PFM Multi-Manager Domestic Equity Fund |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - 38.3% | ||||||||
COMMUNICATION SERVICES - 2.3% | ||||||||
Alphabet, Inc., Class A(a) | 3,171 | $ | 7,742,916 | |||||
ATN International, Inc. | 1,351 | 61,457 | ||||||
Cogent Communications Holdings, Inc. | 47,529 | 3,654,505 | ||||||
comScore, Inc.(a) | 13,131 | 65,655 | ||||||
Cumulus Media, Inc., Class A(a) | 800 | 11,720 | ||||||
Entravision Communications Corp., Class A | 19,989 | 133,527 | ||||||
EW Scripps Co. (The), Class A | 24,618 | 501,961 | ||||||
Facebook, Inc., Class A(a) | 17,750 | 6,171,853 | ||||||
Gray Television, Inc. | 2,241 | 52,439 | ||||||
Marchex, Inc., Class B(a) | 4,027 | 12,323 | ||||||
Ooma, Inc.(a) | 2,880 | 54,317 | ||||||
Travelzoo(a) | 3,536 | 52,191 | ||||||
WideOpenWest, Inc.(a) | 6,319 | 130,866 | ||||||
Yelp, Inc.(a) | 5,001 | 199,840 | ||||||
Total Communication Services | 18,845,570 | |||||||
CONSUMER DISCRETIONARY - 2.2% | ||||||||
Abercrombie & Fitch Co., Class A(a) | 12,591 | 584,600 | ||||||
Advance Auto Parts, Inc. | 9,600 | 1,969,344 | ||||||
Amazon.com, Inc.(a) | 1,491 | 5,129,279 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) | 42,319 | 438,002 | ||||||
American Public Education, Inc.(a) | 8,686 | 246,161 | ||||||
Bluegreen Vacations Holding Corp.(a) | 1,592 | 28,656 | ||||||
Cooper-Standard Holdings, Inc.(a) | 2,485 | 72,065 | ||||||
Dillard's, Inc., Class A | 281 | 50,827 | ||||||
Genesco, Inc.(a) | 5,894 | 375,330 | ||||||
Group 1 Automotive, Inc. | 3,377 | 521,510 | ||||||
Hibbett Sports, Inc.(a) | 4,929 | 441,786 | ||||||
Kontoor Brands, Inc. | 7,160 | 403,896 | ||||||
Leslie's, Inc.(a) | 29,300 | 805,457 | ||||||
Lumber Liquidators Holdings, Inc.(a) | 10,661 | 224,947 | ||||||
Luminar Technologies, Inc.(a) | 26,385 | 579,151 | ||||||
MarineMax, Inc.(a) | 2,686 | 130,916 | ||||||
ODP Corp. (The)(a) | 7,096 | 340,679 | ||||||
Perdoceo Education Corp.(a) | 28,575 | 350,615 | ||||||
Planet Fitness, Inc., Class A(a) | 5,600 | 421,400 | ||||||
PlayAGS, Inc.(a) | 5,501 | 54,460 | ||||||
Signet Jewelers Ltd.(a) | 6,471 | 522,792 | ||||||
Standard Motor Products, Inc. | 1,220 | 52,887 | ||||||
Strattec Security Corp.(a) | 1,134 | 50,418 | ||||||
Tenneco, Inc., Class A(a) | 15,628 | 301,933 | ||||||
Terminix Global Holdings, Inc.(a) | 18,775 | 895,755 | ||||||
Tractor Supply Co. | 6,865 | 1,277,302 | ||||||
Ulta Beauty, Inc.(a) | 2,750 | 950,867 | ||||||
Unifi, Inc.(a) | 4,142 | 100,899 | ||||||
Universal Electronics, Inc.(a) | 2,122 | 102,917 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
CONSUMER DISCRETIONARY - (continued) | ||||||||
Universal Technical Institute, Inc.(a) | 9,115 | $ | 59,156 | |||||
Vista Outdoor, Inc.(a) | 12,304 | 569,429 | ||||||
Total Consumer Discretionary | 18,053,436 | |||||||
CONSUMER STAPLES - 3.1% | ||||||||
Albertsons Cos., Inc., Class A | 13,620 | 267,769 | ||||||
Andersons, Inc. (The) | 9,481 | 289,455 | ||||||
Beiersdorf AG, ADR | 144,727 | 3,496,966 | ||||||
Cal-Maine Foods, Inc. | 73,644 | 2,666,649 | ||||||
Church & Dwight Co., Inc. | 10,700 | 911,854 | ||||||
Clorox Co. (The) | 7,900 | 1,421,289 | ||||||
Coca-Cola Consolidated, Inc. | 1,218 | 489,794 | ||||||
Fresh Del Monte Produce, Inc. | 9,805 | 322,388 | ||||||
Hershey Co. (The) | 9,000 | 1,567,620 | ||||||
Hormel Foods Corp. | 15,300 | 730,575 | ||||||
JM Smucker Co. (The) | 11,600 | 1,503,012 | ||||||
Kimberly-Clark Corp. | 5,424 | 725,623 | ||||||
Lamb Weston Holdings, Inc. | 64,305 | 5,186,841 | ||||||
Lancaster Colony Corp. | 1,900 | 367,669 | ||||||
Landec Corp.(a) | 7,222 | 81,248 | ||||||
McCormick & Co., Inc., NVDR | 10,600 | 936,192 | ||||||
Medifast, Inc. | 1,901 | 537,945 | ||||||
Molson Coors Brewing Co., Class B(a) | 18,700 | 1,004,003 | ||||||
Sanderson Farms, Inc. | 18,434 | 3,465,039 | ||||||
USANA Health Sciences, Inc.(a) | 3,939 | 403,472 | ||||||
Total Consumer Staples | 26,375,403 | |||||||
ENERGY - 0.7% | ||||||||
Arch Resources, Inc.(a) | 958 | 54,587 | ||||||
Berry Corp. | 4,600 | 30,912 | ||||||
Bonanza Creek Energy, Inc. | 6,488 | 305,390 | ||||||
Bristow Group, Inc.(a) | 5,529 | 141,598 | ||||||
CONSOL Energy, Inc.(a) | 2,903 | 53,618 | ||||||
Delek US Holdings, Inc. | 7,301 | 157,847 | ||||||
Dorian LPG Ltd.(a) | 7,006 | 98,925 | ||||||
Exterran Corp.(a) | 12,237 | 58,248 | ||||||
Kosmos Energy Ltd.(a) | 645,830 | 2,234,572 | ||||||
Nabors Industries Ltd.(a) | 891 | 101,788 | ||||||
Par Pacific Holdings, Inc.(a) | 18,389 | 309,303 | ||||||
PBF Energy, Inc., Class A(a) | 25,333 | 387,595 | ||||||
Peabody Energy Corp.(a) | 5,600 | 44,408 | ||||||
Targa Resources Corp. | 854 | 37,960 | ||||||
TechnipFMC PLC(a) | 222,180 | 2,010,729 | ||||||
Total Energy | 6,027,480 | |||||||
FINANCIALS - 5.5% | ||||||||
Alleghany Corp.(a) | 2,858 | 1,906,486 | ||||||
Allegiance Bancshares, Inc. | 4,177 | 160,564 | ||||||
American Equity Investment Life Holding Co. | 13,707 | 443,010 | ||||||
Aon PLC, Class A | 19,750 | 4,715,510 | ||||||
Arthur J Gallagher & Co. | 12,200 | 1,708,976 | ||||||
Axos Financial, Inc.(a) | 3,911 | 181,431 | ||||||
Banc of California, Inc. | 16,597 | 291,111 | ||||||
Bank of Princeton (The) | 880 | 25,230 | ||||||
BankUnited, Inc. | 8,919 | 380,752 |
See Notes to Schedule of Investments.
PFM Multi-Manager Domestic Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
FINANCIALS - (continued) | ||||||||
Bankwell Financial Group, Inc. | 1,736 | $ | 47,983 | |||||
Banner Corp. | 8,293 | 449,564 | ||||||
BCB Bancorp, Inc. | 3,289 | 44,237 | ||||||
Blucora, Inc.(a) | 19,709 | 341,163 | ||||||
CBTX, Inc. | 4,011 | 109,540 | ||||||
Charles Schwab Corp. (The) | 11,217 | 816,710 | ||||||
Chubb Ltd. | 3,095 | 491,919 | ||||||
Cowen, Inc., Class A | 3,629 | 148,970 | ||||||
Cullen/Frost Bankers, Inc. | 8,000 | 896,000 | ||||||
Customers Bancorp, Inc.(a) | 7,476 | 291,489 | ||||||
Donegal Group, Inc., Class A | 4,771 | 69,514 | ||||||
Elevate Credit, Inc.(a) | 6,365 | 22,723 | ||||||
Employers Holdings, Inc. | 10,767 | 460,828 | ||||||
Encore Capital Group, Inc.(a) | 62 | 2,938 | ||||||
Enova International, Inc.(a) | 13,127 | 449,075 | ||||||
Everest Re Group Ltd. | 14,376 | 3,622,896 | ||||||
EZCORP, Inc., Class A(a) | 17,328 | 104,488 | ||||||
First Bancorp | 5,373 | 219,809 | ||||||
First Business Financial Services, Inc. | 1,257 | 34,027 | ||||||
First Internet Bancorp | 1,698 | 52,604 | ||||||
FS Bancorp, Inc. | 642 | 45,755 | ||||||
Genworth Financial, Inc., Class A(a) | 84,335 | 328,907 | ||||||
Green Dot Corp., Class A(a) | 7,024 | 329,074 | ||||||
Greenhill & Co., Inc. | 10,441 | 162,462 | ||||||
Hanmi Financial Corp. | 7,938 | 151,298 | ||||||
Hartford Financial Services Group, Inc. (The) | 18,729 | 1,160,636 | ||||||
Hilltop Holdings, Inc. | 11,842 | 431,049 | ||||||
Home Bancorp, Inc. | 574 | 21,875 | ||||||
HomeStreet, Inc. | 9,913 | 403,856 | ||||||
James River Group Holdings Ltd. | 8,382 | 314,493 | ||||||
Level One Bancorp, Inc. | 1,026 | 28,010 | ||||||
Meridian Corp. | 1,078 | 28,298 | ||||||
MetLife, Inc. | 20,001 | 1,197,060 | ||||||
Mid Penn Bancorp, Inc. | 925 | 25,391 | ||||||
National Bank Holdings Corp., Class A | 7,243 | 273,351 | ||||||
Northeast Bank | 789 | 23,567 | ||||||
Northern Trust Corp. | 50,840 | 5,878,121 | ||||||
Northfield Bancorp, Inc. | 8,873 | 145,517 | ||||||
Northrim BanCorp, Inc. | 1,300 | 55,575 | ||||||
Piper Sandler Cos. | 4,402 | 570,323 | ||||||
Popular, Inc. | 16,180 | 1,214,309 | ||||||
Preferred Bank | 4,103 | 259,597 | ||||||
Prosperity Bancshares, Inc. | 10,900 | 782,620 | ||||||
Reinsurance Group of America, Inc. | 9,027 | 1,029,078 | ||||||
Safety Insurance Group, Inc. | 2,073 | 162,274 | ||||||
SiriusPoint Ltd.(a) | 21,013 | 211,601 | ||||||
South Plains Financial, Inc. | 317 | 7,332 | ||||||
State Auto Financial Corp. | 2,979 | 51,001 | ||||||
Stewart Information Services Corp. | 8,227 | 466,389 | ||||||
StoneX Group, Inc.(a) | 3,034 | 184,073 | ||||||
SVB Financial Group(a) | 1,850 | 1,029,396 | ||||||
Towne Bank | 24,503 | 745,381 | ||||||
Tradeweb Markets, Inc., Class A | 17,000 | 1,437,520 | ||||||
Travelers Cos., Inc. (The) | 32,364 | 4,845,214 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
FINANCIALS - (continued) | ||||||||
TrustCo Bank Corp. | 2,508 | $ | 86,225 | |||||
UMB Financial Corp. | 2,718 | 252,937 | ||||||
United Fire Group, Inc. | 5,391 | 149,492 | ||||||
United Insurance Holdings Corp. | 8,437 | 48,091 | ||||||
Universal Insurance Holdings, Inc. | 9,205 | 127,765 | ||||||
Valley National Bancorp | 54,799 | 735,951 | ||||||
Veritex Holdings, Inc. | 5,536 | 196,030 | ||||||
Western New England Bancorp, Inc. | 3,249 | 26,479 | ||||||
White Mountains Insurance Group Ltd. | 843 | 967,789 | ||||||
WR Berkley Corp. | 15,814 | 1,177,036 | ||||||
Total Financials | 46,257,745 | |||||||
HEALTH CARE - 7.5% | ||||||||
Abcam PLC, ADR(a) | 14,000 | 266,560 | ||||||
Accuray, Inc.(a) | 6,183 | 27,947 | ||||||
Align Technology, Inc.(a) | 2,450 | 1,496,950 | ||||||
Allscripts Healthcare Solutions, Inc.(a) | 33,145 | 613,514 | ||||||
Amphastar Pharmaceuticals, Inc.(a) | 10,436 | 210,390 | ||||||
Assertio Holdings, Inc.(a) | 3,801 | 5,930 | ||||||
Baxter International, Inc. | 52,648 | 4,238,164 | ||||||
Becton Dickinson and Co. | 15,707 | 3,819,785 | ||||||
Bio-Rad Laboratories, Inc., Class A(a) | 1,480 | 953,549 | ||||||
Bio-Techne Corp. | 2,550 | 1,148,163 | ||||||
Bioventus, Inc., Class A(a) | 5,854 | 103,030 | ||||||
Castlight Health, Inc., Class B(a) | 66,899 | 175,944 | ||||||
Catalent, Inc.(a) | 8,050 | 870,366 | ||||||
Computer Programs & Systems, Inc. | 1,916 | 63,669 | ||||||
Cooper Cos., Inc. (The) | 2,700 | 1,069,929 | ||||||
CytomX Therapeutics, Inc.(a) | 20,143 | 127,505 | ||||||
DENTSPLY SIRONA, Inc. | 53,005 | 3,353,096 | ||||||
Eagle Pharmaceuticals, Inc.(a) | 4,306 | 184,297 | ||||||
Edwards Lifesciences Corp.(a) | 18,000 | 1,864,260 | ||||||
Enanta Pharmaceuticals, Inc.(a) | 4,069 | 179,077 | ||||||
Endo International PLC(a) | 42,343 | 198,165 | ||||||
Galera Therapeutics, Inc.(a) | 1,000 | 9,830 | ||||||
Globus Medical, Inc., Class A(a) | 3,386 | 262,517 | ||||||
Gossamer Bio, Inc.(a) | 2,360 | 19,163 | ||||||
HealthStream, Inc.(a) | 9,313 | 260,205 | ||||||
ICU Medical, Inc.(a) | 20,975 | 4,316,655 | ||||||
Integra LifeSciences Holdings Corp.(a) | 20,400 | 1,392,096 | ||||||
Invacare Corp.(a) | 7,552 | 60,945 | ||||||
Johnson & Johnson | 23,231 | 3,827,075 | ||||||
Lannett Co., Inc.(a) | 28,863 | 134,790 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(a) | 19,645 | 819,786 | ||||||
Masimo Corp.(a) | 23,125 | 5,606,656 | ||||||
Merit Medical Systems, Inc.(a) | 4,031 | 260,645 | ||||||
Minerva Neurosciences, Inc.(a) | 10,819 | 25,100 |
See Notes to Schedule of Investments.
PFM Multi-Manager Domestic Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
HEALTH CARE - (continued) | ||||||||
Moderna, Inc.(a) | 21,985 | $ | 5,166,035 | |||||
Molina Healthcare, Inc.(a) | 1,115 | 282,162 | ||||||
Natus Medical, Inc.(a) | 2,630 | 68,327 | ||||||
NextGen Healthcare, Inc.(a) | 20,972 | 347,926 | ||||||
Orthofix Medical, Inc.(a) | 4,903 | 196,659 | ||||||
Radius Health, Inc.(a) | 4,189 | 76,407 | ||||||
Recro Pharma, Inc.(a) | 9,824 | 22,693 | ||||||
Smith & Nephew PLC, ADR | 114,063 | 4,954,897 | ||||||
STERIS PLC | 5,765 | 1,189,320 | ||||||
Surmodics, Inc.(a) | 1,801 | 97,704 | ||||||
Tandem Diabetes Care, Inc.(a) | 8,800 | 857,120 | ||||||
Tricida, Inc.(a) | 3,842 | 16,597 | ||||||
UnitedHealth Group, Inc. | 10,910 | 4,368,800 | ||||||
Universal Health Services, Inc., Class B | 12,062 | 1,766,239 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 10,409 | 223,898 | ||||||
Varex Imaging Corp.(a) | 11,142 | 298,829 | ||||||
Veeva Systems, Inc., Class A(a) | 3,700 | 1,150,515 | ||||||
Waters Corp.(a) | 5,750 | 1,987,258 | ||||||
West Pharmaceutical Services, Inc. | 1,000 | 359,100 | ||||||
Zimmer Biomet Holdings, Inc. | 9,240 | 1,485,977 | ||||||
Total Health Care | 62,882,216 | |||||||
INDUSTRIALS - 5.1% | ||||||||
3M Co. | 20,278 | 4,027,819 | ||||||
AAR Corp.(a) | 5,573 | 215,954 | ||||||
ABM Industries, Inc. | 6,690 | 296,701 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 10,395 | 501,975 | ||||||
Allegiant Travel Co.(a) | 2,425 | 470,450 | ||||||
AMETEK, Inc. | 16,800 | 2,242,800 | ||||||
Apogee Enterprises, Inc. | 8,208 | 334,312 | ||||||
ArcBest Corp. | 8,099 | 471,281 | ||||||
Arcosa, Inc. | 514 | 30,192 | ||||||
Argan, Inc. | 500 | 23,895 | ||||||
Astec Industries, Inc. | 6,116 | 384,941 | ||||||
Astronics Corp.(a) | 8,331 | 145,876 | ||||||
Atlas Air Worldwide Holdings, Inc.(a) | 8,014 | 545,834 | ||||||
Barrett Business Services, Inc. | 728 | 52,860 | ||||||
Boise Cascade Co. | 8,810 | 514,063 | ||||||
Clarivate Analytics PLC(a) | 48,900 | 1,346,217 | ||||||
CoreCivic, Inc.(a) | 4,144 | 43,388 | ||||||
CoStar Group, Inc.(a) | 6,000 | 496,920 | ||||||
Echo Global Logistics, Inc.(a) | 4,074 | 125,235 | ||||||
Fortive Corp. | 31,600 | 2,203,784 | ||||||
Generac Holdings, Inc.(a) | 4,300 | 1,785,145 | ||||||
Graco, Inc. | 2,955 | 223,693 | ||||||
Granite Construction, Inc. | 11,215 | 465,759 | ||||||
HNI Corp. | 8,672 | 381,308 | ||||||
Hub Group, Inc., Class A(a) | 8,322 | 549,086 | ||||||
Hyster-Yale Materials Handling, Inc. | 900 | 65,682 | ||||||
IDEX Corp. | 4,350 | 957,217 | ||||||
Interface, Inc. | 8,845 | 135,328 | ||||||
Kelly Services, Inc., Class A(a) | 8,151 | 195,379 | ||||||
Manitowoc Co., Inc. (The)(a) | 785 | 19,233 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
INDUSTRIALS - (continued) | ||||||||
ManpowerGroup, Inc. | 984 | $ | 117,007 | |||||
Matrix Service Co.(a) | 4,749 | 49,865 | ||||||
Matthews International Corp., Class A | 7,351 | 264,342 | ||||||
Moog, Inc., Class A | 5,865 | 493,012 | ||||||
Mueller Water Products, Inc., Class A | 176,552 | 2,545,880 | ||||||
MYR Group, Inc.(a) | 5,325 | 484,149 | ||||||
Nordson Corp. | 5,500 | 1,207,305 | ||||||
Northrop Grumman Corp. | 9,535 | 3,465,305 | ||||||
NOW, Inc.(a) | 36,411 | 345,540 | ||||||
Orion Group Holdings, Inc.(a) | 6,852 | 39,399 | ||||||
PAE, Inc.(a) | 2,000 | 17,800 | ||||||
Powell Industries, Inc. | 1,681 | 52,027 | ||||||
Primoris Services Corp. | 415 | 12,213 | ||||||
Quanex Building Products Corp. | 7,920 | 196,733 | ||||||
Raytheon Technologies Corp. | 6,410 | 546,837 | ||||||
Resources Connection, Inc. | 12,025 | 172,679 | ||||||
REV Group, Inc. | 11,559 | 181,361 | ||||||
Rockwell Automation, Inc. | 3,530 | 1,009,651 | ||||||
Saia, Inc.(a) | 16,630 | 3,483,819 | ||||||
Team, Inc.(a) | 7,560 | 50,652 | ||||||
Tennant Co. | 3,897 | 311,175 | ||||||
Toro Co. (The) | 12,200 | 1,340,536 | ||||||
Triumph Group, Inc.(a) | 4,348 | 90,221 | ||||||
TrueBlue, Inc.(a) | 5,528 | 155,392 | ||||||
Union Pacific Corp. | 22,600 | 4,970,418 | ||||||
USA Truck, Inc.(a) | 2,174 | 34,936 | ||||||
Verisk Analytics, Inc. | 4,100 | 716,352 | ||||||
Veritiv Corp.(a) | 2,584 | 158,709 | ||||||
Werner Enterprises, Inc. | 22,863 | 1,017,861 | ||||||
Total Industrials | 42,783,503 | |||||||
INFORMATION TECHNOLOGY - 7.9% | ||||||||
Accenture PLC, Class A | 10,160 | 2,995,066 | ||||||
ADTRAN, Inc. | 13,403 | 276,772 | ||||||
Amphenol Corp., Class A | 58,561 | 4,006,158 | ||||||
Anaplan, Inc.(a) | 14,000 | 746,200 | ||||||
Apple, Inc. | 23,265 | 3,186,374 | ||||||
Arlo Technologies, Inc.(a) | 25,438 | 172,215 | ||||||
Asana, Inc., Class A(a) | 36,500 | 2,264,095 | ||||||
AstroNova, Inc.(a) | 1,693 | 23,567 | ||||||
Avnet, Inc. | 4,122 | 165,210 | ||||||
Bel Fuse, Inc., Class B | 2,739 | 39,442 | ||||||
Benchmark Electronics, Inc. | 2,794 | 79,517 | ||||||
BM Technologies, Inc.(a) | 1,101 | 13,696 | ||||||
CalAmp Corp.(a) | 6,074 | 77,261 | ||||||
Cirrus Logic, Inc.(a) | 1,008 | 85,801 | ||||||
CommScope Holding Co., Inc.(a) | 5,242 | 111,707 | ||||||
Comtech Telecommunications Corp. | 9,668 | 233,579 | ||||||
CSG Systems International, Inc. | 9,953 | 469,583 | ||||||
Daktronics, Inc.(a) | 6,639 | 43,751 | ||||||
Diebold Nixdorf, Inc.(a) | 6,023 | 77,335 | ||||||
DSP Group, Inc.(a) | 8,217 | 121,612 | ||||||
Entegris, Inc. | 20,520 | 2,523,344 | ||||||
ePlus, Inc.(a) | 1,260 | 109,229 | ||||||
Extreme Networks, Inc.(a) | 22,584 | 252,037 |
See Notes to Schedule of Investments.
PFM Multi-Manager Domestic Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
INFORMATION TECHNOLOGY - (continued) | ||||||||
Harmonic, Inc.(a) | 31,128 | $ | 265,211 | |||||
Infinera Corp.(a) | 10,137 | 103,397 | ||||||
Insight Enterprises, Inc.(a) | 2,038 | 203,820 | ||||||
Jack Henry & Associates, Inc. | 21,920 | 3,584,139 | ||||||
Mastercard, Inc., Class A | 13,775 | 5,029,115 | ||||||
Medallia, Inc.(a) | 45,500 | 1,535,625 | ||||||
Microsoft Corp. | 19,845 | 5,376,011 | ||||||
Motorola Solutions, Inc. | 18,240 | 3,955,344 | ||||||
NeoPhotonics Corp.(a) | 5,898 | 60,219 | ||||||
NETGEAR, Inc.(a) | 12,948 | 496,167 | ||||||
New Relic, Inc.(a) | 10,535 | 705,529 | ||||||
NVIDIA Corp. | 6,845 | 5,476,685 | ||||||
Okta, Inc.(a) | 4,900 | 1,198,932 | ||||||
OneSpan, Inc.(a) | 10,624 | 271,337 | ||||||
Palo Alto Networks, Inc.(a) | 4,200 | 1,558,410 | ||||||
PC Connection, Inc. | 4,281 | 198,082 | ||||||
Photronics, Inc.(a) | 26,945 | 355,943 | ||||||
Plantronics, Inc.(a) | 9,321 | 388,965 | ||||||
Progress Software Corp. | 6,976 | 322,640 | ||||||
Pure Storage, Inc., Class A(a) | 47,000 | 917,910 | ||||||
Sanmina Corp.(a) | 12,652 | 492,922 | ||||||
ScanSource, Inc.(a) | 7,096 | 199,610 | ||||||
ServiceNow, Inc.(a) | 1,200 | 659,460 | ||||||
SMART Global Holdings, Inc.(a) | 4,740 | 226,003 | ||||||
Smartsheet, Inc., Class A(a) | 16,100 | 1,164,352 | ||||||
Splunk, Inc.(a) | 4,050 | 585,549 | ||||||
Super Micro Computer, Inc.(a) | 1,876 | 65,998 | ||||||
Synopsys, Inc.(a) | 3,650 | 1,006,634 | ||||||
Texas Instruments, Inc. | 24,995 | 4,806,539 | ||||||
TTEC Holdings, Inc. | 612 | 63,091 | ||||||
Unisys Corp.(a) | 8,508 | 215,337 | ||||||
Universal Display Corp. | 10,890 | 2,421,174 | ||||||
Veeco Instruments, Inc.(a) | 18,997 | 456,688 | ||||||
Workday, Inc., Class A(a) | 8,400 | 2,005,416 | ||||||
Xerox Holdings Cop. | 2,546 | 59,806 | ||||||
Zendesk, Inc.(a) | 5,200 | 750,568 | ||||||
Zscaler, Inc.(a) | 6,300 | 1,361,178 | ||||||
Total Information Technology | 66,617,357 | |||||||
MATERIALS - 1.0% | ||||||||
AdvanSix, Inc.(a) | 5,329 | 159,124 | ||||||
American Vanguard Corp. | 6,157 | 107,809 | ||||||
AptarGroup, Inc. | 12,398 | 1,746,134 | ||||||
Clearwater Paper Corp.(a) | 5,610 | 162,522 | ||||||
Hawkins, Inc. | 4,190 | 137,223 | ||||||
Kraton Corp.(a) | 5,232 | 168,941 | ||||||
Nutrien Ltd. | 34,510 | 2,091,651 | ||||||
Rayonier Advanced Materials, Inc.(a) | 16,707 | 111,770 | ||||||
Sherwin-Williams Co. (The) | 6,910 | 1,882,629 | ||||||
Stepan Co. | 3,537 | 425,395 | ||||||
SunCoke Energy, Inc. | 54,045 | 385,881 | ||||||
Trinseo S.A. | 9,768 | 584,517 | ||||||
US Concrete, Inc.(a) | 3,407 | 251,437 | ||||||
Valhi, Inc. | 1,014 | 24,671 | ||||||
Verso Corp., Class A | 3,211 | 56,835 | ||||||
Total Materials | 8,296,539 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
REAL ESTATE - 1.5% | ||||||||
Armada Hoffler Properties, Inc. | 15,257 | $ | 202,766 | |||||
AvalonBay Communities, Inc. | 2,406 | 502,108 | ||||||
Boston Properties, Inc. | 7,064 | 809,464 | ||||||
Community Healthcare Trust, Inc. | 5,614 | 266,440 | ||||||
Cousins Properties, Inc. | 26,340 | 968,785 | ||||||
Equity Commonwealth | 167,070 | 4,377,234 | ||||||
Forestar Group, Inc.(a) | 5,935 | 124,101 | ||||||
Four Corners Property Trust, Inc. | 15,970 | 440,932 | ||||||
Franklin Street Properties Corp. | 20,737 | 109,077 | ||||||
GEO Group, Inc. (The) | 17,850 | 127,092 | ||||||
Healthcare Realty Trust, Inc. | 63,622 | 1,921,384 | ||||||
Industrial Logistics Properties Trust | 17,170 | 448,824 | ||||||
iStar, Inc. | 25,137 | 521,090 | ||||||
Mack-Cali Realty Corp. | 11,112 | 190,571 | ||||||
Monmouth Real Estate Investment Corp. | 13,207 | 247,235 | ||||||
NexPoint Residential Trust, Inc. | 5,520 | 303,490 | ||||||
RE/MAX Holdings, Inc., Class A | 5,036 | 167,850 | ||||||
Realogy Holdings Corp.(a) | 28,432 | 518,031 | ||||||
Retail Opportunity Investments Corp. | 3,340 | 58,984 | ||||||
RPT Realty | 16,733 | 217,194 | ||||||
Whitestone REIT | 20,422 | 168,481 | ||||||
Total Real Estate | 12,691,133 | |||||||
UTILITIES - 1.5% | ||||||||
American Water Works Co., Inc. | 1,598 | 246,300 | ||||||
Avista Corp. | 20,668 | 881,904 | ||||||
California Water Service Group | 8,475 | 470,701 | ||||||
Essential Utilities, Inc. | 21,203 | 968,977 | ||||||
IDACORP, Inc. | 2,494 | 243,165 | ||||||
Middlesex Water Co. | 2,919 | 238,570 | ||||||
NextEra Energy, Inc. | 41,110 | 3,012,541 | ||||||
SJW Group | 51,804 | 3,279,193 | ||||||
United Utilities Group PLC, ADR | 103,070 | 2,832,879 | ||||||
Total Utilities | 12,174,230 | |||||||
TOTAL COMMON STOCKS | 321,004,612 | |||||||
EXCHANGE-TRADED FUND - 60.4% | ||||||||
Vanguard Total Stock Market ETF (Cost: $374,259,075) | 2,274,023 | 506,697,805 | ||||||
SHORT-TERM INVESTMENTS - 1.3% | ||||||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.005%(b) (Cost: $11,154,837) | 11,154,837 | 11,154,837 |
See Notes to Schedule of Investments.
PFM Multi-Manager Domestic Equity Fund (concluded) |
Schedule of Investments (unaudited) |
June 30, 2021 |
TOTAL INVESTMENTS - 100.0% (Cost: $652,155,892) | 838,857,254 | |||
OTHER ASSETS AND LIABILITIES, NET - (0.0)%(c) | (291,146 | ) | ||
NET ASSETS - 100.0% | $ | 838,566,108 |
(a) | Non-income producing security. |
(b) | The rate shown is the annualized seven-day yield at June 30, 2021. |
(c) | Amount is less than 0.05%. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
NVDR | Non-Voting Depositary Receipt |
REIT | Real Estate Investment Trust |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 321,004,612 | $ | — | $ | — | $ | 321,004,612 | ||||||||
Exchange-Traded Fund | 506,697,805 | — | — | 506,697,805 | ||||||||||||
Money Market Fund | 11,154,837 | — | — | 11,154,837 | ||||||||||||
Total | $ | 838,857,254 | $ | — | $ | — | $ | 838,857,254 |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - 61.5% | ||||||||
ARGENTINA - 0.5% | ||||||||
MercadoLibre, Inc.(a) | 2,048 | $ | 3,190,354 | |||||
AUSTRALIA - 1.4% | ||||||||
Atlassian Corp. PLC, Class A(a) | 2,107 | 541,204 | ||||||
BHP Group PLC | 21,065 | 620,665 | ||||||
BlueScope Steel Ltd. | 45,419 | 748,001 | ||||||
CSL Ltd. | 14,482 | 3,097,385 | ||||||
CSR Ltd. | 23,515 | 101,578 | ||||||
Data#3 Ltd. | 5,021 | 21,124 | ||||||
Enero Group Ltd. | 4,876 | 9,179 | ||||||
Fortescue Metals Group Ltd. | 49,556 | 867,420 | ||||||
Healthia Ltd. | 9,923 | 15,181 | ||||||
Incitec Pivot Ltd. | 255,748 | 456,480 | ||||||
Mineral Resources Ltd. | 18,006 | 725,549 | ||||||
MotorCycle Holdings Ltd. | 4,504 | 9,356 | ||||||
Nufarm Ltd.(a) | 4,508 | 15,484 | ||||||
Pact Group Holdings Ltd. | 17,018 | 47,222 | ||||||
Redbubble Ltd.(a) | 204,043 | 552,410 | ||||||
Ridley Corp. Ltd.(a) | 19,693 | 16,836 | ||||||
Shaver Shop Group Ltd. | 12,690 | 9,517 | ||||||
Sigma Healthcare Ltd. (a) | 40,393 | 18,024 | ||||||
South32 Ltd. | 289,221 | 635,521 | ||||||
Total Australia | 8,508,136 | |||||||
AUSTRIA - 0.3% | ||||||||
ANDRITZ AG | 11,012 | 618,663 | ||||||
Erste Group Bank AG | 32,900 | 1,207,006 | ||||||
voestalpine AG | 3,254 | 132,499 | ||||||
Total Austria | 1,958,168 | |||||||
BELGIUM - 0.0% (b) | ||||||||
bpost S.A.(a) | 11,623 | 139,060 | ||||||
Deceuninck N.V. | 5,252 | 18,371 | ||||||
Econocom Group S.A. | 1,184 | 4,493 | ||||||
Groupe Bruxelles Lambert S.A. | 424 | 47,430 | ||||||
Total Belgium | 209,354 | |||||||
BRAZIL - 1.7% | ||||||||
B3 S.A. - Brasil Bolsa Balcao | 204,487 | 691,518 | ||||||
Banco Bradesco S.A., ADR | 107,641 | 552,198 | ||||||
Boa Vista Servicos S.A. | 188,636 | 416,806 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 39,700 | 291,975 | ||||||
Duratex S.A. | 64,087 | 306,661 | ||||||
Equatorial Energia S.A. | 68,934 | 343,714 | ||||||
Hapvida Participacoes e Investimentos S.A.(c) | 80,844 | 250,474 | ||||||
Itau Unibanco Holding S.A., ADR | 269,704 | 1,620,921 | ||||||
Klabin S.A., (Unit)(a) | 41,036 | 217,316 | ||||||
Lojas Renner S.A. | 141,581 | 1,259,023 | ||||||
Magazine Luiza S.A. | 476,566 | 2,026,493 | ||||||
Pagseguro Digital Ltd., Class A(a) | 7,067 | 395,187 | ||||||
Raia Drogasil S.A. | 93,153 | 462,787 | ||||||
Vale S.A., ADR | 34,606 | 789,363 | ||||||
WEG S.A. | 49,338 | 334,190 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
BRAZIL - (continued) | ||||||||
YDUQS Participacoes SA | 39,390 | $ | 260,076 | |||||
Total Brazil | 10,218,702 | |||||||
BRITAIN - 5.0% | ||||||||
3i Group PLC | 17,716 | 287,462 | ||||||
Anglo American PLC | 25,308 | 1,005,621 | ||||||
Aptitude Software Group PLC | 3,430 | 27,804 | ||||||
Ascential PLC(a) | 162,383 | 934,437 | ||||||
Ashtead Group PLC | 45,800 | 3,398,370 | ||||||
Auto Trader Group PLC(a)(c) | 154,699 | 1,355,445 | ||||||
Barclays PLC | 104,562 | 247,509 | ||||||
BP PLC, ADR | 42,885 | 1,133,022 | ||||||
Close Brothers Group PLC | 61,200 | 1,282,568 | ||||||
CNH Industrial N.V. | 42,920 | 708,677 | ||||||
Coca-Cola European Partners PLC | 40,639 | 2,410,705 | ||||||
FDM Group Holdings PLC | 31,827 | 449,068 | ||||||
Ferguson PLC | 3,396 | 472,117 | ||||||
Gear4Music Holdings PLC(a) | 5,112 | 70,714 | ||||||
GlaxoSmithKline PLC | 90,400 | 1,774,964 | ||||||
Hargreaves Services PLC | 3,500 | 21,303 | ||||||
Howden Joinery Group PLC | 29,313 | 331,120 | ||||||
Kainos Group PLC | 2,007 | 40,950 | ||||||
Keystone Law Group PLC | 2,569 | 24,165 | ||||||
Kingfisher PLC | 51,364 | 258,984 | ||||||
M&G PLC | 153,827 | 487,074 | ||||||
Mattioli Woods PLC | 1,770 | 18,180 | ||||||
Moneysupermarket.com Group PLC | 139,382 | 494,743 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 62,536 | 1,020,771 | ||||||
Numis Corp. PLC | 65,296 | 320,650 | ||||||
Prudential PLC | 16,467 | 312,867 | ||||||
Reckitt Benckiser Group PLC | 14,300 | 1,265,403 | ||||||
RELX PLC | 28,982 | 769,342 | ||||||
Rentokil Initial PLC | 241,500 | 1,653,631 | ||||||
Rightmove PLC | 141,271 | 1,269,059 | ||||||
Rio Tinto PLC | 1,787 | 147,057 | ||||||
Rio Tinto PLC, ADR | 11,500 | 964,735 | ||||||
Rotork PLC | 91,292 | 429,871 | ||||||
Sabre Insurance Group PLC(c) | 219,248 | 773,379 | ||||||
Schroders PLC | 7,113 | 345,659 | ||||||
Tesco PLC | 137,802 | 424,991 | ||||||
Unilever PLC | 7,907 | 462,722 | ||||||
Unilever PLC | 26,100 | 1,527,752 | ||||||
UP Global Sourcing Holdings PLC | 4,984 | 15,857 | ||||||
Victorian Plumbing Group PLC(a) | 122,628 | 505,501 | ||||||
WPP PLC | 17,028 | 229,471 | ||||||
Total Britain | 29,673,720 | |||||||
CANADA - 3.5% | ||||||||
Apollo Healthcare Corp.(a) | 8,900 | 19,529 | ||||||
Bird Construction, Inc. | 2,800 | 19,945 | ||||||
Brookfield Asset Management Reinsurance Partners Ltd., Class A(a) | 364 | 19,234 | ||||||
Brookfield Asset Management, Inc., Class A | 52,800 | 2,693,669 | ||||||
CAE, Inc.(a) | 53,504 | 1,647,937 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
CANADA - (continued) | ||||||||
Cameco Corp. | 53,700 | $ | 1,029,293 | |||||
Canadian Pacific Railway Ltd. | 42,500 | 3,268,675 | ||||||
Canfor Corp.(a) | 3,200 | 73,211 | ||||||
Capstone Mining Corp.(a) | 91,300 | 396,252 | ||||||
Cascades, Inc. | 7,300 | 89,866 | ||||||
Cervus Equipment Corp. | 3,100 | 41,263 | ||||||
Cogeco Communications, Inc. | 3,187 | 311,630 | ||||||
Cogeco, Inc. | 800 | 62,046 | ||||||
Computer Modelling Group Ltd. | 64,531 | 266,016 | ||||||
Empire Co., Ltd., Class A | 13,024 | 410,809 | ||||||
Intertape Polymer Group, Inc. | 2,600 | 60,281 | ||||||
Lassonde Industries, Inc., Class A | 200 | 27,912 | ||||||
Linamar Corp. | 1,800 | 112,899 | ||||||
Lululemon Athletica, Inc.(a) | 6,500 | 2,372,305 | ||||||
Magna International, Inc. | 26,400 | 2,444,279 | ||||||
Melcor Developments Ltd. | 2,000 | 21,620 | ||||||
Methanex Corp. | 1,000 | 33,148 | ||||||
Pason Systems, Inc. | 105,165 | 757,602 | ||||||
PFB Corp. | 700 | 12,141 | ||||||
PHX Energy Services Corp. | 5,600 | 20,239 | ||||||
Shopify, Inc., Class A(a) | 2,300 | 3,360,254 | ||||||
Stella-Jones, Inc. | 7,400 | 266,426 | ||||||
Suncor Energy, Inc. | 28,195 | 675,306 | ||||||
TMX Group Ltd. | 3,461 | 365,588 | ||||||
Winpak Ltd. | 900 | 28,076 | ||||||
Total Canada | 20,907,451 | |||||||
CHILE - 0.0% (b) | ||||||||
Banco Santander Chile, ADR | 14,720 | 292,486 | ||||||
CHINA - 5.6% | ||||||||
Alibaba Group Holding Ltd.(a) | 26,200 | 742,372 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 11,845 | 2,686,209 | ||||||
Autohome, Inc., ADR | 7,009 | 448,296 | ||||||
Baidu, Inc., ADR(a) | 3,773 | 769,315 | ||||||
Centre Testing International Group Co., Ltd., Class A | 83,400 | 411,485 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 337,000 | 580,743 | ||||||
China Pacific Insurance Group Co., Ltd., Class H | 158,000 | 497,546 | ||||||
Didi Global, Inc. (a) | 19,991 | 282,673 | ||||||
ENN Energy Holdings Ltd. | 50,800 | 967,021 | ||||||
Great Wall Motor Co., Ltd., Class H | 210,500 | 680,493 | ||||||
Haitian International Holdings Ltd. | 110,715 | 371,460 | ||||||
Huazhu Group Ltd., ADR(a) | 7,743 | 408,908 | ||||||
JD.com, Inc., ADR(a) | 39,133 | 3,123,205 | ||||||
JD.com, Inc., Class A(a) | 5,900 | 232,070 | ||||||
Li Ning Co., Ltd. | 98,000 | 1,196,553 | ||||||
Midea Group Co., Ltd., Class A | 82,800 | 914,568 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 32,572 | 266,765 | ||||||
Oppein Home Group, Inc., Class A | 15,200 | 333,949 | ||||||
PICC Property & Casualty Co., Ltd., Class H | 526,000 | 460,672 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
CHINA - (continued) | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 138,000 | $ | 1,351,686 | |||||
Shenzhou International Group Holdings Ltd. | 116,400 | 2,939,871 | ||||||
Tencent Holdings Ltd. | 113,400 | 8,529,500 | ||||||
Weichai Power Co., Ltd., Class A | 156,995 | 434,190 | ||||||
Wuxi Biologics Cayman, Inc.(a)(c) | 195,924 | 3,590,792 | ||||||
Yum China Holdings, Inc. | 17,676 | 1,171,035 | ||||||
Zhejiang Supor Co., Ltd., Class A | 22,861 | 225,693 | ||||||
Total China | 33,617,070 | |||||||
CZECH - 0.1% (b) | ||||||||
Avast PLC(c) | 46,964 | 318,200 | ||||||
DENMARK - 0.2% | ||||||||
Norden A/S | 4,524 | 143,917 | ||||||
Columbus A/S | 69,275 | 117,534 | ||||||
SimCorp A/S | 2,630 | 330,131 | ||||||
Vestas Wind Systems A/S | 10,295 | 401,868 | ||||||
Total Denmark | 993,450 | |||||||
EGYPT - 0.0% (b) | ||||||||
Commercial International Bank Egypt SAE, GDR(a) | 55,696 | 182,961 | ||||||
FINLAND - 0.6% | ||||||||
Alma Media Oyj | 1,354 | 16,569 | ||||||
Digia Oyj | 375 | 3,397 | ||||||
Enento Group Oyj(c) | 20,021 | 804,783 | ||||||
Fiskars Oyj Abp | 3,395 | 73,830 | ||||||
Harvia Oyj | 2,767 | 167,329 | ||||||
Kone Oyj, Class B | 13,313 | 1,086,069 | ||||||
Marimekko Oyj | 466 | 35,640 | ||||||
Nordea Bank Abp | 42,766 | 476,027 | ||||||
Orion Oyj, Class B | 12,527 | 538,454 | ||||||
Ponsse Oyj | 449 | 22,574 | ||||||
Rapala VMC Oyj(a) | 2,205 | 21,753 | ||||||
Scanfil Oyj | 5,613 | 52,313 | ||||||
Vincit Oyj | 1,410 | 16,803 | ||||||
Total Finland | 3,315,541 | |||||||
FRANCE - 4.1% | ||||||||
Air Liquide S.A. | 3,589 | 628,390 | ||||||
Alstom S.A.(a) | 8,244 | 416,331 | ||||||
Alten S.A. | 6,733 | 892,573 | ||||||
Amundi S.A.(c) | 18,600 | 1,639,786 | ||||||
BNP Paribas S.A. | 12,524 | 785,137 | ||||||
Capgemini SE | 3,014 | 578,964 | ||||||
CBo Territoria | 4,714 | 19,899 | ||||||
Cie de Saint-Gobain | 4,203 | 276,795 | ||||||
Cie Generale des Etablissements Michelin SCA | 12,500 | 1,993,542 | ||||||
Dassault Systemes SE | 10,000 | 2,424,859 | ||||||
Engie S.A. | 38,863 | 532,429 | ||||||
Haulotte Group S.A. | 5,851 | 44,402 | ||||||
Infotel S.A. | 299 | 17,798 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
FRANCE - (continued) | ||||||||
Jacquet Metal S.A. | 5,061 | $ | 117,021 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 8,485 | 6,653,399 | ||||||
Manitou BF S.A. | 1,138 | 36,433 | ||||||
Pernod Ricard S.A. | 10,101 | 2,242,144 | ||||||
Publicis Groupe S.A. | 15,515 | 992,330 | ||||||
Rexel S.A.(a) | 1,627 | 34,031 | ||||||
Safran S.A. | 11,022 | 1,528,067 | ||||||
Sanofi | 6,848 | 717,485 | ||||||
Societe Generale S.A. | 25,243 | 744,107 | ||||||
Somfy S.A. | 380 | 64,524 | ||||||
TOTAL S.A. | 27,600 | 1,248,687 | ||||||
Total France | 24,629,133 | |||||||
GERMANY - 4.3% | ||||||||
Ad Pepper Media International N.V.(a) | 2,199 | 15,540 | ||||||
adidas AG | 826 | 307,443 | ||||||
ADVA Optical Networking SE(a) | 3,827 | 53,002 | ||||||
AP Moller - Maersk A/S, Class B | 314 | 902,507 | ||||||
BASF SE | 12,018 | 946,793 | ||||||
Bayerische Motoren Werke AG | 8,933 | 945,999 | ||||||
BioNTech SE, ADR(a) | 1,667 | 373,208 | ||||||
Brockhaus Capital Management AG(a)(c) | 10,431 | 283,240 | ||||||
Carl Zeiss Meditec AG | 1,254 | 242,295 | ||||||
Carlsberg A/S, Class B | 2,829 | 527,343 | ||||||
Continental AG(a) | 2,612 | 383,988 | ||||||
CTS Eventim AG & Co. KGaA(a) | 4,870 | 304,322 | ||||||
Daimler AG | 14,038 | 1,253,411 | ||||||
Deutsche Bank AG(a) | 50,527 | 658,198 | ||||||
Deutsche Post AG | 19,559 | 1,330,298 | ||||||
DSV PANALPINA A/S | 19,268 | 4,493,434 | ||||||
Genmab A/S(a) | 756 | 309,332 | ||||||
Hawesko Holding AG | 889 | 62,826 | ||||||
Hornbach Holding AG & Co. KGaA | 1,527 | 174,003 | ||||||
Infineon Technologies AG | 6,499 | 260,623 | ||||||
Jungheinrich AG, (Preference Shares) | 844 | 41,252 | ||||||
Krones AG | 336 | 30,020 | ||||||
KSB SE & Co. KGaA | 32 | 15,178 | ||||||
Merck KGaA | 5,952 | 1,141,211 | ||||||
MTU Aero Engines AG | 1,099 | 272,226 | ||||||
Nemetschek SE | 23,800 | 1,820,809 | ||||||
New Work SE | 2,813 | 883,912 | ||||||
Novo Nordisk A/S, Class B | 16,444 | 1,377,664 | ||||||
ProSiebenSat.1 Media SE | 21,048 | 418,665 | ||||||
Roche Holding AG | 5,987 | 2,255,357 | ||||||
SAP SE | 4,157 | 585,782 | ||||||
Siemens AG | 8,938 | 1,416,136 | ||||||
Surteco Group SE | 1,111 | 36,228 | ||||||
Symrise AG | 11,800 | 1,644,043 | ||||||
Technotrans SE | 399 | 12,916 | ||||||
Vonovia SE | 4,065 | 262,790 | ||||||
Total Germany | 26,041,994 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
GREECE - 0.1%(b) | ||||||||
Alpha Bank AE(a) | 81,335 | $ | 103,966 | |||||
Eurobank Ergasias S.A.(a) | 57,518 | 57,972 | ||||||
Hellenic Telecommunications Organization S.A. | 9,396 | 157,649 | ||||||
Total Greece | 319,587 | |||||||
HONG KONG - 1.3% | ||||||||
AIA Group Ltd. | 499,500 | 6,208,126 | ||||||
Chen Hsong Holdings | 44,000 | 15,697 | ||||||
China Mengniu Dairy Co., Ltd. | 154,000 | 931,224 | ||||||
ESR Cayman Ltd.(a)(c) | 165,600 | 558,804 | ||||||
Hang Lung Properties Ltd. | 84,000 | 204,041 | ||||||
Pico Far East Holdings Ltd. | 142,000 | 24,873 | ||||||
Total Hong Kong | 7,942,765 | |||||||
HUNGARY - 0.2% | ||||||||
OTP Bank Nyrt(a) | 13,580 | 731,077 | ||||||
Richter Gedeon Nyrt | 12,566 | 334,534 | ||||||
Total Hungary | 1,065,611 | |||||||
ICELAND - 0.2% | ||||||||
Marel HF(c) | 143,160 | 994,747 | ||||||
INDIA - 1.4% | ||||||||
Dr Reddy's Laboratories Ltd., ADR | 5,053 | 371,446 | ||||||
HDFC Bank Ltd., ADR(a) | 48,370 | 3,536,814 | ||||||
ICICI Bank Ltd., ADR(a) | 103,208 | 1,764,857 | ||||||
Infosys Ltd., ADR | 59,419 | 1,259,089 | ||||||
Reliance Industries Ltd., GDR(c) | 15,576 | 881,602 | ||||||
Reliance Industries Ltd., GDR(c) | 7,442 | 421,217 | ||||||
Total India | 8,235,025 | |||||||
INDONESIA - 0.2% | ||||||||
Bank Mandiri Persero Tbk PT | 1,570,500 | 639,031 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 577,900 | 157,029 | ||||||
Bumitama Agri Ltd. | 60,200 | 20,370 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 14,272 | 309,274 | ||||||
Total Indonesia | 1,125,704 | |||||||
IRELAND - 2.3% | ||||||||
Accenture PLC, Class A | 18,590 | 5,480,146 | ||||||
Experian PLC | 111,602 | 4,301,000 | ||||||
Fineos Corp. Ltd.(a) | 171,123 | 500,502 | ||||||
ICON PLC(a) | 8,315 | 1,718,794 | ||||||
James Hardie Industries PLC | 25,914 | 879,787 | ||||||
Medtronic PLC | 5,657 | 702,203 | ||||||
Ryanair Holdings PLC, ADR(a) | 2,744 | 296,928 | ||||||
Total Ireland | 13,879,360 | |||||||
ISRAEL - 0.2% | ||||||||
Bank Hapoalim BM(a) | 2,039 | 16,361 | ||||||
Bank Leumi Le-Israel BM(a) | 43,371 | 329,391 | ||||||
First International Bank Of Israel Ltd.(a) | 1,742 | 55,784 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
ISRAEL - (continued) | ||||||||
Max Stock Ltd. | 109,000 | $ | 413,245 | |||||
Mizrahi Tefahot Bank Ltd.(a) | 10,003 | 308,054 | ||||||
Neto ME Holdings Ltd. | 160 | 7,519 | ||||||
NR Spuntech Industries Ltd. | 8,850 | 23,864 | ||||||
Plus500 Ltd. | 16,208 | 299,314 | ||||||
Total Israel | 1,453,532 | |||||||
ITALY - 0.9% | ||||||||
Cerved Group SpA(a) | 56,845 | 660,559 | ||||||
DiaSorin SpA | 3,898 | 737,218 | ||||||
Enel SpA | 62,382 | 579,329 | ||||||
Ferrari N.V. | 11,628 | 2,399,095 | ||||||
Gruppo MutuiOnline SpA | 18,566 | 884,988 | ||||||
Total Italy | 5,261,189 | |||||||
JAPAN - 5.8% | ||||||||
AEON Financial Service Co., Ltd. | 15,200 | 179,097 | ||||||
Aiful Corp. | 55,400 | 190,992 | ||||||
Brother Industries Ltd. | 27,500 | 548,787 | ||||||
Canon, Inc. | 26,200 | 592,651 | ||||||
Capcom Co., Ltd. | 17,400 | 509,024 | ||||||
Credit Saison Co., Ltd. | 11,800 | 143,816 | ||||||
Daiichi Jitsugyo Co., Ltd. | 900 | 34,714 | ||||||
Daiken Corp. | 1,800 | 33,798 | ||||||
Daiwa House Industry Co., Ltd. | 17,200 | 516,333 | ||||||
Disco Corp. | 2,400 | 733,426 | ||||||
FANUC Corp. | 8,100 | 1,953,639 | ||||||
Fujitsu Ltd. | 8,300 | 1,553,985 | ||||||
Glory Ltd. | 2,800 | 58,044 | ||||||
Gun-Ei Chemical Industry Co., Ltd. | 600 | 13,264 | ||||||
Hitachi Ltd. | 9,400 | 538,219 | ||||||
I-NE Co., Ltd.(a) | 1,800 | 91,867 | ||||||
I-O Data Device, Inc. | 1,500 | 13,907 | ||||||
Ichimasa Kamaboko Co., Ltd. | 1,600 | 13,495 | ||||||
Iida Group Holdings Co., Ltd. | 21,800 | 561,213 | ||||||
Internet Initiative Japan, Inc. | 3,500 | 108,691 | ||||||
IwaiCosmo Holdings, Inc. | 9,000 | 133,426 | ||||||
JUTEC Holdings Corp. | 1,000 | 9,181 | ||||||
KDDI Corp. | 51,100 | 1,593,785 | ||||||
Keyence Corp. | 4,900 | 2,473,046 | ||||||
Kobe Bussan Co., Ltd. | 5,800 | 182,727 | ||||||
Konica Minolta, Inc. | 14,600 | 80,691 | ||||||
Kubota Corp. | 66,600 | 1,347,047 | ||||||
Kyokuto Securities Co., Ltd. | 3,500 | 25,550 | ||||||
Lasertec Corp. | 12,100 | 2,351,492 | ||||||
Makita Corp. | 12,800 | 602,583 | ||||||
Makiya Co., Ltd. | 1,100 | 8,733 | ||||||
MarkLines Co., Ltd. | 14,700 | 387,695 | ||||||
Marui Group Co., Ltd. | 61,900 | 1,163,394 | ||||||
Marusan Securities Co., Ltd. | 8,000 | 43,494 | ||||||
Mazda Motor Corp.(a) | 5,400 | 50,746 | ||||||
Megachips Corp. | 1,200 | 34,403 | ||||||
Meitec Corp. | 6,200 | 335,407 | ||||||
Mercari, Inc.(a) | 14,300 | 759,440 | ||||||
Mercuria Investment Co., Ltd.(a) | 2,100 | 14,706 | ||||||
Mito Securities Co., Ltd. | 30,100 | 79,656 | ||||||
Mitsubishi Electric Corp. | 55,000 | 798,303 | ||||||
Morito Co., Ltd. | 1,900 | 10,364 | ||||||
Nakanishi, Inc. | 16,500 | 360,907 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
JAPAN - (continued) | ||||||||
Natori Co., Ltd. | 1,700 | $ | 28,860 | |||||
Nexon Co., Ltd. | 10,900 | 242,931 | ||||||
Nichiha Corp. | 900 | 22,870 | ||||||
Nidec Corp. | 15,900 | 1,842,680 | ||||||
Nihon Kohden Corp. | 13,700 | 390,918 | ||||||
Nintendo Co., Ltd. | 1,999 | 1,162,747 | ||||||
Nippon Concept Corp. | 900 | 15,125 | ||||||
Nojima Corp. | 2,800 | 69,209 | ||||||
Nomura Holdings, Inc. | 8,400 | 42,932 | ||||||
OBIC Business Consultants Co., Ltd. | 2,600 | 150,250 | ||||||
Okasan Securities Group, Inc. | 14,400 | 53,921 | ||||||
Okuwa Co., Ltd. | 2,800 | 27,396 | ||||||
Otsuka Holdings Co., Ltd. | 29,500 | 1,223,336 | ||||||
Premium Group Co., Ltd. | 2,000 | 63,189 | ||||||
Rohm Co., Ltd. | 5,300 | 489,950 | ||||||
Ryohin Keikaku Co., Ltd. | 22,700 | 476,088 | ||||||
Sangetsu Corp. | 2,600 | 36,229 | ||||||
Seiko Epson Corp. | 34,300 | 603,287 | ||||||
Shimamura Co., Ltd. | 2,300 | 220,694 | ||||||
Shimano, Inc. | 1,500 | 355,777 | ||||||
Soliton Systems KK | 2,400 | 35,580 | ||||||
Sony Corp. | 27,000 | 2,628,426 | ||||||
Sparx Group Co., Ltd. | 14,300 | 32,952 | ||||||
Sumitomo Bakelite Co., Ltd. | 1,400 | 61,875 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 10,800 | 372,330 | ||||||
Sunday Co., Ltd. | 700 | 9,640 | ||||||
T&D Holdings, Inc. | 44,600 | 576,494 | ||||||
Techno Medica Co., Ltd. | 1,900 | 27,398 | ||||||
Tokyo Electron Ltd. | 1,900 | 822,287 | ||||||
Tokyo Keiki, Inc. | 2,400 | 23,137 | ||||||
Transcosmos, Inc. | 2,800 | 77,375 | ||||||
Wacom Co., Ltd. | 9,500 | 60,372 | ||||||
Wantedly, Inc.(a) | 600 | 14,339 | ||||||
Yamada Holdings Co., Ltd. | 92,200 | 425,749 | ||||||
Yamaha Corp. | 7,700 | 417,940 | ||||||
Yamaha Motor Co., Ltd. | 12,600 | 342,518 | ||||||
Zeon Corp. | 1,300 | 17,986 | ||||||
Total Japan | 34,700,525 | |||||||
KAZAKHSTAN - 0.2% | ||||||||
Kaspi.KZ JSC, GDR(c) | 9,217 | 977,002 | ||||||
LUXEMBOURG - 0.3% | ||||||||
ArcelorMittal S.A. | 14,579 | 446,870 | ||||||
Eurofins Scientific SE(a) | 8,935 | 1,021,327 | ||||||
Ternium S.A., ADR | 5,879 | 226,107 | ||||||
Total Luxembourg | 1,694,304 | |||||||
MACAU - 0.1% | ||||||||
HAL Trust | 690 | 121,416 | ||||||
Sands China Ltd.(a) | 78,800 | 331,873 | ||||||
Total Macau | 453,289 | |||||||
MALAYSIA - 0.1% | ||||||||
CIMB Group Holdings Bhd | 141,900 | 157,571 | ||||||
Heineken Malaysia Bhd | 108,000 | 613,947 | ||||||
Total Malaysia | 771,518 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
MEXICO - 0.4% | ||||||||
Arca Continental S.A.B. de C.V. | 76,300 | $ | 441,555 | |||||
Cemex S.A.B. de C.V., (Unit), Series CPO(a) | 179,244 | 150,884 | ||||||
Cemex S.A.B. de C.V., ADR(a) | 11,528 | 96,835 | ||||||
Corp. Moctezuma S.A.B. de C.V., Series * | 144,684 | 439,046 | ||||||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 2,180 | 184,232 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 198,832 | 1,280,329 | ||||||
Total Mexico | 2,592,881 | |||||||
NETHERLANDS - 2.5% | ||||||||
Accell Group N.V.(a) | 2,020 | 108,503 | ||||||
Adyen N.V.(a)(c) | 826 | 2,018,115 | ||||||
Akzo Nobel N.V. | 16,900 | 2,088,082 | ||||||
ASML Holding N.V. | 2,805 | 1,927,101 | ||||||
ASML Holding N.V. | 4,775 | 3,298,761 | ||||||
Heineken N.V. | 16,200 | 1,963,175 | ||||||
Koninklijke DSM N.V. | 2,623 | 489,549 | ||||||
Koninklijke Philips N.V. | 21,607 | 1,070,681 | ||||||
Nedap N.V. | 450 | 31,001 | ||||||
Ordina N.V. | 86,709 | 388,642 | ||||||
Randstad N.V. | 11,668 | 892,379 | ||||||
Royal Dutch Shell PLC, Class A | 23,250 | 468,778 | ||||||
Wolters Kluwer N.V. | 3,993 | 401,124 | ||||||
Total Netherlands | 15,145,891 | |||||||
NEW ZEALAND - 0.1% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 19,627 | 426,944 | ||||||
Fletcher Building Ltd. | 17,806 | 93,597 | ||||||
New Zealand Refining Co., Ltd. (The)(a) | 101,742 | 47,649 | ||||||
NZME Ltd.(a) | 15,783 | 8,286 | ||||||
NZX Ltd. | 16,197 | 22,643 | ||||||
Stride Property Group | 16,669 | 27,847 | ||||||
Tourism Holdings Ltd.(a) | 10,954 | 19,372 | ||||||
Total New Zealand | 646,338 | |||||||
NORWAY - 0.4% | ||||||||
Adevinta ASA(a) | 50,749 | 972,525 | ||||||
Bouvet ASA | 103,000 | 733,309 | ||||||
Equinor ASA | 16,110 | 340,867 | ||||||
Pareto Bank ASA | 8,128 | 49,088 | ||||||
Stolt-Nielsen Ltd. | 1,217 | 17,781 | ||||||
Telenor ASA | 20,929 | 352,700 | ||||||
Total Norway | 2,466,270 | |||||||
PERU - 0.2% | ||||||||
Credicorp Ltd.(a) | 11,700 | 1,416,987 | ||||||
POLAND - 0.1% | ||||||||
Allegro.eu S.A.(a)(c) | 11,538 | 198,564 | ||||||
KGHM Polska Miedz S.A. | 3,311 | 162,945 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
POLAND - (continued) | ||||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 26,484 | $ | 262,756 | |||||
Total Poland | 624,265 | |||||||
PORTUGAL - 0.1% (b) | ||||||||
CTT-Correios de Portugal S.A. | 7,661 | 43,785 | ||||||
Galp Energia SGPS S.A. | 25,938 | 281,479 | ||||||
Total Portugal | 325,264 | |||||||
RUSSIA - 1.2% | ||||||||
Evraz PLC | 69,018 | 565,198 | ||||||
HeadHunter Group PLC, ADR | 38,456 | 1,629,381 | ||||||
LUKOIL PJSC, ADR | 8,730 | 803,160 | ||||||
Magnit PJSC, GDR | 23,620 | 342,608 | ||||||
Novatek PJSC, GDR | 5,071 | 1,112,070 | ||||||
Polyus PJSC, GDR | 2,643 | 255,710 | ||||||
Polyus PJSC, GDR | 1,113 | 107,683 | ||||||
Rosneft Oil Co. PJSC, GDR | 82,888 | 641,553 | ||||||
Sberbank of Russia PJSC, ADR | 54,347 | 902,432 | ||||||
Sberbank of Russia PJSC, ADR | 7,779 | 129,832 | ||||||
X5 Retail Group N.V., GDR | 6,530 | 228,942 | ||||||
Yandex N.V., Class A(a) | 4,435 | 313,776 | ||||||
Total Russia | 7,032,345 | |||||||
SINGAPORE - 0.6% | ||||||||
DBS Group Holdings Ltd. | 86,700 | 1,922,010 | ||||||
Great Eastern Holdings Ltd. | 2,800 | 46,330 | ||||||
Haw Par Corp. Ltd. | 116,000 | 1,181,825 | ||||||
HRnetgroup Ltd. | 69,700 | 35,765 | ||||||
IGG, Inc. | 94,000 | 124,215 | ||||||
Total Singapore | 3,310,145 | |||||||
SOUTH AFRICA - 0.8% | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 23,775 | 269,866 | ||||||
AVI Ltd. | 35,164 | 174,958 | ||||||
FirstRand Ltd. | 340,175 | 1,276,609 | ||||||
Foschini Group Ltd. (The)(a) | 24,350 | 271,192 | ||||||
Gold Fields Ltd. | 27,909 | 250,947 | ||||||
Impala Platinum Holdings Ltd. | 43,997 | 725,550 | ||||||
Mr Price Group Ltd. | 19,390 | 285,853 | ||||||
MultiChoice Group Ltd. | 21,522 | 176,848 | ||||||
Naspers Ltd., Class N | 5,230 | 1,098,077 | ||||||
Nedbank Group Ltd.(a) | 19,562 | 234,073 | ||||||
Shoprite Holdings Ltd. | 28,409 | 309,236 | ||||||
Total South Africa | 5,073,209 | |||||||
SOUTH KOREA - 2.9% | ||||||||
Hana Financial Group, Inc. | 11,809 | 482,888 | ||||||
KB Financial Group, Inc. | 16,603 | 822,668 | ||||||
Korea Zinc Co., Ltd. | 998 | 382,398 | ||||||
LG Chem Ltd. | 1,132 | 854,415 | ||||||
LG Electronics, Inc. | 2,231 | 323,908 | ||||||
LG Household & Health Care Ltd. | 404 | 632,108 | ||||||
LG Uplus Corp. | 16,209 | 220,937 | ||||||
NAVER Corp. | 2,927 | 1,085,133 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
SOUTH KOREA - (continued) | ||||||||
NCSoft Corp. | 685 | $ | 498,779 | |||||
S-1 Corp. | 10,000 | 727,257 | ||||||
Samsung Electronics Co., Ltd. | 57,385 | 4,112,214 | ||||||
Samsung Electronics Co., Ltd., GDR | 1,847 | 3,294,124 | ||||||
Samsung Electronics Co., Ltd., GDR | 609 | 1,086,151 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 2,699 | 528,464 | ||||||
Samsung SDI Co., Ltd. | 1,685 | 1,044,381 | ||||||
SK Hynix, Inc. | 9,674 | 1,095,267 | ||||||
Total South Korea | 17,191,092 | |||||||
SPAIN - 0.4% | ||||||||
Abertis Infraestructuras S.A.(a) | 3,711 | 28,470 | ||||||
Amadeus IT Group S.A.(a) | 29,210 | 2,054,593 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 8,199 | 168,579 | ||||||
Naturhouse Health SAU(a) | 7,581 | 15,012 | ||||||
Total Spain | 2,266,654 | |||||||
SWEDEN - 2.4% | ||||||||
Assa Abloy AB, Class B | 49,900 | 1,503,163 | ||||||
Atlas Copco AB, Class A | 38,439 | 2,353,564 | ||||||
Betsson AB, Class B | 14,579 | 118,906 | ||||||
BTS Group AB, Class B | 11,664 | 444,312 | ||||||
Doro AB(a) | 2,049 | 13,862 | ||||||
Elanders AB, Class B | 6,002 | 115,298 | ||||||
Epiroc AB, Class A | 8,260 | 188,208 | ||||||
Evolution Gaming Group AB(c) | 11,931 | 1,885,405 | ||||||
Ferronordic AB | 5,332 | 140,494 | ||||||
FM Mattsson Mora Group AB | 1,574 | 32,094 | ||||||
G5 Entertainment AB | 5,179 | 318,010 | ||||||
Getinge AB, Class B | 22,707 | 856,477 | ||||||
GHP Specialty Care AB | 4,242 | 14,672 | ||||||
Husqvarna AB, Class B | 895 | 11,891 | ||||||
Inwido AB | 6,669 | 115,331 | ||||||
Karnov Group AB | 114,532 | 703,939 | ||||||
Kinnevik AB, Class B | 10,954 | 438,513 | ||||||
Micro Systemation AB, Class B | 5,549 | 37,477 | ||||||
New Wave Group AB, Class B(a) | 9,514 | 120,730 | ||||||
Nordnet AB publ | 37,189 | 627,704 | ||||||
Ratos AB, Class B | 9,216 | 55,890 | ||||||
Sandvik AB | 16,779 | 428,587 | ||||||
Swedish Match AB | 105,316 | 898,092 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 83,995 | 1,055,667 | ||||||
VNV Global AB(a) | 68,760 | 766,089 | ||||||
Volvo AB, Class B | 35,624 | 857,081 | ||||||
Total Sweden | 14,101,456 | |||||||
SWITZERLAND - 3.7% | ||||||||
ABB Ltd. | 22,183 | 752,580 | ||||||
Adecco Group AG | 4,462 | 303,141 | ||||||
Alcon, Inc. | 55,498 | 3,885,610 | ||||||
Cie Financiere Richemont S.A. | 11,694 | 1,414,907 | ||||||
Geberit AG | 1,612 | 1,209,109 | ||||||
Klingelnberg AG(a) | 571 | 13,515 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
SWITZERLAND - (continued) | ||||||||
Kuehne + Nagel International AG | 3,665 | $ | 1,254,081 | |||||
Logitech International S.A. | 6,701 | 811,869 | ||||||
Lonza Group AG | 3,472 | 2,460,889 | ||||||
Nestle S.A. | 19,564 | 2,436,276 | ||||||
Novartis AG | 28,904 | 2,634,083 | ||||||
Orell Fuessli AG | 121 | 12,790 | ||||||
Sika AG | 8,692 | 2,841,751 | ||||||
Sonova Holding AG | 2,206 | 829,709 | ||||||
Swatch Group AG (The) | 3,412 | 1,170,461 | ||||||
Zehnder Group AG | 1,028 | 97,995 | ||||||
Total Switzerland | 22,128,766 | |||||||
TAIWAN - 2.6% | ||||||||
Accton Technology Corp. | 38,000 | 450,749 | ||||||
ASE Technology Holding Co., Ltd. | 71,000 | 285,402 | ||||||
ASE Technology Holding Co., Ltd., ADR | 65,232 | 525,118 | ||||||
CTBC Financial Holding Co., Ltd. | 513,000 | 417,949 | ||||||
Hon Hai Precision Industry Co., Ltd. | 148,000 | 594,921 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 53,194 | 429,807 | ||||||
Lumax International Corp. Ltd. | 100,000 | 259,130 | ||||||
MediaTek, Inc. | 43,000 | 1,484,648 | ||||||
Sea Ltd., ADR(a) | 717 | 196,888 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 141,000 | 3,011,036 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 54,448 | 6,542,472 | ||||||
Uni-President Enterprises Corp. | 123,000 | 323,144 | ||||||
Voltronic Power Technology Corp. | 22,000 | 1,062,001 | ||||||
Total Taiwan | 15,583,265 | |||||||
THAILAND - 0.1% | ||||||||
Kasikornbank PCL, NVDR | 152,300 | 560,730 | ||||||
TURKEY - 0.1% | ||||||||
BIM Birlesik Magazalar A/S | 26,151 | 186,670 | ||||||
KOC Holding A/S | 102,025 | 214,789 | ||||||
Total Turkey | 401,459 | |||||||
UNITED ARAB EMIRATES - 0.1% | ||||||||
Emaar Properties PJSC | 490,589 | 555,613 | ||||||
UNITED STATES - 2.2% | ||||||||
Aon PLC, Class A | 9,580 | 2,287,321 | ||||||
Baltic Classifeeds Group(a) | 381,059 | 943,543 | ||||||
Carnival PLC(a) | 27,100 | 622,591 | ||||||
EPAM Systems, Inc.(a) | 4,127 | 2,108,732 | ||||||
Hamilton Thorne Ltd.(a) | 9,700 | 16,120 | ||||||
Mettler-Toledo International, Inc.(a) | 1,763 | 2,442,354 | ||||||
ResMed, Inc. | 12,000 | 2,958,240 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Shares | Value | ||||||
COMMON STOCKS - (continued) | ||||||||
UNITED STATES - (continued) | ||||||||
STERIS PLC | 9,763 | $ | 2,014,107 | |||||
Total United States | 13,393,008 | |||||||
TOTAL COMMON STOCKS (Cost: $299,505,859) | 367,746,516 | |||||||
EXCHANGE-TRADED FUNDS - 32.8% | ||||||||
iShares Core MSCI Total International Stock ETF (Cost: $160,011,912) | 2,680,011 | 196,444,806 | ||||||
MUTUAL FUNDS – 4.1% | ||||||||
Artisan International Small-Mid Fund (Cost: $23,500,001) | 1,114,781 | 24,257,643 | ||||||
PREFERRED STOCKS - 0.2% | ||||||||
Brazil - 0.1% | ||||||||
Gerdau S.A., 0.30% | 76,313 | 454,306 | ||||||
GERMANY - 0.1% | ||||||||
Maschinenfabrik Berthold Hermle AG, 2.69% | 31 | 11,101 | ||||||
Volkswagen AG, 3.53% | 2,824 | 707,216 | ||||||
Total Germany | 718,317 | |||||||
TOTAL PREFERRED STOCKS (Cost: $812,557) | 1,172,623 |
Investments | Shares | Value | ||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.005% (Cost: $8,738,977) | 8,738,977 | $ | 8,738,977 | |||||
TOTAL INVESTMENTS - 100.0% (Cost: $492,569,306) | 598,360,565 | |||||||
OTHER ASSETS AND LIABILITIES, NET - (0.0)% | (38,143 | ) | ||||||
NET ASSETS - 100.0% | $ | 598,322,422 |
(a) | Non-income producing. |
(b) | Amount is less than 0.05%. |
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2021, the value of these securities was $16,951,555, representing 2.8% of net assets. |
(d) | The rate shown is the annualized seven-day yield at June 30, 2021. |
ADR | American Depositary Receipt |
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 June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 3,190,354 | $ | — | $ | — | $ | 3,190,354 | ||||||||
Australia | 7,887,471 | — | — | 7,887,471 | ||||||||||||
United Kingdom | 37,844,030 | — | — | 37,844,030 | ||||||||||||
Austria | 1,958,168 | — | — | 1,958,168 | ||||||||||||
Belgium | 209,354 | — | — | 209,354 | ||||||||||||
Brazil | 10,218,702 | — | — | 10,218,702 | ||||||||||||
Canada | 20,907,451 | — | — | 20,907,451 | ||||||||||||
Chile | 292,486 | — | — | 292,486 | ||||||||||||
China | 29,743,605 | — | — | 29,743,605 | ||||||||||||
Cayman Islands | 4,432,269 | — | — | 4,432,269 | ||||||||||||
Czech Republic | 318,200 | — | — | 318,200 | ||||||||||||
Germany | 27,035,444 | — | — | 27,035,444 | ||||||||||||
Egypt | 182,961 | — | — | 182,961 | ||||||||||||
Finland | 3,315,541 | — | — | 3,315,541 | ||||||||||||
France | 24,629,133 | — | — | 24,629,133 | ||||||||||||
Greece | 319,587 | — | — | 319,587 | ||||||||||||
Hong Kong | 7,383,961 | — | — | 7,383,961 | ||||||||||||
Hungary | 1,065,611 | — | — | 1,065,611 | ||||||||||||
Iceland | 994,747 | — | — | 994,747 | ||||||||||||
India | 8,235,025 | — | — | 8,235,025 | ||||||||||||
Indonesia | 1,125,704 | — | — | 1,125,704 | ||||||||||||
Ireland | 11,592,467 | — | — | 11,592,467 | ||||||||||||
Israel | 1,453,532 | — | — | 1,453,532 | ||||||||||||
Italy | 5,261,189 | — | — | 5,261,189 | ||||||||||||
Japan | 34,685,819 | 14,706 | — | 34,700,525 |
See Notes to Schedule of Investments.
PFM Multi-Manager International Equity Fund (concluded) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Kazakhstan | $ | 977,002 | $ | — | $ | — | $ | 977,002 | ||||||||
Luxembourg | 1,694,304 | — | — | 1,694,304 | ||||||||||||
Macau | 453,289 | — | — | 453,289 | ||||||||||||
Malaysia | 771,518 | — | — | 771,518 | ||||||||||||
Mexico | 2,592,881 | — | — | 2,592,881 | ||||||||||||
Netherlands | 15,145,891 | — | — | 15,145,891 | ||||||||||||
New Zealand | 646,338 | — | — | 646,338 | ||||||||||||
Norway | 2,448,489 | — | — | 2,448,489 | ||||||||||||
Peru | 1,416,987 | — | — | 1,416,987 | ||||||||||||
Poland | 624,265 | — | — | 624,265 | ||||||||||||
Portugal | 325,264 | — | — | 325,264 | ||||||||||||
Russia | 7,032,345 | — | — | 7,032,345 | ||||||||||||
Singapore | 3,507,033 | — | — | 3,507,033 | ||||||||||||
South Africa | 5,073,209 | — | — | 5,073,209 | ||||||||||||
South Korea | 17,191,092 | — | — | 17,191,092 | ||||||||||||
Spain | 2,238,184 | 28,470 | — | 2,266,654 | ||||||||||||
Sweden | 14,101,456 | — | — | 14,101,456 | ||||||||||||
Switzerland | 22,128,766 | — | — | 22,128,766 | ||||||||||||
Taiwan | 15,386,377 | — | — | 15,386,377 | ||||||||||||
Thailand | 560,730 | — | — | 560,730 | ||||||||||||
Turkey | 401,459 | — | — | 401,459 | ||||||||||||
United Arab Emirates | 555,613 | — | — | 555,613 | ||||||||||||
United States | 8,148,037 | — | — | 8,148,037 | ||||||||||||
Total Common Stocks | 367,703,340 | 43,176 | — | 367,746,516 | ||||||||||||
Exchange-Traded Funds | 196,444,806 | — | — | 196,444,806 | ||||||||||||
Preferred Stocks* | 1,172,623 | — | — | 1,172,623 | ||||||||||||
Money Market Fund | 8,738,977 | — | — | 8,738,977 | ||||||||||||
Mutual Funds | 24,257,643 | — | — | 24,257,653 | ||||||||||||
Total Investments in Securities | $ | 598,317,389 | $ | 43,176 | $ | — | $ | 598,360,565 |
See Notes to Schedule of Investments.
* See Schedule of Investments for additional detailed categorizations
PFM Multi-Manager Fixed-Income Fund |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - 28.4% | ||||||||
BASIC MATERIALS - 0.7% | ||||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., Senior Note, 3.30%, 5/1/23 (a) | $ | 91,000 | $ | 95,550 | ||||
CNAC HK Finbridge Co., Ltd., 3.50%, 7/19/22 (b) | 340,000 | 347,404 | ||||||
Domtar Corp., 6.75%, 2/15/44 | 293,000 | 328,862 | ||||||
Ecolab, Inc., Senior Note, 2.38%, 8/10/22 | 161,000 | 164,366 | ||||||
Georgia-Pacific LLC, 0.95%, 5/15/26 (a) | 480,000 | 472,038 | ||||||
International Paper Co., Senior Bond, 4.35%, 8/15/48 | 532,000 | 658,122 | ||||||
Inversiones CMPC S.A., 3.00%, 4/6/31 (a) | 200,000 | 200,750 | ||||||
Inversiones CMPC S.A., 4.38%, 4/4/27 (a) | 500,000 | 555,005 | ||||||
LYB International Finance III LLC, 3.80%, 10/1/60 | 33,000 | 34,891 | ||||||
LYB International Finance III LLC, 4.20%, 5/1/50 | 330,000 | 379,702 | ||||||
Newmont Corp., 2.25%, 10/1/30 | 1,475,000 | 1,470,971 | ||||||
SASOL Financing USA LLC, 5.88%, 3/27/24 | 200,000 | 213,600 | ||||||
Southern Copper Corp., Senior Bond, 5.25%, 11/8/42 | 100,000 | 128,000 | ||||||
Total Basic Materials | 5,049,261 | |||||||
COMMUNICATIONS - 2.3% | ||||||||
Amazon.com, Inc., 2.88%, 5/12/41 | 440,000 | 453,973 | ||||||
AT&T, Inc., 3.50%, 9/15/53 (a) | 1,305,000 | 1,311,095 | ||||||
AT&T, Inc., 3.55%, 9/15/55 (a) | 39,000 | 39,131 | ||||||
AT&T, Inc., 3.65%, 9/15/59 (a) | 28,000 | 28,395 | ||||||
AT&T, Inc., 4.30%, 2/15/30 | 25,000 | 28,896 | ||||||
AT&T, Inc., 4.85%, 7/15/45 | 276,000 | 335,439 | ||||||
AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 107,000 | 125,599 | ||||||
AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 245,000 | 297,559 | ||||||
AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 150,000 | 184,828 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 44,000 | 44,298 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | 43,000 | 42,204 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 4/1/51 | 230,000 | 227,485 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | 331,000 | 380,170 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
COMMUNICATIONS - (continued) | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | $ | 25,000 | $ | 30,719 | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400,000 | 490,164 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 570,000 | 761,900 | ||||||
Comcast Corp., 3.30%, 2/1/27 | 138,000 | 151,652 | ||||||
Comcast Corp., 3.90%, 3/1/38 | 57,000 | 65,589 | ||||||
Comcast Corp., 4.00%, 3/1/48 | 600,000 | 702,524 | ||||||
Comcast Corp., 4.25%, 10/15/30 | 90,000 | 105,852 | ||||||
Comcast Corp., 4.60%, 10/15/38 | 93,000 | 115,264 | ||||||
Corning, Inc., 5.45%, 11/15/79 | 196,000 | 274,408 | ||||||
Cox Communications, Inc., 2.60%, 6/15/31 (a) | 625,000 | 634,371 | ||||||
Cox Communications, Inc., 3.50%, 8/15/27 (a) | 600,000 | 658,663 | ||||||
CSC Holdings LLC, 5.50%, 4/15/27 (a) | 250,000 | 262,513 | ||||||
CSC Holdings LLC, 6.75%, 11/15/21 | 275,000 | 280,417 | ||||||
Discovery Communications LLC, 4.00%, 9/15/55 | 608,000 | 643,511 | ||||||
Discovery Communications LLC, 5.20%, 9/20/47 | 197,000 | 244,829 | ||||||
Discovery Communications LLC, 5.30%, 5/15/49 | 70,000 | 88,528 | ||||||
Expedia Group, Inc., 2.95%, 3/15/31 | 146,000 | 147,944 | ||||||
Level 3 Financing, Inc., 3.40%, 3/1/27 (a) | 500,000 | 530,075 | ||||||
Level 3 Financing, Inc., 5.38%, 5/1/25 | 200,000 | 204,250 | ||||||
Sprint Corp., 7.88%, 9/15/23 | 275,000 | 312,421 | ||||||
T-Mobile USA, Inc., 3.00%, 2/15/41 (a) | 646,000 | 638,035 | ||||||
T-Mobile USA, Inc., 3.30%, 2/15/51 | 65,000 | 64,893 | ||||||
T-Mobile USA, Inc., 3.60%, 11/15/60 | 87,000 | 88,575 | ||||||
T-Mobile USA, Inc., 4.00%, 4/15/22 | 275,000 | 279,916 | ||||||
T-Mobile USA, Inc., 4.38%, 4/15/40 | 475,000 | 556,842 | ||||||
Telefonica Emisiones S.A., 5.21%, 3/8/47 | 270,000 | 337,034 | ||||||
Time Warner Cable LLC, 6.55%, 5/1/37 | 6,000 | 8,173 | ||||||
Verizon Communications, Inc., 0.84%, 3/20/26 (SOFR + 0.790%)(c) | 1,000,000 | 1,018,415 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
COMMUNICATIONS - (continued) | ||||||||
Verizon Communications, Inc., 1.68%, 10/30/30 | $ 127,000 | $ | 121,266 | |||||
Verizon Communications, Inc., 2.55%, 3/21/31 | 710,000 | 725,709 | ||||||
Verizon Communications, Inc., 2.99%, 10/30/56 | 372,000 | 349,694 | ||||||
Verizon Communications, Inc., 3.55%, 3/22/51 | 1,170,000 | 1,249,989 | ||||||
Verizon Communications, Inc., 3.70%, 3/22/61 | 166,000 | 177,796 | ||||||
Verizon Communications, Inc., Senior Bond, 4.27%, 1/15/36 | 59,000 | 70,200 | ||||||
Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34 | 61,000 | 72,664 | ||||||
Verizon Communications, Inc., Senior Bond, 4.86%, 8/21/46 | 385,000 | 498,109 | ||||||
ViacomCBS, Inc., 4.38%, 3/15/43 | 567,000 | 656,051 | ||||||
ViacomCBS, Inc., Senior Bond, 5.85%, 9/1/43 | 125,000 | 171,264 | ||||||
Walt Disney Co. (The), 2.75%, 9/1/49 | 177,000 | 174,690 | ||||||
Total Communications | 17,463,981 | |||||||
CONSUMER, CYCLICAL - 1.5% | ||||||||
AutoZone, Inc., 1.65%, 1/15/31 | 460,000 | 437,610 | ||||||
AutoZone, Inc., 3.75%, 4/18/29 | 360,000 | 401,217 | ||||||
BMW US Capital LLC, 3.90%, 4/9/25 (a) | 153,000 | 168,708 | ||||||
Dana, Inc., 5.38%, 11/15/27 | 75,000 | 79,875 | ||||||
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 424,664 | 443,629 | ||||||
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150,000 | 153,888 | ||||||
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 545,785 | 553,793 | ||||||
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 470,103 | 472,560 | ||||||
Ford Motor Co., 5.29%, 12/8/46 | 400,000 | 446,752 | ||||||
Ford Motor Co., 7.45%, 7/16/31 | 175,000 | 230,125 | ||||||
Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100,000 | 106,250 | ||||||
General Motors Co., Senior Bond, 6.25%, 10/2/43 | 205,000 | 283,001 | ||||||
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 67,000 | 67,241 | ||||||
Home Depot, Inc. (The), 2.50%, 4/15/27 | 475,000 | 506,206 | ||||||
Home Depot, Inc. (The), 2.70%, 4/15/30 | 475,000 | 507,862 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
CONSUMER, CYCLICAL - (continued) | ||||||||
Hyundai Capital America, 3.40%, 6/20/24 (a) | $ | 165,000 | $ | 175,897 | ||||
Kohl's Corp., 5.55%, 7/17/45 | 309,000 | 369,628 | ||||||
Kohls Corp., 3.38%, 5/1/31 | 73,000 | 75,574 | ||||||
L Brands, Inc., 5.63%, 10/15/23 | 75,000 | 82,406 | ||||||
Lowe's Cos., Inc., 3.00%, 10/15/50 | 1,250,000 | 1,232,409 | ||||||
Marriott International, Inc., Series FF, 4.63%, 6/15/30 | 239,000 | 275,257 | ||||||
Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 530,000 | 563,020 | ||||||
Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 156,000 | 158,417 | ||||||
McDonald's Corp., 3.63%, 9/1/49 | 70,000 | 77,570 | ||||||
McDonald's Corp., 4.20%, 4/1/50 | 76,000 | 91,575 | ||||||
Nissan Motor Acceptance Corp., Senior Note, 2.65%, 7/13/22 (a) | 9,000 | 9,147 | ||||||
Nordstrom, Inc., 5.00%, 1/15/44 | 98,000 | 97,676 | ||||||
PACCAR Financial Corp., 0.80%, 6/8/23 | 98,000 | 98,812 | ||||||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200,000 | 206,500 | ||||||
Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500,000 | 526,195 | ||||||
Taylor Morrison Communities, Inc., 5.13%, 8/1/30 (a) | 150,000 | 162,582 | ||||||
Taylor Morrison Communities, Inc., 6.63%, 7/15/27 (a) | 100,000 | 107,000 | ||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 3/1/24 (a) | 150,000 | 162,561 | ||||||
Toyota Motor Credit Corp., 1.90%, 4/6/28 | 156,000 | 158,946 | ||||||
United Airlines, Inc., 4.38%, 4/15/26 (a) | 185,000 | 191,508 | ||||||
United Airlines, Inc., 4.63%, 4/15/29 (a) | 35,000 | 36,225 | ||||||
Volkswagen Group of America Finance LLC, 4.00%, 11/12/21 (a) | 215,000 | 217,994 | ||||||
Whirlpool Corp., 2.40%, 5/15/31 | 1,000,000 | 1,008,194 | ||||||
William Carter Co. (The), 5.63%, 3/15/27 (a) | 250,000 | 263,050 | ||||||
Total Consumer, Cyclical | 11,206,860 | |||||||
CONSUMER, NON-CYCLICAL - 4.8% | ||||||||
AbbVie, Inc., 4.05%, 11/21/39 | 42,000 | 48,780 | ||||||
AbbVie, Inc., 4.25%, 11/21/49 | 757,000 | 907,275 | ||||||
AbbVie, Inc., 4.55%, 3/15/35 | 380,000 | 461,210 | ||||||
AbbVie, Inc., 4.75%, 3/15/45 | 150,000 | 188,062 | ||||||
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200,000 | 240,899 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
CONSUMER, NON-CYCLICAL - (continued) | ||||||||
Allina Health System, 3.89%, 4/15/49 | $ | 90,000 | $ | 106,159 | ||||
AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47 | 100,000 | 116,554 | ||||||
Amgen, Inc., 2.20%, 2/21/27 | 585,000 | 607,412 | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 260,000 | 329,095 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 4/15/38 | 110,000 | 131,513 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 194,000 | 236,844 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200,000 | 263,774 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 | 355,000 | 488,069 | ||||||
Ascension Health, 2.53%, 11/15/29 | 630,000 | 662,223 | ||||||
Ascension Health, 3.11%, 11/15/39 | 120,000 | 128,084 | ||||||
BAT Capital Corp., 2.73%, 3/25/31 | 620,000 | 612,112 | ||||||
Block Financial LLC, 2.50%, 7/15/28 | 139,000 | 139,566 | ||||||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 174,000 | 172,488 | ||||||
Bristol-Myers Squibb Co., 3.90%, 2/20/28 | 400,000 | 457,414 | ||||||
Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40,000 | 48,272 | ||||||
Bristol-Myers Squibb Co., 5.00%, 8/15/45 | 65,000 | 88,840 | ||||||
Bush Foundation, 2.75%, 10/1/50 | 300,000 | 300,694 | ||||||
Cardinal Health, Inc., Senior Bond, 4.60%, 3/15/43 | 150,000 | 173,349 | ||||||
Cigna Corp., 2.40%, 3/15/30 | 1,125,000 | 1,147,694 | ||||||
Cigna Corp., 3.40%, 3/15/51 | 132,000 | 137,815 | ||||||
Cigna Corp., 4.38%, 10/15/28 | 190,000 | 220,976 | ||||||
Conagra Brands, Inc., 7.00%, 10/1/28 | 124,000 | 165,206 | ||||||
CVS Health Corp., 5.13%, 7/20/45 | 390,000 | 507,253 | ||||||
CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 448,000 | 551,150 | ||||||
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70,000 | 84,163 | ||||||
ERAC USA Finance LLC, 4.20%, 11/1/46 (a) | 325,000 | 385,996 | ||||||
Ford Foundation (The), 2.82%, 6/1/70 | 811,000 | 813,709 | ||||||
General Mills, Inc., 2.88%, 4/15/30 | 400,000 | 423,726 | ||||||
Gilead Sciences, Inc., 1.20%, 10/1/27 | 1,550,000 | 1,510,941 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
CONSUMER, NON-CYCLICAL - (continued) | ||||||||
Gilead Sciences, Inc., 2.60%, 10/1/40 | $ | 1,075,000 | $ | 1,034,887 | ||||
Gilead Sciences, Inc., 2.80%, 10/1/50 | 1,000,000 | 963,199 | ||||||
GlaxoSmithKline Capital, Inc., 3.38%, 5/15/23 | 119,000 | 125,726 | ||||||
HCA, Inc., 3.50%, 9/1/30 | 25,000 | 26,634 | ||||||
HCA, Inc., 3.50%, 7/15/51 | 103,000 | 102,953 | ||||||
HCA, Inc., 5.88%, 2/1/29 | 125,000 | 150,937 | ||||||
HCA, Inc., 7.75%, 7/15/36 | 150,000 | 209,250 | ||||||
Hormel Foods Corp., 0.65%, 6/3/24 | 120,000 | 120,261 | ||||||
International Flavors & Fragrances, Inc., 2.30%, 11/1/30 (a) | 1,000,000 | 994,356 | ||||||
Kimberly-Clark Corp., 2.88%, 2/7/50 | 450,000 | 463,088 | ||||||
Kimberly-Clark Corp., Senior Note, 3.95%, 11/1/28 | 400,000 | 462,600 | ||||||
Kraft Heinz Foods Co., 4.88%, 10/1/49 | 195,000 | 236,721 | ||||||
Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75,000 | 92,024 | ||||||
Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150,000 | 218,119 | ||||||
Mylan, Inc., 3.13%, 1/15/23 (a) | 480,000 | 497,300 | ||||||
Mylan, Inc., 5.20%, 4/15/48 | 275,000 | 338,403 | ||||||
Mylan, Inc., 5.40%, 11/29/43 | 180,000 | 222,156 | ||||||
NBM US Holdings, Inc., 6.63%, 8/6/29 (a) | 800,000 | 898,800 | ||||||
Nestle Holdings, Inc., 3.50%, 9/24/25 (a) | 397,000 | 437,482 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 (a) | 275,000 | 280,445 | ||||||
Orlando Health Obligated Group, 4.09%, 10/1/48 | 50,000 | 61,025 | ||||||
PepsiCo, Inc., 2.25%, 3/19/25 | 139,000 | 146,076 | ||||||
PepsiCo, Inc., 2.88%, 10/15/49 | 1,000,000 | 1,031,489 | ||||||
Pilgrim's Pride Corp., 5.88%, 9/30/27 (a) | 300,000 | 319,500 | ||||||
President & Fellows of Harvard College, 5.63%, 10/1/38 | 515,000 | 739,783 | ||||||
President & Fellows of Harvard College, 3.62%, 10/1/37 | 50,000 | 57,909 | ||||||
President & Fellows of Harvard College, 6.50%, 1/15/39 (a) | 105,000 | 163,888 | ||||||
Procter & Gamble Co. (The), 1.20%, 10/29/30 | 1,150,000 | 1,096,654 | ||||||
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110,000 | 115,476 | ||||||
Roche Holdings, Inc., 0.28%, 3/5/24 (SOFR + 0.240%)(a)(c) | 1,075,000 | 1,076,171 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
CONSUMER, NON-CYCLICAL - (continued) | ||||||||
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23 | $ | 450,000 | $ | 470,916 | ||||
Smithfield Foods, Inc., 4.25%, 2/1/27 (a) | 84,000 | 91,820 | ||||||
Smithfield Foods, Inc., 5.20%, 4/1/29 (a) | 115,000 | 133,870 | ||||||
Stanford Health Care, 3.03%, 8/15/51 | 1,000,000 | 1,032,304 | ||||||
Sutter Health, 4.09%, 8/15/48 | 125,000 | 149,774 | ||||||
Sysco Corp., 4.45%, 3/15/48 | 207,000 | 247,417 | ||||||
Sysco Corp., 4.50%, 4/1/46 | 117,000 | 138,836 | ||||||
Sysco Corp., 5.95%, 4/1/30 | 26,000 | 33,347 | ||||||
Sysco Corp., 6.60%, 4/1/50 | 69,000 | 107,182 | ||||||
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1,000,000 | 992,082 | ||||||
Tenet Healthcare Corp., 4.63%, 7/15/24 | 300,000 | 304,410 | ||||||
Trustees of Boston College, 3.13%, 7/1/52 | 169,000 | 178,665 | ||||||
Trustees of Princeton University (The), 2.52%, 7/1/50 | 90,000 | 89,037 | ||||||
Trustees of Princeton University (The), 5.70%, 3/1/39 | 495,000 | 718,605 | ||||||
Unilever Capital Corp., 1.38%, 9/14/30 | 1,175,000 | 1,134,983 | ||||||
Unilever Capital Corp., 2.00%, 7/28/26 | 1,000,000 | 1,042,291 | ||||||
Unilever Capital Corp., 2.13%, 9/6/29 | 675,000 | 693,981 | ||||||
United Rentals North America, Inc., 5.25%, 1/15/30 | 70,000 | 76,677 | ||||||
United Rentals North America, Inc., 5.50%, 5/15/27 | 375,000 | 397,500 | ||||||
UnitedHealth Group, Inc., 1.25%, 1/15/26 | 169,000 | 170,564 | ||||||
UnitedHealth Group, Inc., Senior Note, 3.75%, 7/15/25 | 267,000 | 296,258 | ||||||
UnitedHealth Group, Inc., Senior Note, 3.85%, 6/15/28 | 610,000 | 700,981 | ||||||
University of Chicago (The), 0, 2.76%, 4/1/45 | 100,000 | 101,432 | ||||||
Vector Group Ltd., 5.75%, 2/1/29 (a) | 250,000 | 254,677 | ||||||
Viatris, Inc., 3.85%, 6/22/40 (a) | 122,000 | 129,745 | ||||||
Viatris, Inc., 4.00%, 6/22/50 (a) | 267,000 | 282,360 | ||||||
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1,300,000 | 1,452,555 | ||||||
Total Consumer, Non-cyclical | 36,962,898 | |||||||
ENERGY - 2.3% | ||||||||
Antero Resources Corp., 5.00%, 3/1/25 | 200,000 | 204,694 | ||||||
BP Capital Markets America, Inc., 2.77%, 11/10/50 | 203,000 | 187,991 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
ENERGY - (continued) | ||||||||
BP Capital Markets America, Inc., 3.38%, 2/8/61 | $ | 130,000 | $ | 130,691 | ||||
BP Capital Markets America, Inc., 3.54%, 4/6/27 | 324,000 | 357,514 | ||||||
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200,000 | 267,352 | ||||||
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205,000 | 245,435 | ||||||
Chaparral Energy, Inc., 9.00%, 2/14/25 | 6,958 | 6,401 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 259,000 | 265,396 | ||||||
Chevron USA, Inc., 1.02%, 8/12/27 | 90,000 | 87,575 | ||||||
Chevron USA, Inc., 4.20%, 10/15/49 | 70,000 | 86,212 | ||||||
Chevron USA, Inc., 5.05%, 11/15/44 | 50,000 | 67,048 | ||||||
Chevron USA, Inc., 5.25%, 11/15/43 | 175,000 | 237,883 | ||||||
Colonial Enterprises, Inc., 3.25%, 5/15/30 (a) | 510,000 | 551,276 | ||||||
ConocoPhillips, 4.30%, 8/15/28 (a) | 90,000 | 104,479 | ||||||
Continental Resources, Inc., 3.80%, 6/1/24 | 775,000 | 819,562 | ||||||
Diamondback Energy, Inc., 2.88%, 12/1/24 | 675,000 | 712,935 | ||||||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 94,000 | 100,631 | ||||||
Diamondback Energy, Inc., 4.40%, 3/24/51 | 98,000 | 110,338 | ||||||
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200,000 | 210,742 | ||||||
Enable Midstream Partners L.P., Senior Note, 4.95%, 5/15/28 | 117,000 | 133,961 | ||||||
Energy Transfer Operating L.P., 4.90%, 3/15/35 | 162,000 | 187,137 | ||||||
Energy Transfer Operating L.P., 4.95%, 6/15/28 | 115,000 | 132,869 | ||||||
Energy Transfer Operating L.P., 5.00%, 5/15/50 | 505,000 | 583,686 | ||||||
Energy Transfer Operating L.P., 5.30%, 4/15/47 | 110,000 | 128,701 | ||||||
Energy Transfer Operating L.P., 6.13%, 12/15/45 | 181,000 | 230,706 | ||||||
EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45 | 6,000 | 5,160 | ||||||
Enterprise Products Operating LLC, 3.70%, 1/31/51 | 133,000 | 142,632 | ||||||
Enterprise Products Operating LLC, 4.25%, 2/15/48 | 99,000 | 113,338 | ||||||
Enterprise Products Operating LLC, 4.85%, 8/15/42 | 200,000 | 244,696 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
ENERGY - (continued) | ||||||||
Enterprise Products Operating LLC, Series E, 5.25%, 8/16/77 (5.25% fixed rate until 8/16/27; 3.03% + 3 month USD LIBOR thereafter)(c) | $ | 105,000 | $ | 110,090 | ||||
EQT Corp., 7.63%, 2/1/25 | 425,000 | 495,758 | ||||||
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a) | 188,000 | 191,750 | ||||||
Gray Oak Pipeline LLC, 3.45%, 10/15/27 (a) | 112,000 | 117,716 | ||||||
Halliburton Co., 4.75%, 8/1/43 | 68,000 | 79,369 | ||||||
Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 120,000 | 141,242 | ||||||
Hanwha Energy USA Holdings Corp., 2.38%, 7/30/22 (a) | 1,000,000 | 1,018,239 | ||||||
Hess Corp., 6.00%, 1/15/40 | 252,000 | 323,210 | ||||||
Kinder Morgan, Inc., 5.05%, 2/15/46 | 52,000 | 63,144 | ||||||
Marathon Oil Corp., 6.80%, 3/15/32 | 105,000 | 137,931 | ||||||
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 159,000 | 211,394 | ||||||
MPLX L.P., Senior Bond, 4.70%, 4/15/48 | 150,000 | 174,255 | ||||||
MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 85,000 | 110,019 | ||||||
Murray Energy Corp., Secured Note, 12.00%, 4/15/24 (a)(d) | 180,991 | 18 | ||||||
ONEOK Partners L.P., 6.65%, 10/1/36 | 158,000 | 212,881 | ||||||
ONEOK, Inc., 3.10%, 3/15/30 | 1,810,000 | 1,892,361 | ||||||
ONEOK, Inc., 4.45%, 9/1/49 | 350,000 | 386,833 | ||||||
ONEOK, Inc., 4.50%, 3/15/50 | 250,000 | 278,244 | ||||||
ONEOK, Inc., 4.95%, 7/13/47 | 150,000 | 176,039 | ||||||
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231,000 | 306,701 | ||||||
Petroleos Mexicanos, 6.50%, 3/13/27 | 200,000 | 211,100 | ||||||
Petroleos Mexicanos, 6.75%, 9/21/47 | 400,000 | 354,000 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 6/15/44 | 420,000 | 444,949 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 140,000 | 183,325 | ||||||
Qatar Petroleum, 2.25%, 7/12/31 (a) | 200,000 | 197,874 | ||||||
Sanchez Energy Corp, 7.75%, 6/15/21 | 150,000 | 3,000 | ||||||
Sanchez Energy Corp., 6.13%, 1/15/23 | 100,000 | 2,000 | ||||||
Schlumberger Holdings Corp., 3.90%, 5/17/28 (a) | 67,000 | 74,815 | ||||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 (a) | 175,000 | 181,933 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
ENERGY - (continued) | ||||||||
Topaz Solar Farms LLC, 4.88%, 9/30/39 (a) | $ | 357,710 | $ | 388,018 | ||||
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | 230,000 | 257,001 | ||||||
Valero Energy Corp., 2.15%, 9/15/27 | 85,000 | 86,345 | ||||||
Valero Energy Corp., 2.85%, 4/15/25 | 195,000 | 206,763 | ||||||
Valero Energy Corp., 4.00%, 4/1/29 | 45,000 | 50,252 | ||||||
Valero Energy Partners L.P., 4.38%, 12/15/26 | 91,000 | 103,053 | ||||||
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350,000 | 398,148 | ||||||
Western Midstream Operating L.P., 4.00%, 7/1/22 | 450,000 | 457,312 | ||||||
Western Midstream Operating L.P., 5.30%, 3/1/48 | 10,000 | 10,650 | ||||||
Williams Cos., Inc. (The), 5.75%, 6/24/44 | 247,000 | 323,973 | ||||||
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200,000 | 241,602 | ||||||
Total Energy | 17,260,348 | |||||||
FINANCIAL - 11.1% | ||||||||
Ally Financial, Inc., Series B, (5 year CMT + 3.868%), 4.70%, 5/15/26 (c)(e) | 850,000 | 880,345 | ||||||
American Express Co., 3.40%, 2/22/24 | 98,000 | 104,835 | ||||||
American Express Co., Senior Note, 4.20%, 11/6/25 | 81,000 | 91,762 | ||||||
American International Group, Inc., Senior Bond, 3.88%, 1/15/35 | 9,000 | 10,178 | ||||||
Americo Life, Inc., 3.45%, 4/15/31 (a) | 79,000 | 80,398 | ||||||
Ameriprise Financial, Inc., 3.00%, 3/22/22 | 126,000 | 128,497 | ||||||
Arthur J Gallagher & Co., 3.50%, 5/20/51 | 62,000 | 64,933 | ||||||
Assured Guaranty US Holdings, Inc., 3.15%, 6/15/31 | 72,000 | 74,701 | ||||||
Athene Global Funding, 1.00%, 4/16/24 (a) | 171,000 | 171,502 | ||||||
Athene Global Funding, 2.67%, 6/7/31 (a) | 140,000 | 141,799 | ||||||
Bank of America Corp., 1.49%, 5/19/24 (SOFR + 1.460%)(c) | 301,000 | 306,138 | ||||||
Bank of America Corp., 2.46%, 10/22/25 (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)(c) | 983,000 | 1,028,311 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
Bank of America Corp., 3.19%, 7/23/30 (3.19% fixed rate until 7/23/29; 1.18% + 3 month USD LIBOR thereafter)(c) | $ | 45,000 | $ | 48,445 | ||||
Bank of America Corp., 3.71%, 4/24/28 (3.71% fixed rate until 4/24/27; 1.51% + 3 month USD LIBOR thereafter)(c) | 153,000 | 169,185 | ||||||
Bank of America Corp., 4.45%, 3/3/26 | 1,525,000 | 1,732,087 | ||||||
Bank of America Corp., (3 month USD LIBOR + 1.320%), 4.08%, 4/23/40 (c) | 144,000 | 167,994 | ||||||
Bank of America Corp., (3 month USD LIBOR + 2.664%), 4.30%, 1/28/25 (c)(e) | 475,000 | 491,150 | ||||||
Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25 (c) | 1,000,000 | 999,230 | ||||||
Bank of America Corp., (SOFR + 0.910%), 1.00%, 7/22/27 (c) | 1,000,000 | 1,013,860 | ||||||
Bank of America Corp., (SOFR + 1.320%), 2.69%, 4/22/32 (c) | 1,000,000 | 1,028,795 | ||||||
Bank of America Corp., (SOFR + 1.580%), 3.31%, 4/22/42 (c) | 111,000 | 117,449 | ||||||
Bank of America Corp., Senior Bond, 3.82%, 1/20/28 (3.82% fixed rate until 1/20/27; 1.58% + 3 month USD LIBOR thereafter)(c) | 2,225,000 | 2,468,921 | ||||||
Bank of America Corp., Senior Bond, 3.97%, 3/5/29 (3.97% fixed rate until 3/5/28; 1.07% + 3 month USD LIBOR thereafter)(c) | 610,000 | 687,621 | ||||||
Bank of America Corp., Series JJ, 5.13%, 6/20/24 (5.13% fixed rate until 6/20/24; 3.29% + 3 month USD LIBOR thereafter)(c)(e) | 290,000 | 308,850 | ||||||
Bank of America Corp., Series N, 3.48%, 3/13/52 (SOFR + 1.650%)(c) | 59,000 | 64,391 | ||||||
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 384,000 | 430,233 | ||||||
Bank of New York Mellon Corp. (The), Subordinated Bond, 3.30%, 8/23/29 | 500,000 | 554,735 | ||||||
BankUnited, Inc., 4.88%, 11/17/25 | 341,000 | 387,902 | ||||||
BankUnited, Inc., 5.13%, 6/11/30 | 212,000 | 247,100 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
BOC Aviation USA Corp., 1.63%, 4/29/24 (a) | $ | 200,000 | $ | 201,574 | ||||
Boston Properties L.P., 2.55%, 4/1/32 | 105,000 | 105,651 | ||||||
Brandywine Operating Partnership L.P., 3.95%, 2/15/23 | 500,000 | 521,257 | ||||||
Brighthouse Financial Global Funding, 0.60%, 6/28/23 (a) | 128,000 | 127,962 | ||||||
Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500,000 | 538,613 | ||||||
Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625,000 | 699,286 | ||||||
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500,000 | 548,609 | ||||||
Charles Schwab Corp. (The), Series H, (1 year CMT + 3.079%), 4.00%, 12/1/30 (c)(e) | 1,000,000 | 1,023,000 | ||||||
Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)(c) | 820,000 | 808,389 | ||||||
Citigroup, Inc., 1.68%, 5/15/24 (SOFR + 1.667%)(c) | 1,000,000 | 1,021,131 | ||||||
Citigroup, Inc., 4.70%, 1/30/25 (SOFR + 3.234%)(c)(e) | 55,000 | 56,752 | ||||||
Citigroup, Inc., 5.88%, 2/22/33 | 160,000 | 209,931 | ||||||
Citigroup, Inc., (SOFR + 0.669%), 0.98%, 5/1/25 (c) | 97,000 | 97,231 | ||||||
Citigroup, Inc., (SOFR + 0.686%), 0.78%, 10/30/24 (c) | 1,000,000 | 1,002,495 | ||||||
Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32 (c) | 300,000 | 305,386 | ||||||
Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30 (c) | 160,000 | 169,469 | ||||||
Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)(c) | 59,000 | 65,070 | ||||||
Citigroup, Inc., Senior Bond, 4.08%, 4/23/29 (4.08% fixed rate until 4/23/28; 1.19% + 3 month USD LIBOR thereafter)(c) | 700,000 | 793,902 | ||||||
Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)(c)(e) | 225,000 | 235,485 | ||||||
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 324,000 | 430,359 | ||||||
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1,541,000 | 1,760,586 | ||||||
Citizens Financial Group, Inc., 2.64%, 9/30/32 | 307,000 | 307,006 | ||||||
CNA Financial Corp., 3.95%, 5/15/24 | 365,000 | 394,931 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
Columbia Property Trust Operating Partnership L.P., 4.15%, 4/1/25 | $ | 263,000 | $ | 283,183 | ||||
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1,000,000 | 1,044,555 | ||||||
Danske Bank A/S, Senior Note, 3.88%, 9/12/23 (a) | 200,000 | 212,828 | ||||||
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 (a) | 970,000 | 1,003,426 | ||||||
Duke Realty L.P., 2.88%, 11/15/29 | 1,000,000 | 1,051,925 | ||||||
Empower Finance 2020 L.P., 1.36%, 9/17/27 (a) | 1,125,000 | 1,107,312 | ||||||
Empower Finance 2020 L.P., 1.78%, 3/17/31 (a) | 1,000,000 | 957,669 | ||||||
Equinix, Inc., 1.80%, 7/15/27 | 1,000,000 | 1,012,140 | ||||||
Equitable Financial Life Global Funding, 0.50%, 4/6/23 (a) | 213,000 | 213,300 | ||||||
ESH Hospitality, Inc., 5.25%, 5/1/25 (a) | 350,000 | 356,510 | ||||||
Federal Realty Investment Trust, 1.25%, 2/15/26 | 1,321,000 | 1,311,383 | ||||||
First Horizon Bank, 5.75%, 5/1/30 | 250,000 | 308,241 | ||||||
First Niagara Financial Group, Inc., Subordinated Note, 7.25%, 12/15/21 | 79,000 | 81,451 | ||||||
Five Corners Funding Trust, Senior Note, 4.42%, 11/15/23 (a) | 600,000 | 654,114 | ||||||
Five Corners Funding Trust II, 2.85%, 5/15/30 (a) | 1,325,000 | 1,395,459 | ||||||
FS KKR Capital Corp., 4.13%, 2/1/25 | 1,550,000 | 1,646,810 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 761,000 | 912,044 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150,000 | 172,652 | ||||||
Goldman Sachs Group, Inc. (The), 0.86%, 2/12/26 (SOFR + 0.609%)(c) | 1,000,000 | 992,662 | ||||||
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 271,000 | 294,686 | ||||||
Goldman Sachs Group, Inc. (The), (3 month USD LIBOR + 1.158%), 3.81%, 4/23/29 (c) | 925,000 | 1,034,506 | ||||||
Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27 (c) | 133,000 | 132,626 | ||||||
Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32 (c) | 770,000 | 786,607 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42 (c) | $ | 93,000 | $ | 97,299 | ||||
Goldman Sachs Group, Inc. (The), Senior Bond, 4.22%, 5/1/29 (4.22% fixed rate until 5/1/28; 1.30% + 3 month USD LIBOR thereafter)(c) | 410,000 | 467,603 | ||||||
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 277,000 | 403,360 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 (a) | 1,000,000 | 976,250 | ||||||
HNA 2015 LLC, 2.37%, 9/18/27 | 337,991 | 353,788 | ||||||
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | 150,000 | 157,406 | ||||||
HSBC Holdings PLC, Senior Bond, 4.58%, 6/19/29 (4.58% fixed rate until 6/19/28; 1.53% + 3 month USD LIBOR thereafter)(c) | 200,000 | 231,152 | ||||||
JPMorgan Chase & Co., 0.56%, 2/16/25 (SOFR + 0.420%)(c) | 950,000 | 944,814 | ||||||
JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)(c) | 431,000 | 444,964 | ||||||
JPMorgan Chase & Co., 4.00%, 4/1/25 (SOFR + 2.745%)(c)(e) | 975,000 | 987,870 | ||||||
JPMorgan Chase & Co., 4.60%, 2/1/25 (SOFR + 3.125%)(c)(e) | 165,000 | 170,990 | ||||||
JPMorgan Chase & Co., (3 month USD LIBOR + 1.337%), 3.78%, 2/1/28 (c) | 1,525,000 | 1,693,438 | ||||||
JPMorgan Chase & Co., (SOFR + 0.600%), 0.65%, 9/16/24 (c) | 199,000 | 199,116 | ||||||
JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29 (c) | 84,000 | 84,660 | ||||||
JPMorgan Chase & Co., (SOFR + 1.250%), 2.58%, 4/22/32 (c) | 405,000 | 415,668 | ||||||
JPMorgan Chase & Co., (SOFR + 1.510%), 2.53%, 11/19/41 (c) | 409,000 | 389,798 | ||||||
JPMorgan Chase & Co., Junior Subordinated Bond, Series U, 6.13%, 4/30/24 (6.13% fixed rate until 4/30/24; 3.33% + 3 month USD LIBOR thereafter)(c)(e) | 190,000 | 205,913 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
JPMorgan Chase & Co., Senior Bond, 4.01%, 4/23/29 (4.01% fixed rate until 4/23/28; 1.12% + 3 month USD LIBOR thereafter)(c) | $ | 1,240,000 | $ | 1,401,867 | ||||
JPMorgan Chase & Co., Series KK, (5 year CMT + 2.850%), 3.65%, 6/1/26 (c)(e) | 1,000,000 | 1,001,400 | ||||||
KeyBank NA, Subordinated Note, 3.40%, 5/20/26 | 500,000 | 544,791 | ||||||
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1,000,000 | 945,780 | ||||||
Liberty Mutual Group, Inc., 3.95%, 5/15/60 (a) | 85,000 | 93,393 | ||||||
Liberty Mutual Group, Inc., 3.95%, 10/15/50 (a) | 120,000 | 133,668 | ||||||
Liberty Mutual Group, Inc., 4.57%, 2/1/29 (a) | 700,000 | 817,703 | ||||||
Low Income Investment Fund, 3.39%, 7/1/26 | 1,000,000 | 1,060,872 | ||||||
Macquarie Group Ltd., Senior Bond, 3.76%, 11/28/28 (3.76% fixed rate until 11/28/27; 1.37% + 3 month USD LIBOR thereafter)(a)(c) | 4,000 | 4,371 | ||||||
Mastercard, Inc., 1.90%, 3/15/31 | 1,250,000 | 1,263,437 | ||||||
Mastercard, Inc., 2.00%, 3/3/25 | 161,000 | 168,327 | ||||||
Morgan Stanley, 3.63%, 1/20/27 | 397,000 | 440,202 | ||||||
Morgan Stanley, 3.95%, 4/23/27 | 950,000 | 1,061,500 | ||||||
Morgan Stanley, 4.43%, 1/23/30 (4.43% fixed rate until 1/23/29; 1.63% + 3 month USD LIBOR thereafter)(c) | 440,000 | 515,192 | ||||||
Morgan Stanley, (SOFR + 0.525%), 0.79%, 5/30/25 (c) | 40,000 | 39,859 | ||||||
Morgan Stanley, (SOFR + 0.720%), 0.99%, 12/10/26 (c) | 1,000,000 | 984,225 | ||||||
Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42 (c) | 223,000 | 236,390 | ||||||
Morgan Stanley, Senior Bond, 3.77%, 1/24/29 (3.77% fixed rate until 1/24/28; 1.14% + 3 month USD LIBOR thereafter)(c) | 1,155,000 | 1,296,288 | ||||||
Morgan Stanley, Subordinated Note, 5.00%, 11/24/25 | 33,000 | 38,045 | ||||||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | 225,000 | 227,248 | ||||||
National Health Investors, Inc., 3.00%, 2/1/31 | 73,000 | 70,607 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
New York Community Bancorp, Inc., Subordinated Note, 5.90%, 11/6/28 (5.90% fixed rate until 11/6/23; 2.78% + 3 month USD LIBOR thereafter)(c) | $ | 203,000 | $ | 220,459 | ||||
Nuveen Finance LLC, 4.13%, 11/1/24 (a) | 400,000 | 441,100 | ||||||
OFS Capital Corp., 4.75%, 2/10/26 | 1,300,000 | 1,326,871 | ||||||
Ohio National Financial Services, Inc., 5.55%, 1/24/30 (a) | 200,000 | 227,928 | ||||||
Old Republic International Corp., 3.85%, 6/11/51 | 97,000 | 103,009 | ||||||
Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 193,000 | 192,589 | ||||||
Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 109,000 | 111,974 | ||||||
OneMain Finance Corp., 6.63%, 1/15/28 | 225,000 | 257,931 | ||||||
OneMain Finance Corp., 8.25%, 10/1/23 | 125,000 | 140,625 | ||||||
Owl Rock Capital Corp., 5.25%, 4/15/24 | 955,000 | 1,043,573 | ||||||
Penn Mutual Life Insurance Co. (The), 3.80%, 4/29/61 (a) | 51,000 | 52,770 | ||||||
People's United Bank NA, Subordinated Note, 4.00%, 7/15/24 | 500,000 | 538,391 | ||||||
Principal Life Global Funding II, 0.50%, 1/8/24 (a) | 124,000 | 123,737 | ||||||
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | 500,000 | 572,676 | ||||||
Prudential Financial, Inc., 1.50%, 3/10/26 | 1,312,000 | 1,331,913 | ||||||
Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)(c) | 54,000 | 63,328 | ||||||
Prudential Financial, Inc., Junior Subordinated Bond, 5.63%, 6/15/43 (5.63% fixed rate until 6/15/23; 3.92% + 3 month USD LIBOR thereafter)(c) | 145,000 | 155,607 | ||||||
Realty Income Corp., 3.25%, 1/15/31 | 285,000 | 310,490 | ||||||
Regency Centers L.P., 3.75%, 6/15/24 | 500,000 | 535,086 | ||||||
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 239,000 | 363,904 | ||||||
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500,000 | 508,679 | ||||||
Sammons Financial Group, Inc., 3.35%, 4/16/31 (a) | 58,000 | 59,695 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
SBA Tower Trust, 1.88%, 7/15/50 (a) | $ | 1,460,000 | $ | 1,478,086 | ||||
Security Benefit Global Funding, 1.25%, 5/17/24 (a) | 72,000 | 72,119 | ||||||
Signature Bank, 4.00%, 10/15/30 (c) | 250,000 | 265,352 | ||||||
SVB Financial Group, 1.80%, 2/2/31 | 1,150,000 | 1,099,998 | ||||||
SVB Financial Group, 2.10%, 5/15/28 | 1,147,000 | 1,163,337 | ||||||
SVB Financial Group, 3.13%, 6/5/30 | 250,000 | 266,068 | ||||||
SVB Financial Group, 4.10%, 2/15/31 (10 year CMT + 3.064%)(c)(e) | 770,000 | 781,065 | ||||||
SVB Financial Group, Senior Note, 3.50%, 1/29/25 | 500,000 | 539,700 | ||||||
Synchrony Financial, 4.50%, 7/23/25 | 504,000 | 563,629 | ||||||
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 (a) | 210,000 | 216,620 | ||||||
Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 251,000 | 279,076 | ||||||
USAA Capital Corp., 2.13%, 5/1/30 (a) | 1,000,000 | 1,010,320 | ||||||
Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31 (c) | 185,000 | 187,616 | ||||||
VEREIT Operating Partnership L.P., 2.85%, 12/15/32 | 550,000 | 574,540 | ||||||
Visa, Inc., 0.75%, 8/15/27 | 55,000 | 53,311 | ||||||
Visa, Inc., 1.90%, 4/15/27 | 1,000,000 | 1,032,559 | ||||||
Vornado Realty L.P., 2.15%, 6/1/26 | 610,000 | 618,194 | ||||||
Voya Financial, Inc., 4.70%, 1/23/48 (4.70% fixed rate until 1/23/28; 2.08% + 3 month USD LIBOR thereafter)(c) | 91,000 | 96,211 | ||||||
Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)(c) | 813,000 | 833,880 | ||||||
Wells Fargo & Co., 4.30%, 7/22/27 | 642,000 | 731,938 | ||||||
Wells Fargo & Co., 5.61%, 1/15/44 | 58,000 | 79,264 | ||||||
Wells Fargo & Co., (3 month USD LIBOR + 1.000%), 2.57%, 2/11/31 (c) | 670,000 | 693,358 | ||||||
Western & Southern Life Insurance Co. (The), 3.75%, 4/28/61 (a) | 53,000 | 56,272 | ||||||
Willis North America, Inc., 3.88%, 9/15/49 | 28,000 | 31,454 | ||||||
WR Berkley Corp., 4.00%, 5/12/50 | 160,000 | 182,616 | ||||||
Zions Bancorp NA, 3.25%, 10/29/29 | 271,000 | 284,018 | ||||||
Total Financial | 84,833,701 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
INDUSTRIAL - 1.2% | ||||||||
AECOM, 5.13%, 3/15/27 | $ | 200,000 | $ | 223,076 | ||||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 87,000 | 88,733 | ||||||
Amsted Industries, Inc., 5.63%, 7/1/27 (a) | 200,000 | 210,750 | ||||||
Berry Global, Inc., 1.57%, 1/15/26 (a) | 1,010,000 | 1,010,303 | ||||||
Boeing Co. (The), 2.20%, 2/4/26 | 1,150,000 | 1,160,992 | ||||||
Boeing Co. (The), 3.75%, 2/1/50 | 525,000 | 541,511 | ||||||
Carrier Global Corp., 3.38%, 4/5/40 | 177,000 | 185,660 | ||||||
Caterpillar Financial Services Corp., 0.65%, 7/7/23 | 202,000 | 203,145 | ||||||
Caterpillar Financial Services Corp., 1.10%, 9/14/27 | 78,000 | 77,058 | ||||||
CNH Industrial Capital LLC, 1.95%, 7/2/23 | 400,000 | 410,044 | ||||||
CNH Industrial Capital LLC, 4.20%, 1/15/24 | 77,000 | 83,320 | ||||||
Eagle Materials, Inc., 2.50%, 7/1/31 | 87,000 | 86,190 | ||||||
Emerson Electric Co., 0.88%, 10/15/26 | 126,000 | 123,962 | ||||||
General Electric Co., 4.35%, 5/1/50 | 54,000 | 65,302 | ||||||
Honeywell International, Inc., 0.48%, 8/19/22 | 99,000 | 99,031 | ||||||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 100,000 | 107,083 | ||||||
John Deere Capital Corp., 1.50%, 3/6/28 | 125,000 | 124,242 | ||||||
Kansas City Southern, 4.30%, 5/15/43 | 663,000 | 768,523 | ||||||
Kansas City Southern, 4.70%, 5/1/48 | 52,000 | 64,766 | ||||||
Masco Corp., 3.13%, 2/15/51 | 92,000 | 91,251 | ||||||
Mueller Water Products, Inc., 4.00%, 6/15/29 (a) | 100,000 | 102,762 | ||||||
Nature Conservancy (The), 1.26%, 2/1/24 (3 month USD LIBOR + 1.08%)(c) | 520,000 | 523,425 | ||||||
Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300,000 | 292,300 | ||||||
Owens Corning, 4.30%, 7/15/47 | 131,000 | 152,335 | ||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 (a) | 188,000 | 203,631 | ||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.20%, 4/1/27 (a) | 105,000 | 118,169 | ||||||
Penske Truck Leasing Co. L.P./PTL Finance Corp., Senior Note, 4.13%, 8/1/23 (a) | 330,000 | 352,002 | ||||||
Standard Industries, Inc., 4.38%, 7/15/30 (a) | 175,000 | 180,469 | ||||||
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
INDUSTRIAL - (continued) | ||||||||
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 (a) | $ | 125,000 | $ | 130,837 | ||||
Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60 (c) | 200,000 | 212,800 | ||||||
Teledyne Technologies, Inc., 2.75%, 4/1/31 | 103,000 | 105,796 | ||||||
Trimble, Inc., 4.75%, 12/1/24 | 17,000 | 18,886 | ||||||
Trimble, Inc., Senior Note, 4.15%, 6/15/23 | 250,000 | 265,728 | ||||||
Union Pacific Corp., 2.97%, 9/16/62 | 225,000 | 216,223 | ||||||
United Parcel Service, Inc., 3.90%, 4/1/25 | 87,000 | 96,267 | ||||||
Vontier Corp., 2.95%, 4/1/31 (a) | 63,000 | 63,189 | ||||||
Xylem, Inc., 2.25%, 1/30/31 | 250,000 | 251,667 | ||||||
Total Industrial | 9,011,428 | |||||||
TECHNOLOGY - 0.9% | ||||||||
Apple, Inc., 2.05%, 9/11/26 | 104,000 | 108,847 | ||||||
Apple, Inc., Senior Bond, 3.85%, 8/4/46 | 325,000 | 386,698 | ||||||
Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500,000 | 549,733 | ||||||
Broadcom, Inc., 3.15%, 11/15/25 | 246,000 | 263,658 | ||||||
Broadcom, Inc., 3.42%, 4/15/33 (a) | 809,000 | 849,583 | ||||||
Broadcom, Inc., 3.46%, 9/15/26 | 123,000 | 133,947 | ||||||
Broadcom, Inc., 3.50%, 2/15/41 (a) | 91,000 | 93,096 | ||||||
Broadcom, Inc., 4.11%, 9/15/28 | 289,000 | 325,107 | ||||||
Broadcom, Inc., 4.15%, 11/15/30 | 119,000 | 133,448 | ||||||
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350,000 | 390,155 | ||||||
Dell International LLC/EMC Corp., 8.10%, 7/15/36 (a) | 139,000 | 211,853 | ||||||
Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 302,000 | 305,361 | ||||||
Hewlett Packard Enterprise Co., 6.35%, 10/15/45 | 119,000 | 159,859 | ||||||
HP, Inc., 2.65%, 6/17/31 (a) | 1,000,000 | 998,227 | ||||||
Microsoft Corp., 2.68%, 6/1/60 | 56,000 | 55,459 | ||||||
Microsoft Corp., 3.04%, 3/17/62 | 269,000 | 286,956 | ||||||
Oracle Corp., 2.30%, 3/25/28 | 309,000 | 317,036 | ||||||
Oracle Corp., 4.10%, 3/25/61 | 108,000 | 119,739 | ||||||
Oracle Corp., Senior Bond, 3.80%, 11/15/37 | 210,000 | 230,296 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 500,000 | 491,745 | ||||||
Texas Instruments, Inc., 3.88%, 3/15/39 | 525,000 | 630,499 | ||||||
Total Technology | 7,041,302 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
UTILITIES - 3.6% | ||||||||
AEP Transmission Co. LLC, 4.25%, 9/15/48 | $ | 425,000 | $ | 523,225 | ||||
AES Corp. (The), 1.38%, 1/15/26 (a) | 1,175,000 | 1,163,472 | ||||||
AES Corp. (The), 2.45%, 1/15/31 (a) | 1,000,000 | 989,411 | ||||||
Alabama Power Co., 3.75%, 3/1/45 | 170,000 | 192,342 | ||||||
Alexander Funding Trust, 1.84%, 11/15/23 (a) | 555,000 | 565,138 | ||||||
Alliant Energy Finance LLC, 3.75%, 6/15/23 (a) | 300,000 | 317,753 | ||||||
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 114,000 | 123,065 | ||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225,000 | 251,921 | ||||||
Appalachian Power Co., 3.70%, 5/1/50 | 135,000 | 148,604 | ||||||
Atmos Energy Corp., 3.38%, 9/15/49 | 320,000 | 345,522 | ||||||
Avangrid, Inc., 3.20%, 4/15/25 | 317,000 | 340,447 | ||||||
Brooklyn Union Gas Co. (The), 4.49%, 3/4/49 (a) | 1,000,000 | 1,177,284 | ||||||
Calpine Corp., 3.75%, 3/1/31 (a) | 450,000 | 428,558 | ||||||
Clearway Energy Operating LLC, 3.75%, 2/15/31 (a) | 925,000 | 920,375 | ||||||
CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50 (c) | 93,000 | 103,637 | ||||||
Commonwealth Edison Co., 3.70%, 8/15/28 | 820,000 | 931,521 | ||||||
Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105,000 | 127,023 | ||||||
Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61 | 193,000 | 199,035 | ||||||
Consolidated Edison Co. of New York, Inc., 0, 3.95%, 4/1/50 | 30,000 | 34,061 | ||||||
Dominion Energy South Carolina, Inc., 5.10%, 6/1/65 | 137,000 | 197,876 | ||||||
Dominion Energy, Inc., 3.07%, 8/15/24 | 850,000 | 901,056 | ||||||
Dominion Energy, Inc., Junior Subordinated Bond, 5.75%, 10/1/54 (5.75% fixed rate until 10/1/24; 3.06% + 3 month USD LIBOR thereafter)(c) | 56,000 | 61,147 | ||||||
Dominion Energy, Inc., Senior Note, 4.25%, 6/1/28 | 270,000 | 309,964 | ||||||
DTE Electric Co., 3.95%, 3/1/49 | 1,268,000 | 1,532,804 | ||||||
Duke Energy Florida LLC, 2.50%, 12/1/29 | 1,000,000 | 1,047,916 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
UTILITIES - (continued) | ||||||||
Duke Energy Florida LLC, 3.80%, 7/15/28 | $ | 550,000 | $ | 623,274 | ||||
Duke Energy Florida LLC, 4.20%, 7/15/48 | 50,000 | 61,394 | ||||||
East Ohio Gas Co. (The), 2.00%, 6/15/30 (a) | 875,000 | 865,033 | ||||||
Electricite de France S.A., Senior Note, 3.63%, 10/13/25 (a) | 1,000,000 | 1,099,099 | ||||||
Emera US Finance L.P., 3.55%, 6/15/26 | 400,000 | 436,880 | ||||||
Emera US Finance L.P., 4.75%, 6/15/46 | 138,000 | 163,893 | ||||||
Entergy Louisiana LLC, 4.20%, 9/1/48 | 310,000 | 376,314 | ||||||
Entergy Mississippi LLC, 3.50%, 6/1/51 | 51,000 | 55,766 | ||||||
Entergy Texas, Inc., 4.50%, 3/30/39 | 275,000 | 326,432 | ||||||
Essential Utilities, Inc., 3.35%, 4/15/50 | 77,000 | 79,549 | ||||||
Exelon Corp., 4.70%, 4/15/50 | 120,000 | 151,574 | ||||||
FirstEnergy Corp., Senior Bond, Series C, 7.38%, 11/15/31 | 181,000 | 247,881 | ||||||
Georgia Power Co., Series A, 3.25%, 3/15/51 | 217,000 | 218,717 | ||||||
Interstate Power & Light Co., 3.50%, 9/30/49 | 85,000 | 91,667 | ||||||
Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23 (a) | 400,000 | 446,218 | ||||||
Jersey Central Power & Light Co., 2.75%, 3/1/32 (a) | 55,000 | 55,830 | ||||||
Liberty Utilities Finance GP 1, 2.05%, 9/15/30 (a) | 86,000 | 82,919 | ||||||
MidAmerican Energy Co., 3.10%, 5/1/27 | 624,000 | 681,684 | ||||||
National Fuel Gas Co., 2.95%, 3/1/31 | 76,000 | 76,441 | ||||||
National Fuel Gas Co., 5.50%, 1/15/26 | 1,225,000 | 1,417,354 | ||||||
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 445,000 | 472,877 | ||||||
NextEra Energy Operating Partners L.P., 4.25%, 7/15/24 (a) | 575,000 | 606,625 | ||||||
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | 720,000 | 814,170 | ||||||
Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107,000 | 99,517 | ||||||
Pacific Gas and Electric Co., 4.30%, 3/15/45 | 110,000 | 105,556 | ||||||
PacifiCorp, 4.13%, 1/15/49 | 135,000 | 161,442 | ||||||
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28 (a) | 425,000 | 439,960 | ||||||
PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85,000 | 103,706 |
Investments | Principal Amount | Value | ||||||
CORPORATE BONDS - (continued) | ||||||||
UTILITIES - (continued) | ||||||||
PSEG Power LLC, 3.85%, 6/1/23 | $ | 310,000 | $ | 329,059 | ||||
Public Service Co. of Colorado, 2.70%, 1/15/51 | 241,000 | 234,964 | ||||||
Public Service Co. of Colorado, 3.70%, 6/15/28 | 115,000 | 129,690 | ||||||
Public Service Co. of Colorado, 4.10%, 6/15/48 | 209,000 | 254,875 | ||||||
Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420,000 | 415,600 | ||||||
Southern California Edison Co., 1.10%, 4/1/24 | 277,000 | 278,908 | ||||||
Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110,000 | 117,225 | ||||||
Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75,000 | 93,588 | ||||||
Southern Power Co., Senior Note, 4.15%, 12/1/25 | 500,000 | 559,564 | ||||||
Southwestern Public Service Co., 3.75%, 6/15/49 | 360,000 | 410,905 | ||||||
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 (a) | 443,350 | 503,424 | ||||||
Tucson Electric Power Co., 1.50%, 8/1/30 | 525,000 | 498,811 | ||||||
Union Electric Co., 2.95%, 6/15/27 | 128,000 | 138,369 | ||||||
Vistra Operations Co. LLC, 3.55%, 7/15/24 (a) | 305,000 | 322,041 | ||||||
Vistra Operations Co. LLC, 5.00%, 7/31/27 (a) | 100,000 | 102,663 | ||||||
Total Utilities | 27,684,615 | |||||||
TOTAL CORPORATE BONDS (Cost: $206,763,740) | 216,514,394 | |||||||
ASSET-BACKED SECURITIES - 16.9% | ||||||||
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 (a) | 1,620,000 | 1,624,862 | ||||||
ACC Trust, Series 2020-A, Class A, 6.00%, 3/20/23 (a) | 244,674 | 251,015 | ||||||
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 (a) | 1,380,275 | 1,479,156 | ||||||
Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, 2/18/25 | 100,000 | 102,138 | ||||||
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | 100,000 | 103,892 | ||||||
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 300,000 | 310,589 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | $ | 500,000 | $ | 515,327 | ||||
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25 | 300,000 | 304,993 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, ABS, 1.06%, 8/18/26 | 200,000 | 201,414 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, ABS, 0.89%, 10/19/26 | 1,100,000 | 1,098,211 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300,000 | 301,778 | ||||||
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class AR, (3 month USD LIBOR + 1.370%), 1.55%, 7/15/32 (a)(c) | 1,000,000 | 1,000,073 | ||||||
Anchorage Capital CLO Ltd., Series 2019-11A, Class A, 1.61%, 7/22/32 (3 month USD LIBOR + 1.39%)(a)(c) | 2,000,000 | 2,001,442 | ||||||
Antares CLO 2019-1 Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 2.74%, 7/20/31 (a)(c) | 1,940,000 | 1,940,578 | ||||||
Antares CLO 2020-1 Ltd., Series 2020-1A, Class B,(3 month USD LIBOR + 2.600%), 2.77%, 10/23/31 Zero Coupon,(a)(c) | 345,000 | 345,666 | ||||||
Apres Static CLO Ltd., Series 2019-1A, Class A1R, ABS, (3 month USD LIBOR + 1.070%), 1.25%, 10/15/28 (a)(c) | 1,228,761 | 1,228,789 | ||||||
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 1.28%, 7/26/31 (3 month USD LIBOR + 1.10%)(a)(c) | 1,000,000 | 1,000,080 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 (a) | 200,000 | 216,024 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, 3/20/23 (a) | 300,000 | 304,806 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 (a) | 400,000 | 428,989 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26 (a) | $ | 500,000 | $ | 523,140 | ||||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 (a) | 300,000 | 312,642 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 (a) | 700,000 | 698,895 | ||||||
Bain Capital Credit Clo Ltd., Series 2016-2A, Class CRR, ABS, (3 month USD LIBOR + 2.000%), 2.18%, 1/15/29 (a)(c) | 660,000 | 658,036 | ||||||
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 1.00%, 7/20/34 (a)(c) | 1,000,000 | 1,000,407 | ||||||
Barings CLO Ltd. 2020-II, 1.47%, 10/15/33 Zero Coupon, (-1x 3 month USD LIBOR + 1.29%)(a)(c) | 1,000,000 | 1,000,531 | ||||||
Battalion CLO VII Ltd., Series 2014-7A, Class A1RR, 1.23%, 7/17/28 (3 month USD LIBOR + 1.04%)(a)(c) | 676,978 | 677,132 | ||||||
Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 1.89%, 4/20/33 (a)(c) | 2,000,000 | 2,001,780 | ||||||
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 (a) | 160,087 | 162,978 | ||||||
Capital Automotive REIT, Series 2014-1A, Class A, 3.66%, 10/15/44 (a) | 915,089 | 916,182 | ||||||
Carlyle Global Market Strategies, Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 1.00%, 7/20/34 (a)(c) | 1,500,000 | 1,503,012 | ||||||
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400,000 | 397,884 | ||||||
CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200,000 | 199,987 | ||||||
CARS-DB4 L.P., Series 2020- 1A, Class B1, 4.17%, 2/15/50 (a) | 540,000 | 557,411 | ||||||
Catamaran CLO Ltd., Series 2014-1A, Class A1AR, 1.44%, 4/22/30 (3 month USD LIBOR + 1.26%)(a)(c) | 994,896 | 994,891 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 1.00%, 7/20/34 (a)(c) | $ | 1,750,000 | $ | 1,750,184 | ||||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 (a) | 372,208 | 378,337 | ||||||
CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 (a) | 510,000 | 521,764 | ||||||
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, 0.95%, 6/25/34 (1 month USD LIBOR +0.855%)(c) | 45,187 | 44,154 | ||||||
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.39%, 10/17/31 (3 month USD LIBOR + 1.20%)(a)(c) | 1,000,000 | 1,000,029 | ||||||
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | 600,000 | 702,659 | ||||||
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 (a) | 61,542 | 63,496 | ||||||
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 (a) | 349,857 | 354,956 | ||||||
CSMC Trust, Series 2006- CF2, Class M3, 1.24%, 5/25/36 (1 month USD LIBOR + 0.65%)(a)(c) | 17,660 | 17,683 | ||||||
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 3.58%, 4/25/29 (a)(c) | 1,300,000 | 1,294,877 | ||||||
DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51 | 1,020,000 | 1,020,000 | ||||||
Dorchester Park CLO DAC, Series 2015-1A, Class AR, 1.09%, 4/20/28 (3 month USD LIBOR + 0.90%)(a)(c) | 543,230 | 543,325 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, 2/15/24 | 103,291 | 103,651 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25 | 200,000 | 200,333 | ||||||
Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 1.00%, 5/15/32 (a)(c) | 1,510,000 | 1,510,396 | ||||||
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.41%, 10/15/29 (3 month USD LIBOR + 1.23%)(a)(c) | 500,000 | 500,015 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 1.34%, 7/15/34 (a)(c) | $ | 1,000,000 | $ | 1,000,419 | ||||
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 1.19%, 5/25/37 (1 month USD LIBOR + 1.10%)(a)(c) | 13,125 | 13,144 | ||||||
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 (a) | 130,119 | 131,719 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 (a) | 500,000 | 539,406 | ||||||
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 (a) | 1,000,000 | 1,074,217 | ||||||
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 (a) | 1,100,000 | 1,098,775 | ||||||
Ford Credit Auto Owner Trust, Series 2020-REV1, 2.04%, 8/15/31 (a) | 800,000 | 830,327 | ||||||
Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 (a) | 120,000 | 120,229 | ||||||
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600,000 | 600,429 | ||||||
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 (a) | 525,137 | 531,158 | ||||||
Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40 (a) | 279,118 | 281,532 | ||||||
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 (a) | 232,597 | 236,454 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, 6/17/24 | 100,000 | 103,767 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, 4/15/26 (a) | 800,000 | 848,682 | ||||||
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 (a) | 800,000 | 808,552 | ||||||
Golub Capital Partners TALF LLC, Series 2020-2A, Class C, ABS, (3 month USD LIBOR + 3.650%), 3.83%, 2/5/30 (a)(c) | 650,000 | 655,206 | ||||||
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 (a) | 400,000 | 399,214 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Hercules Capital Funding Trust, Series 2018-1A, Class A, 4.61%, 11/22/27 (a) | $ | 866,539 | $ | 870,545 | ||||
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 (a) | 500,229 | 527,536 | ||||||
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 (a) | 231,855 | 239,750 | ||||||
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 (a) | 791,242 | 809,437 | ||||||
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 (a) | 400,000 | 400,868 | ||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 (a) | 400,000 | 401,065 | ||||||
Home Equity Asset Trust, Series 2003-1, Class M1, 1.59%, 6/25/33 (1 month USD LIBOR + 1.50%)(c) | 4,551 | 4,596 | ||||||
HPS Loan Management Ltd., Series 10A-16, Class A1RR, ABS, (3 month USD LIBOR + 1.140%), 1.00%, 4/20/34 (a)(c) | 1,000,000 | 1,000,105 | ||||||
HPS Loan Management Ltd., Series 15A-19, Class A1, 1.50%, 7/22/32 (3 month USD LIBOR + 1.32%)(a)(c) | 500,000 | 500,306 | ||||||
KKR Clo 32 Ltd., Series 32A, Class A1, ABS, (3 month USD LIBOR + 1.320%), 1.50%, 1/15/32 (a)(c) | 1,500,000 | 1,501,420 | ||||||
KREF Ltd., Series 2018-FL1, Class A, 1.18%, 6/15/36 (1 month USD LIBOR + 1.10%)(a)(c) | 736,590 | 736,821 | ||||||
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 (a) | 98,178 | 100,017 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, 1/25/59 (a) | 54,825 | 54,962 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75%, 1/25/59 (a) | 63,728 | 63,839 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, 5/25/59 (a) | 150,637 | 150,935 | ||||||
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1,167,416 | 1,332,567 | ||||||
Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 (a) | 880,509 | 893,098 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 (a) | $ | 469,478 | $ | 473,188 | ||||
Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 1.31%, 7/20/34 (a)(c) | 1,000,000 | 1,000,096 | ||||||
Madison Park Funding X Ltd., Series 2012-10A, Class AR3, ABS, (3 month USD LIBOR + 1.010%), 1.20%, 1/20/29 (a)(c) | 2,839,503 | 2,839,733 | ||||||
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 (a) | 707,210 | 719,962 | ||||||
Midocean Credit CLO IX, Series 2018-9A, Class A1, 1.34%, 7/20/31 (3 month USD LIBOR + 1.15%)(a)(c) | 500,000 | 500,052 | ||||||
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 (a) | 100,000 | 107,061 | ||||||
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 (a) | 300,000 | 317,955 | ||||||
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 (a) | 300,000 | 312,847 | ||||||
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 (a) | 2,200,000 | 2,195,849 | ||||||
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE6, Class M1, 0.92%, 8/25/34 (1 month USD LIBOR + 0.83%)(c) | 8,806 | 8,723 | ||||||
Mosaic Solar Loan Trust, 1.44%, 8/20/46 (a) | 839,573 | 825,501 | ||||||
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 (a) | 735,559 | 749,322 | ||||||
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 (a) | 925,089 | 925,237 | ||||||
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 1.30%, 7/15/31 (3 month USD LIBOR + 1.12%)(a)(c) | 1,000,000 | 999,902 | ||||||
Mountain View CLO LLC, Series 2017-2A, Class A, 1.39%, 1/16/31 (3 month USD LIBOR + 1.21%)(a)(c) | 260,000 | 260,070 | ||||||
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 (a) | 387,075 | 397,710 | ||||||
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 (a) | 1,127,316 | 1,140,890 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Nationstar HECM Loan Trust, Series 2020-1A, Class A1, 1.27%, 9/25/30 (a)(c) | $ | 542,573 | $ | 543,930 | ||||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 (a) | 100,837 | 102,596 | ||||||
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (a) | 246,776 | 252,168 | ||||||
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 (a) | 291,912 | 296,248 | ||||||
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 (a) | 235,743 | 238,109 | ||||||
New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1, Class AT1, ABS, 1.04%, 12/16/52 (a) | 540,000 | 540,140 | ||||||
Newtek Small Business Loan Trust, Series 2018-1, Class A, 2.70%, 2/25/44 (1 month USD LIBOR + 1.70%)(a)(c) | 483,090 | 475,617 | ||||||
Newtek Small Business Loan Trust, Series 2018-1, Class B, 4.00%, 2/25/44 (1 month USD LIBOR + 3.00%)(a)(c) | 232,487 | 224,735 | ||||||
Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 1.35%, 6/20/34 (a)(c) | 2,000,000 | 2,001,178 | ||||||
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 (a) | 510,000 | 510,621 | ||||||
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, ABS, 1.32%, 10/15/52 (a) | 500,000 | 500,105 | ||||||
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 3.54%, 1/20/31 (a)(c) | 1,620,000 | 1,624,515 | ||||||
Oaktree CLO Ltd., Series 2015-1A, Class A1R, 1.06%, 10/20/27 (3 month USD LIBOR + 0.87%)(a)(c) | 959,363 | 959,927 | ||||||
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 1.47%, 10/13/31 (a)(c) | 1,474,373 | 1,474,372 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Octagon Investment Partners, Ltd., Series 2017-1A, Class AR, ABS, (3 month USD LIBOR + 1.050%), 1.24%, 7/20/30 (a)(c) | $ | 875,000 | $ | 873,691 | ||||
OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 (a) | 2,050,000 | 2,064,769 | ||||||
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/24 (a) | 136,288 | 136,866 | ||||||
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 (a) | 900,000 | 970,041 | ||||||
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 (a) | 200,000 | 208,651 | ||||||
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 (a) | 400,000 | 406,709 | ||||||
OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 0.77%, 6/16/36 (a)(c) | 600,000 | 608,520 | ||||||
Oportun Funding X LLC, Series 2018-C, Class A, 4.10%, 10/8/24 (a) | 200,000 | 200,147 | ||||||
Oportun Funding XII LLC, Series 2018-D, Class A, 4.15%, 12/9/24 (a) | 100,000 | 100,499 | ||||||
Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28 (a) | 1,200,000 | 1,203,435 | ||||||
Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 (a) | 1,290,000 | 1,293,206 | ||||||
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27 (a) | 677,249 | 698,531 | ||||||
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28 (a) | 800,000 | 823,436 | ||||||
OZLM XXIV Ltd., Series 2019-24A, Class A1A, 1.58%, 7/20/32 (3 month USD LIBOR + 1.39%)(a)(c) | 500,000 | 500,051 | ||||||
Palmer Square CLO Ltd., Series 2015-1A, Class A1A4, ABS, (3 month USD LIBOR + 1.130%), 1.00%, 5/21/34 (a)(c) | 1,500,000 | 1,500,828 | ||||||
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 2.45%, 11/25/28 Zero Coupon,(a)(c) | 730,000 | 731,526 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued | ||||||||
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25 (a) | $ | 403,205 | $ | 405,167 | ||||
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A ( PRIME + 0.50%), 2.75%, 12/27/44 (a)(c) | 385,664 | 368,654 | ||||||
Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.150%), 1.00%, 6/20/34 (a)(c) | 1,500,000 | 1,499,625 | ||||||
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 (a) | 320,000 | 325,894 | ||||||
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 (a) | 1,870,000 | 1,867,859 | ||||||
Renew, Series 2018-1, Class A, 3.95%, 9/20/53 (a) | 250,377 | 266,055 | ||||||
Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 (a) | 959,571 | 959,806 | ||||||
Republic FInance Issuance Trust, Series 2019-A, Class A, 3.43%, 11/22/27 (a) | 920,000 | 929,824 | ||||||
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 (a) | 600,000 | 617,442 | ||||||
Rockford Tower CLO 2020-1 Ltd., Series 2020-1A, Class A, ABS, (3 month USD LIBOR + 1.280%), 1.53%, 1/20/32 (a)(c) | 1,250,000 | 1,258,964 | ||||||
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 (a) | 740,000 | 788,302 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90%, 10/15/24 | 500,000 | 506,888 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28%, 9/15/23 | 217,813 | 218,168 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25 | 300,000 | 303,376 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26 | 400,000 | 403,539 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 300,000 | 301,740 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, ABS, 0.75%, 2/17/26 | $ | 600,000 | $ | 599,681 | ||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 500,000 | 500,805 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 600,000 | 600,592 | ||||||
Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1A, ABS, (3 month USD LIBOR + 1.320%), 1.51%, 10/20/32 (a)(c) | 1,750,000 | 1,750,646 | ||||||
SoFi Consumer Loan Program Trust, Series 2020-1, Class 1A, 2.02%, 1/25/29 (a) | 183,236 | 184,744 | ||||||
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.95%, 2/15/46 (a) | 249,375 | 253,040 | ||||||
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 (a) | 155,458 | 161,336 | ||||||
Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48 (a) | 287,483 | 293,486 | ||||||
SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/46 (a) | 400,000 | 413,274 | ||||||
SolarCity FTE, Series 2016-A, Class A, 4.80%, 9/20/48 (a) | 309,799 | 317,329 | ||||||
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, 1.25%, 1/26/31 (3 month USD LIBOR + 1.07%)(a)(c) | 250,000 | 250,041 | ||||||
Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 7/15/30 (a) | 168,298 | 168,661 | ||||||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44 (a) | 1,240,367 | 1,313,048 | ||||||
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 (a) | 1,015,781 | 1,064,200 | ||||||
STWD Ltd., Series 2019-FL1, Class B, 1.73%, 7/15/38 (1 month USD LIBOR + 1.60%)(a)(c) | 470,000 | 470,000 | ||||||
STWD Ltd., Series 2019-FL1, Class C, 2.08%, 7/15/38 (1 month USD LIBOR + 1.95%)(a)(c) | 280,000 | 279,825 | ||||||
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 (a) | 1,620,000 | 1,615,256 | ||||||
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 (a) | 235,948 | 263,082 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 (a) | $ | 420,109 | $ | 451,301 | ||||
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 (a) | 1,250,975 | 1,284,886 | ||||||
Taco Bell Funding LLC, Series 2016-1A, Class A2II, 4.38%, 5/25/46 (a) | 480,000 | 482,650 | ||||||
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, 11/25/48 (a) | 487,500 | 488,543 | ||||||
Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22 (a) | 1,000,000 | 1,013,398 | ||||||
Tesla Auto Lease Trust, Series 2019-A, Class A4, 2.20%, 11/21/22 (a) | 500,000 | 510,505 | ||||||
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 (a) | 1,000,000 | 1,002,039 | ||||||
TH Msrissuer Trust, Series 2019-FT1, Class A, 2.89%, 6/25/24 (1 month USD LIBOR + 2.80%)(a)(c) | 450,000 | 445,001 | ||||||
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.33%, 1/20/31 (3 month USD LIBOR + 1.14%)(a)(c) | 1,000,000 | 1,000,204 | ||||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 (a) | 212,818 | 215,184 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (a) | 300,000 | 304,984 | ||||||
Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24 | 2,000,000 | 1,999,401 | ||||||
Trafigura Securitisation Finance PLC, Series 2018-1A, Class A2, 3.73%, 3/15/22 (a) | 200,000 | 201,195 | ||||||
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.65%, 7/20/32 (3 month USD LIBOR + 1.46%)(a)(c) | 500,000 | 501,013 | ||||||
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 (a) | 829,508 | 858,357 | ||||||
VB-S1 Issuer LLC, Series 2020-1A, Class C2, 3.03%, 6/15/50 (a) | 700,000 | 731,445 | ||||||
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 (a) | 237,422 | 257,914 | ||||||
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 (a) | 769,090 | 816,107 | ||||||
Wellfleet CLO Ltd., Series 2018-1A, Class A, 1.29%, 7/17/31 (3 month USD LIBOR + 1.10%)(a)(c) | 1,000,000 | 999,942 |
Investments | Principal Amount | Value | ||||||
ASSET-BACKED SECURITIES - (continued) | ||||||||
Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 (a) | $ | 472,500 | $ | 504,162 | ||||
World Omni Select Auto Trust, Series 2018-1A, Class C, 3.86%, 1/15/25 (a) | 273,599 | 275,500 | ||||||
World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25 | 400,000 | 407,966 | ||||||
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 100,000 | 102,745 | ||||||
York CLO-6 Ltd., Series 2019-1A, Class A1, 1.53%, 7/22/32 (3 month USD LIBOR + 1.35%)(a)(c) | 500,000 | 500,228 | ||||||
Zais CLO 9 Ltd., Series 2018-2A, Class A, 1.39%, 7/20/31 (3 month USD LIBOR + 1.20%)(a)(c) | 970,261 | 959,020 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost: $127,293,793) | 128,904,990 | |||||||
U.S. GOVERNMENT AGENCIES - 16.2% | ||||||||
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | 1,050,000 | 1,049,884 | ||||||
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 490,151 | 480,706 | ||||||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 154,764 | 160,266 | ||||||
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 3,043,254 | 3,074,764 | ||||||
Federal Home Loan Mortgage Corp., 2.50%, 2/1/28 | 115,073 | 120,687 | ||||||
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 107,757 | 113,318 | ||||||
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 397,637 | 412,762 | ||||||
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 3,202,237 | 3,316,367 | ||||||
Federal Home Loan Mortgage Corp., 2.50%, 5/1/51 | 301,535 | 312,283 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 233,446 | 248,591 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 382,687 | 399,033 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 633,298 | 673,962 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | 301,683 | 317,890 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 9/1/46 | 71,202 | 74,981 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 1,261,638 | 1,334,546 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 377,923 | 396,614 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 109,063 | 113,796 | ||||||
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 536,941 | 560,507 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/28 | 291,004 | 314,578 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 97,709 | 105,285 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | $ | 440,811 | $ | 476,577 | ||||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 199,619 | 215,191 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 275,701 | 297,823 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 193,229 | 206,776 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 8/1/46 | 648,128 | 703,783 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | 239,909 | 257,459 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 187,669 | 198,755 | ||||||
Federal Home Loan Mortgage Corp., 3.50%, 3/1/48 | 2,566,536 | 2,780,750 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 119,251 | 130,344 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 245,472 | 268,169 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 10/1/47 | 106,437 | 116,517 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 3/1/48 | 377,545 | 413,305 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/48 | 1,122,832 | 1,222,844 | ||||||
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48 | 2,973,260 | 3,235,958 | ||||||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 419,674 | 456,639 | ||||||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 171,400 | 186,069 | ||||||
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 205,995 | 222,991 | ||||||
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 198,861 | 219,829 | ||||||
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 155,292 | 177,756 | ||||||
Federal National Mortgage Association, 0.63%, 4/22/25 | 1,000,000 | 998,766 | ||||||
Federal National Mortgage Association, 0.88%, 8/5/30 | 1,615,000 | 1,529,107 | ||||||
Federal National Mortgage Association, 1.50%, 10/1/50 | 457,006 | 448,222 | ||||||
Federal National Mortgage Association, 1.50%, 12/1/50 | 984,299 | 965,353 | ||||||
Federal National Mortgage Association, 1.63%, 1/7/25 | 770,000 | 797,170 | ||||||
Federal National Mortgage Association, 2.00%, 12/1/40 | 643,784 | 652,848 | ||||||
Federal National Mortgage Association, 2.00%, 2/1/41 | 515,473 | 526,235 | ||||||
Federal National Mortgage Association, 2.00%, 5/1/41 | 985,167 | 1,002,025 | ||||||
Federal National Mortgage Association, 2.00%, 10/1/50 | 1,908,356 | 1,928,104 | ||||||
Federal National Mortgage Association, 2.00%, 11/1/50 | 481,840 | 486,835 | ||||||
Federal National Mortgage Association, 2.00%, 1/1/51 | 1,460,103 | 1,475,770 | ||||||
Federal National Mortgage Association, 2.50%, 4/1/31 | 553,712 | 583,391 | ||||||
Federal National Mortgage Association, 2.50%, 5/1/43 | 270,671 | 282,708 | ||||||
Federal National Mortgage Association, 2.50%, 8/1/46 | 687,090 | 713,451 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Federal National Mortgage Association, 2.50%, 9/1/46 | $ | 53,232 | $ | 55,268 | ||||
Federal National Mortgage Association, 2.50%, 10/1/46 | 160,194 | 165,844 | ||||||
Federal National Mortgage Association, 2.50%, 11/1/49 | 672,088 | 695,791 | ||||||
Federal National Mortgage Association, 2.50%, 8/1/50 | 784,847 | 812,527 | ||||||
Federal National Mortgage Association, 2.50%, 10/1/50 | 437,297 | 452,720 | ||||||
Federal National Mortgage Association, 2.50%, 11/1/50 | 452,421 | 468,377 | ||||||
Federal National Mortgage Association, 2.50%, 6/1/51 | 129,553 | 134,122 | ||||||
Federal National Mortgage Association, 2.63%, 9/6/24 | 1,000,000 | 1,068,588 | ||||||
Federal National Mortgage Association, 3.00%, 5/1/30 | 168,918 | 178,631 | ||||||
Federal National Mortgage Association, 3.00%, 5/1/32 | 563,511 | 597,683 | ||||||
Federal National Mortgage Association, 3.00%, 10/1/32 | 471,868 | 498,331 | ||||||
Federal National Mortgage Association, 3.00%, 5/1/40 | 351,462 | 368,528 | ||||||
Federal National Mortgage Association, 3.00%, 5/1/43 | 494,538 | 523,814 | ||||||
Federal National Mortgage Association, 3.00%, 9/1/46 | 165,015 | 175,084 | ||||||
Federal National Mortgage Association, 3.00%, 11/1/46 | 1,931,893 | 2,043,954 | ||||||
Federal National Mortgage Association, 3.00%, 1/1/47 | 309,423 | 324,410 | ||||||
Federal National Mortgage Association, 3.00%, 2/1/47 | 1,506,425 | 1,594,633 | ||||||
Federal National Mortgage Association, 3.00%, 2/25/47 | 492,417 | 518,028 | ||||||
Federal National Mortgage Association, 3.00%, 11/1/47 | 28,399 | 29,150 | ||||||
Federal National Mortgage Association, 3.00%, 12/1/49 | 577,272 | 601,859 | ||||||
Federal National Mortgage Association, 3.00%, 2/1/50 | 1,451,108 | 1,513,417 | ||||||
Federal National Mortgage Association, 3.00%, 7/1/50 | 5,622,183 | 5,991,520 | ||||||
Federal National Mortgage Association, 3.50%, 12/1/30 | 49,058 | 52,991 | ||||||
Federal National Mortgage Association, 3.50%, 5/1/40 | 122,554 | 129,587 | ||||||
Federal National Mortgage Association, 3.50%, 1/1/41 | 286,564 | 308,602 | ||||||
Federal National Mortgage Association, 3.50%, 8/1/42 | 228,787 | 247,203 | ||||||
Federal National Mortgage Association, 3.50%, 11/1/42 | 325,832 | 351,131 | ||||||
Federal National Mortgage Association, 3.50%, 8/1/43 | 137,933 | 149,341 | ||||||
Federal National Mortgage Association, 3.50%, 12/1/45 | 664,869 | 709,900 | ||||||
Federal National Mortgage Association, 3.50%, 8/1/46 | 248,852 | 270,133 | ||||||
Federal National Mortgage Association, 3.50%, 12/1/46 | 268,984 | 287,582 | ||||||
Federal National Mortgage Association, 3.50%, 1/1/47 | 153,992 | 163,391 | ||||||
Federal National Mortgage Association, 3.50%, 4/1/47 | 457,795 | 487,542 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Federal National Mortgage Association, 3.50%, 8/1/47 | $ | 10,534 | $ | 11,244 | ||||
Federal National Mortgage Association, 3.50%, 9/1/47 | 218,434 | 231,125 | ||||||
Federal National Mortgage Association, 3.50%, 11/1/47 | 76,579 | 81,194 | ||||||
Federal National Mortgage Association, 3.50%, 2/1/48 | 299,773 | 317,304 | ||||||
Federal National Mortgage Association, 3.50%, 3/1/48 | 2,288,644 | 2,419,793 | ||||||
Federal National Mortgage Association, 3.50%, 4/1/48 | 304,802 | 322,216 | ||||||
Federal National Mortgage Association, 3.50%, 6/1/48 | 239,514 | 257,458 | ||||||
Federal National Mortgage Association, 3.50%, 11/1/48 | 337,320 | 355,993 | ||||||
Federal National Mortgage Association, 4.00%, 9/1/40 | 193,203 | 211,455 | ||||||
Federal National Mortgage Association, 4.00%, 3/1/41 | 358,491 | 394,160 | ||||||
Federal National Mortgage Association, 4.00%, 9/1/42 | 42,830 | 46,787 | ||||||
Federal National Mortgage Association, 4.00%, 1/1/44 | 11,009 | 12,102 | ||||||
Federal National Mortgage Association, 4.00%, 1/1/45 | 16,467 | 17,960 | ||||||
Federal National Mortgage Association, 4.00%, 6/1/45 | 5,305 | 5,797 | ||||||
Federal National Mortgage Association, 4.00%, 12/1/45 | 395,025 | 428,652 | ||||||
Federal National Mortgage Association, 4.00%, 7/1/46 | 452,781 | 488,095 | ||||||
Federal National Mortgage Association, 4.00%, 3/1/47 | 194,057 | 210,302 | ||||||
Federal National Mortgage Association, 4.00%, 9/1/47 | 679,261 | 727,758 | ||||||
Federal National Mortgage Association, 4.00%, 10/1/47 | 161,620 | 172,416 | ||||||
Federal National Mortgage Association, 4.00%, 12/1/47 | 395,425 | 425,405 | ||||||
Federal National Mortgage Association, 4.00%, 1/1/48 | 362,368 | 385,208 | ||||||
Federal National Mortgage Association, 4.00%, 2/1/48 | 129,307 | 138,140 | ||||||
Federal National Mortgage Association, 4.00%, 4/1/48 | 638,473 | 678,995 | ||||||
Federal National Mortgage Association, 4.50%, 9/1/40 | 204,500 | 225,683 | ||||||
Federal National Mortgage Association, 4.50%, 2/1/41 | 378,977 | 422,037 | ||||||
Federal National Mortgage Association, 4.50%, 9/1/42 | 3,997 | 4,403 | ||||||
Federal National Mortgage Association, 4.50%, 12/1/43 | 21,105 | 23,426 | ||||||
Federal National Mortgage Association, 4.50%, 7/1/46 | 164,741 | 179,512 | ||||||
Federal National Mortgage Association, 4.50%, 11/1/47 | 64,835 | 71,745 | ||||||
Federal National Mortgage Association, 4.50%, 1/1/48 | 176,905 | 195,487 | ||||||
Federal National Mortgage Association, 4.50%, 2/1/48 | 30,712 | 33,937 | ||||||
Federal National Mortgage Association, 4.50%, 3/1/48 | 263,622 | 287,999 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Federal National Mortgage Association, 4.50%, 5/1/48 | $ | 228,495 | $ | 252,638 | ||||
Federal National Mortgage Association, 5.00%, 9/1/40 | 169,522 | 192,294 | ||||||
Federal National Mortgage Association, 5.00%, 2/1/41 | 103,518 | 118,433 | ||||||
Federal National Mortgage Association, 5.00%, 7/1/44 | 273,112 | 314,883 | ||||||
Federal National Mortgage Association, 5.00%, 5/1/48 | 89,138 | 98,470 | ||||||
Federal National Mortgage Association, 5.00%, 8/1/48 | 29,114 | 32,364 | ||||||
Federal National Mortgage Association, 5.50%, 2/1/42 | 65,459 | 75,465 | ||||||
Government National Mortgage Association, 2.00%, 3/20/51 | 487,103 | 496,334 | ||||||
Government National Mortgage Association, 2.00%, 8/1/51 (f) | 2,765,000 | 2,810,903 | ||||||
Government National Mortgage Association, 2.50%, 12/20/46 | 128,535 | 134,029 | ||||||
Government National Mortgage Association, 2.50%, 1/20/50 | 420,380 | 435,201 | ||||||
Government National Mortgage Association, 2.50%, 10/20/50 | 2,216,582 | 2,304,362 | ||||||
Government National Mortgage Association, 2.50%, 7/1/51 (f) | 1,000,000 | 1,034,844 | ||||||
Government National Mortgage Association, 2.50%, 8/1/51 (f) | 5,500,000 | 5,681,543 | ||||||
Government National Mortgage Association, 3.00%, 12/20/42 | 264,090 | 281,743 | ||||||
Government National Mortgage Association, 3.00%, 12/20/45 | 90,533 | 95,911 | ||||||
Government National Mortgage Association, 3.00%, 9/20/46 | 144,217 | 152,110 | ||||||
Government National Mortgage Association, 3.00%, 10/20/46 | 297,492 | 312,638 | ||||||
Government National Mortgage Association, 3.00%, 2/20/47 | 325,692 | 342,317 | ||||||
Government National Mortgage Association, 3.00%, 4/20/47 | 224,792 | 236,988 | ||||||
Government National Mortgage Association, 3.00%, 12/20/47 | 105,657 | 111,482 | ||||||
Government National Mortgage Association, 3.00%, 1/20/48 | 221,407 | 232,757 | ||||||
Government National Mortgage Association, 3.00%, 9/20/49 | 191,834 | 200,807 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Government National Mortgage Association, 3.00%, 12/20/49 | $ | 376,779 | $ | 393,279 | ||||
Government National Mortgage Association, 3.00%, 4/15/50 | 380,765 | 396,164 | ||||||
Government National Mortgage Association, 3.00%, 8/20/50 | 2,173,761 | 2,326,486 | ||||||
Government National Mortgage Association, 3.00%, 10/20/50 | 470,679 | 499,139 | ||||||
Government National Mortgage Association, 3.00%, 8/1/51 (f) | 850,000 | 886,540 | ||||||
Government National Mortgage Association, 3.50%, 2/20/42 | 220,067 | 236,028 | ||||||
Government National Mortgage Association, 3.50%, 7/20/42 | 325,339 | 349,553 | ||||||
Government National Mortgage Association, 3.50%, 11/20/42 | 147,188 | 158,013 | ||||||
Government National Mortgage Association, 3.50%, 8/20/45 | 64,794 | 69,040 | ||||||
Government National Mortgage Association, 3.50%, 9/20/45 | 65,301 | 69,575 | ||||||
Government National Mortgage Association, 3.50%, 4/20/46 | 95,681 | 101,583 | ||||||
Government National Mortgage Association, 3.50%, 12/20/46 | 537,171 | 571,902 | ||||||
Government National Mortgage Association, 3.50%, 1/20/47 | 345,750 | 368,450 | ||||||
Government National Mortgage Association, 3.50%, 11/20/47 | 195,944 | 207,961 | ||||||
Government National Mortgage Association, 3.50%, 1/20/48 | 206,899 | 219,155 | ||||||
Government National Mortgage Association, 3.50%, 11/20/48 | 796,831 | 838,810 | ||||||
Government National Mortgage Association, 3.50%, 8/20/50 | 850,027 | 925,032 | ||||||
Government National Mortgage Association, 3.50%, 10/20/50 | 107,248 | 115,551 | ||||||
Government National Mortgage Association, 4.00%, 11/20/40 | 112,646 | 123,240 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
Government National Mortgage Association, 4.00%, 2/20/46 | $ | 258,728 | $ | 280,255 | ||||
Government National Mortgage Association, 4.00%, 3/20/46 | 99,323 | 107,629 | ||||||
Government National Mortgage Association, 4.00%, 5/20/47 | 159,667 | 170,894 | ||||||
Government National Mortgage Association, 4.00%, 8/20/47 | 82,559 | 88,342 | ||||||
Government National Mortgage Association, 4.00%, 9/20/47 | 1,272,299 | 1,356,780 | ||||||
Government National Mortgage Association, 4.50%, 9/20/39 | 116,986 | 129,376 | ||||||
Government National Mortgage Association, 4.50%, 7/20/41 | 65,318 | 72,239 | ||||||
Government National Mortgage Association, 4.50%, 2/20/47 | 47,909 | 52,313 | ||||||
Government National Mortgage Association, 4.50%, 8/20/47 | 79,927 | 86,319 | ||||||
Government National Mortgage Association, 4.50%, 1/20/48 | 266,809 | 288,268 | ||||||
Government National Mortgage Association, 4.50%, 3/20/48 | 52,923 | 56,894 | ||||||
Government National Mortgage Association, 4.50%, 7/20/48 | 116,482 | 125,423 | ||||||
Government National Mortgage Association, 4.50%, 6/20/49 | 321,046 | 343,185 | ||||||
Government National Mortgage Association, 5.00%, 7/20/45 | 168,309 | 190,598 | ||||||
UMBS, 15 Year, Single Family, 2.00%, 8/1/36 (f) | 3,000,000 | 3,089,887 | ||||||
UMBS, 30 Year, Single Family, 2.00%, 8/1/51 (f) | 6,300,000 | 6,348,727 | ||||||
UMBS, 15 Year, Single Family, 2.50%, 8/1/36 (f) | 1,500,000 | 1,562,500 | ||||||
UMBS, 30 Year, Single Family, 2.50%, 7/1/51 (f) | 1,000,000 | 1,034,297 | ||||||
UMBS, 30 Year, Single Family, 2.50%, 8/1/51 (f) | 10,050,000 | 10,375,055 | ||||||
UMBS, 30 Year, Single Family, 3.00%, 8/1/51 (f) | 500,000 | 520,850 | ||||||
United States Department of Housing and Urban Development, 2.87%, 8/1/27 | 1,000,000 | 1,091,507 | ||||||
United States International Development Finance Corp., 1.05%, 10/15/29 | 927,948 | 927,473 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT AGENCIES - (continued) | ||||||||
United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | $ | 1,000,000 | $ | 1,012,495 | ||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $121,969,305) | 123,627,133 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 11.9% | ||||||||
Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 (a)(c) | 843,901 | 849,858 | ||||||
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 2.32%, 4/15/34 (a)(c) | 1,000,000 | 1,000,298 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 0.92%, 9/15/34 (1 month USD LIBOR + 0.85%)(a)(c) | 400,000 | 400,125 | ||||||
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 575,000 | 654,785 | ||||||
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500,000 | 541,480 | ||||||
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1,200,000 | 1,165,842 | ||||||
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | 500,000 | 490,066 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1A, 1.19%, 7/25/29 (1 month USD LIBOR + 1.10%)(a)(c) | 33,643 | 33,685 | ||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1B, 1.69%, 7/25/29 (1 month USD LIBOR + 1.60%)(a)(c) | 150,000 | 150,382 | ||||||
Bellemeade Re Ltd., Series 2020-1A, Class M1B, CMO, (1 month USD LIBOR + 3.400%), 3.49%, 6/25/30 (a)(c) | 25,587 | 25,597 | ||||||
Bellemeade Re Ltd., Series 2021-1A, Class M1A, CMO, 1.77%, 3/25/31 (a)(c) | 300,000 | 301,925 | ||||||
Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 1.21%, 6/25/31 (a)(c) | 605,000 | 605,359 | ||||||
Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51 | 500,000 | 529,706 | ||||||
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 4.03%, 3/15/62 (a)(c) | 250,000 | 268,646 | ||||||
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850,000 | 933,984 | ||||||
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1,200,000 | 1,170,790 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | $ | 1,300,000 | $ | 1,281,829 | ||||
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500,000 | 490,032 | ||||||
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 (a) | 1,500,000 | 1,552,334 | ||||||
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | 550,000 | 558,572 | ||||||
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600,000 | 609,274 | ||||||
Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1,200,000 | 1,205,024 | ||||||
Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | 800,000 | 818,911 | ||||||
BX Commercial Mortgage Trust, Series 2020-BXLP, Class A, 0.87%, 12/15/36 (1 month USD LIBOR +0.800%)(a)(c) | 679,342 | 680,193 | ||||||
BXMT 2020-FL2 Ltd., Series 2020-FL2, Class A, (1 month USD LIBOR + 0.900%), 1.03%, 2/15/38 (a)(c) | 840,000 | 839,214 | ||||||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800,000 | 843,045 | ||||||
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 (c) | 500,000 | 532,897 | ||||||
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900,000 | 928,833 | ||||||
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 (a) | 250,000 | 266,297 | ||||||
Century Plaza Towers, Series 2019-CPT, Class E, 3.10%, 11/13/39 (a)(c) | 488,000 | 483,496 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.59%, 12/10/54 | 2,332,126 | 2,517,472 | ||||||
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class B, 1.82%, 7/15/30 (1 month USD LIBOR + 1.75%)(a)(c) | 1,300,000 | 1,277,411 | ||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 103,132 | 109,386 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | $ | 114,286 | $ | 119,736 | ||||
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750,000 | 852,934 | ||||||
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | 860,000 | 916,382 | ||||||
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.44%, 8/10/46 (a)(c) | 500,000 | 461,286 | ||||||
COMM Mortgage Trust, Series 2016-CR28, Class B, 4.79%, 2/10/49 (c) | 500,000 | 550,906 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | 135,894 | 145,089 | ||||||
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700,000 | 790,924 | ||||||
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | 1,250,000 | 1,295,178 | ||||||
CSMC, Series 2020, 0.00%, 4/28/38 | 204,100 | 205,290 | ||||||
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 (a)(c) | 187,275 | 195,655 | ||||||
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 (a)(c) | 173,826 | 175,993 | ||||||
DBJPM Mortgage Trust, Series 2016-C3, Class A4, 2.63%, 8/10/49 | 1,100,000 | 1,157,184 | ||||||
Eagle RE Ltd., Series 2021-1, Class M1A, CMO, (SOFR30A + 1.700%), 1.72%, 10/25/33 (a)(c) | 935,000 | 937,898 | ||||||
Federal Home Loan Mortgage Corp., Series 2016-HQA3, Class M2, CMO, (1 month USD LIBOR + 1.350%), 1.44%, 3/25/29 (c) | 12,941 | 12,941 | ||||||
Federal Home Loan Mortgage Corp., Series 2017-DNA2, Class M1, 1.29%, 10/25/29 (1 month USD LIBOR + 1.20%)(c) | 19,825 | 19,841 | ||||||
Federal Home Loan Mortgage Corp., Series 2018-HQA1, Class M2, CMO, (1 month USD LIBOR + 2.300%), 2.39%, 9/25/30 (c) | 46,588 | 47,258 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Federal Home Loan Mortgage Corp., Series 2020-HQA3, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.600%), 3.69%, 7/25/50 (a)(c) | $ | 185,474 | $ | 187,780 | ||||
Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 2.12%, 10/25/33 (a)(c) | 639,000 | 652,680 | ||||||
Federal Home Loan Mortgage Corp., Series 326, Class 350, CMO, STRIPS, 3.50%, 3/15/44 | 275,328 | 293,027 | ||||||
Federal Home Loan Mortgage Corp., Series 4640, Class CZ, CMO, REMIC, 3.50%, 12/15/46 | 1,011,150 | 1,095,486 | ||||||
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 1,000,000 | 1,025,058 | ||||||
Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1,088,479 | 1,181,798 | ||||||
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 9.72%, 10/15/48 (1 month USD LIBOR + 9.84%)(c) | 119,764 | 145,656 | ||||||
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 (g) | 558,439 | 64,734 | ||||||
Federal Home Loan Mortgage Corp., Series 5034, Class IJ, CMO, IO, REMIC, 2.50%, 11/25/50 (g) | 1,664,102 | 271,395 | ||||||
Federal Home Loan Mortgage Corp., Series K076, Class AM, 3.90%, 4/25/28 | 930,000 | 1,075,864 | ||||||
Federal Home Loan Mortgage Corp., Series K077, Class AM, 3.85%, 5/25/28 (c) | 150,000 | 173,602 | ||||||
Federal Home Loan Mortgage Corp., Series K083, Class AM, 4.03%, 10/25/28 (c) | 350,000 | 409,448 | ||||||
Federal Home Loan Mortgage Corp., Series K088, Class AM, 3.76%, 1/25/29 (c) | 360,000 | 415,938 | ||||||
Federal Home Loan Mortgage Corp., Series K091, Class AM, 3.57%, 3/25/29 | 750,000 | 860,488 | ||||||
Federal Home Loan Mortgage Corp., Series K157, Class A2, 3.99%, 5/25/33 (c) | 600,000 | 719,084 | ||||||
Federal Home Loan Mortgage Corp., Series KC03, Class A2, 3.50%, 1/25/26 | 450,000 | 480,871 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Federal Home Loan Mortgage Corp., Series W5FX, Class AFX, 3.34%, 4/25/28 (c) | $ | 830,000 | $ | 924,379 | ||||
Federal National Mortgage Association, Series 2014-C02, Class 1M2, 2.69%, 5/25/24 (1 month USD LIBOR + 2.60%)(c) | 75,345 | 75,782 | ||||||
Federal National Mortgage Association, Series 2014-C03, Class 1M2, 3.09%, 7/25/24 (1 month USD LIBOR + 3.00%)(c) | 97,739 | 98,479 | ||||||
Federal National Mortgage Association, Series 2015-C04, Class 2M2, CMO, (1 month USD LIBOR + 5.550%), 5.64%, 4/25/28 (c) | 10,670 | 11,298 | ||||||
Federal National Mortgage Association, Series 2016-C01, Class 2M2, CMO, (1 month USD LIBOR + 6.950%), 7.04%, 8/25/28 (c) | 26,622 | 28,223 | ||||||
Federal National Mortgage Association, Series 2016-C02, Class 1M2, CMO, (1 month USD LIBOR + 6.000%), 6.09%, 9/25/28 (c) | 115,581 | 121,979 | ||||||
Federal National Mortgage Association, Series 2016-C03, Class 2M2, CMO, (1 month USD LIBOR + 5.900%), 5.99%, 10/25/28 (c) | 35,846 | 37,867 | ||||||
Federal National Mortgage Association, Series 2017-C02, Class 2ED4, 0.94%, 9/25/29 (1 month USD LIBOR + 0.85%)(c) | 88,471 | 86,408 | ||||||
Federal National Mortgage Association, Series 2017-C05, Class 1M2A, 2.29%, 1/25/30 (1 month USD LIBOR + 2.20%)(c) | 4,353 | 4,367 | ||||||
Federal National Mortgage Association, Series 2018-C02, Class 2M2, CMO, (1 month USD LIBOR + 2.200%), 2.29%, 8/25/30 (c) | 12,856 | 12,995 | ||||||
Federal National Mortgage Association, Series 2018-C03, Class 1EA2, 0.94%, 10/25/30 (1 month USD LIBOR + 0.85%)(c) | 37,693 | 37,571 | ||||||
Federal National Mortgage Association, Series 2018-C04, Class 2M2, CMO, (1 month USD LIBOR + 2.550%), 2.64%, 12/25/30 (c) | 7,223 | 7,352 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.48%, 7/25/28 (c) | $ | 126,675 | $ | 137,690 | ||||
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.44%, 6/25/28 (c) | 500,000 | 562,998 | ||||||
Federal National Mortgage Association, Series 2019-78, Class ZB, CMO, REMIC, 3.00%, 1/25/50 | 361,905 | 381,474 | ||||||
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 960,108 | 995,367 | ||||||
Federal National Mortgage Association, Series 2019-M22, Class A1, 2.10%, 8/25/29 | 940,061 | 985,422 | ||||||
Federal National Mortgage Association, Series 2019-M25, Class AV1, 2.05%, 12/25/26 | 452,512 | 460,566 | ||||||
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 (g) | 458,569 | 54,183 | ||||||
Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 | 710,697 | 101,255 | ||||||
Federal National Mortgage Association, Series 2021-M1G, Class A2, 1.56%, 11/25/30 (c) | 1,000,000 | 999,218 | ||||||
Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 (a)(c) | 240,000 | 241,650 | ||||||
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 | 225,102 | 239,746 | ||||||
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 270,579 | 296,224 | ||||||
Government National Mortgage Association, Series 2017-101, Class AB, 2.50%, 7/20/47 | 336,443 | 351,801 | ||||||
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 (g) | 68,623 | 8,352 | ||||||
Government National Mortgage Association, Series 2019-M25, Class AB, 3.50%, 1/20/49 | 251,006 | 273,623 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 0.79%, 11/21/35 (a)(c) | $ | 300,000 | $ | 300,144 | ||||
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51 (c) | 800,000 | 877,788 | ||||||
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1,080,543 | 1,134,407 | ||||||
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.93%, 11/10/49 (c) | 500,000 | 500,605 | ||||||
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1,000,000 | 1,088,793 | ||||||
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52 | 1,100,000 | 1,157,705 | ||||||
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1,400,000 | 1,414,601 | ||||||
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | 1,100,000 | 1,077,130 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50 (a)(c) | 37,805 | 38,265 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 (a)(c) | 99,537 | 100,188 | ||||||
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 (a)(c) | 285,000 | 286,389 | ||||||
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 0.71%, 8/19/45 (1 month USD LIBOR + 0.62%)(c) | 45,048 | 45,104 | ||||||
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.63%, 8/5/34 (a)(c) | 900,000 | 741,775 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | 1,071,000 | 1,168,623 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.07%, 9/15/29 (1 month USD LIBOR + 1.00%)(a)(c) | 400,000 | 400,512 | ||||||
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 (a)(c) | 12,420 | 12,638 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 (a)(c) | $ | 32,947 | $ | 33,899 | ||||
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 0.84%, 4/25/46 (1 month USD LIBOR + 0.75%)(a)(c) | 36,077 | 36,035 | ||||||
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 (a)(c) | 5,404 | 5,463 | ||||||
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 (a)(c) | 4,158 | 4,220 | ||||||
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 (a)(c) | 13,518 | 13,701 | ||||||
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 1.04%, 10/25/49 (a)(c) | 41,043 | 41,309 | ||||||
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.88%, 6/25/50 (a)(c) | 33,999 | 35,539 | ||||||
JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51 (a)(c) | 220,152 | 223,171 | ||||||
JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 (a)(c) | 189,200 | 190,671 | ||||||
JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 (a)(c) | 140,000 | 141,225 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 4.05%, 11/15/47 (a)(c) | 470,000 | 300,950 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 287,046 | 304,796 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 114,286 | 123,093 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/48 | 1,069,194 | 1,149,856 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | 1,000,000 | 1,048,536 | ||||||
Manhattan West 2020-1MW Mortgage Trust, Series 2020-1MW, Class C, 2.41%, 9/10/39 (a)(c) | 500,000 | 506,088 | ||||||
MBRT, Series 2019-MBR, Class A, 0.92%, 11/15/36 (1 month USD LIBOR + 0.85%)(a)(c) | 420,000 | 420,643 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Mello Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 0.81%, 2/25/55 (a)(c) | $ | 500,000 | $ | 500,000 | ||||
MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 (a)(c) | 852,563 | 849,800 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 5.06%, 11/15/46 (c) | 375,000 | 381,808 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 166,820 | 179,823 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 257,286 | 269,635 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 (a) | 400,000 | 347,438 | ||||||
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 600,000 | 659,451 | ||||||
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 1.47%, 5/15/36 (1 month USD LIBOR + 1.40%)(a)(c) | 1,000,000 | 976,706 | ||||||
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1,000,000 | 1,076,269 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-3, Class A1, CMO, (1 month USD LIBOR + 1.250%), 1.33%, 1/23/23 (a)(c) | 100,000 | 100,003 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-4, Class A1, CMO, (1 month USD LIBOR + 1.350%), 1.43%, 4/23/23 (a)(c) | 100,000 | 100,048 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-4, Class A2, CMO, (1 month USD LIBOR + 1.350%), 1.43%, 4/23/23 (a)(c) | 185,000 | 185,089 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2021-1, Class A2, CMO, (1 month USD LIBOR + 0.500%), 0.58%, 3/10/22 (a)(c) | 700,000 | 700,101 | ||||||
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
MRA Issuance Trust, Series 2020-15, Class A, CMO, (1 month USD LIBOR + 1.500%), 1.59%, 7/15/21 (a)(c) | $ | 1,700,000 | $ | 1,700,071 | ||||
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 (a) | 93,640 | 95,329 | ||||||
MSG III Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.750%), 0.84%, 6/25/54 (a)(c) | 525,000 | 524,903 | ||||||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (1 month USD LIBOR + 2.750%), 2.82%, 7/15/36 (a)(c) | 1,000,000 | 999,699 | ||||||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 4.32%, 7/15/36 (1 month USD LIBOR + 4.25%)(a)(c) | 750,000 | 736,820 | ||||||
New Residential Mortgage Loan Trust, Series 2015-1A, Class A3, CMO, 3.75%, 5/28/52 (a)(c) | 66,298 | 70,002 | ||||||
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.84%, 1/25/48 (1 month USD LIBOR + 0.75%)(a)(c) | 80,091 | 80,240 | ||||||
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 (a)(c) | 100,000 | 100,892 | ||||||
Oaktown Re IV Ltd., Series 2020-1A, Class M1B, CMO, (1 month USD LIBOR + 4.750%), 4.84%, 7/25/30 (a)(c) | 32,242 | 32,314 | ||||||
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 0.74%, 6/25/57 (a)(c) | 25,534 | 25,554 | ||||||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 (a) | 350,000 | 362,411 | ||||||
PMT Credit Risk Transfer Trust, Series 2020-2R, Class A, CMO, (1 month USD LIBOR + 3.815%), 3.91%, 12/25/22 (a)(c) | 215,846 | 218,301 | ||||||
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 3.01%, 2/27/24 (a)(c) | 916,596 | 924,992 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 0.79%, 2/25/55 (a)(c) | $ | 660,000 | $ | 657,949 | ||||
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 1.13%, 2/7/52 Zero Coupon,(a)(c) | 271,899 | 272,805 | ||||||
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 371,714 | 391,545 | ||||||
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 (a)(c) | 16,099 | 16,416 | ||||||
Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47 (a)(c) | 22,392 | 22,777 | ||||||
Sequoia Mortgage Trust, Series 2019-2, Class A1, 4.00%, 6/25/49 (a)(c) | 37,363 | 38,018 | ||||||
Sequoia Mortgage Trust, Series 2019-5, Class A1, 3.50%, 12/25/49 (a)(c) | 42,384 | 43,078 | ||||||
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 (a)(c) | 86,242 | 88,047 | ||||||
Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 (a)(c) | 99,726 | 100,377 | ||||||
Shellpoint Co-Originator Trust, Series 2016-1, Class 1A10, 3.50%, 11/25/46 (a)(c) | 35,102 | 35,143 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a) | 960,000 | 999,973 | ||||||
STACR Trust, Series 2018-DNA3, Class M1, 0.84%, 9/25/48 (1 month USD LIBOR + 0.75%)(a)(c) | 378 | 378 | ||||||
Station Place Securitization Trust, Series 2021-4, Class A, CMO, (1 month USD LIBOR + 0.900%), 0.99%, 4/11/22 (a)(c) | 700,000 | 700,000 | ||||||
Station Place Securitization Trust, Series 2021-8, Class A, CMO, (3 month USD LIBOR + 0.800%), 0.90%, 6/20/22 (a)(c) | 610,000 | 610,274 | ||||||
Station Place Securitization Trust, Series 2021-WL1, Class A, CMO, (1 month USD LIBOR + 0.650%), 0.74%, 1/26/54 (a)(c) | 520,000 | 520,278 | ||||||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | 600,000 | 639,649 |
Investments | Principal Amount | Value | ||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - (continued) | ||||||||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | $ | 148,558 | $ | 162,733 | ||||
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 305,000 | 331,694 | ||||||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1,100,000 | 1,235,036 | ||||||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51 | 500,000 | 553,587 | ||||||
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 (a) | 1,300,000 | 1,308,907 | ||||||
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.22%, 3/10/46 (a)(c) | 225,000 | 190,165 | ||||||
Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 (a)(c) | 100,000 | 101,892 | ||||||
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 (a) | 600,000 | 661,519 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class AS, 3.54%, 10/15/45 | 140,000 | 144,125 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A3, 3.32%, 10/15/50 | 450,000 | 479,223 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | 950,000 | 1,040,549 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 1.81%, 2/15/37 (1 month USD LIBOR +1.740%)(a)(c) | 1,295,000 | 1,291,765 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 1.22%, 2/15/40 (a)(c) | 1,999,848 | 2,008,092 | ||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 (a)(c) | 9,144 | 9,199 | ||||||
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.28%, 5/15/45 (a)(c) | 225,000 | 221,968 | ||||||
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 5.03%, 12/15/46 (c) | 350,000 | 358,989 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $88,663,844) | $ | 90,948,132 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - 7.2% | ||||||||
BASIC MATERIALS - 0.6% | ||||||||
Anglo American Capital PLC, 2.63%, 9/10/30 (a) | $ | 200,000 | $ | 200,757 | ||||
Braskem Netherlands Finance B.V., 4.50%, 1/31/30 (a) | 207,000 | 215,677 | ||||||
Celulosa Arauco y Constitucion S.A., 5.15%, 1/29/50 (a) | 700,000 | 807,800 | ||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 595,000 | 679,563 | ||||||
LG Chem Ltd., 3.25%, 10/15/24 (a) | 660,000 | 709,005 | ||||||
NOVA Chemicals Corp., 4.88%, 6/1/24 (a) | 200,000 | 211,000 | ||||||
Suzano Austria GmbH, 3.13%, 1/15/32 | 133,000 | 131,719 | ||||||
Suzano Austria GmbH, 3.75%, 1/15/31 | 147,000 | 154,166 | ||||||
Teck Resources Ltd., 3.90%, 7/15/30 | 1,000,000 | 1,077,486 | ||||||
Teck Resources Ltd., 6.25%, 7/15/41 | 302,000 | 394,641 | ||||||
Total Basic Materials | 4,581,814 | |||||||
COMMUNICATIONS - 0.1% | ||||||||
NTT Finance Corp., 1.16%, 4/3/26 (a) | 203,000 | 202,533 | ||||||
Telefonica Emisiones S.A., 4.90%, 3/6/48 | 150,000 | 179,615 | ||||||
Vodafone Group PLC, 4.88%, 6/19/49 | 59,000 | 74,414 | ||||||
Vodafone Group PLC, 5.25%, 5/30/48 | 92,000 | 121,225 | ||||||
Total Communications | 577,787 | |||||||
CONSUMER, CYCLICAL - 0.2% | ||||||||
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 (a) | 200,000 | 202,500 | ||||||
Hyundai Capital Services, Inc., 1.25%, 2/8/26 (a) | 1,050,000 | 1,033,342 | ||||||
Kia Corp., 1.00%, 4/16/24 (a) | 91,000 | 91,462 | ||||||
Total Consumer, Cyclical | 1,327,304 | |||||||
CONSUMER, NON-CYCLICAL - 0.4% | ||||||||
Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27 (a) | 1,200,000 | 1,193,477 | ||||||
IHS Markit Ltd., 4.13%, 8/1/23 | 210,000 | 224,154 | ||||||
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 142,000 | 150,746 | ||||||
Triton Container International Ltd., 1.15%, 6/7/24 (a) | 1,500,000 | 1,497,033 | ||||||
Triton Container International Ltd., 3.15%, 6/15/31 (a) | 133,000 | 133,781 | ||||||
Viterra Finance B.V., 3.20%, 4/21/31 (a) | 200,000 | 201,561 | ||||||
Total Consumer, Non-cyclical | $ | 3,400,752 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - (continued) | ||||||||
ENERGY - 1.0% | ||||||||
Aker BP ASA, 2.88%, 1/15/26 (a) | $ | 1,000,000 | $ | 1,053,281 | ||||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (a) | 475,000 | 503,500 | ||||||
BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30 (c)(e) | 161,000 | 176,778 | ||||||
CNOOC Finance 2013 Ltd., 2.88%, 9/30/29 | 300,000 | 309,951 | ||||||
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27 (a) | 975,000 | 998,400 | ||||||
Enbridge, Inc., 2.50%, 8/1/33 | 98,000 | 98,009 | ||||||
Equinor ASA, 3.25%, 11/18/49 | 1,000,000 | 1,061,582 | ||||||
Lundin Energy Finance B.V., 3.10%, 7/15/31 (a) | 200,000 | 202,027 | ||||||
Noble Finance Co., PIK, 11.00%, 2/15/28 (a) | 1,034 | 1,137 | ||||||
Noble Finance Co., PIK, 11.00%, 2/15/28 | 7,489 | 8,238 | ||||||
Petroleos Mexicanos, 6.35%, 2/12/48 | 54,000 | 46,019 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 262,000 | 276,738 | ||||||
Santos Finance Ltd., 3.65%, 4/29/31 (a) | 1,215,000 | 1,243,606 | ||||||
Sinopec Group Overseas Development 2018 Ltd., 3.68%, 8/8/49 (a) | 200,000 | 213,801 | ||||||
Suncor Energy, Inc., 5.95%, 5/15/35 | 67,000 | 88,142 | ||||||
Total Capital International S.A., 3.13%, 5/29/50 | 375,000 | 380,129 | ||||||
UEP Penonome II S.A., 6.50%, 10/1/38 (a) | 1,005,690 | 1,025,814 | ||||||
Total Energy | 7,687,152 | |||||||
FINANCIAL - 3.9% | ||||||||
Athene Holding Ltd., 3.95%, 5/25/51 | 37,000 | 39,586 | ||||||
Banco Santander S.A., 2.71%, 6/27/24 | 200,000 | 210,453 | ||||||
Bank of Montreal, 2.05%, 11/1/22 | 327,000 | 334,595 | ||||||
Banque Federative du Credit Mutuel S.A., 3.75%, 7/20/23 (a) | 490,000 | 522,131 | ||||||
Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35 (c) | 200,000 | 208,368 | ||||||
BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)(a)(c) | 423,000 | 417,875 | ||||||
BNP Paribas S.A., (5 year CMT + 2.050%), 2.59%, 8/12/35 (a)(c) | 900,000 | 879,222 | ||||||
BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27 (a)(c) | 640,000 | 639,407 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32 (a)(c) | $ | 206,000 | $ | 211,556 | ||||
BNP Paribas S.A., (SOFR + 1.609%), 1.90%, 9/30/28 (a)(c) | 535,000 | 531,356 | ||||||
Bpce S.A., 1.65%, 10/6/26 (SOFR + 1.520%)(a)(c) | 1,225,000 | 1,230,406 | ||||||
Canadian Imperial Bank of Commerce, 0.50%, 12/14/23 | 115,000 | 114,686 | ||||||
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 | 86,000 | 85,434 | ||||||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 203,000 | 211,999 | ||||||
Cooperatieve Rabobank UA, 3.75%, 7/21/26 | 1,000,000 | 1,101,208 | ||||||
Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26 (a)(c) | 261,000 | 257,586 | ||||||
Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)(a)(c) | 295,000 | 290,437 | ||||||
Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)(a)(c) | 500,000 | 509,770 | ||||||
Credit Agricole S.A., 2.81%, 1/11/41 (a) | 250,000 | 237,201 | ||||||
Credit Suisse Group AG, 1.31%, 2/2/27 (SOFR + 0.980%)(a)(c) | 950,000 | 930,478 | ||||||
Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32 (a)(c) | 985,000 | 1,014,798 | ||||||
Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)(a)(c) | 651,000 | 692,856 | ||||||
DBS Group Holdings Ltd., 2.85%, 4/16/22 (a) | 203,000 | 206,800 | ||||||
Deutsche Bank AG, (SOFR + 2.159%), 2.22%, 9/18/24 (c) | 150,000 | 154,053 | ||||||
Deutsche Bank AG, Series D, 5.00%, 2/14/22 | 450,000 | 462,310 | ||||||
Enstar Group Ltd., 4.95%, 6/1/29 | 289,000 | 331,847 | ||||||
Fairfax Financial Holdings Ltd., 3.38%, 3/3/31 (a) | 53,000 | 55,234 | ||||||
HSBC Holdings PLC, (SOFR + 1.290%), 1.59%, 5/24/27 (c) | 200,000 | 200,385 | ||||||
ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26 (a)(c) | 1,280,000 | 1,283,135 | ||||||
Intesa Sanpaolo SpA, 4.20%, 6/1/32 (a) | 650,000 | 666,094 | ||||||
Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 (a) | 600,000 | 658,322 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
JAB Holdings B.V., 3.75%, 5/28/51 (a) | $ | 250,000 | $ | 267,046 | ||||
Kookmin Bank, 2.50%, 11/4/30 (a) | 950,000 | 944,785 | ||||||
Mizuho Financial Group, Inc., 2.56%, 9/13/25 (2.56% fixed rate until 9/13/24; 1.10% + 3 month USD LIBOR thereafter)(c) | 764,000 | 799,862 | ||||||
National Bank of Canada, (1 year CMT + 0.400%), 0.55%, 11/15/24 (c) | 250,000 | 249,120 | ||||||
Natwest Group PLC, 5.08%, 1/27/30 (5.77% fixed rate until 7/24/37; 1.905% + 3 month USD LIBOR thereafter)(c) | 210,000 | 248,948 | ||||||
NatWest Markets PLC, 0.80%, 8/12/24 (a) | 1,000,000 | 995,417 | ||||||
NatWest Markets PLC, 3.63%, 9/29/22 (a) | 450,000 | 468,011 | ||||||
Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26 (a) | 500,000 | 533,669 | ||||||
Owl Rock Technology Finance Corp., 6.75%, 6/30/25 (a) | 670,000 | 773,488 | ||||||
Societe Generale S.A., 3.88%, 3/28/24 (a) | 350,000 | 376,186 | ||||||
Societe Generale S.A., (1 year CMT + 1.000%), 1.79%, 6/9/27 (a)(c) | 1,915,000 | 1,910,345 | ||||||
Societe Generale S.A., (1 year CMT + 1.300%), 2.89%, 6/9/32 (a)(c) | 950,000 | 961,324 | ||||||
Standard Chartered PLC, (5 year CMT + 2.300%), 3.27%, 2/18/36 (a)(c) | 200,000 | 200,611 | ||||||
State Bank of India, 4.38%, 1/24/24 (a) | 205,000 | 220,242 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/24 (a) | 313,000 | 313,478 | ||||||
Swiss Re Finance Luxembourg S.A., 5.00%, 4/2/49 (5 year CMT + 3.582%)(a)(c) | 1,000,000 | 1,137,250 | ||||||
UniCredit SpA, 5.86%, 6/19/32 (5.86% fixed rate until 6/19/27; 3.70% + USD 5 year Mid-Market Swap Rate thereafter)(a)(c) | 400,000 | 441,676 | ||||||
UniCredit SpA, (1 year CMT + 1.550%), 3.13%, 6/3/32 (a)(c) | 200,000 | 200,440 | ||||||
UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26 (a)(c) | 1,000,000 | 1,013,845 | ||||||
UniCredit SpA, (3 month USD LIBOR + 3.900%), 4.09%, 1/14/22 (a)(c) | 500,000 | 509,020 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
United Overseas Bank Ltd., (5 year CMT + 1.230%), 2.00%, 10/14/31 (a)(c) | $ | 1,000,000 | $ | 1,000,370 | ||||
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 0.58%, 6/26/24 (c) | 674,055 | 675,227 | ||||||
WLB Asset II B Pte Ltd., 3.95%, 12/10/24 (a) | 1,000,000 | 990,359 | ||||||
WLB Asset II Pte Ltd., 4.00%, 1/14/24 (a) | 250,000 | 256,576 | ||||||
Total Financial | 30,176,883 | |||||||
INDUSTRIAL - 0.4% | ||||||||
Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | 138,000 | 145,749 | ||||||
Embraer Overseas Ltd., 5.70%, 9/16/23 (a) | 135,000 | 143,941 | ||||||
Johnson Controls International PLC, 6.00%, 1/15/36 | 250,000 | 349,997 | ||||||
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 1,050,000 | 1,011,161 | ||||||
Masonite International Corp., 5.75%, 9/15/26 (a) | 325,000 | 336,375 | ||||||
Mexico City Airport Trust, 3.88%, 4/30/28 (a) | 200,000 | 209,000 | ||||||
Mexico City Airport Trust, 5.50%, 7/31/47 (a) | 200,000 | 202,760 | ||||||
Siemens Financieringsmaatschappij N.V., 0.48%, 3/11/24 ( SOFR + 0.430%)(a)(c) | 425,000 | 427,996 | ||||||
Siemens Financieringsmaatschappij N.V., 3.25%, 5/27/25 (a) | 260,000 | 282,392 | ||||||
Total Industrial | 3,109,371 | |||||||
TECHNOLOGY - 0.2% | ||||||||
SK Hynix, Inc., 2.38%, 1/19/31 (a) | 1,075,000 | 1,046,760 | ||||||
TSMC Global Ltd., 0.75%, 9/28/25 (a) | 200,000 | 195,608 | ||||||
Total Technology | 1,242,368 | |||||||
UTILITIES - 0.4% | ||||||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 (a) | 200,000 | 201,120 | ||||||
AES Gener S.A., (5 year CMT + 4.917%), 6.35%, 10/7/79 (a)(c) | 1,000,000 | 1,066,500 | ||||||
Consorcio Transmantaro S.A., 4.70%, 4/16/34 (a) | 430,000 | 475,365 | ||||||
Electricite de France S.A., 5.00%, 9/21/48 (a) | 250,000 | 327,074 |
Investments | Principal Amount | Value | ||||||
FOREIGN CORPORATE BONDS - (continued) | ||||||||
FINANCIAL - (continued) | ||||||||
Enel Finance International N.V., 3.50%, 4/6/28 (a) | $ | 170,000 | $ | 186,134 | ||||
Enel Finance International N.V., 3.63%, 5/25/27 (a) | 80,000 | 87,876 | ||||||
Enel Finance International N.V., 4.63%, 9/14/25 (a) | 200,000 | 226,829 | ||||||
Engie Energia Chile S.A., 3.40%, 1/28/30 (a) | 209,000 | 214,225 | ||||||
Total Utilities | 2,785,123 | |||||||
TOTAL FOREIGN CORPORATE BONDS (Cost: $53,473,288) | 54,888,554 | |||||||
U.S. GOVERNMENT OBLIGATIONS - 5.2% | ||||||||
U.S. Treasury Bonds, 1.38%, 8/15/50 | 264,000 | 222,554 | ||||||
U.S. Treasury Bonds, 1.88%, 2/15/41 | 350,000 | 342,617 | ||||||
U.S. Treasury Bonds, 1.88%, 2/15/51 | 7,052,000 | 6,730,253 | ||||||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 950,000 | 988,445 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/46 | 210,000 | 227,489 | ||||||
U.S. Treasury Bonds, 2.50%, 5/15/46 | 185,000 | 200,421 | ||||||
U.S. Treasury Bonds, 2.88%, 5/15/43 | 960,000 | 1,104,075 | ||||||
U.S. Treasury Bonds, 3.00%, 11/15/44 | 835,000 | 983,017 | ||||||
U.S. Treasury Bonds, 3.00%, 5/15/45 | 550,000 | 648,613 | ||||||
U.S. Treasury Coupon STRIP, 5/15/44, Zero Coupon | 205,000 | 123,921 | ||||||
U.S. Treasury Coupon STRIP, 8/15/44, Zero Coupon | 975,000 | 584,560 | ||||||
U.S. Treasury Coupon STRIP, 2/15/45, Zero Coupon | 355,000 | 210,970 | ||||||
U.S. Treasury Coupon STRIP, 11/15/40, Zero Coupon | 1,485,000 | 979,914 | ||||||
U.S. Treasury Coupon STRIP, 5/15/41, Zero Coupon | 3,230,000 | 2,107,406 | ||||||
U.S. Treasury Coupon STRIP, 5/15/42, Zero Coupon | 80,000 | 50,624 | ||||||
U.S. Treasury Coupon STRIP, 11/15/42, Zero Coupon | 820,000 | 511,065 | ||||||
U.S. Treasury Coupon STRIP, 2/15/43, Zero Coupon | 650,000 | 403,824 | ||||||
U.S. Treasury Coupon STRIP, 8/15/43, Zero Coupon | 565,000 | 346,629 | ||||||
U.S. Treasury Coupon STRIP, 11/15/43, Zero Coupon | 485,000 | 296,198 | ||||||
U.S. Treasury Coupon STRIP, 2/15/44, Zero Coupon | 1,670,000 | 1,015,288 | ||||||
U.S. Treasury Coupon STRIP, 11/15/44, Zero Coupon | 490,000 | 292,839 | ||||||
U.S. Treasury Coupon STRIP, 11/15/45, Zero Coupon | 560,000 | 327,356 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
U.S. GOVERNMENT OBLIGATIONS - (continued) | ||||||||
U.S. Treasury Coupon STRIP, 2/15/46, Zero Coupon | $ | 405,000 | $ | 235,327 | ||||
U.S. Treasury Notes, 0.13%, 3/31/23 | 1,500,000 | 1,497,715 | ||||||
U.S. Treasury Notes, 0.13%, 5/31/23 | 500,000 | 498,926 | ||||||
U.S. Treasury Notes, 0.13%, 9/15/23 | 300,000 | 298,898 | ||||||
U.S. Treasury Notes, 0.25%, 6/15/24 | 525,000 | 521,801 | ||||||
U.S. Treasury Notes, 0.50%, 10/31/27 | 2,755,000 | 2,648,782 | ||||||
U.S. Treasury Notes, 0.63%, 11/30/27 | 250,000 | 241,992 | ||||||
U.S. Treasury Notes, 0.88%, 6/30/26 | 7,172,000 | 7,168,638 | ||||||
U.S. Treasury Notes, 0.88%, 11/15/30 | 728,000 | 692,283 | ||||||
U.S. Treasury Notes, 1.25%, 5/31/28 | 2,450,000 | 2,456,125 | ||||||
U.S. Treasury Notes, 1.63%, 5/15/31 | 680,000 | 690,413 | ||||||
U.S. Treasury Notes, 2.88%, 5/31/25 | 3,860,000 | 4,190,513 | ||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $38,987,978) | 39,839,491 | |||||||
MUNICIPAL BONDS - 2.0% | ||||||||
CALIFORNIA - 0.8% | ||||||||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 | 150,000 | 243,354 | ||||||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31 | 215,000 | 226,771 | ||||||
Chula Vista Municipal Financing Authority, Revenue Bonds, 4.28%, 12/1/48 | 1,000,000 | 1,054,713 | ||||||
City of Los Angeles CA, General Obligation, 3.50%, 9/1/37 | 315,000 | 338,024 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39 | 1,230,000 | 1,317,980 | ||||||
Los Angeles Community College District, 2.11%, 8/1/32 | 770,000 | 781,259 | ||||||
State of California, General Obligation, 0.87%, 4/1/47 (1 month USD LIBOR + 0.00%)(c) | 1,000,000 | 1,001,141 | ||||||
State of California, General Obligation, 4.60%, 4/1/38 | 500,000 | 584,572 |
Investments | Principal Amount | Value | ||||||
MUNICIPAL BONDS - (continued) | ||||||||
CALIFORNIA - (continued) | ||||||||
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 | $ | 275,000 | $ | 442,788 | ||||
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 | 500,000 | 534,590 | ||||||
Total California | 6,525,192 | |||||||
CONNECTICUT - 0.1% | ||||||||
Connecticut Housing Finance Authority, Revenue Bonds, 0.70%, 5/15/49 ( SOFR + 0.00%)(c) | 500,000 | 500,107 | ||||||
ILLINOIS - 0.1% | ||||||||
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 | 500,000 | 595,491 | ||||||
State of Illinois, General Obligation, 5.00%, 10/1/22 | 210,000 | 222,307 | ||||||
Total Illinois | 817,798 | |||||||
MICHIGAN - 0.4% | ||||||||
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | 650,000 | 660,684 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940,000 | 1,004,390 | ||||||
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1,330,000 | 1,427,437 | ||||||
Total Michigan | 3,092,511 | |||||||
NEW JERSEY - 0.1% | ||||||||
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300,000 | 492,586 | ||||||
NEW YORK - 0.3% | ||||||||
Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37 | 996,818 | 1,004,847 | ||||||
Metropolitan Transportation Authority, 5.18%, 11/15/49 | 670,000 | 904,477 | ||||||
New York Transportation Development Corp., 1.36%, 12/1/21 | 400,000 | 401,468 | ||||||
Total New York | 2,310,792 | |||||||
OHIO - 0.2% | ||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34 | 1,000,000 | 1,196,342 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
MUNICIPAL BONDS - (continued) | ||||||||
OREGON - 0.0%(h) | ||||||||
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 (a)(d) | $ | 500,000 | $ | 107,500 | ||||
TEXAS - 0.0%(h) | ||||||||
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49 | 80,000 | 89,123 | ||||||
TOTAL MUNICIPAL BONDS (Cost: $14,495,251) | 15,131,951 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS - 0.9% | ||||||||
BERMUDA - 0.0%(h) | ||||||||
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 (a) | 200,000 | 199,500 | ||||||
CHILE - 0.2% | ||||||||
Chile Government International Bond, 3.10%, 5/7/41 | 215,000 | 215,215 | ||||||
Chile Government International Bond, 3.50%, 1/25/50 | 1,000,000 | 1,046,440 | ||||||
Total Chile | 1,261,655 | |||||||
COLOMBIA - 0.0%(h) | ||||||||
Colombia Government International Bond, 5.00%, 6/15/45 | 200,000 | 212,440 | ||||||
GUATEMALA - 0.1% | ||||||||
Guatemala Government Bond, 5.38%, 4/24/32 (a) | 350,000 | 406,000 | ||||||
INDONESIA - 0.2% | ||||||||
Indonesia Government International Bond, 2.95%, 1/11/23 | 200,000 | 207,307 | ||||||
Indonesia Government International Bond, 4.13%, 1/15/25 (a) | 400,000 | 441,402 | ||||||
Indonesia Government International Bond, Senior Note, 4.45%, 2/11/24 | 200,000 | 218,846 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 3/1/23 (a) | 300,000 | 315,702 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 3.90%, 8/20/24 (a) | 250,000 | 271,805 | ||||||
Total Indonesia | 1,455,062 | |||||||
IRAQ - 0.1% | ||||||||
Iraq Government AID Bond, 2.15%, 1/18/22 | 500,000 | 505,256 |
Investments | Principal Amount | Value | ||||||
FOREIGN GOVERNMENT OBLIGATIONS - (continued) | ||||||||
ITALY - 0.2% | ||||||||
Republic of Italy Government International Bond, 4.00%, 10/17/49 | $ | 1,000,000 | $ | 1,096,906 | ||||
MEXICO - 0.1% | ||||||||
Mexico Government International Bond, 4.28%, 8/14/41 | 451,000 | 473,388 | ||||||
Mexico Government International Bond, 4.75%, 3/8/44 | 106,000 | 116,992 | ||||||
Total Mexico | 590,380 | |||||||
PANAMA - 0.0% (h) | ||||||||
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100,000 | 135,650 | ||||||
QATAR - 0.0%(h) | ||||||||
Qatar Government International Bond, 4.50%, 4/23/28 (a) | 200,000 | 236,000 | ||||||
ROMANIA - 0.0%(h) | ||||||||
Romanian Government International Bond, 5.13%, 6/15/48 (a) | 50,000 | 61,136 | ||||||
SAUDI ARABIA - 0.0%(h) | ||||||||
Saudi Government International Bond, 4.00%, 4/17/25 (a) | 300,000 | 331,125 | ||||||
UNITED ARAB EMIRATES - 0.0%(h) | ||||||||
Abu Dhabi Government International Bond, 3.13%, 10/11/27 (a) | 250,000 | 274,530 | ||||||
URUGUAY - 0.0% (h) | ||||||||
Uruguay Government International Bond, 4.98%, 4/20/55 | 150,000 | 193,350 | ||||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $6,495,784) | 6,958,990 | |||||||
SUPRANATIONAL BONDS - 0.9% | ||||||||
African Development Bank, 0.75%, 4/3/23 | 1,222,000 | 1,231,695 | ||||||
Asian Development Bank, 3.13%, 9/26/28 | 500,000 | 560,704 | ||||||
European Bank for Reconstruction & Development, 1.50%, 2/13/25 | 231,000 | 237,584 | ||||||
European Investment Bank, 0.63%, 10/21/27 | 700,000 | 672,078 | ||||||
European Investment Bank, 2.38%, 5/24/27 | 500,000 | 536,179 |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (continued) |
Schedule of Investments (unaudited) |
June 30, 2021 |
Investments | Principal Amount | Value | ||||||
SUPRANATIONAL BONDS - (continued) | ||||||||
European Investment Bank, 2.50%, 10/15/24 | $ | 1,000,000 | $ | 1,062,760 | ||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 258,000 | 251,225 | ||||||
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 632,000 | 695,175 | ||||||
International Finance Corp., 0.50%, 3/20/23 | 251,000 | 252,060 | ||||||
North American Development Bank, 2.40%, 10/26/22 | 1,000,000 | 1,019,366 | ||||||
TOTAL SUPRANATIONAL BONDS (Cost: $6,358,912) | 6,518,826 | |||||||
FOREIGN GOVERNMENT AGENCIES - 0.8% | ||||||||
CANADA - 0.4% | ||||||||
CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 (a) | 1,000,000 | 999,587 | ||||||
Province of Quebec Canada, 1.90%, 4/21/31 | 1,000,000 | 1,018,626 | ||||||
Province of Quebec Canada, 2.75%, 4/12/27 | 1,000,000 | 1,085,123 | ||||||
Total Canada | 3,103,336 | |||||||
EGYPT - 0.1% | ||||||||
Arab Republic of Egypt, 5.25%, 10/6/25 (a) | 300,000 | 316,140 | ||||||
JAPAN - 0.1% | ||||||||
Japan International Cooperation Agency, 1.75%, 4/28/31 | 1,000,000 | 1,002,873 | ||||||
NORWAY - 0.1% | ||||||||
Kommunalbanken A/S, 2.13%, 2/11/25 (a) | 500,000 | 525,050 | ||||||
SOUTH KOREA - 0.1% | ||||||||
Industrial Bank of Korea, 1.04%, 6/22/25 (a) | 367,000 | 366,343 | ||||||
Korea Development Bank (The), 0.50%, 10/27/23 | 200,000 | 199,587 | ||||||
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 (a) | 200,000 | 212,536 | ||||||
Total South Korea | 778,466 | |||||||
TOTAL FOREIGN GOVERNMENT AGENCIES (Cost: $5,507,730) | 5,725,865 | |||||||
BANK LOANS - 0.1% | ||||||||
UTILITIES - 0.1% | ||||||||
Exgen Renewables IV LLC 2020 Term Loan, 0.00%, 12/15/27 (Cost: $972,853) | 977,496 | 976,685 |
Investments | Shares | Value | ||||||
EXCHANGE-TRADED FUNDS - 5.7% | ||||||||
iShares Core U.S. Aggregate Bond ETF | 22,397 | $ | 2,583,046 | |||||
iShares JP Morgan USD Emerging Markets Bond ETF | 208,345 | 23,430,478 | ||||||
MainStay MacKay High Yield Corporate Bond Fund | 3,111,239 | 17,734,064 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost: $43,111,846) | 43,747,588 | |||||||
MUTUAL FUNDS - 2.3% | ||||||||
Diamond Hill High Yield Fund, Class Y (Cost $17,675,080) | 1,548,856 | 17,904,770 | ||||||
COMMON STOCKS - 0.0%(h) | ||||||||
DIVERSIFIED FINANCIAL SERVICES - 0.0% | ||||||||
Bruin Blocker LLC | 4,367 | 3,930 | ||||||
OIL, GAS & CONSUMABLE FUELS - 0.0% | ||||||||
Noble Corp. | 76 | 1,024 | ||||||
TOTAL COMMON STOCKS (Cost: $3,930) | 4,954 | |||||||
SHORT-TERM INVESTMENTS - 6.0% | ||||||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.005%(i) (Cost: $45,592,518) | 45,592,518 | 45,592,518 | ||||||
TOTAL INVESTMENTS - 104.5% (Cost: $777,365,852) | 797,284,841 | |||||||
OTHER ASSETS AND LIABILITIES, NET - (4.5)% | (34,469,236 | ) | ||||||
NET ASSETS - 100.0% | $ | 762,815,605 |
(a) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2021, the value of these securities was $240,329,304, representing 31.5% of net assets. |
(b) | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At June 30, 2021, the value of these securities was $347,404, representing 0.0% of net assets. |
See Notes to Schedule of Investments.
PFM Multi-Manager Fixed-Income Fund (concluded) |
Schedule of Investments (unaudited) |
June 30, 2021 |
(c) | 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. |
(d) | Security is currently in default. |
(e) | Perpetual floating rate security. Date shown reflects the next reset date. |
(f) | To-be-announced (“TBA”) security. |
(g) | Interest only security. |
(h) | Amount is less than 0.05%. |
(i) | The rate shown is the annualized seven-day yield at June 30, 2021. |
ABS | Asset Backed Securities |
CLO | Collateralized Loan Obligations |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Indexes |
ETF | Exchange Traded Fund |
LIBOR | London Interbank Offered Rate |
PIK | Paid-In-Kind |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Funding Rate |
Futures contracts open at June 30, 2021: | |||||||||||||||||
Description | Type | Contracts | Expiration Date | Notional Amount | Value/ Net Unrealized Appreciation (Depreciation) | ||||||||||||
CONTRACTS PURCHASED - 7.0% | |||||||||||||||||
U.S. Treasury Long-Term Bonds | Long | 3,900,000 | 09/21/2021 | $ | 6,269,250 | $ | 91,642 | ||||||||||
U.S. Treasury Ultra Bonds | Long | 5,800,000 | 09/21/2021 | 11,175,875 | 381,825 | ||||||||||||
U.S. Treasury 2-Year Notes | Long | 14,800,000 | 09/30/2021 | 16,303,703 | (24,826 | ) | |||||||||||
U.S. Treasury 5-Year Notes | Long | 15,500,000 | 09/30/2021 | 19,131,602 | (47,679 | ) | |||||||||||
Total | $ | 52,880,430 | $ | 400,962 | |||||||||||||
CONTRACTS SOLD - (0.6)% | |||||||||||||||||
U.S. Treasury 10-Year Ultra Notes | Short | (2,200,000) | 09/21/2021 | $ | (3,238,469 | ) | $ | (56,576 | ) | ||||||||
U.S. Treasury 10-Year Notes | Short | (900,000) | 09/21/2021 | (1,192,500 | ) | (3,106 | ) | ||||||||||
Total | $ | (4,430,969 | ) | $ | (59,682 | ) |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 216,514,394 | $ | — | $ | 216,514,394 | ||||||||
Asset-Backed Securities | — | 128,904,990 | — | 128,904,990 | ||||||||||||
U.S. Government Agencies | — | 123,627,133 | — | 123,627,133 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 90,948,132 | — | 90,948,132 | ||||||||||||
Foreign Corporate Bonds* | — | 54,888,554 | — | 54,888,554 | ||||||||||||
Exchange-Traded Funds | 43,747,588 | — | — | 43,747,588 | ||||||||||||
U.S. Government Obligations | — | 39,839,491 | — | 39,839,491 | ||||||||||||
Mutual Funds | 17,904,770 | — | — | 17,904,770 | ||||||||||||
Municipal Bonds* | — | 15,131,951 | — | 15,131,951 | ||||||||||||
Foreign Government Obligations* | — | 6,958,990 | — | 6,958,990 | ||||||||||||
Supranational Bonds | — | 6,518,826 | — | 6,518,826 | ||||||||||||
Foreign Government Agencies* | — | 5,725,865 | — | 5,725,865 | ||||||||||||
Bank Loans* | — | 976,685 | — | 976,685 | ||||||||||||
Common Stocks | ||||||||||||||||
Financial | — | 3,930 | — | 3,930 | ||||||||||||
Energy | — | 1,024 | — | 1,024 | ||||||||||||
Money Market Fund | 45,592,518 | — | — | 45,592,518 | ||||||||||||
Total Investments in Securities | $ | 107,244,876 | $ | 690,039,965 | $ | — | $ | 797,284,841 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | 473,467 | $ | — | $ | — | $ | 473,467 | ||||||||
Liabilities: | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | (132,187 | ) | $ | — | $ | — | $ | (132,187 | ) |
* See Schedule of Investments for additional detailed categorizations.
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See Notes to Schedule of Investments.
PFM Multi-Manager Series Trust
Notes to Schedule of Investments
June 30, 2021 (Unaudited)
1. Organization
PFM Multi-Manager Series Trust (the “Trust”) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”), PFM Multi-Manager International Equity Fund (the “International Equity Fund”) and PFM Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) (each a “Fund” and, collectively, the “Funds”). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of June 30, 2021, 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. 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 investing in it.
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.
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 June 30, 2021, is disclosed in each Fund’s respective Schedule of Investments.
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 (the "Board"), the Board has delegated to the adviser to the Funds, PFM Asset Management LLC (the “Adviser”), the responsibility for the 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 policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds 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 Funds may use fair value pricing more frequently for securities traded primarily in non- U.S. markets because, among other things, most foreign markets close well 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 Funds 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. 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 affected. 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.
For additional information on the Funds’ policy regarding valuation of investments and other significant accounting policies, please refer to the Funds’ most recent semiannual or annual shareholder report.