73658  |
| &nbsp;&nbsp;&nbsp; STERIS Irish FinCo UnLtd Co., <br>3.75%, 03/15/2051  | 442000 | 319578  |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., Ltd., <br>5.80%, 07/05/2064  | 200000 | 196034  |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd., <br>3.15%, 06/15/2031<sup>(a)</sup> | 428000 | 371113  |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd. / TAL International Container Corp., <br>3.25%, 03/15/2032  | 109000 | 93511  |
|  **Total Consumer, Non-cyclical** |  | 4860102  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **ENERGY — 1.1%** <br>|  |  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031<sup>(a)</sup> | $500000 | $467496  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031<sup>(a)</sup> | 900000 | 792456  |
|  BP Capital Markets PLC, 6.45% to 03/01/2034 then 5 yr. CMT Rate + 2.15%, Perpetual  | 1000000 | 1020300  |
|  Canadian Natural Resources Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029<sup>(a)</sup> | 265000 | 264861  |
| &nbsp;&nbsp;&nbsp; 5.85%, 02/01/2035  | 310000 | 314363  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2038  | 200000 | 207494  |
| Cenovus Energy, Inc.  | Cenovus Energy, Inc.  | Cenovus Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2037  | 77000 | 73982  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2052  | 90000 | 61806  |
| Ecopetrol SA  | Ecopetrol SA  | Ecopetrol SA  |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029  | 525000 | 556808  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032  | 435000 | 427028  |
| Enbridge, Inc.  | Enbridge, Inc.  | Enbridge, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2028  | 540000 | 562002  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/2034  | 1000000 | 1015846  |
| &nbsp;&nbsp;&nbsp; Eni SpA, <br>5.95%, 05/15/2054<sup>(a)</sup> | 200000 | 195604  |
| &nbsp;&nbsp;&nbsp; Equinor ASA, <br>3.25%, 11/18/2049  | 1000000 | 699278  |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, <br>6.51%, 02/23/2042<sup>(a)</sup> | 200000 | 208879  |
| Petroleos Mexicanos  | Petroleos Mexicanos  | Petroleos Mexicanos  |
| &nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027  | 262000 | 256697  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027  | 200000 | 195671  |
| &nbsp;&nbsp;&nbsp; QatarEnergy, <br>2.25%, 07/12/2031<sup>(a)</sup> | 200000 | 172800  |
|  Raizen Fuels Finance SA, 6.95%, 03/05/2054<sup>(a)</sup> | 1075000 | 1047916  |
| &nbsp;&nbsp;&nbsp; Sweihan PV Power Co. PJSC, <br>3.63%, 01/31/2049<sup>(a)</sup> | 922240 | 760376  |
| TotalEnergies Capital SA  | TotalEnergies Capital SA  | TotalEnergies Capital SA  |
| &nbsp;&nbsp;&nbsp; 4.72%, 09/10/2034  | 775000 | 760530  |
| &nbsp;&nbsp;&nbsp; 5.49%, 04/05/2054  | 825000 | 798217  |
| &nbsp;&nbsp;&nbsp; 5.43%, 09/10/2064  | 2574000 | 2423875  |
| &nbsp;&nbsp;&nbsp; UEP Penonome II SA, <br>6.50%, 10/01/2038<sup>(a)</sup> | 848137 | 754836  |
|  Woodside Finance Ltd., 5.10%, 09/12/2034  | 2500000 | 2425517  |
| **Total Energy** |  | 16464638  |
| **FINANCIAL — 3.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, <br>2.45%, 10/29/2026  | 150000 | 144959  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  African Development Bank, 5.75% to 08/07/2034 then 5 yr. CMT Rate + 1.58%, Perpetual  | $1000000 | $962072  |
|  Amazon Conservation DAC, 6.03%, 01/16/2042<sup>(a)</sup> | 2000000 | 1995000  |
|  Arab Energy Fund, 5.43%, 05/02/2029<sup>(o)</sup> | 1695000 | 1741443  |
| Banco Santander SA  | Banco Santander SA  | Banco Santander SA  |
| &nbsp;&nbsp;&nbsp; 5.57%, 01/17/2030  | 800000 | 821080  |
|  5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030  | 200000 | 204205  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034  | 200000 | 205343  |
| &nbsp;&nbsp;&nbsp; 6.03%, 01/17/2035  | 1200000 | 1242076  |
|  Bank of Montreal, 7.70% to 05/26/2029 then 5 yr. CMT Rate + 3.45%, 05/26/2084  | 1000000 | 1016136  |
| Bank of Nova Scotia (The)  | Bank of Nova Scotia (The)  | Bank of Nova Scotia (The)  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/01/2034  | 132000 | 136683  |
|  4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037  | 265000 | 244794  |
| Barclays PLC  | Barclays PLC  | Barclays PLC  |
| &nbsp;&nbsp;&nbsp; 2.28% to 11/24/2026 then <br>1 yr. CMT Rate + 1.05%, 11/24/2027  | 1430000 | 1374786  |
|  7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual  | 400000 | 391178  |
|  3.56% to 09/23/2030 then 5 yr. CMT Rate + 2.90%, 09/23/2035  | 400000 | 361223  |
| BB Blue Financing DAC  | BB Blue Financing DAC  | BB Blue Financing DAC  |
| 4.40%, 09/20/2029  | 1000000 | 999132  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/20/2037  | 1000000 | 979057  |
| BNP Paribas SA  | BNP Paribas SA  | BNP Paribas SA  |
|  1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027<sup>(a)</sup> | 730000 | 710766  |
|  1.68% to 06/30/2026 then SOFR + 0.91%, 06/30/2027<sup>(a)</sup> | 440000 | 424610  |
|  5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030<sup>(a)</sup> | 239000 | 241509  |
|  5.89% to 12/05/2033 then SOFR + 1.87%, 12/05/2034<sup>(a)</sup> | 1175000 | 1229941  |
|  BPCE SA, 5.88% to 01/14/2030 then SOFR + 1.68%, 01/14/2031<sup>(a)</sup> | 550000 | 563254  |
|  CaixaBank SA, 6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027<sup>(a)</sup> | 610000 | 627193  |
| &nbsp;&nbsp;&nbsp; CDP Financial, Inc., <br>1.00%, 05/26/2026<sup>(a)</sup> | 1000000 | 964627  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  | **FINANCIAL — (continued)**  |
|  Cooperatieve Rabobank UA, 1.00% to 09/24/2025 then 1 yr. CMT Rate + 0.73%, 09/24/2026<sup>(a)</sup> | $261000 | $256410  |
|  Cooperatieve Rabobank UA/NY, 4.88%, 01/21/2028  | 250000 | 253734  |
| Credit Agricole SA  | Credit Agricole SA  | Credit Agricole SA  |
|  5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029<sup>(a)</sup> | 250000 | 252707  |
|  6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035<sup>(a)</sup> | 1000000 | 1022250  |
|  5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 325000 | 332491  |
|  Credit Agricole SA/London, 1.91% to 06/16/2025 then SOFR + 1.68%, 06/16/2026<sup>(a)</sup> | 250000 | 248471  |
|  Credit Suisse AG/New York NY, 7.50%, 02/15/2028  | 250000 | 269218  |
|  Danske Bank AS, 6.26% to 09/22/2025 then 1 yr. CMT Rate + 1.18%, 09/22/2026<sup>(a)</sup> | 485000 | 488401  |
| Deutsche Bank AG/New York NY | Deutsche Bank AG/New York NY |  |
|  2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027  | 180000 | 172965  |
|  5.61% (SOFR + 1.22%), 11/16/2027  | 240000 | 240871  |
|  6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029  | 1100000 | 1166464  |
|  5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030  | 163000 | 162223  |
|  3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033  | 225000 | 197714  |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd., <br>3.10%, 09/01/2031  | 39000 | 33620  |
| Fairfax Financial Holdings Ltd.  | Fairfax Financial Holdings Ltd.  | Fairfax Financial Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032  | 500000 | 510671  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/07/2033  | 975000 | 1015781  |
|  Federation des Caisses Desjardins du Quebec, 5.15%, 11/27/2028<sup>(a)</sup> | 600000 | 617519  |
|  GPS Blue Financing DAC, 5.65%, 11/09/2041<sup>(a)</sup> | 1000000 | 986184  |
| HSBC Holdings PLC  | HSBC Holdings PLC  | HSBC Holdings PLC  |
|  6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029  | 1200000 | 1243659  |
|  5.73% to 05/17/2031 then SOFR + 1.52%, 05/17/2032  | 200000 | 205987  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.87% to 11/18/2034 then SOFR + 1.90%, <br>11/18/2035  | $206000 | $205263  |
|  6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044  | 200000 | 213093  |
|  International Development Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/27/2029<sup>(a)</sup> | 1700000 | 1718266  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/12/2035<sup>(a)</sup> | 1425000 | 1438506  |
| Intesa Sanpaolo SpA  | Intesa Sanpaolo SpA  | Intesa Sanpaolo SpA  |
| &nbsp;&nbsp;&nbsp; 7.20%, 11/28/2033<sup>(a)</sup> | 1000000 | 1108910  |
| &nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053<sup>(a)</sup> | 1000000 | 1157591  |
|  7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054<sup>(a)</sup> | 200000 | 222178  |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd., <br>3.76% to 11/28/2027 then 3 mo. LIBOR US + 1.37%, 11/28/2028<sup>(a)(e)</sup> | 8000 | 7809  |
|  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 | 197383  |
|  Mitsubishi UFJ Financial Group, Inc., 5.24% to 04/19/2028 then 1 yr. CMT Rate + 1.70%, 04/19/2029  | 655000 | 667224  |
|  Mizuho Financial Group, Inc., 5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029  | 292000 | 301416  |
|  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 | 1019875  |
| NatWest Group PLC  | NatWest Group PLC  | NatWest Group PLC  |
|  4.96% to 08/15/2029 then 1 yr. CMT Rate + 1.22%, 08/15/2030  | 202000 | 202179  |
|  8.13% to 05/10/2034 then 5 yr. CMT Rate + 3.75%, Perpetual  | 1000000 | 1049878  |
|  NatWest Markets PLC, 4.79%, 03/21/2028<sup>(a)</sup> | 202000 | 203073  |
|  Nomura Holdings, Inc., 2.61%, 07/14/2031  | 200000 | 172660  |
| OMERS Finance Trust  | OMERS Finance Trust  | OMERS Finance Trust  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/19/2032<sup>(a)</sup> | 1000000 | 935852  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/19/2052<sup>(a)</sup> | 1000000 | 786667  |
| Royal Bank of Canada  | Royal Bank of Canada  | Royal Bank of Canada  |
| &nbsp;&nbsp;&nbsp; 1.05%, 09/14/2026<sup>(a)</sup> | 1000000 | 955648  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/14/2026<sup>(a)</sup> | 1000000 | 1009601  |

---

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

52<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  | **FOREIGN CORPORATE BONDS — (continued)**  |
| **FINANCIAL — (continued)** | **FINANCIAL — (continued)** | **FINANCIAL — (continued)** |
| Royal Bank of Canada (continued) | Royal Bank of Canada (continued) | Royal Bank of Canada (continued) |
|  4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028  | $245000 | $245659  |
| Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028<sup>(a)</sup> | 795000 | 765430  |
|  5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028<sup>(a)</sup> | 760000 | 767479  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br>5.84%, 07/09/2044  | 71000 | 72417  |
| Sumitomo Mitsui Trust Bank Ltd.  | Sumitomo Mitsui Trust Bank Ltd.  | Sumitomo Mitsui Trust Bank Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/09/2026<sup>(a)</sup> | 245000 | 247630  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/10/2027<sup>(a)</sup> | 211000 | 210865  |
| &nbsp;&nbsp;&nbsp; Swedbank AB, <br>1.54%, 11/16/2026<sup>(a)</sup> | 213000 | 203719  |
| UBS Group AG  | UBS Group AG  | UBS Group AG  |
|  9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual<sup>(a)</sup> | 625000 | 678775  |
|  5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 1701000 | 1731876  |
|  5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + 1.34%, 09/13/2030<sup>(a)</sup> | 1000000 | 1026596  |
|  3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032<sup>(a)</sup> | 285000 | 253710  |
|  9.25% to 11/13/2033 then 5 yr. CMT Rate + 4.76%, Perpetual<sup>(a)</sup> | 525000 | 599131  |
|  6.30% to 09/22/2033 then 1 yr. CMT Rate + 2.00%, 09/22/2034<sup>(a)</sup> | 1000000 | 1062989  |
|  5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035<sup>(a)</sup> | 1150000 | 1179251  |
|  WLB Asset II C Pte Ltd., 3.90%, 12/23/2025<sup>(a)</sup> | 965129 | 932039  |
|  WLB Asset II D Pte Ltd., 6.50%, 12/21/2026<sup>(a)</sup> | 1000000 | 948851  |
| **Total Financial** |  | 51757896  |
| **INDUSTRIAL — 0.3%** <br>|  |  |
|  Amcor Group Finance PLC, 5.45%, 05/23/2029  | 1000000 | 1022682  |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, <br>5.13%, 03/26/2029<sup>(a)</sup> | 585000 | 594010  |
| Canadian Pacific Railway Co.  | Canadian Pacific Railway Co.  | Canadian Pacific Railway Co.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/30/2035  | 97000 | 97011  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/2048  | 78000 | 68459  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  GFL Environmental, Inc., 6.75%, 01/15/2031<sup>(a)</sup> | $90000 | $92773  |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/31/2026<sup>(a)</sup> | 280000 | 274400  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2028<sup>(a)</sup> | 200000 | 190750  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/31/2047<sup>(a)</sup> | 650000 | 533958  |
|  nVent Finance Sarl, 2.75%, 11/15/2031  | 281000 | 241497  |
|  Smurfit Westrock Financing DAC, 5.42%, 01/15/2035<sup>(a)</sup> | 1475000 | 1481422  |
|  Waste Connections, Inc., 2.20%, 01/15/2032  | 214000 | 181198  |
| **Total Industrial** |  | 4778160  |
| **UTILITIES — 0.6%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC, <br>2.00%, 04/29/2028<sup>(a)</sup> | 200000 | 185022  |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA, <br>4.55%, 09/27/2051<sup>(a)</sup> | 197609 | 151630  |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., <br>5.37%, 06/15/2026<sup>(c)</sup> | 340000 | 341958  |
|  AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054<sup>(a)</sup> | 2225000 | 2194934  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, <br>6.38%, 02/15/2032<sup>(a)</sup> | 900000 | 872691  |
| Comision Federal de Electricidad  | Comision Federal de Electricidad  | Comision Federal de Electricidad  |
| &nbsp;&nbsp;&nbsp; 4.69%, 05/15/2029<sup>(a)</sup> | 400000 | 383382  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030<sup>(a)</sup> | 1925000 | 1883805  |
|  Consorcio Transmantaro SA, 4.70%, 04/16/2034<sup>(a)</sup> | 430000 | 413678  |
|  Enel Finance International NV, 5.13%, 06/26/2029<sup>(a)</sup> | 1300000 | 1313870  |
| &nbsp;&nbsp;&nbsp; Engie SA, <br>5.88%, 04/10/2054<sup>(a)</sup> | 205000 | 203373  |
|  Eskom Holdings SOC Ltd., 6.35%, 08/10/2028<sup>(a)</sup> | 200000 | 198600  |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/2033<sup>(a)</sup> | 372500 | 374632  |
| **Total Utilities** |  | 8517575  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN CORPORATE BONDS** <br>**(Cost $92,480,469)** |  | 92064000  |
| **MUNICIPAL BONDS - 2.2%** | **MUNICIPAL BONDS - 2.2%** |  |
| **ALASKA — 0.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Port Lions AK, <br>7.50%, 10/01/2052  | 1510000 | 1593363  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
| **ARIZONA — 0.2%**<br>|  |  |
|  Arizona Industrial Development Authority, 3.25%, 07/01/2031 (Obligor: KIPP NYC Public Charter Schools)  | $750000 | $670599  |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, <br>4.84%, 01/01/2041  | 2500000 | 2363382  |
| **Total Arizona** |  | 3033981  |
| **CALIFORNIA — 0.7%**<br>|  |  |
|  Bay Area Toll Authority, 6.26%, 04/01/2049  | 150000 | 160229  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br>4.35%, 06/01/2041  | 250000 | 226306  |
| &nbsp;&nbsp;&nbsp; City & County of San <br>Francisco CA | &nbsp;&nbsp;&nbsp; City & County of San <br>Francisco CA | &nbsp;&nbsp;&nbsp; City & County of San <br>Francisco CA |
| &nbsp;&nbsp;&nbsp; 5.77%, 06/15/2045  | 2500000 | 2575331  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2064  | 1000000 | 980765  |
|  City & County of San Francisco CA Community Facilities District No 2014-1, 3.48%, 09/01/2050  | 1000000 | 720461  |
| City of Los Angeles CA | City of Los Angeles CA | City of Los Angeles CA |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2037  | 315000 | 268300  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/01/2039  | 1000000 | 953468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042  | 1000000 | 955734  |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.66%, 10/01/2027  | 1400000 | 1412659  |
|  San Jose Financing Authority, 4.66%, 05/01/2037  | 500000 | 472963  |
| &nbsp;&nbsp;&nbsp; State of California, <br>7.35%, 11/01/2039  | 275000 | 320820  |
| &nbsp;&nbsp;&nbsp; Tuolumne Wind Project Authority, <br>6.92%, 01/01/2034  | 1000000 | 1086342  |
| **Total California** |  | 10133378  |
| **CONNECTICUT — 0.1%**<br>|  |  |
|  Connecticut Green Bank, 2.90%, 11/15/2035 (Obligor: Connecticut Light & Power Co. (The))  | 1000000 | 857391  |
| **HAWAII — 0.1%** | **HAWAII — 0.1%** |  |
|  City & County of Honolulu HI, 4.79%, 07/01/2032  | 1130000 | 1154902  |
|  State of Hawaii Department of Business Economic Development & Tourism, 3.24%, 01/01/2031  | 737744 | 718653  |
| **Total Hawaii** |  | 1873555  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **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  |
|  Indiana Finance Authority, 3.05%, 01/01/2051 (Obligor: East End Crossing Partners LLC)  | 215000 | 154978  |
| **Total Indiana** |  | 155001  |
| **MARYLAND — 0.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic <br>Development Corp.  | &nbsp;&nbsp;&nbsp; Maryland Economic <br>Development Corp.  | &nbsp;&nbsp;&nbsp; Maryland Economic <br>Development Corp.  |
| &nbsp;&nbsp;&nbsp; 5.43%, 05/31/2056  | 915000 | 893012  |
|  5.94%, 05/31/2057 (Obligor: University of Maryland)  | 1000000 | 1017488  |
|  Montgomery County Housing Opportunities Commission, 5.42%, 12/01/2044  | 500000 | 495644  |
| **Total Maryland** |  | 2406144  |
| **MICHIGAN — 0.0%<sup>(j)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Detroit MI, <br>2.51%, 04/01/2025  | 650000 | 650000  |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** |  |
|  Minnesota Housing Finance Agency, 5.95%, 08/01/2054  | 750000 | 755662  |
|  University of Minnesota, 4.05%, 04/01/2052  | 380000 | 317012  |
| **Total Minnesota** |  | 1072674  |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |  |
|  New Hampshire Business Finance Authority <br>|  |  |
|  4.65%, 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 | 731424  |
| **Total New Hampshire** |  | 2481424  |
| **New Jersey — 0.0%<sup>(j)</sup>** | **New Jersey — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Morris County Improvement Authority, <br>1.05%, 06/15/2026  | 200000 | 192659  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, <br>7.41%, 01/01/2040  | 300000 | 360547  |
| **Total New Jersey** |  | 553206  |
| **New York — 0.2%** | **New York — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City of New York NY, <br>5.09%, 10/01/2049  | 750000 | 728924  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** | **MUNICIPAL BONDS — (continued)** |
| **New York — (continued)** | **New York — (continued)** | **New York — (continued)** |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, <br>1.51%, 09/25/2037  | $9865000 | $1021222  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily <br>Variable Rate Certificate | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily <br>Variable Rate Certificate | &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily <br>Variable Rate Certificate |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/15/2036  | 984430 | 878677  |
| &nbsp;&nbsp;&nbsp; 4.05%, 08/25/2038  | 976652 | 921417  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, <br>5.18%, 11/15/2049  | 75000 | 67489  |
| **Total New York** |  | 3617729  |
| **Ohio — 0.2%** | **Ohio — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., <br>8.08%, 02/15/2050  | 1000000 | 1267179  |
| &nbsp;&nbsp;&nbsp; Toledo Lucas County Public Library, <br>4.75%, 12/01/2033  | 325000 | 326072  |
| &nbsp;&nbsp;&nbsp; Toledo-Lucas County Port Authority, <br>5.85%, 11/15/2049  | 1000000 | 976661  |
| **Total Ohio** |  | 2569912  |
| **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Philadelphia Energy Authority (The), <br>5.39%, 11/01/2025  | 500000 | 502632  |
|  Redevelopment Authority of the City of Philadelphia, 5.23%, 09/01/2040  | 500000 | 494378  |
| **Total Pennsylvania** |  | 997010  |
| **South Dakota — 0.0%<sup>(j)</sup>** | **South Dakota — 0.0%<sup>(j)</sup>** |  |
|  South Dakota Housing Development Authority, 5.46%, 05/01/2053  | 270000 | 274255  |
| **Wisconsin — 0.0%<sup>(j)</sup>** | **Wisconsin — 0.0%<sup>(j)</sup>** |  |
|  Public Finance Authority, 5.29%, 07/01/2029 (Obligor: BlueHub Loan Fund, Inc.)  | 550000 | 556387  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $33,639,482)** |  | 32825410  |
| **FOREIGN GOVERNMENT AGENCIES — 1.4%** | **FOREIGN GOVERNMENT AGENCIES — 1.4%** | **FOREIGN GOVERNMENT AGENCIES — 1.4%** |
| **Canada — 0.7%** | **Canada — 0.7%** |  |
| Export Development Canada  | Export Development Canada  | Export Development Canada  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/26/2025  | 1000000 | 995705  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/14/2028  | 1800000 | 1794095  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/05/2034  | 1000000 | 1030810  |
| &nbsp;&nbsp;&nbsp; Province of British Columbia Canada, <br>4.20%, 07/06/2033  | 260000 | 253318  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
|  Province of Ontario Canada, 5.05%, 04/24/2034  | $1000000 | $1030032  |
| Province of Quebec Canada  | Province of Quebec Canada  | Province of Quebec Canada  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/12/2027  | 1000000 | 972735  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/21/2031  | 1000000 | 871333  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/08/2033  | 1000000 | 993968  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/05/2034  | 2000000 | 1938746  |
| **Total Canada** |  | 9880742  |
| **France — 0.1%** | **France — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale, <br>4.88%, 09/19/2026<sup>(a)</sup> | 1000000 | 1009863  |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, <br>0.88%, 09/03/2030  | 1000000 | 845717  |
| **Honduras — 0.1%** | **Honduras — 0.1%** |  |
|  Central American Bank for Economic Integration, 4.75%, 01/24/2028<sup>(a)</sup> | 1000000 | 1009704  |
| **Italy — 0.0%<sup>(j)</sup>** | **Italy — 0.0%<sup>(j)</sup>** |  |
|  Cassa Depositi e Prestiti SpA, 5.88%, 04/30/2029<sup>(a)</sup> | 600000 | 623554  |
| **Japan — 0.1%** | **Japan — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Japan Bank for International Cooperation, <br>4.38%, 10/05/2027  | 1000000 | 1006244  |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; BNG Bank NV, <br>3.50%, 05/19/2028<sup>(a)</sup> | 1000000 | 983691  |
| &nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank <br>NV  | &nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank <br>NV  | &nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank <br>NV  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2028<sup>(a)</sup> | 1500000 | 1499032  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/28/2029<sup>(a)</sup> | 1000000 | 1008500  |
| **Total Netherlands** |  | 3491223  |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| Arab Energy Fund  | Arab Energy Fund  | Arab Energy Fund  |
| &nbsp;&nbsp;&nbsp; 1.48%, 10/06/2026<sup>(a)</sup> | 1200000 | 1145580  |
| &nbsp;&nbsp;&nbsp; 5.43%, 05/02/2029<sup>(a)</sup> | 1000000 | 1027850  |
| **Total Saudi Arabia** |  | 2173430  |
| **South Korea — 0.0%<sup>(j)</sup>** | **South Korea — 0.0%<sup>(j)</sup>** |  |
| Korea National Oil Corp.  | Korea National Oil Corp.  | Korea National Oil Corp.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/03/2026<sup>(a)</sup> | 200000 | 200595  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/03/2028<sup>(a)</sup> | 205000 | 207166  |
| **Total South Korea** |  | 407761  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCIES** <br>**(Cost $20,705,827)** |  | 20448238  |

---

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

55<br>

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **SUPRANATIONAL BONDS — 1.0%** | **SUPRANATIONAL BONDS — 1.0%** |  |
| African Development Bank | African Development Bank | African Development Bank |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/25/2027  | $1000000 | $1001855  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/18/2029  | 1000000 | 977811  |
|  Asian Development Bank, 3.13%, 09/26/2028  | 1500000 | 1458799  |
|  Asian Infrastructure Investment Bank (The), 4.88%, 09/14/2026  | 1000000 | 1011546  |
|  Corp. Andina de Fomento, 5.00%, 01/24/2029  | 365000 | 372257  |
| &nbsp;&nbsp;&nbsp; Council Of Europe Development Bank, <br>3.00%, 06/16/2025  | 1000000 | 996643  |
| European Investment Bank  | European Investment Bank  | European Investment Bank  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/24/2027  | 1000000 | 966918  |
| &nbsp;&nbsp;&nbsp; 0.63%, 10/21/2027  | 700000 | 643910  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027  | 1110000 | 1090513  |
| &nbsp;&nbsp;&nbsp; 0.75%, 09/23/2030  | 1000000 | 839399  |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, <br>1.13%, 07/20/2028  | 383000 | 349382  |
| &nbsp;&nbsp;&nbsp; International Bank for <br>Reconstruction & Development  | &nbsp;&nbsp;&nbsp; International Bank for <br>Reconstruction & Development  | &nbsp;&nbsp;&nbsp; International Bank for <br>Reconstruction & Development  |
| &nbsp;&nbsp;&nbsp; 0.00%, 03/31/2027<sup>(m)</sup> | 1000000 | 917629  |
| &nbsp;&nbsp;&nbsp; 0.75%, 11/24/2027  | 334000 | 307175  |
| &nbsp;&nbsp;&nbsp; 0.00% (N/A), 03/31/2028<sup>(d)</sup> | 1000000 | 972661  |
|  International Finance Facility for Immunisation Co., 1.00%, 04/21/2026<sup>(o)</sup> | 1000000 | 966182  |
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, <br>0.75%, 09/30/2030  | 1000000 | 839113  |
| &nbsp;&nbsp;&nbsp; OPEC Fund for International Development (The), <br>4.50%, 01/26/2026<sup>(a)</sup> | 1000000 | 1001038  |
| &nbsp;&nbsp;&nbsp; **TOTAL SUPRANATIONAL BONDS** <br>**(Cost $15,145,509)** |  | 14712831  |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** |
| **Bermuda — 0.0%<sup>(j)</sup>** | **Bermuda — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, <br>2.38%, 08/20/2030<sup>(a)</sup> | 200000 | 173740  |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Canada Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Canada Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Canada Government <br>International Bond  |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/28/2025  | 1100000 | 1098665  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/18/2030  | 1000000 | 998269  |
| **Total Canada** |  | 2096934  |
| **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, <br>8.75%, 11/14/2053  | 1000000 | 991890  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Indonesia Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Indonesia Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Indonesia Government <br>International Bond  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/11/2028  | $280000 | $272013  |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/15/2035  | 1090000 | 1113295  |
| **Total Indonesia** |  | 1385308  |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, <br>5.38%, 02/19/2030  | 917000 | 923701  |
| **Italy - 0.0%<sup>(j)</sup>** | **Italy - 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Republic of Italy Government International Bond, <br>4.00%, 10/17/2049  | 1000000 | 733616  |
| **Jordan — 0.1%** | **Jordan — 0.1%** |  |
|  Hashemite Kingdom of Jordan Government AID Bond, 3.00%, 06/30/2025  | 900000 | 895743  |
| **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Mexico Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Mexico Government <br>International Bond  | &nbsp;&nbsp;&nbsp; Mexico Government <br>International Bond  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036  | 461000 | 445303  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037  | 933000 | 955019  |
| &nbsp;&nbsp;&nbsp; 4.28%, 08/14/2041  | 260000 | 197005  |
| **Total Mexico** |  | 1597327  |
| **Oman — 0.1%** | **Oman — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, <br>4.75%, 06/15/2026<sup>(a)</sup> | 815000 | 810421  |
| **Panama — 0.0%<sup>(j)</sup>** | **Panama — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, <br>6.70%, 01/26/2036  | 100000 | 95610  |
| **Peru — 0.0%<sup>(j)</sup>** | **Peru — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, <br>2.78%, 01/23/2031  | 107000 | 93721  |
| **Poland — 0.0%<sup>(j)</sup>** | **Poland — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, <br>5.38%, 02/12/2035  | 715000 | 718757  |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bond, <br>5.13%, 01/13/2028<sup>(a)</sup> | 755000 | 763977  |

---

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 (unaudited)(continued)** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** <br>**Amount** | **Value**  |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** |
| **Serbia — 0.1%** | **Serbia — 0.1%** |  |
| Serbia International Bond | Serbia International Bond | Serbia International Bond |
| &nbsp;&nbsp;&nbsp; 2.13%, 12/01/2030<sup>(a)</sup> | $370000 | $304875  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/2034<sup>(a)</sup> | 1170000 | 1159896  |
| **Total Serbia** |  | 1464771  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** <br>**(Cost $12,994,090)** |  | 12745516  |
| **BANK LOANS — 0.1%** | **BANK LOANS — 0.1%** |  |
| **Industrial — 0.1%** | **Industrial — 0.1%** | **Industrial — 0.1%** |
|  LTR Intermediate Holdings, Inc., 8.93% (1 mo. Term SOFR + 4.50%), 05/08/2028  | 969849 | 935497  |
| **Utilities — 0.0%<sup>(j)</sup>** | **Utilities — 0.0%<sup>(j)</sup>** | **Utilities — 0.0%<sup>(j)</sup>** |
|  Constellation Renewables LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.25%), 12/15/2027 | 840195 | 838355  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $1,800,884)** |  | 1773852 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **EXCHANGE-TRADED FUNDS — 9.1%** | **EXCHANGE-TRADED FUNDS — 9.1%** |  |
|  iShares 10-20 Year Treasury Bond ETF  | 461898 | 47921917  |
|  iShares Core U.S. Aggregate Bond ETF  | 887779 | 87819099  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED-FUNDS** <br>**(Cost $134,069,253)** |  | 135741016  |
| **MUTUAL FUNDS — 6.2%** | **MUTUAL FUNDS — 6.2%** |  |
|  BrandywineGLOBAL High Yield Fund - Class IS  | 5853477 | 59588395  |
|  MainStay MacKay High Yield Corporate Bond Fund - Class R6  | 6431027 | 33184101  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUTUAL FUNDS** <br>**(Cost $91,649,576)** |  | 92772496  |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |  |
| **FINANCIAL — 0.1%** | **FINANCIAL — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Gladstone Investment Corp., 4.88%, 11/01/2028 <br>(Cost $1,830,000) | 73200 | 1699704  |
| **COMMON STOCKS — 0.0%<sup>(j)</sup>** | **COMMON STOCKS — 0.0%<sup>(j)</sup>** |  |
| &nbsp;&nbsp;&nbsp; **Diversfied Financial** <br>**Services — 0.0%<sup>(j)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bruin Blocker LLC<sup>(k)</sup> <br>(Cost $3,930) | 4367 | 0  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity FedFund - Institutional Class, 4.23%<sup>(l)</sup> <br>(Cost $15,461,379) | 15461379 | $15461379  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.8%** <br>**(Cost $1,523,660,181)** |  | $1495021656  |
| &nbsp;&nbsp;&nbsp; **OTHER ASSETS AND LIABILITIES,** <br>**NET — 0.2%** |  | 3544078  |
| **NET ASSETS — 100.0%** |  | $1498565734 |

---

<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, 2025, the value of these securities total $410,594,055 or 27.4% of the Fund's net assets. 

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

<sup>(c)</sup> Step coupon bond. Coupon rate increases or decreases in increments to maturity. Rate shown as of March 31, 2025. Maturity date shown is the final maturity.

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

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

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

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

<sup>(h)</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, 2025.

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

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

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

<sup>(l)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

<sup>(n)</sup> A portion of this security is pledged as collateral for open derivatives positions. At March 31, 2025, the value of these securities was $2,403,002, representing 0.2% of net assets. 

<sup>(o)</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration

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

57<br>

------

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

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

**Schedule of Investments (unaudited)(continued)** 

**March 31, 2025** 

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. At March 31, 2025, the value of these securities was $2,707,625, representing 0.2% of net assets.

ASA Advanced Subscription Agreement

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

**Future contracts open at March 31, 2025:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Contracts** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Total** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **CONTRACTS PURCHASED - 5.0%**<br>|  |  |  |  |  |
| U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp; Long | 62000 | 06/18/2025 | $7075750 | &nbsp;&nbsp; $78235  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; Long | 101000 | 06/18/2025 | 11233094 | &nbsp;&nbsp; 145101  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; Long | 218000 | 06/30/2025 | 22581734 | &nbsp;&nbsp; 95222  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp; Long | 10000 | 06/30/2025 | 1081563 | &nbsp;&nbsp; (582)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp; Long | 221000 | 06/18/2025 | 25919156 | &nbsp;&nbsp; 246791  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp; Long | 57000 | 06/18/2025 | 6968250 | &nbsp;&nbsp; 45615  |
|  |  |  |  | $74859547 | &nbsp;&nbsp; $610382 |

---

**Swap contracts open at March 31, 2025:** 

**Centrally Cleared Credit Default Swap Agreements** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligations/Index** | **Financing** <br>**Rate** <br>**Received** <br>(Paid) by <br>**the Fund** | **Payment** <br>**Frequency** | **Credit** <br>**Spread at** <br>**March 31,** <br>**2025** <br>**(basis points)** | **Termination** <br>**Date** | **Notional** <br>**Amount** <br>(000s) | **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| CDX.NA.IG.44.V1 | &nbsp;&nbsp; 1.000% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;56.008 | 06/20/2030 | $12433 | $(223545) | $(238546) | &nbsp;&nbsp; $15000 |

---

**Centrally Cleared Interest Rate Swap Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made** <br>**by the Fund** | **Payment** <br>**Frequency** | **Termination** <br>**Date** | **Notional** <br>**Amount** <br>(000s) | **Value** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 4.699%<br> 12M SOFR<sup>(a)</sup> | Monthly | 09/25/2026 | &nbsp;&nbsp; $515 | $(6260) | &nbsp;&nbsp;&nbsp;&nbsp; $47 | &nbsp;&nbsp;&nbsp; $(6307) |

---

<sup>(a)</sup> The current rate shown as of March 25, 2025 was 4.33%.

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

58<br>

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

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

**Schedule of Investments (unaudited)(concluded)** 

**March 31, 2025** 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2025 (see Note 2 to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Corporate Bonds | $—  | $317964818 | $— | $317964818  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies |  | 272441585 |  | 272441585  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 217724240 |  | 217724240  |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 169183433 |  | 169183433  |
| &nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 97463138 |  | 97463138  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds |  | 92064000 |  | 92064000  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 32825410 |  | 32825410  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agencies |  | 20448238 |  | 20448238  |
| &nbsp;&nbsp;&nbsp; Supranational Bonds |  | 14712831 |  | 14712831  |
| &nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 12745516 |  | 12745516  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 1773852 |  | 1773852  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 135741016 |  |  | 135741016  |
| &nbsp;&nbsp;&nbsp; Mutual Funds | 92772496 |  |  | 92772496  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1699704 |  |  | 1699704  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  | —<sup>(a)</sup> |  | —  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15461379 |  |  | 15461379  |
| **Total Investments\*** | $245674595  | $1249347061  | $— | $1495021656  |
| **Other Financial Instruments\*\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 610964 |  |  | 610964  |
| &nbsp;&nbsp;&nbsp; Credit Default Swap Agreements |  | 15000 |  | 15000  |
| **Total - Other Financial Instruments** | $610964  | $15000 | $— | $625964  |
| **Liabilities:**<br>|  |  |  |  |
| Other Financial Instruments\*\*:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (582) |  |  | (582)  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swap Agreements |  | (6307) |  | (6307)  |
| **Total - Other Financial Instruments** | $(582)  | $(6307) | $— | $(6889) |

---

\* 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> Amount is less than $0.50.

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

59<br>

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

**PFM Multi-Manager Series Trust** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (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 Securities, at Value <br>(Cost $1,098,844,000, $790,182,299 and $1,523,660,181, respectively) | $1133426551 | &nbsp;&nbsp; $850183598 | $1495021656  |
|  Foreign Currencies, at Value (Cost $—, $388,090 and $—, respectively) |  | &nbsp;&nbsp; 387466 | —  |
| Receivables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities Sold | 39183 | &nbsp;&nbsp; 1263004 | 162607  |
| &nbsp;&nbsp;&nbsp; Dividends | 130324 | &nbsp;&nbsp; 1181863 | 524397  |
| &nbsp;&nbsp;&nbsp; Interest | 30442 | &nbsp;&nbsp; 47394 | 9051580  |
| &nbsp;&nbsp;&nbsp; Foreign Tax Reclaims | 2646 | &nbsp;&nbsp; 940041 | 30059  |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses | 36936 | &nbsp;&nbsp; 32708 | 42350  |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Swap Contracts |  | &nbsp;&nbsp; — | 829  |
| &nbsp;&nbsp;&nbsp; Net Variation Margin on Futures Contracts |  | &nbsp;&nbsp; — | 67681  |
| Total Assets | 1133666082 | &nbsp;&nbsp; 854036074 | 1504901159  |
| **Liabilities:**<br>|  |  |  |
| Payables:<sup>(2)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Securities Purchased | 86268 | &nbsp;&nbsp; 3595 | 5565347  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Payable | 288376 | &nbsp;&nbsp; 370324 | 516365  |
| &nbsp;&nbsp;&nbsp; Other Accrued Expenses | 174661 | &nbsp;&nbsp; 233557 | 253713  |
| Total Liabilities | 549305 | &nbsp;&nbsp; 607476 | 6335425  |
| **Net Assets** | $1133116777 | &nbsp;&nbsp; $853428598 | $1498565734  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-In Capital | $1052887406 | &nbsp;&nbsp; $780220786 | $1609889541  |
| Total Distributable Earnings (Loss) | 80229371 | &nbsp;&nbsp; 73207812 | (111323807)  |
| **Net Assets** | $1133116777 | &nbsp;&nbsp; $853428598 | $1498565734  |
|  Capital Shares Outstanding (no par value, unlimited shares authorized; all shares outstanding are of each Fund's Institutional Class) | 101440659 | &nbsp;&nbsp; 77112778 | 169418415  |
|  Net Asset Value, Offering Price and Redemption Price per Share | $11.17 | &nbsp;&nbsp; $11.07 | $8.85 |

---

<sup>(2)</sup> There were no fees payable to the Trust's Independent Trustees at March 31, 2025.

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

60<br>

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

**PFM Multi-Manager Series Trust** 

**Statements of Operations** 

**For the Six Months Ended March 31, 2025 (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>|  |  |  |
|  Dividends (net of foreign withholding taxes of $14,800, $361,189 and $—, respectively) | $6908313 | &nbsp;&nbsp;&nbsp; $9907558 | $5936447  |
| Interest | 226341 | &nbsp;&nbsp;&nbsp; 300335 | 31527856  |
| Total Investment Income | 7134654 | &nbsp;&nbsp;&nbsp; 10207893 | 37464303  |
| **Expenses:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees (Note 4) | 1743701 | &nbsp;&nbsp;&nbsp; 2022059 | 2996780  |
| &nbsp;&nbsp;&nbsp; Accounting Fees | 47507 | &nbsp;&nbsp;&nbsp; 48013 | 214703  |
| &nbsp;&nbsp;&nbsp; Administration Fees | 51835 | &nbsp;&nbsp;&nbsp; 47695 | 68807  |
| &nbsp;&nbsp;&nbsp; Audit and Tax Fees | 52236 | &nbsp;&nbsp;&nbsp; 71510 | 59825  |
| &nbsp;&nbsp;&nbsp; Custodian Fees | 16753 | &nbsp;&nbsp;&nbsp; 148433 | 29917  |
| &nbsp;&nbsp;&nbsp; Insurance Premiums | 16495 | &nbsp;&nbsp;&nbsp; 12511 | 18742  |
| &nbsp;&nbsp;&nbsp; Legal Fees | 124101 | &nbsp;&nbsp;&nbsp; 109425 | 183924  |
| &nbsp;&nbsp;&nbsp; Registration Fees | 7776 | &nbsp;&nbsp;&nbsp; 7776 | 7776  |
| &nbsp;&nbsp;&nbsp; Transfer Agent Fees | 27712 | &nbsp;&nbsp;&nbsp; 21542 | 33294  |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 46357 | &nbsp;&nbsp;&nbsp; 36032 | 59008  |
| &nbsp;&nbsp;&nbsp; Other Expenses | 16793 | &nbsp;&nbsp;&nbsp; 17114 | 20264  |
| Total Expenses | 2151266 | &nbsp;&nbsp;&nbsp; 2542110 | 3693040  |
| Net Investment Income | 4983388 | &nbsp;&nbsp;&nbsp; 7665783 | 33771263  |
| **Net Realized and Unrealized Gain (Loss):** <br>|  |  |  |
| Net Realized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 50400926 | &nbsp;&nbsp;&nbsp; 28001057 | (8170806)  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp;&nbsp; — | 36788  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp;&nbsp; — | (1224107)  |
| &nbsp;&nbsp;&nbsp; Foreign Currency Related Transactions | 395 | &nbsp;&nbsp;&nbsp; (166200) | —  |
| Net Realized Gain (Loss) | 50401321 | &nbsp;&nbsp;&nbsp; 27834857 | (9358125)  |
| Net Change in Unrealized Gain (Loss) From:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (83868995) | &nbsp;&nbsp;&nbsp; (46339555) | (25914844)  |
| &nbsp;&nbsp;&nbsp; Swap Contracts |  | &nbsp;&nbsp;&nbsp; — | 31932  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | &nbsp;&nbsp;&nbsp; — | 569016  |
| &nbsp;&nbsp;&nbsp; Translation of Assets and Liabilities Denominated in Foreign Currencies |  | &nbsp;&nbsp;&nbsp; (31946) | —  |
| Net Change in Unrealized Gain (Loss) | (83868995) | &nbsp;&nbsp;&nbsp; (46371501) | (25313896)  |
| **Net Change in Net Assets Resulting From** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations** | $(28484286) | &nbsp;&nbsp;&nbsp; $(10870861) | $(900758) |

---

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

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

**PFM Multi-Manager Series Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First American Multi-Manager** <br>**Domestic Equity Fund** | **First American Multi-Manager** <br>**Domestic Equity Fund** | **First American Multi-Manager**<br>**International Equity Fund**  | **First American Multi-Manager**<br>**International Equity Fund**  |
|  | **For the**<br>**Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **For the**<br>**Year Ended**<br>**September 30,** <br>**2024** | **For the**<br>**Six Months Ended**<br>**March 31, 2025**<br>(Unaudited) | **For the**<br>**Year Ended**<br>**September 30,** <br>**2024**  |
|  **Change in Net Assets Resulting From Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $4983388 | $10644946 | $7665783 | $15885248  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 50401321 | 245242395 | 27834857 | 38269814  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | (83868995) | 46908386 | (46371501) | 129270379  |
|  Net Change in Net Assets Resulting From Operations | (28484286) | 302795727 | (10870861) | 183425441  |
| **Distributions From:**<br>|  |  |  |  |
| Distributable Earnings | (251557623) | (11701237) | (27011057) | (12808915)  |
| **Capital Share Transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 61031700 | 125238205 | 82099000 | 87192668  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 251557623 | 11701237 | 27011057 | 12808915  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (83054104) | (216995438) | (140161835) | (64984042)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | 229535219 | (80055996) | (31051778) | 35017541  |
| **Total Change in Net Assets** | (50506690) | 211038494 | (68933696) | 205634067  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | $1183623467 | $972584973 | $922362294 | $716728227  |
| &nbsp;&nbsp;&nbsp; End of Period | $1133116777 | $1183623467 | $853428598 | $922362294  |
| **Share Transactions:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Period | 81728626 | 88166590 | 79404039 | 75898215  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 4599007 | 9714097 | 7373831 | 8419288  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 21354637 | 953646 | 2579853 | 1246003  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (6241611) | (17105707) | (12244945) | (6159467)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Period | 101440659 | 81728626 | 77112778 | 79404039 |

---

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

62<br>

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

**PFM Multi-Manager Series Trust** 

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

---

| | | |
|:---|:---|:---|
|  | **First American Multi-Manager** <br>**Fixed-Income Fund**  | **First American Multi-Manager** <br>**Fixed-Income Fund**  |
|  | **For the** <br>**Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **For the**<br>**Year Ended** <br>**September 30,** <br>**2024**  |
| **Change in Net Assets Resulting From Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | $33771263 | $56546532  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (9358125) | (7199435)  |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) | (25313896) | 102945578  |
| Net Change in Net Assets Resulting From Operations | (900758) | 152292675  |
| **Distributions From:**<br>|  |  |
| Distributable Earnings | (34271269) | (58554326)  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 102785700 | 324213795  |
| &nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 34271269 | 58374448  |
| &nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (102323527) | (73374831)  |
|  Net Change in Net Assets Resulting From Capital Share Transactions | 34733442 | 309213412  |
| **Total Change in Net Assets** | (438585) | 402951761  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | $1499004319 | $1096052558  |
| &nbsp;&nbsp;&nbsp; End of Period | $1498565734 | $1499004319  |
| **Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, Beginning of Period | 165502539 | 129849494  |
| &nbsp;&nbsp;&nbsp; Shares Subscribed | 11612481 | 37329494  |
| &nbsp;&nbsp;&nbsp; Shares Issued From Reinvestment of Distributions | 3885472 | 6657893  |
| &nbsp;&nbsp;&nbsp; Shares Redeemed | (11582077) | (8334342)  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, End of Period | 169418415 | 165502539 |

---

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

63<br>

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

**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, 2025** <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, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of** <br>**Period** | &nbsp;&nbsp;&nbsp; $14.48 | $11.03 | $9.87 | $13.99 | $12.15 | $11.00  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.13 | 0.14 | 0.12 | 0.12 | 0.14  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (3.24) | 3.45 | 1.52 | (2.10) | 3.58 | 1.32  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp; (3.18) | 3.58 | 1.66 | (1.98) | 3.70 | 1.46  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; (0.13) | (0.13) | (0.11) | (0.12) | (0.15) | (0.16)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp; — |  | (0.39) | (2.02) | (1.71) | (0.15)  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp; (0.13) | (0.13) | (0.50) | (2.14) | (1.86) | (0.31)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $11.17 | $14.48 | $11.03 | $9.87 | $13.99 | $12.15  |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp; (2.42)% | 32.70% | 17.30% | (17.97)% | 33.08% | 13.43%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets, End of Period (000's <br>omitted) | &nbsp;&nbsp;&nbsp; $1133117 | $1183623 | $972585 | $774829 | $847016 | $722499  |
| Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> | Ratios to Average Net Assets of:<sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | 0.36% | 0.37% | 0.37% | 0.38% | 0.39%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | 0.36% | 0.37% | 0.36% | 0.37% | 0.39%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | 1.01% | 1.25% | 0.97% | 0.91% | 1.25%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp; 30%<sup>(8)</sup> | 103%<sup>(6)</sup> | 52% | 45% | 60% | 141%<sup>(7)</sup> |

---

<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> Through January 28, 2020, the Adviser agreed to waive its fee in the amount of 0.05% of the average daily net assets of the Fund and to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.38% of average daily net assets for the Institutional Class of the Fund.

<sup>(6)</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.

<sup>(7)</sup> Portfolio turnover rate for the year ended September 30, 2020 increased primarily due to a change in strategy from the use of a sub-advised sleeve of investments to instead using exchange-traded funds to achieve passive index exposure.

<sup>(8)</sup> Portfolio turnover rate is not annualized.

<sup>(9)</sup> Ratios are annualized for periods less than one year.

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

64<br>

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

**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, 2025** <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, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.62 | $9.44 | $8.16 | $12.00 | $9.70 | $9.41  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.20 | 0.18 | 0.22 | 0.15 | 0.08  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | 2.14 | 1.29 | (3.47) | 2.25 | 0.41  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | 2.34 | 1.47 | (3.25) | 2.40 | 0.49  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.16) | (0.19) | (0.17) | (0.10) | (0.20)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.42) |  | —  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.16) | (0.19) | (0.59) | (0.10) | (0.20)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.07 | $11.62 | $9.44 | $8.16 | $12.00 | $9.70  |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; (1.21)% | 25.04% | 18.09% | (28.60)% | 24.86% | 5.09%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| Net Assets, End of Period (000's omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $853429 | $922362 | $716728 | $507129 | $680792 | $388182  |
| Ratios to Average Net Assets of:<sup>(8)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 0.62% | 0.64% | 0.65% | 0.66% | 0.74%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | 0.62% | 0.64% | 0.64% | 0.65% | 0.76%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | 1.94% | 1.87% | 2.06% | 1.31% | 0.87%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp; 46%<sup>(7)</sup> | 105% | 68% | 88% | 52% | 157%<sup>(6)</sup> |

---

<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> Through January 28, 2020, the Adviser agreed to waive its fee in the amount of 0.10% of the average daily net assets of the Fund and to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.63% of average daily net assets for the Institutional Class of the Fund.

<sup>(6)</sup> Portfolio turnover rate for the year ended September 30, 2020 increased primarily due to a change in strategy from the use of a sub-advised sleeve of investments to instead using exchange-traded funds to achieve passive index exposure.

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

<sup>(8)</sup> Ratios are annualized for periods less than one year.

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

65<br>

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

**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, 2025** <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, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $9.06 | $8.44 | $8.62 | $10.39 | $10.81 | $10.55  |
| **Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.38 | 0.34 | 0.23 | 0.21 | 0.27  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (0.21) | 0.63 | (0.19) | (1.71) | (0.08) | 0.37  |
| Total From Investment Operations | &nbsp;&nbsp;&nbsp; (0.01) | 1.01 | 0.15 | (1.48) | 0.13 | 0.64  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; (0.20) | (0.39) | (0.33) | (0.24) | (0.22) | (0.29)  |
| &nbsp;&nbsp;&nbsp; Capital Gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.05) | (0.33) | (0.09)  |
| Total Distributions to Shareholders | &nbsp;&nbsp;&nbsp; (0.20) | (0.39) | (0.33) | (0.29) | (0.55) | (0.38)  |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.85 | $9.06 | $8.44 | $8.62 | $10.39 | $10.81  |
| **Total Return<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp; (0.18)% | 12.23% | 1.71% | (14.52)% | 1.23% | 6.21%  |
| **Ratios/Supplemental Data:**<br>|  |  |  |  |  |  |
| Net Assets, End of Period (000's omitted) | &nbsp;&nbsp;&nbsp; $1498566 | $1499004 | $1096053 | $903782 | $823323 | $684218  |
| Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> | Ratios to Average Net Assets of:<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Net of Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | 0.49% | 0.51% | 0.51% | 0.55% | 0.55%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, Prior to Expenses Waived/<br>Reimbursed/Recouped<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | 0.49% | 0.51% | 0.51% | 0.52% | 0.54%  |
| &nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp; 4.52% | 4.32% | 3.88% | 2.41% | 2.00% | 2.60%  |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp; 32%<sup>(7)</sup> | 103% | 100% | 124% | 107% | 174%<sup>(6)</sup> |

---

<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, 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>(5)</sup> Through January 28, 2020, the Adviser agreed to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.55% of average daily net assets for the Institutional Class of the Fund.

<sup>(6)</sup> Portfolio turnover rate for the year ended September 30, 2020 increased primarily due to a change in strategy as the assets formerly managed by a terminated sub-adviser were largely invested in mutual funds and exchange-traded funds.

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

<sup>(8)</sup> Ratios are annualized for periods less than one year.

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, 2025** 

1. Organization

PFM Multi-Manager Series Trust (Trust) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (1940 Act), as an open-end management investment company. The Trust offers the following series: First American Multi-Manager Domestic Equity Fund (Domestic Equity Fund), First American Multi-Manager International Equity Fund (International Equity Fund) and First American Multi-Manager Fixed-Income Fund (Fixed-Income Fund) (each a Fund and, collectively, the Funds). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of March 31, 2025, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

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

2. Summary of Significant Accounting Policies

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

**Use of Estimates** 

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

**Investment Valuation** 

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

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

**Level 1 –

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

**Level 2 –

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

**Level 3 –

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

The value of each Fund's investments according to the fair value hierarchy as of March 31, 2025, 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, 2025** 

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

**Equity Securities** 

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

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

**Debt Securities** 

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

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

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

**Futures Contracts** 

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

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

**Forward Foreign Currency Exchange Contracts** 

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

**Swap Contracts** 

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

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

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

**Investment Transactions and Income Recognition** 

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

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

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

**Foreign Currency Translation** 

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

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

**Dividends and Distributions** 

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

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

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

**Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred by the Funds as of March 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**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, 2025 and for all open tax years (years ended September 30, 2022, September 30, 2023 and September 30, 2024), 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, 2025, the Funds did not incur any interest or tax penalties. The Funds did not record any tax benefit or expense in the current period. 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.

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, 2024, 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 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| First American Multi-Manager International Equity Fund | &nbsp;&nbsp; (3390822) | &nbsp;&nbsp; —  |
| First American Multi-Manager Fixed-Income Fund | &nbsp;&nbsp; (19233862) | &nbsp;&nbsp; (53263381) |

---

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

As of September 30, 2024, 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 | $1066776428 | $823365538 | $1504346815  |
| Unrealized appreciation | 128770220 | 116973732 | 34769627  |
| Unrealized depreciation | (11601626) | (16395635) | (38563535)  |
| Net unrealized appreciation (depreciation) | $117168594 | $100578097 | $(3793908) |

---

During the fiscal year ended September 30, 2024, 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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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

The Sub-Advisers to each Fund as of March 31, 2025 are as follows:

---

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

---

\* *Vaughan Nelson Investment Management, L.P. was a sub-adviser to the Domestic Equity Fund through February 25, 2025.*

\*\* *Kayne Anderson Rudnick Investment Management, LLC was a sub-adviser to the International Equity Fund through* 

*December 12, 2024.*

**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.

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

5. Capital Shares

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

6. Investment Transactions

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on bank loans for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Domestic** <br>**Equity Fund** | **First American** <br>**Multi-Manager** <br>**International** <br>**Equity Fund**  |
| Non-U.S. Government Purchases | $356874532  | $839874414  |
| Non-U.S. Government Sales | $370161314 | $366075540 |

---

---

| | |
|:---|:---|
|  | **First American** <br>**Multi-Manager** <br>**Fixed-Income Fund**  |
| U.S. Government Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $265143601  |
| Non-U.S. Government Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $242180318  |
| U.S. Government Sales | &nbsp;&nbsp;&nbsp;&nbsp; $310482995  |
| Non-U.S. Government Sales | &nbsp;&nbsp;&nbsp;&nbsp; $163753988 |

---

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 and financial futures 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, 2025 is included in each respective Schedule of Investments. As of March 31, 2025, the Funds had sufficient cash and/or securities to cover commitments under these contracts. In the normal course of pursuing its investment objectives, the Funds are subject to the following risks:

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

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

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

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

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

The following table summarizes the value of the Fund's derivative instruments as of March 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

**Fixed-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
| Interest Rate Risk | Net Variation Margin on Futures Contracts\* | $610964 | Net Variation Margin on Futures Contracts\* | $(582)  |
| Interest Rate Risk | Net Variation Margin on Swap Contracts\* | $— | Net Variation Margin on Swap Contracts\* | $(6307)  |
| Credit Risk | Net Variation Margin on Swap Contracts\* | $15000 | 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, 2025 and the related location in the accompanying Statement of Operations, presented by primary underlying risk exposure:

**Fixed-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Change in Unrealized**<br>**Gain (Loss)**  | **Net Change in Unrealized**<br>**Gain (Loss)**  |
| Interest Rate Risk | Futures Contracts | $(1224107) | Futures Contracts | $569016  |
| Interest Rate Risk | Swap Contracts | $242  | Swap Contracts | $5965  |
| Credit Risk | Swap Contracts | $36546 | Swap Contracts | $25967 |

---

The average notional value of futures contracts and average notional amounts of swaps outstanding during the period ended March 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

**Fixed-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Futures**<br>**Contracts – Long** | **Futures**<br>**Contracts – Short** | **Swap**<br>**Contracts – Long**  |
| Interest Rate Risk | &nbsp;&nbsp; $57318324  | &nbsp;&nbsp;&nbsp;&nbsp; $(214396) | &nbsp;&nbsp;&nbsp; $515000  |
| Credit Risk | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9467167 |

---

8. Related Parties

As of March 31, 2025, certain officers of the Trust were also employees of the Adviser, the Administrator or their affiliates, however, such officers are not compensated by the Funds.

9. Risks

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

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

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

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

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

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

10. Recent Accounting Updates

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The update provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) contract modifications on financial reporting, caused by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." The update extends the sunset date of ASU No. 2020-04 from December 31, 2022, to December 31, 2024. After this date, entities will no longer be permitted to apply the relief in

Topic 848. The Funds have elected not to apply ASU 2020-04.

76<br>

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**PFM MULTI-MANAGER SERIES TRUST** 

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

**March 31, 2025** 

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07").

ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

The Funds have evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

11. Subsequent Events

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

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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.

78<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 Investment Companies.</u>**

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

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

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

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

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

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

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;(c) Not applicable.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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.](pfmmmst-efp15617_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications of the principal executive officer and principal financial and accounting officer of the Registrant, as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, are attached hereto.](pfmmmst-efp15617_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) PFM Multi-Manager
 Series Trust

---

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

---

Date <u>6/4/2025</u>

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

---

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

---

Date <u>6/4/2025</u>

(Registant) PFM Multi-Manager
 Series Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Daniel Hess |
|  | Daniel Hess<br>Treasurer (Principal Financial Officer) |

---

Date <u>6/4/2025</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;

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;

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;

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;

(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;

(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

(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

(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: | 6/4/2025 | /s/ Valentine James Link, Jr. |
|  |  | Valentine James Link, Jr. |
|  |  | President (Principal Executive Officer)<br> PFM Multi-Manager Series Trust |

---

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

I, Daniel Hess, certify that:

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

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;

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;

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;

(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;

(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

(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

(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: | 6/4/2025 | /s/ Daniel Hess |
|  |  | Daniel Hess |
|  |  | Treasurer (Principal Financial Officer)<br>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, Daniel Hess, 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/ Daniel Hess |
| Valentine James Link, Jr.<br> President (Principal Executive Officer)<br> PFM Multi-Manager Series Trust | Daniel Hess<br> Treasurer (Principal Financial Officer)<br> PFM Multi-Manager Series Trust |

---

Dated: <u>6/4/2025</u> Dated: <u>6/4/2025</u>