# EDGAR Filing Document

**Accession Number:** 0002039835
**File Stem:** 0002039835-26-000003
**Filing Date:** 2026-3
**Character Count:** 62278
**Document Hash:** 34ed8e09fdb5d63ceedea9a3fc7a4c16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002039835-26-000003.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0002039835-26-000003

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ameren Missouri Securitization Funding I, LLC
- **CENTRAL INDEX KEY:** 0002039835
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-282616-01
- **FILM NUMBER:** 26821181

**BUSINESS ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63103
- **BUSINESS PHONE:** 3146819569

**MAIL ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63103

?xml version='1.0' encoding='ASCII'? aee-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ **Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** **for the fiscal year ended December 31, 2025**

**OR**

☐ **Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to**

---

| | | |
|:---|:---|:---|
| **Commission<br>File Number** | **Exact name of registrant as specified in its charter;<br>State of Incorporation;<br>Address and Telephone Number** | **IRS Employer<br>Identification No.** |
| 333-282616-01 | **Ameren Missouri Securitization Funding I, LLC** | 33-1368847 |

---

(Issuing Entity)

(Delaware Limited Liability Company)

1901 Chouteau Avenue

St. Louis, Missouri 63103

(314) 621-3222

---

| | | |
|:---|:---|:---|
| 1-2967 | **Union Electric Company** | 43-0559760 |

---

(Depositor and Sponsor)

(Missouri Corporation)

1901 Chouteau Avenue

St. Louis, Missouri 63103

(314) 621-3222

Securities Registered Pursuant to Section 12(b) of the Act: None

Securities Registered Pursuant to Section 12(g) of the Act: None

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. |
| Ameren Missouri Securitization Funding I, LLC | Yes | ☐ | No | ☒ |
| Union Electric Company | Yes | ☒ | No | ☐ |

---

Indicate by check mark if each registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. (Response applicable to all registrants.) Yes ☐ No ☒

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether each registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐ |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ |

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Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | |
|:---|:---|
| Large accelerated filer | ☐ |
| Accelerated filer | ☐ |
| Non-accelerated filer | ☒ |
| Smaller reporting company | ☐ |
| Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether each registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. | ☐ |

---

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Auditor Name: PricewaterhouseCoopers LLP Auditor Firm ID: 238 Auditor Location: St. Louis, Missouri

**DOCUMENTS INCORPORATED BY REFERENCE** 

None

------

**Part I**

**The following Items have been omitted pursuant to General Instruction J of Form 10-K:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1. Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1A. Risk Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1C. Cybersecurity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 2. Properties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 3. Legal Proceedings

**Item 1B. Unresolved Staff Comments**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Part II**

**The following Items have been omitted pursuant to General Instruction J of Form 10-K:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 6. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 7A. Quantitative and Qualitative Disclosures About Market Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 8. Financial Statements and Supplementary Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 9A. Controls and Procedures

**Item 9B. Other Information**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**Part III**

**Item 10. Directors, Executive Officers, and Corporate Governance**

The following are the managers and executive officers of Ameren Missouri Securitization Funding I, LLC as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Title** | **Background** |
| Mitchell J. Lansford | 40 | President and Treasurer | Mitchell J. Lansford has served as Vice President and Treasurer of Ameren Corp. and Union Electric Company, doing business as Ameren Missouri ("Ameren Missouri"), since August 2025. Mr. Lansford previously served as Senior Director, Financial Reporting and Regulatory Accounting from November 2023 to August 2025 and as Director, Regulatory Accounting from April 2020 to November 2023, and previously in various accounting roles. Prior to joining Ameren in 2017, Mr. Lansford worked for a public accounting firm. |
| David R. Loesch | 50 | Manager and Controller | David R. Loesch was appointed Vice President and Controller of Ameren Corp. in June 2020. Mr. Loesch previously served as Director, Ameren Services Center from May 2017 to June 2020 and as Director, External Reporting, from January 2013 to May 2017, and previously in various accounting roles. Prior to joining Ameren in 2000, Mr. Loesch worked for a public accounting firm. |
| Darryl T. Sagel | 53 | Manager | Darryl T. Sagel has served as Vice President, Corporate Development and Acquisitions, of Ameren Missouri since August 2025. He previously served as Vice President and Treasurer of Ameren Corp. and Ameren Missouri from July 2018 to August 2025, and as Vice President, Corporate Development from July 2012 to July 2018. Prior to joining Ameren in 2012, Mr. Sagel served as a Managing Director, Investment Banking, with Rothschild Inc. and with Lazard in their New York offices. |
| Lisa M. Pierro | 45 | Independent Manager | Ms. Pierro joined CT Corporation System, a WoltersKluwer business, in 2013 and currently serves as Senior Customer Staffing Specialist and Independent Director/Manager. Prior to her current role, Ms. Pierro served as a Customer Specialist and an Assistant Team Leader. |

---

Ameren Missouri Securitization Funding I, LLC is a wholly-owned subsidiary of Ameren Missouri, which in turn is a wholly-owned subsidiary of Ameren Corporation.

***Code of Ethics***

As a wholly-owned indirect subsidiary of Ameren Corporation, Ameren Missouri Securitization Funding I, LLC, together with its managers and executive officers, is subject to Ameren Corporation's code of ethics. The Ameren Companies make available free of charge through Ameren's website (www.amereninvestors.com) the code of ethics. Any amendment to the code of ethics and any waiver from a provision of the code of ethics will be posted on Ameren's website within four business days following the date of the amendment or waiver.

**Item 11. Executive Compensation**

Other than the annual independent manager fee of $3,000 paid to CT Corporation System, Ameren Missouri Securitization Funding I, LLC does not pay any compensation to its managers or executive officers.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

None.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Manager Lisa M. Pierro is an independent manager and an employee of CT Corporation System.

**Item 14. Principal Accountant Fees and Services**

Omitted pursuant to General Instruction J of Form 10-K.

------

**Part IV**

**Item 15. Exhibits and Financial Statement Schedules**

---

| | |
|:---|:---|
| (a)(1) and (a)(2) | Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| (a)(3) and (b) | Refer to exhibit listing below. |
| (c) | None. |

---

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| | ***(i) Exhibits filed herewith:*** |
| 31.1 | <u>[Certification pursuant to Rule 13a-14(d)/15(d)-14(d)](mf1202510-kxexhibit311.htm)</u> |
| 33.1 | <u>[Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for Union Electric Company, as Servicer](mf1202510-kxexhibit331.htm)</u> |
| 33.2 | <u>[Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers for The Bank of New York Mellon, as Indenture Trustee](mf1202510-kxexhibit332.htm)</u> |
| 34.1 | <u>[Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Union Electric Company, as Servicer](mf1202510-kxexhibit341.htm)</u> |
| 34.2 | <u>[Attestation Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, as Indenture Trustee](mf1202510-kxexhibit342.htm)</u> |
| 35.1 | <u>[Servicer Compliance Statement of Union Electric Company, as Servicer](mf1202510-kxexhibit351.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|  | ***(ii) Exhibits furnished herewith:*** |
|  | ***(iii) Exhibits incorporated by reference:*** |
| 3.1 | <u>[Certificate of Formation of Ameren Missouri Securitization Funding I, LLC](https://www.sec.gov/Archives/edgar/data/100826/000110465924108058/tm2425884d2_ex3-1.htm)</u> |
| 3.2 | <u>[Amended and Restated Limited Liability Company Agreement of Ameren Missouri Securitization Funding I, LLC, dated as of December 10, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924128044/tm2425884d16_ex3-2.htm)</u> |
| 4.1 | <u>[Indenture between Ameren Missouri Securitization Funding I, LLC and The Bank of New York Mellon Trust Company, N.A., dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924130764/tm2425884d17_ex4-1.htm)</u> |
| 4.2 | <u>[Series Supplement between Ameren Missouri Securitization Funding I, LLC and The Bank of New York Mellon Trust Company, N.A. (including forms of the Bonds), dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924130764/tm2425884d17_ex4-2.htm)</u> |
| 10.1 | <u>[Securitized Utility Tariff Property Servicing Agreement between Ameren Missouri Securitization Funding I, LLC and Union Electric Company, as Servicer, dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924130764/tm2425884d17_ex10-1.htm)</u> |
| 10.2 | <u>[Securitized Utility Tariff Property Purchase and Sale Agreement between Ameren Missouri Securitization Funding I, LLC and Union Electric Company, as Seller, dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924130764/tm2425884d17_ex10-2.htm)</u> |
| 10.3 | <u>[Administration Agreement between Ameren Missouri Securitization Funding I, LLC and Union Electric Company, as Administrator, dated as of December 20, 2024](https://www.sec.gov/Archives/edgar/data/2039835/000110465924130764/tm2425884d17_ex10-3.htm)</u> |
| 99.1 | <u>[Financing Order](https://www.sec.gov/Archives/edgar/data/100826/000110465924108058/tm2425884d2_ex99-1.htm)</u> |

---

**Item 16. Form 10-K Summary**

None.

**Item 1112(b). Significant Obligors of Pool Assets**

None.

**Item 1114(b)(2). Credit Enhancement and Other Support, Except for Certain Derivative Instruments**

None.

**Item 1115(b). Certain Derivative Instruments**

None.

------

**Item 1117. Legal Proceedings**

In the ordinary course of business, The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A., and BNY Mellon Trust of Delaware (collectively, "BNY Mellon") are named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitizations, or RMBS transactions, BNY Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, BNY Mellon denies liability and intends to defend the litigations vigorously.

**Item 1119. Affiliations and Certain Relationships and Related Transactions**

Ameren Missouri Securitization Funding I, LLC is a wholly-owned subsidiary of Ameren Missouri, which is the depositor, sponsor, and servicer.

**Item 1122. Compliance with Applicable Servicing Criteria**

See Exhibits 33.1, 33.2, 34.1, and 34.2 of this Form 10-K.

**Item 1123. Servicer Compliance Statement**

See Exhibit 35.1 of this Form 10-K.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | Ameren Missouri Securitization Funding I, LLC, as Issuing Entity | Ameren Missouri Securitization Funding I, LLC, as Issuing Entity |
| | | By: | Union Electric Company d/b/a/ Ameren Missouri, as servicer |
| Date: | March 31, 2026 | By: | /s/ Mitchell J. Lansford |
|  |  |  | Mitchell J. Lansford<br>Vice President and Treasurer<br>(Senior officer in charge of servicing function of the servicer) |

---

------

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No such annual report, proxy statement, form of proxy or other soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATION**

I, Mitchell J. Lansford, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Ameren Missouri Securitization Funding I, LLC (the Exchange Act periodic reports);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, all of the distribution, servicing, and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I am responsible for reviewing the activities performed by the Servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the Servicer has fulfilled its obligations under the Securitized Utility Tariff Property Servicing Agreement, dated as of December 20, 2024, by and between Ameren Missouri Securitization Funding I, LLC and the Servicer, in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All of the reports on assessment of compliance with servicing criteria for asset-backed securities and the related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: The Bank of New York Mellon, as Indenture Trustee.

Date: March 31, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Union Electric Company d/b/a/ Ameren Missouri, as Servicer |
| /s/ Mitchell J. Lansford |
| Mitchell J. Lansford<br>Vice President and Treasurer<br>(Senior officer in charge of servicing function) |

---

## Exhibit 33.1

Exhibit 33.1

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-BACKED ISSUERS**

The undersigned hereby certifies that he is the duly elected and acting Vice President and Treasurer of UNION ELECTRIC COMPANY D/B/A AMEREN MISSOURI, a Missouri corporation, as servicer (the "Servicer"), under the Securitized Utility Tariff Servicing Agreement dated as of December 20, 2024 (the "Servicing Agreement") between the Servicer and AMEREN MISSOURI SECURITIZATION FUNDING I, LLC, as issuer (the "Issuer"), and further that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The undersigned (a) is responsible under Item 1122(a) of Regulation AB for assessing the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "Servicing Criteria") and (b) a review of the Servicer's activities during the Assessment Period (defined below) and its performance under the Servicing Agreement has been made under the supervision of the undersigned in accordance with Item 1123 of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year covered by the Depositor's annual report on Form 10-K Report (such fiscal year, the "Assessment Period"):

---

| | | | |
|:---|:---|:---|:---|
| **Regulation AB Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| **General Servicing Considerations** | **General Servicing Considerations** | **General Servicing Considerations** | **General Servicing Considerations** |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  | X |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | X |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |  |
| **Cash Collection and Administration** | **Cash Collection and Administration** | **Cash Collection and Administration** | **Cash Collection and Administration** |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  | X |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |

---

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| | | | |
|:---|:---|:---|:---|
| **Regulation AB Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are: (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |
| **Investor Remittances and Reporting** | **Investor Remittances and Reporting** | **Investor Remittances and Reporting** | **Investor Remittances and Reporting** |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports: (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | X |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with canceled checks, or other form of payment, or custodial bank statements. | X |  |
| **Pool Asset Administration** | **Pool Asset Administration** | **Pool Asset Administration** | **Pool Asset Administration** |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | X |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  | X |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X |  |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |  |

---

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| | | | |
|:---|:---|:---|:---|
| **Regulation AB Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the transaction agreements. | X |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  | X |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.To the best of the undersigned's knowledge, based on such review, the Servicer is in compliance in all material respects with the applicable Servicing Criteria set forth above as of and for the year ended December 31, 2025, covered by the Depositor's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report on the undersigned's assessment of compliance with the applicable Servicing Criteria set forth above as of and for the year ended December 31, 2025, covered by the Depositor's annual report on Form 10-K.

---

| | | | |
|:---|:---|:---|:---|
| | | **<u>Servicer:</u>** | **<u>Servicer:</u>** |
| | | UNION ELECTRIC COMPANY D/B/A AMEREN MISSOURI | UNION ELECTRIC COMPANY D/B/A AMEREN MISSOURI |
| | | a Missouri corporation | a Missouri corporation |
| Date: | March 31, 2026 | By | /s/ Mitchell J. Lansford |
| | | | Mitchell J. Lansford<br>Vice President and Treasurer |

---

## Exhibit 33.2

![image_0.jpg](image_0.jpg)

Exhibit 33.2

ASSESSMENT OF COMPLIANCE WITH

APPLICABLE SERVICING CRITERIA

Management of The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the "Company") is responsible for assessing the Company's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. The Company's management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

<u>Platform</u>: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the "Platform").

<u>Period</u>: The twelve months ended December 31, 2025 (the "Period").

<u>Applicable Servicing Criteria</u>: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled "Not Applicable to Platform" in Appendix 1 attached hereto.

With respect to servicing criterion 1122(d)(2)(vi), the Company's management has engaged a vendor to perform the activities required by the servicing criterion. The Company's management has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company's management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation 200.06, Vendors Engaged by Servicers* ("C&DI 200.06"). The Company's management has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company's management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion.

With respect to the Platform as of and for the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:

------

1. The Company's management is responsible for assessing the Company's compliance with the Applicable Servicing Criteria.

2. The Company's management has assessed compliance with the Applicable Servicing Criteria, including the servicing criterion for which compliance is determined based on C&DI 200.06 as described above as of and for the Period. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

3. With respect to servicing criterion 1122(d)(4)(i), for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). As of and for the twelve months ended December 31, 2025, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement. With respect to servicing criterion 1122(d)(4)(iii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

4. Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria.

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Company's compliance with the Applicable Servicing Criteria as of and for the Period.

------

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

The Bank of New York Mellon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Trust of Delaware

/s/ David Keys /s/ Melissa Adelson

______________________________&nbsp;&nbsp;&nbsp;&nbsp;_____________________________&nbsp;&nbsp;&nbsp;&nbsp;

David Keys&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melissa Adelson

&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

The Bank of New York Mellon Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Company, N.A.

/s/ Kevin Weeks

______________________________

&nbsp;&nbsp;&nbsp;&nbsp;Kevin Weeks

&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

Dated: February 27, 2026

------

APPENDIX 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
|  | **General servicing considerations** |  |  |  |
| 1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |  |
| 1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X |  |  |
| 1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |  | X |
| 1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  |  | <br>X |
|  | **Cash collection and administration** |  |  |  |
| 1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X |  |  |
| 1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |  |
| 1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | X |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (*e.g*., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |  |
| 1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of this chapter. | X |  |  |
| 1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |  |
| 1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |  |
|  | **Investor remittances and reporting** |  |  |  |
| 1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements; (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |  |  |
| 1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |  |
| 1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |  |
|  | **Pool asset administration** |  |  |  |
| 1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |  |
| 1122(d)(4)(ii) | &nbsp;&nbsp;Pool asset and related documents are safeguarded as required by the transaction agreements | X |  |  |
| 1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X <sup>1</sup> |  |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (*e.g.,* escrow) in accordance with the related pool asset documents. |  |  | X |
| 1122(d)(4)(v) | &nbsp;&nbsp;The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (*e.g.,* loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  |  | X |
| 1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  |  | X |

---

<sup>1</sup> With respect to applicable servicing criterion 1122(d)(4)(iii) the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB REFERENCE | SERVICING CRITERIA | **Performed Directly by the Company** | **Performed by Vendor(s) for which the Company is the Responsible Party** | Not Applicable to Platform |
| 1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |  | X |
| 1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | X |
| 1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | X |
| 1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |  | X |
| 1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements. |  |  | X |

---

## Exhibit 34.1

Exhibit 34.1

**Report of Independent Registered Public Accounting Firm**

To the Management of Union Electric Company

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers, that Union Electric Company (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for Ameren Missouri Securitization Funding I, LLC (the "Platform"), as of December 31, 2025 and for the period from January 1, 2025 to December 31, 2025, excluding criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122 (d)(3)(ii), 1122(d)(4)(iii), 1122(d)(4)(v), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xv), which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform. Union Electric Company's management is responsible for its assertion and for the Company's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the applicable servicing criteria based on our examination.

Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the applicable servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that Union Electric Company complied with the aforementioned applicable servicing criteria as of and for the period ended December 31, 2025 for the Platform is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

March 31, 2026

## Exhibit 34.2

![kpmgimage.jpg](kpmgimage.jpg)

Exhibit 34.2

**Report of Independent Registered Public Accounting Firm**

The Board of Directors<br>The Bank of New York Mellon<br>BNY Mellon Trust of Delaware<br>The Bank of New York Mellon Trust Company, N.A.:

We have examined management of The Bank of New York Mellon's (formerly The Bank of New York), BNY Mellon Trust of Delaware's (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A.'s (formerly The Bank of New York Trust Company, N.A.), (collectively, the Company)'s assertion, included in the accompanying Management's Assessment of Compliance with Applicable Servicing Criteria, that the Company complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent, or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the Platform), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(1)(v), 1122(d)(2)(iii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(vi), 1122(d)(4)(vii), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), 1122(d)(4)(xiv) and 1122(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Applicable Servicing Criteria), as of and for the twelve months ended December 31, 2025 (Management's Assertion). With respect to servicing criterion 1122(d)(4)(i), the Company has determined that for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). Management's Assessment of Compliance with Applicable Servicing Criteria indicates that as of and for the twelve months ended December 31, 2025, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for servicing criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement. With respect to servicing criterion 1122(d)(4)(iii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2025 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Management is responsible for the Company's compliance with the Applicable Servicing Criteria for the Platform. Our responsibility is to express an opinion on Management's Assertion about the Company's compliance with the Applicable Servicing Criteria for the Platform based on our examination.

------

![kpgmlogo-page2.jpg](kpgmlogo-page2.jpg)

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Servicing Criteria for the Platform and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Applicable Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Servicing Criteria for the Platform.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

As described in management's Assessment of Compliance with Applicable Servicing Criteria, for servicing criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this servicing criterion. The Company has determined that this vendor is not considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers* (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

In our opinion, Management's Assertion that the Company complied with the aforementioned Applicable Servicing Criteria for the Platform as of and for the twelve months ended December 31, 2025 is fairly stated, in all material respects.

Our opinion on Management's Assertion does not extend to any other information that accompanies or contains our report.

/s/ KPMG LLP

Chicago, Illinois<br>February 27, 2026

## Exhibit 35.1

Exhibit 35.1

**CERTIFICATE OF COMPLIANCE**

The undersigned hereby certifies that the undersigned is the duly elected and acting Vice President and Treasurer of UNION ELECTRIC COMPANY D/B/A AMEREN MISSOURI, as servicer (Servicer) under the Securitized Utility Tariff Property Servicing Agreement, dated as of December 20, 2024 (Servicing Agreement) by and between the Servicer and AMEREN MISSOURI SECURITIZATION FUNDING I, LLC, and further certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A review of the activities of the Servicer and of its performance under the Servicing Agreement as of and for the year ended December 31, 2025, has been made under the supervision of the undersigned pursuant to Section 3.03 of the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.To the undersigned's knowledge, based on such review, the Servicer has fulfilled all of its obligations in all material respects under the Servicing Agreement as of and for the year ended December 31, 2025.

Date: March 31, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Union Electric Company d/b/a/ Ameren Missouri, as Servicer |
| /s/ Mitchell J. Lansford |
| Mitchell J. Lansford<br>Vice President and Treasurer<br>(Senior officer in charge of servicing function) |

---

<br>