Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Domestic Equity Fund
Investments | Shares | Value | |||
COMMON STOCKS - 38.4% | |||||
COMMUNICATION SERVICES - 2.3% | |||||
Alphabet, Inc., Class A(a) | 3,782 | $ | 10,956,606 | ||
ATN International, Inc. | 1,302 | 52,015 | |||
Cogent Communications Holdings, Inc. | 46,822 | 3,426,434 | |||
Comcast Corp., Class A | 29,767 | 1,498,173 | |||
comScore, Inc.(a) | 5,480 | 18,303 | |||
Consolidated Communications Holdings, Inc.(a) | 10,385 | 77,680 | |||
Cumulus Media, Inc., Class A(a) | 395 | 4,444 | |||
DHI Group, Inc.(a) | 5,047 | 31,493 | |||
Meta Platforms, Inc., Class A(a) | 12,260 | 4,123,651 | |||
Ooma, Inc.(a) | 1,421 | 29,045 | |||
Walt Disney Co. (The)(a) | 7,508 | 1,162,914 | |||
Yelp, Inc.(a) | 2,221 | 80,489 | |||
Total Communication Services | 21,461,247 | ||||
CONSUMER DISCRETIONARY - 2.9% | |||||
Aaron's Co., Inc. (The) | 7,315 | 180,315 | |||
Abercrombie & Fitch Co., Class A(a) | 6,214 | 216,434 | |||
Advance Auto Parts, Inc. | 8,600 | 2,062,968 | |||
Amazon.com, Inc.(a) | 2,692 | 8,976,043 | |||
American Axle & Manufacturing Holdings, Inc.(a) | 20,885 | 194,857 | |||
American Public Education, Inc.(a) | 4,597 | 102,283 | |||
Barnes & Noble Education, Inc.(a) | 3,100 | 21,111 | |||
Chico's FAS, Inc.(a) | 18,621 | 100,181 | |||
Cooper-Standard Holdings, Inc.(a) | 1,226 | 27,475 | |||
Crocs, Inc.(a) | 9,595 | 1,230,271 | |||
Dollar General Corp. | 3,317 | 782,248 | |||
General Motors Co.(a) | 18,769 | 1,100,426 | |||
Genesco, Inc.(a) | 2,909 | 186,670 | |||
Group 1 Automotive, Inc. | 1,772 | 345,930 | |||
Home Depot, Inc. (The) | 4,475 | 1,857,170 | |||
Houghton Mifflin Harcourt Co.(a) | 1,945 | 31,314 | |||
Kontoor Brands, Inc. | 833 | 42,691 | |||
Leslie's, Inc.(a) | 55,000 | 1,301,300 | |||
Luminar Technologies, Inc.(a) | 78,555 | 1,328,365 | |||
MarineMax, Inc.(a) | 4,875 | 287,820 | |||
Marriott International, Inc., Class A(a) | 12,129 | 2,004,196 | |||
O'Reilly Automotive, Inc.(a) | 1,336 | 943,523 | |||
Perdoceo Education Corp.(a) | 17,039 | 200,379 | |||
Planet Fitness, Inc., Class A(a) | 6,300 | 570,654 | |||
PlayAGS, Inc.(a) | 2,715 | 18,435 | |||
Signet Jewelers Ltd. | 2,856 | 248,558 | |||
Sonic Automotive, Inc., Class A | 1,939 | 95,883 | |||
Standard Motor Products, Inc. | 3,120 | 163,457 | |||
Tenneco, Inc., Class A(a) | 6,212 | 70,196 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CONSUMER DISCRETIONARY (continued) | |||||
Terminix Global Holdings, Inc.(a) | 21,500 | $ | 972,445 | ||
Tractor Supply Co. | 3,650 | 870,890 | |||
Ulta Beauty, Inc.(a) | 1,850 | 762,829 | |||
Unifi, Inc.(a) | 2,044 | 47,319 | |||
Universal Electronics, Inc.(a) | 1,716 | 69,927 | |||
Universal Technical Institute, Inc.(a) | 5,014 | 39,209 | |||
Vera Bradley, Inc.(a) | 7,184 | 61,136 | |||
Vista Outdoor, Inc.(a) | 6,469 | 298,027 | |||
Total Consumer Discretionary | 27,812,935 | ||||
CONSUMER STAPLES - 2.8% | |||||
Andersons, Inc. (The) | 4,679 | 181,124 | |||
Beiersdorf AG, ADR | 108,518 | 2,234,386 | |||
Boston Beer Co., Inc. (The), Class A(a) | 1,300 | 656,630 | |||
Cal-Maine Foods, Inc. | 51,012 | 1,886,934 | |||
Calavo Growers, Inc. | 4,645 | 196,948 | |||
Church & Dwight Co., Inc. | 7,100 | 727,750 | |||
Clorox Co. (The) | 38,556 | 6,722,624 | |||
Coca-Cola Consolidated, Inc. | 582 | 360,369 | |||
Costco Wholesale Corp. | 2,628 | 1,491,916 | |||
Darling Ingredients, Inc.(a) | 9,837 | 681,606 | |||
Estee Lauder Cos., Inc. (The), Class A | 2,992 | 1,107,638 | |||
Fresh Del Monte Produce, Inc. | 4,839 | 133,556 | |||
Freshpet, Inc.(a) | 10,100 | 962,227 | |||
Henkel AG & Co. KGaA, ADR | 17,650 | 348,058 | |||
Hershey Co. (The) | 4,700 | 909,309 | |||
Hormel Foods Corp. | 17,800 | 868,818 | |||
JM Smucker Co. (The) | 9,900 | 1,344,618 | |||
Kimberly-Clark Corp. | 10,842 | 1,549,539 | |||
Lamb Weston Holdings, Inc. | 11,500 | 728,870 | |||
Landec Corp.(a) | 4,363 | 48,429 | |||
McCormick & Co., Inc., NVDR | 12,900 | 1,246,269 | |||
PepsiCo, Inc. | 5,718 | 993,274 | |||
Sanderson Farms, Inc. | 5,003 | 955,973 | |||
USANA Health Sciences, Inc.(a) | 2,562 | 259,274 | |||
Total Consumer Staples | 26,596,139 | ||||
ENERGY - 0.6% | |||||
Dorian LPG Ltd. | 7,006 | 88,906 | |||
HollyFrontier Corp. | 5,107 | 167,407 | |||
Kosmos Energy Ltd.(a) | 630,075 | 2,180,059 | |||
Nabors Industries Ltd.(a) | 440 | 35,680 | |||
Par Pacific Holdings, Inc.(a) | 11,945 | 196,973 | |||
Patterson-UTI Energy, Inc. | 28,082 | 237,293 | |||
Phillips 66 | 14,230 | 1,031,106 | |||
SM Energy Co. | 3,540 | 104,359 | |||
TechnipFMC PLC(a) | 216,755 | 1,283,190 | |||
Whiting Petroleum Corp.(a) | 324 | 20,956 | |||
Total Energy | 5,345,929 | ||||
FINANCIALS - 5.7% | |||||
Alleghany Corp.(a) | 1,896 | 1,265,751 | |||
Allegiance Bancshares, Inc. | 2,268 | 95,732 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
American Equity Investment Life Holding Co. | 6,764 | $ | 263,255 | ||
Ameriprise Financial, Inc. | 7,100 | 2,141,786 | |||
Aon PLC, Class A | 14,945 | 4,491,869 | |||
Arthur J Gallagher & Co. | 10,800 | 1,832,436 | |||
Banc of California, Inc. | 9,934 | 194,905 | |||
Bank of America Corp. | 42,122 | 1,874,008 | |||
BankUnited, Inc. | 4,402 | 186,249 | |||
Bankwell Financial Group, Inc. | 944 | 31,001 | |||
Banner Corp. | 4,093 | 248,322 | |||
BCB Bancorp, Inc. | 1,623 | 25,043 | |||
Berkshire Hathaway, Inc., Class B(a) | 20,730 | 6,198,270 | |||
Blucora, Inc.(a) | 14,760 | 255,643 | |||
Chubb Ltd. | 9,432 | 1,823,300 | |||
Cullen/Frost Bankers, Inc. | 7,100 | 895,097 | |||
Customers Bancorp, Inc.(a) | 3,672 | 240,039 | |||
Donegal Group, Inc., Class A | 3,171 | 45,314 | |||
Employers Holdings, Inc. | 7,111 | 294,253 | |||
Enova International, Inc.(a) | 6,478 | 265,339 | |||
Everest Re Group Ltd. | 12,542 | 3,435,505 | |||
EZCORP, Inc., Class A(a) | 11,139 | 82,094 | |||
First BanCorp | 22,621 | 311,717 | |||
First Business Financial Services, Inc. | 621 | 18,115 | |||
First Internet Bancorp | 1,102 | 51,838 | |||
FS Bancorp, Inc. | 634 | 21,321 | |||
Genworth Financial, Inc., Class A(a) | 54,126 | 219,210 | |||
Greenhill & Co., Inc. | 8,307 | 148,944 | |||
Hanmi Financial Corp. | 3,917 | 92,755 | |||
Hartford Financial Services Group, Inc. (The) | 16,198 | 1,118,310 | |||
Hilltop Holdings, Inc. | 4,590 | 161,293 | |||
HomeStreet, Inc. | 5,913 | 307,476 | |||
Intercontinental Exchange, Inc. | 29,910 | 4,090,791 | |||
James River Group Holdings Ltd. | 6,280 | 180,927 | |||
JPMorgan Chase & Co. | 13,193 | 2,089,111 | |||
MetLife, Inc. | 8,520 | 532,415 | |||
National Bank Holdings Corp., Class A | 4,816 | 211,615 | |||
NBT Bancorp, Inc. | 612 | 23,574 | |||
Northeast Bank | 789 | 28,191 | |||
Northern Trust Corp. | 32,819 | 3,925,481 | |||
Northfield Bancorp, Inc. | 4,379 | 70,765 | |||
Northrim BanCorp, Inc. | 891 | 38,723 | |||
Piper Sandler Cos. | 2,302 | 410,930 | |||
Popular, Inc. | 13,750 | 1,128,050 | |||
Preferred Bank | 2,202 | 158,082 | |||
ProAssurance Corp. | 6,201 | 156,885 | |||
Prosperity Bancshares, Inc. | 9,700 | 701,310 | |||
Reinsurance Group of America, Inc. | 7,736 | 847,015 | |||
S&T Bancorp, Inc. | 615 | 19,385 | |||
Safety Insurance Group, Inc. | 1,023 | 86,986 | |||
SiriusPoint Ltd.(a) | 10,370 | 84,308 | |||
Stewart Information Services Corp. | 4,060 | 323,704 | |||
StoneX Group, Inc.(a) | 1,545 | 94,631 | |||
SVB Financial Group(a) | 1,650 | 1,119,096 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
Towne Bank | 22,192 | $ | 701,045 | ||
Tradeweb Markets, Inc., Class A | 13,200 | 1,321,848 | |||
Travelers Cos., Inc. (The) | 22,878 | 3,578,805 | |||
Triumph Bancorp, Inc.(a) | 913 | 108,720 | |||
UMB Financial Corp. | 5,272 | 559,412 | |||
United Fire Group, Inc. | 3,334 | 77,315 | |||
Universal Insurance Holdings, Inc. | 4,543 | 77,231 | |||
Valley National Bancorp | 40,163 | 552,241 | |||
Western New England Bancorp, Inc. | 1,603 | 14,042 | |||
White Mountains Insurance Group Ltd. | 1,076 | 1,090,956 | |||
WR Berkley Corp. | 11,634 | 958,525 | |||
Total Financials | 53,998,305 | ||||
HEALTH CARE - 7.0% | |||||
Abbott Laboratories | 9,812 | 1,380,941 | |||
Abcam PLC, ADR(a) | 12,500 | 294,375 | |||
Accuray, Inc.(a) | 9,741 | 46,465 | |||
Adaptive Biotechnologies Corp.(a) | 26,609 | 746,649 | |||
Aerie Pharmaceuticals, Inc.(a) | 3,050 | 21,411 | |||
Align Technology, Inc.(a) | 2,550 | 1,675,809 | |||
Allscripts Healthcare Solutions, Inc.(a) | 16,357 | 301,787 | |||
AMN Healthcare Services, Inc.(a) | 1,243 | 152,056 | |||
Amphastar Pharmaceuticals, Inc.(a) | 7,431 | 173,068 | |||
Anika Therapeutics, Inc.(a) | 2,177 | 78,002 | |||
Apria, Inc.(a) | 820 | 26,732 | |||
Baxter International, Inc. | 42,406 | 3,640,131 | |||
Becton Dickinson and Co. | 7,332 | 1,843,851 | |||
Bio-Rad Laboratories, Inc., Class A(a) | 1,280 | 967,130 | |||
Bio-Techne Corp. | �� | 5,804 | 3,002,641 | ||
Bioventus, Inc., Class A(a) | 12,451 | 180,415 | |||
Bristol-Myers Squibb Co. | 11,205 | 698,632 | |||
Castlight Health, Inc., Class B(a) | 19,924 | 30,683 | |||
Catalent, Inc.(a) | 16,055 | 2,055,522 | |||
Cigna Corp. | 5,489 | 1,260,439 | |||
Computer Programs & Systems, Inc.(a) | 2,504 | 73,367 | |||
Cooper Cos., Inc. (The) | 2,300 | 963,562 | |||
Cutera, Inc.(a) | 5,589 | 230,937 | |||
CytomX Therapeutics, Inc.(a) | 9,941 | 43,044 | |||
Danaher Corp. | 18,195 | 5,986,337 | |||
DENTSPLY SIRONA, Inc. | 61,911 | 3,454,015 | |||
Edwards Lifesciences Corp.(a) | 16,200 | 2,098,710 | |||
Enanta Pharmaceuticals, Inc.(a) | 3,411 | 255,075 | |||
Endo International PLC(a) | 16,859 | 63,390 | |||
Exelixis, Inc.(a) | 3,804 | 69,537 | |||
Guardant Health, Inc.(a) | 5,853 | 585,417 | |||
HealthStream, Inc.(a) | 6,488 | 171,024 | |||
ICU Medical, Inc.(a) | 8,108 | 1,924,353 | |||
Inogen, Inc.(a) | 5,064 | 172,176 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HEALTH CARE (continued) | |||||
Integra LifeSciences Holdings Corp.(a) | 14,600 | $ | 978,054 | ||
Intercept Pharmaceuticals, Inc.(a) | 7,441 | 121,214 | |||
Intersect ENT, Inc.(a) | 6,645 | 181,475 | |||
Invacare Corp.(a) | 3,727 | 10,137 | |||
Johnson & Johnson | 3,358 | 574,453 | |||
Maravai LifeSciences Holdings, Inc., Class A(a) | 19,150 | 802,385 | |||
Masimo Corp.(a) | 21,705 | 6,354,790 | |||
Mirum Pharmaceuticals, Inc.(a) | 1,000 | 15,950 | |||
Natus Medical, Inc.(a) | 1,298 | 30,802 | |||
NextGen Healthcare, Inc.(a) | 11,503 | 204,638 | |||
Orthofix Medical, Inc.(a) | 2,420 | 75,238 | |||
Puma Biotechnology, Inc.(a) | 8,890 | 27,026 | |||
Radius Health, Inc.(a) | 2,067 | 14,304 | |||
Sarepta Therapeutics, Inc.(a) | 1,264 | 113,823 | |||
Seres Therapeutics, Inc.(a) | 1,913 | 15,935 | |||
Smith & Nephew PLC, ADR | 107,494 | 3,721,442 | |||
STERIS PLC | 5,450 | 1,326,584 | |||
Surmodics, Inc.(a) | 889 | 42,805 | |||
Tandem Diabetes Care, Inc.(a) | 7,900 | 1,189,108 | |||
Teleflex, Inc. | 2,524 | 829,083 | |||
Thermo Fisher Scientific, Inc. | 2,201 | 1,468,595 | |||
Universal Health Services, Inc., Class B | 23,114 | 2,996,961 | |||
Varex Imaging Corp.(a) | 5,499 | 173,493 | |||
Veeva Systems, Inc., Class A(a) | 3,900 | 996,372 | |||
Vertex Pharmaceuticals, Inc.(a) | 21,610 | 4,745,556 | |||
Waters Corp.(a) | 5,150 | 1,918,890 | |||
Zimmer Biomet Holdings, Inc. | 24,349 | 3,093,297 | |||
Total Health Care | 66,690,093 | ||||
INDUSTRIALS - 5.0% | |||||
3M Co. | 18,707 | 3,322,924 | |||
AAR Corp.(a) | 2,750 | 107,333 | |||
ABM Industries, Inc. | 8,392 | 342,813 | |||
Aerojet Rocketdyne Holdings, Inc. | 12,312 | 575,709 | |||
Allegiant Travel Co.(a) | 2,396 | 448,148 | |||
AMETEK, Inc. | 27,036 | 3,975,373 | |||
Apogee Enterprises, Inc. | 4,051 | 195,056 | |||
ArcBest Corp. | 3,512 | 420,913 | |||
Argan, Inc. | 247 | 9,556 | |||
Astronics Corp.(a) | 2,784 | 33,408 | |||
Atlas Air Worldwide Holdings, Inc.(a) | 4,909 | 462,035 | |||
Barrett Business Services, Inc. | 359 | 24,793 | |||
Boise Cascade Co. | 5,406 | 384,907 | |||
Chart Industries, Inc.(a) | 5,082 | 810,528 | |||
Clarivate Analytics PLC(a) | 43,800 | 1,030,176 | |||
CoreCivic, Inc.(a) | 2,045 | 20,389 | |||
CoStar Group, Inc.(a) | 11,500 | 908,845 | |||
DXP Enterprises, Inc.(a) | 2,228 | 57,193 | |||
Encore Wire Corp. | 2,864 | 409,838 | |||
Forrester Research, Inc.(a) | 1,787 | 104,951 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INDUSTRIALS (continued) | |||||
Fortive Corp. | 30,100 | $ | 2,296,329 | ||
Generac Holdings, Inc.(a) | 5,100 | 1,794,792 | |||
Graco, Inc. | 9,900 | 798,138 | |||
Granite Construction, Inc. | 7,836 | 303,253 | |||
Heidrick & Struggles International, Inc. | 3,698 | 161,714 | |||
HNI Corp. | 4,280 | 179,974 | |||
Honeywell International, Inc. | 5,415 | 1,129,082 | |||
Hub Group, Inc., Class A(a) | 3,502 | 295,008 | |||
Hyster-Yale Materials Handling, Inc. | 444 | 18,248 | |||
IDEX Corp. | 4,250 | 1,004,360 | |||
Interface, Inc. | 4,365 | 69,622 | |||
Kelly Services, Inc., Class A | 3,282 | 55,039 | |||
Lockheed Martin Corp. | 554 | 196,897 | |||
LSI Industries, Inc. | 2,351 | 16,128 | |||
Manitowoc Co., Inc. (The)(a) | 387 | 7,194 | |||
Matthews International Corp., Class A | 3,831 | 140,483 | |||
Meritor, Inc.(a) | 797 | 19,750 | |||
Mistras Group, Inc.(a) | 1,680 | 12,482 | |||
Moog, Inc., Class A | 2,894 | 234,327 | |||
Mueller Industries, Inc. | 4,632 | 274,956 | |||
Mueller Water Products, Inc., Class A | 128,790 | 1,854,576 | |||
MYR Group, Inc.(a) | 2,864 | 316,615 | |||
Nordson Corp. | 4,700 | 1,199,769 | |||
Norfolk Southern Corp. | 6,965 | 2,073,550 | |||
Northrop Grumman Corp. | 5,647 | 2,185,784 | |||
NOW, Inc.(a) | 23,035 | 196,719 | |||
Powell Industries, Inc. | 830 | 24,477 | |||
Quanex Building Products Corp. | 3,909 | 96,865 | |||
Resources Connection, Inc. | 7,561 | 134,888 | |||
REV Group, Inc. | 5,704 | 80,712 | |||
Rockwell Automation, Inc. | 3,630 | 1,266,325 | |||
Saia, Inc.(a) | 15,525 | 5,232,391 | |||
Tennant Co. | 1,993 | 161,513 | |||
Titan International, Inc.(a) | 14,804 | 162,252 | |||
Toro Co. (The) | 14,000 | 1,398,740 | |||
Trane Technologies PLC | 5,950 | 1,202,078 | |||
TrueBlue, Inc.(a) | 2,728 | 75,484 | |||
Union Pacific Corp. | 21,765 | 5,483,256 | |||
Verisk Analytics, Inc. | 3,700 | 846,301 | |||
Veritiv Corp.(a) | 1,075 | 131,763 | |||
Wabash National Corp. | 12,188 | 237,910 | |||
Werner Enterprises, Inc. | 19,939 | 950,293 | |||
Total Industrials | 47,964,925 | ||||
INFORMATION TECHNOLOGY - 8.3% | |||||
Adobe, Inc.(a) | 2,363 | 1,339,963 | |||
ADTRAN, Inc. | 8,043 | 183,622 | |||
Akamai Technologies, Inc.(a) | 6,900 | 807,576 | |||
Amphenol Corp., Class A | 31,038 | 2,714,583 | |||
Anaplan, Inc.(a) | 21,400 | 981,190 | |||
Apple, Inc. | 67,822 | 12,043,153 | |||
Applied Materials, Inc. | 4,970 | 782,079 | |||
Applied Optoelectronics, Inc.(a) | 1,007 | 5,176 | |||
Arlo Technologies, Inc.(a) | 12,554 | 131,691 | |||
Asana, Inc., Class A(a) | 21,400 | 1,595,370 | |||
Avnet, Inc. | 2,034 | 83,862 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INFORMATION TECHNOLOGY (continued) | |||||
Benchmark Electronics, Inc. | 1,379 | $ | 37,371 | ||
BM Technologies, Inc.(a) | 1,101 | 10,140 | |||
Broadcom, Inc. | 3,080 | 2,049,463 | |||
CalAmp Corp.(a) | 3,798 | 26,814 | |||
CommScope Holding Co., Inc.(a) | 25,052 | 276,574 | |||
Comtech Telecommunications Corp. | 4,271 | 101,180 | |||
CSG Systems International, Inc. | 4,912 | 283,029 | |||
Diebold Nixdorf, Inc.(a) | 2,972 | 26,897 | |||
DZS, Inc.(a) | 2,054 | 33,316 | |||
Entegris, Inc. | 26,090 | 3,615,552 | |||
Extreme Networks, Inc.(a) | 10,652 | 167,236 | |||
Fidelity National Information Services, Inc. | 9,257 | 1,010,402 | |||
Harmonic, Inc.(a) | 21,749 | 255,768 | |||
Infinera Corp.(a) | 5,003 | 47,979 | |||
Insight Enterprises, Inc.(a) | 1,006 | 107,240 | |||
Jack Henry & Associates, Inc. | 21,395 | 3,572,751 | |||
Microchip Technology, Inc. | 19,173 | 1,669,201 | |||
Microsoft Corp. | 35,553 | 11,957,185 | |||
Monolithic Power Systems, Inc. | 6,535 | 3,223,912 | |||
Motorola Solutions, Inc. | 17,850 | 4,849,845 | |||
NETGEAR, Inc.(a) | 6,390 | 186,652 | |||
Nutanix, Inc., Class A(a) | 29,800 | 949,428 | |||
NVIDIA Corp. | 24,931 | 7,332,456 | |||
Okta, Inc.(a) | 4,900 | 1,098,433 | |||
OneSpan, Inc.(a) | 5,243 | 88,764 | |||
Palo Alto Networks, Inc.(a) | 3,300 | 1,837,308 | |||
PayPal Holdings, Inc.(a) | 4,160 | 784,493 | |||
PC Connection, Inc. | 3,478 | 150,006 | |||
Plantronics, Inc.(a) | 4,600 | 134,964 | |||
Progress Software Corp. | 1,243 | 60,000 | |||
Pure Storage, Inc., Class A(a) | 49,300 | 1,604,715 | |||
Sanmina Corp.(a) | 2,955 | 122,514 | |||
ScanSource, Inc.(a) | 3,502 | 122,850 | |||
SMART Global Holdings, Inc.(a) | 4,301 | 305,328 | |||
Smartsheet, Inc., Class A(a) | 9,600 | 743,520 | |||
Super Micro Computer, Inc.(a) | 926 | 40,698 | |||
Synopsys, Inc.(a) | 2,550 | 939,675 | |||
Unisys Corp.(a) | 4,199 | 86,373 | |||
Unity Software, Inc.(a) | 11,830 | 1,691,572 | |||
Veeco Instruments, Inc.(a) | 8,135 | 231,603 | |||
Visa, Inc., Class A | 5,441 | 1,179,119 | |||
Workday, Inc., Class A(a) | 7,100 | 1,939,578 | |||
Xerox Holdings Cop. | 13,033 | 295,067 | |||
Zendesk, Inc.(a) | 11,200 | 1,168,048 | |||
Zscaler, Inc.(a) | 5,100 | 1,638,783 | |||
Total Information Technology | 78,722,067 | ||||
MATERIALS - 1.2% | |||||
AdvanSix, Inc. | 4,449 | 210,215 | |||
Alpha Metallurgical Resources, Inc.(a) | 1,022 | 62,393 | |||
American Vanguard Corp. | 3,039 | 49,809 | |||
AptarGroup, Inc. | 12,670 | 1,551,822 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
MATERIALS (continued) | |||||
Avery Dennison Corp. | 5,940 | $ | 1,286,426 | ||
Ball Corp. | 7,430 | 715,286 | |||
Clearwater Paper Corp.(a) | 2,769 | 101,539 | |||
GCP Applied Technologies, Inc.(a) | 70,901 | 2,244,726 | |||
Hawkins, Inc. | 1,552 | 61,226 | |||
O-I Glass, Inc.(a) | 23,355 | 280,961 | |||
Olin Corp. | 3,476 | 199,940 | |||
Rayonier Advanced Materials, Inc.(a) | 8,245 | 47,079 | |||
Stepan Co. | 1,050 | 130,504 | |||
SunCoke Energy, Inc. | 36,034 | 237,464 | |||
Trinseo PLC | 5,992 | 314,340 | |||
Wheaton Precious Metals Corp. | 92,335 | 3,963,942 | |||
Total Materials | 11,457,672 | ||||
REAL ESTATE - 1.1% | |||||
Alexandria Real Estate Equities, Inc. | 3,528 | 786,603 | |||
Armada Hoffler Properties, Inc. | 8,302 | 126,357 | |||
Boston Properties, Inc. | 1,556 | 179,220 | |||
Chatham Lodging Trust(a) | 9,255 | 126,979 | |||
Community Healthcare Trust, Inc. | 4,249 | 200,850 | |||
Cousins Properties, Inc. | 27,972 | 1,126,712 | |||
Diversified Healthcare Trust | 34,633 | 107,016 | |||
Equity Commonwealth(a) | 137,430 | 3,559,437 | |||
Four Corners Property Trust, Inc. | 7,881 | 231,780 | |||
Franklin Street Properties Corp. | 10,234 | 60,892 | |||
Healthcare Realty Trust, Inc. | 51,953 | 1,643,793 | |||
Industrial Logistics Properties Trust | 13,981 | 350,224 | |||
Monmouth Real Estate Investment Corp. | 18,934 | 397,803 | |||
NexPoint Residential Trust, Inc. | 2,724 | 228,353 | |||
Prologis, Inc. | 4,170 | 702,061 | |||
Realogy Holdings Corp.(a) | 15,458 | 259,849 | |||
RPT Realty | 8,258 | 110,492 | |||
Veris Residential, Inc.(a) | 5,484 | 100,796 | |||
Whitestone REIT | 10,078 | 102,090 | |||
Xenia Hotels & Resorts, Inc.(a) | 2,976 | 53,896 | |||
Total Real Estate | 10,455,203 | ||||
UTILITIES - 1.5% | |||||
American Water Works Co., Inc. | 2,978 | 562,425 | |||
Avista Corp. | 28,464 | 1,209,435 | |||
California Water Service Group | 6,040 | 434,035 | |||
Essential Utilities, Inc. | 3,876 | 208,103 | |||
IDACORP, Inc. | 1,749 | 198,179 | |||
NextEra Energy, Inc. | 64,746 | 6,044,687 | |||
Northwest Natural Holding Co. | 6,199 | 302,387 | |||
SJW Group | 37,391 | 2,737,021 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Domestic Equity Fund (concluded)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
UTILITIES (continued) | |||||
United Utilities Group PLC, ADR | 85,498 | $ | 2,514,496 | ||
Total Utilities | 14,210,768 | ||||
TOTAL COMMON STOCKS (Cost: $311,744,863) | 364,715,283 | ||||
EXCHANGE-TRADED FUND - 60.3% | |||||
Vanguard Total Stock Market ETF (Cost: $417,723,062) | 2,369,806 | 572,165,961 | |||
SHORT-TERM INVESTMENTS - 1.3% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.06%(b) (Cost: $12,304,200) | 12,304,200 | 12,304,200 |
Investments | Shares | Value | |||
TOTAL INVESTMENTS - 100.0% (Cost: $741,772,125) | $ | 949,185,444 | |||
OTHER ASSETS AND LIABILITIES, NET - (0.0)% (c) | (9,964 | ) | |||
NET ASSETS - 100.0% | $ | 949,175,480 |
(a) | Non-income producing security. |
(b) | The rate shown is the annualized seven-day yield at December 31, 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 December 31, 2021. |
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Common Stocks* | $ | 364,715,283 | $ | — | $ | — | $ | 364,715,283 | |
Exchange-Traded Fund | 572,165,961 | — | — | 572,165,961 | |||||
Money Market Fund | 12,304,200 | — | — | 12,304,200 | |||||
Total | $ | 949,185,444 | $ | — | $ | — | $ | 949,185,444 | |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund
Investments | Shares | Value | |||
COMMON STOCKS - 61.8% | |||||
ARGENTINA - 0.0% (a) | |||||
MercadoLibre, Inc.(b) | 258 | $ | 347,887 | ||
AUSTRALIA - 2.4% | |||||
Altium Ltd. | 2,072 | 68,123 | |||
Ardent Leisure Group Ltd.(b) | 266,249 | 261,508 | |||
Atlassian Corp. PLC, Class A(b) | 9,246 | 3,525,407 | |||
Australian Clinical Labs Ltd.(b) | 5,244 | 23,655 | |||
Australian Vintage Ltd. | 23,052 | 13,753 | |||
BlueScope Steel Ltd. | 45,419 | 690,632 | |||
ClearView Wealth Ltd. | 32,954 | 18,941 | |||
CSL Ltd. | 17,450 | 3,690,908 | |||
CSR Ltd. | 23,515 | 100,597 | |||
DGL Group Ltd.(b) | 62,319 | 141,915 | |||
Enero Group Ltd. | 4,876 | 14,190 | |||
Field Solutions Holdings Ltd.(b) | 113,419 | 14,853 | |||
Hansen Technologies Ltd. | 71,436 | 278,057 | |||
IGO Ltd. | 182,969 | 1,526,876 | |||
Incitec Pivot Ltd. | 387,513 | 913,470 | |||
Macmahon Holdings Ltd. | 136,065 | 18,314 | |||
Mineral Resources Ltd. | 12,688 | 516,945 | |||
MotorCycle Holdings Ltd. | 4,504 | 10,617 | |||
New Hope Corp. Ltd. | 84,470 | 137,047 | |||
Nufarm Ltd. | 4,508 | 15,907 | |||
OFX Group Ltd.(b) | 13,042 | 21,919 | |||
OZ Minerals Ltd. | 37,347 | 766,788 | |||
Pact Group Holdings Ltd. | �� | 17,018 | 31,325 | ||
ReadyTech Holdings Ltd.(b) | 6,116 | 17,354 | |||
Redbubble Ltd.(b) | 331,252 | 788,078 | |||
Ridley Corp. Ltd. | 41,209 | 44,823 | |||
Santos Ltd. | 331,696 | 1,522,763 | |||
Seven West Media Ltd.(b) | 197,596 | 92,726 | |||
Sonic Healthcare Ltd. | 24,585 | 834,062 | |||
South32 Ltd. | 377,653 | 1,101,793 | |||
Technology One Ltd. | 53,421 | 497,879 | |||
Wagners Holding Co., Ltd.(b) | 12,951 | 15,076 | |||
Whitehaven Coal Ltd.(b) | 277,752 | 527,425 | |||
WiseTech Global Ltd. | 12,745 | 543,190 | |||
Zimplats Holdings Ltd. | 1,092 | 18,567 | |||
Total Australia | 18,805,483 | ||||
AUSTRIA - 0.7% | |||||
ANDRITZ AG | 11,012 | 568,936 | |||
BAWAG Group AG(c) | 28,196 | 1,739,882 | |||
Erste Group Bank AG | 42,000 | 1,977,232 | |||
OMV AG | 19,717 | 1,121,267 | |||
Total Austria | 5,407,317 | ||||
BELGIUM - 0.0% (a) | |||||
Ackermans & van Haaren N.V. | 768 | 147,506 | |||
Cie d'Entreprises CFE | 435 | 60,816 | |||
Deceuninck N.V. | 5,252 | 20,091 | |||
Econocom Group S.A. | 1,184 | 4,914 | |||
EVS Broadcast Equipment S.A. | 1,170 | 27,573 | |||
Total Belgium | 260,900 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
BRAZIL - 0.5% | |||||
B3 S.A. - Brasil Bolsa Balcao | 148,259 | $ | 296,518 | ||
Boa Vista Servicos S.A. | 388,124 | 418,087 | |||
Dexco S.A. | 47,703 | 128,122 | |||
Itau Unibanco Holding S.A., ADR | 211,724 | 793,965 | |||
Klabin S.A., (Unit) | 31,433 | 144,806 | |||
Lojas Renner S.A. | 55,055 | 241,570 | |||
Petroleo Brasileiro S.A., ADR | 25,408 | 278,980 | |||
Raia Drogasil S.A. | 69,101 | 301,464 | |||
Telefonica Brasil S.A. | 17,063 | 147,624 | |||
Vale S.A., ADR | 30,416 | 426,432 | |||
WEG S.A. | 38,800 | 229,735 | |||
YDUQS Participacoes SA | 31,476 | 116,184 | |||
Total Brazil | 3,523,487 | ||||
BRITAIN - 5.7% | |||||
AJ Bell PLC | 177,495 | 911,502 | |||
Anglo American PLC | 25,716 | 1,049,806 | |||
Aptitude Software Group PLC | 3,430 | 26,928 | |||
Ascential PLC(b) | 209,590 | 1,141,571 | |||
Ashtead Group PLC | 46,547 | 3,743,679 | |||
Auto Trader Group PLC(c) | 200,419 | 2,007,451 | |||
BP PLC, ADR | 60,769 | 1,618,278 | |||
Cerillion PLC | 7,141 | 86,025 | |||
Close Brothers Group PLC | 78,100 | 1,484,200 | |||
CNH Industrial N.V. | 58,913 | 1,144,926 | |||
Coca-Cola European Partners PLC | 36,700 | 2,052,631 | |||
Croda International PLC | 2,150 | 294,505 | |||
Dr. Martens PLC(b) | 300,915 | 1,743,259 | |||
Endava PLC, ADR(b) | 2,918 | 489,991 | |||
FDM Group Holdings PLC | 40,851 | 703,338 | |||
Galliford Try Holdings PLC | 6,934 | 16,875 | |||
Games Workshop Group PLC | 11,652 | 1,572,425 | |||
Gear4Music Holdings PLC(b) | 2,063 | 20,105 | |||
GlaxoSmithKline PLC | 115,500 | 2,511,678 | |||
GlaxoSmithKline PLC, ADR | 30,669 | 1,352,503 | |||
Greggs PLC | 2,313 | 104,473 | |||
Gulf Keystone Petroleum Ltd. | 25,883 | 62,851 | |||
Hargreaves Services PLC | 6,908 | 38,196 | |||
HSBC Holdings PLC | 293,117 | 1,780,012 | |||
IntegraFin Holdings PLC | 54,884 | 416,386 | |||
Kainos Group PLC | 2,007 | 52,077 | |||
Keystone Law Group PLC | 2,569 | 28,861 | |||
Moneysupermarket.com Group PLC | 179,679 | 525,322 | |||
Mortgage Advice Bureau Holdings Ltd. | 80,397 | 1,577,910 | |||
Norcros PLC | 4,661 | 19,747 | |||
Numis Corp. PLC | 83,706 | 387,487 | |||
Petershill Partners PLC(d) | 376,456 | 1,398,720 | |||
Prudential PLC | 7,885 | 136,024 | |||
Reckitt Benckiser Group PLC | 18,200 | 1,562,327 | |||
Rentokil Initial PLC | 308,500 | 2,438,610 | |||
Rightmove PLC | 170,208 | 1,831,561 | |||
Rotork PLC | 117,773 | 569,418 | |||
S4 Capital PLC(b) | 152,753 | 1,310,851 | |||
Sabre Insurance Group PLC(c) | 286,132 | 711,846 | |||
Sage Group PLC (The) | 32,522 | 375,316 | |||
Schroders PLC | 16,875 | 813,145 | |||
ScS Group PLC | 4,004 | 12,357 | |||
Unilever PLC | 33,300 | 1,783,951 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
BRITAIN (continued) | |||||
UP Global Sourcing Holdings PLC | 4,984 | $ | 13,762 | ||
Victorian Plumbing Group PLC(b) | 351,174 | 563,743 | |||
Vivo Energy PLC(c) | 836,776 | 1,492,791 | |||
Total Britain | 43,979,420 | ||||
CANADA - 3.7% | |||||
Alaris Equity Partners Income, UNIT | 11,300 | 167,854 | |||
Bonterra Energy Corp.(b) | 6,450 | 28,860 | |||
Brookfield Asset Management, Inc., Class A | 67,400 | 4,070,268 | |||
BRP, Inc. | 2,300 | 201,463 | |||
CAE, Inc.(b) | 44,990 | 1,134,931 | |||
Cameco Corp. | 68,600 | 1,495,702 | |||
Canadian Pacific Railway Ltd. | 56,120 | 4,037,273 | |||
Canfor Corp.(b) | 3,200 | 81,104 | |||
Canfor Pulp Products, Inc.(b) | 3,900 | 20,626 | |||
Capstone Mining Corp.(b) | 98,500 | 434,507 | |||
Cardinal Energy Ltd.(b) | 10,800 | 36,457 | |||
CES Energy Solutions Corp. | 10,400 | 16,690 | |||
Cogeco, Inc. | 800 | 51,373 | |||
Computer Modelling Group Ltd. | 147,816 | 497,803 | |||
Crew Energy, Inc.(b) | 25,300 | 57,202 | |||
Descartes Systems Group, Inc. (The)(b) | 25,627 | 2,119,528 | |||
E-L Financial Corp. Ltd. | 45 | 32,293 | |||
Empire Co., Ltd., Class A | 2,924 | 89,087 | |||
George Weston Ltd. | 1,400 | 162,318 | |||
Gildan Activewear, Inc. | 18,600 | 788,583 | |||
Guardian Capital Group Ltd., Class A | 1,100 | 30,349 | |||
Intertape Polymer Group, Inc. | 2,600 | 54,099 | |||
Linamar Corp. | 1,800 | 106,624 | |||
Lucara Diamond Corp.(b) | 48,000 | 22,388 | |||
Lululemon Athletica, Inc.(b) | 8,410 | 3,292,095 | |||
Magna International, Inc. | 33,800 | 2,734,835 | |||
Martinrea International, Inc. | 10,900 | 99,095 | |||
MEG Energy Corp.(b) | 8,500 | 78,620 | |||
Melcor Developments Ltd. | 2,000 | 22,515 | |||
Neo Performance Materials, Inc. | 3,000 | 48,097 | |||
North West Co., Inc. (The) | 18,300 | 495,349 | |||
Obsidian Energy Ltd.(b) | 7,000 | 28,831 | |||
Parex Resources, Inc. | 7,400 | 126,419 | |||
Pason Systems, Inc. | 130,144 | 1,187,289 | |||
Peyto Exploration & Development Corp. | 9,800 | 73,212 | |||
PHX Energy Services Corp. | 5,600 | 19,745 | |||
Pine Cliff Energy Ltd.(b) | 45,000 | 24,191 | |||
Richelieu Hardware Ltd. | 1,200 | 41,390 | |||
Shopify, Inc., Class A(b) | 2,680 | 3,691,405 | |||
Stelco Holdings, Inc. | 14,400 | 469,242 | |||
Tourmaline Oil Corp. | 18,300 | 590,831 | |||
Uni-Select, Inc.(b) | 1,500 | 30,523 | |||
Total Canada | 28,791,066 | ||||
CHILE - 0.0% (a) | |||||
Banco Santander Chile, ADR | 11,002 | 179,223 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CHILE (continued) | |||||
SACI Falabella | 35,651 | $ | 116,284 | ||
Total Chile | 295,507 | ||||
CHINA - 3.8% | |||||
Alibaba Group Holding Ltd.(b) | 109,616 | 1,671,466 | |||
Alibaba Group Holding Ltd., ADR(b) | 1,555 | 184,718 | |||
Anhui Gujing Distillery Co., Ltd., Class B | 62,000 | 882,585 | |||
Baidu, Inc., ADR(b) | 609 | 90,613 | |||
Baidu, Inc., Class A(b) | 23,316 | 432,379 | |||
Centre Testing International Group Co., Ltd., Class A | 70,800 | 298,492 | |||
China Pacific Insurance Group Co., Ltd., Class H | 106,600 | 289,141 | |||
ENN Energy Holdings Ltd. | 20,200 | 380,294 | |||
Great Wall Motor Co., Ltd., Class H | 152,000 | 522,420 | |||
Haier Smart Home Co., Ltd., Class A | 18,100 | 85,098 | |||
Haier Smart Home Co., Ltd., Class A | 378,487 | 1,775,044 | |||
Haitian International Holdings Ltd. | 253,131 | 702,822 | |||
Huazhu Group Ltd., ADR(b) | 9,127 | 340,802 | |||
Innovent Biologics, Inc.(d) | 28,000 | 173,260 | |||
JD.com, Inc., ADR(b) | 5,063 | 354,764 | |||
JD.com, Inc., Class A(b) | 28,148 | 989,099 | |||
Kinetic Mines and Energy Ltd. | 878,000 | 58,552 | |||
Li Ning Co., Ltd. | 248,500 | 2,720,018 | |||
LONGi Green Energy Technology Co., Ltd., Class A | 42,960 | 581,037 | |||
Midea Group Co., Ltd., Class A | 69,100 | 800,250 | |||
Modern Land China Co., Ltd. | 430,000 | 20,955 | |||
PICC Property & Casualty Co., Ltd., Class H | 444,000 | 362,714 | |||
Ping An Insurance Group Co. of China Ltd., Class H | 10,000 | 72,010 | |||
Shanghai Baosight Software Co., Ltd., Class A | 7,100 | 67,934 | |||
Shanghai Baosight Software Co., Ltd., Class A | 149,130 | 1,423,361 | |||
Shenzhou International Group Holdings Ltd. | 126,100 | 2,424,145 | |||
SITC International Holdings Co., Ltd. | 165,000 | 596,726 | |||
Tencent Holdings Ltd. | 84,600 | 4,956,080 | |||
Weichai Power Co., Ltd., Class A | 110,095 | 309,037 | |||
Wuliangye Yibin Co., Ltd., Class A | 39,609 | 1,383,784 | |||
Wuliangye Yibin Co., Ltd., Class A | 1,900 | 66,544 | |||
Wuxi Biologics Cayman, Inc.(d) | 217,924 | 2,586,564 | |||
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 4,800 | 56,150 | |||
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 101,500 | 1,184,394 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CHINA (continued) | |||||
XPeng, Inc., Class A(b) | 5,600 | $ | 133,796 | ||
Yum China Holdings, Inc. | 8,956 | 446,367 | |||
Zhejiang Supor Co., Ltd., Class A | 20,661 | 201,768 | |||
Total China | 29,625,183 | ||||
DENMARK - 0.0% (a) | |||||
Columbus A/S | 29,144 | 42,565 | |||
North Media A/S | 518 | 8,564 | |||
Total Denmark | 51,129 | ||||
EGYPT - 0.0% (a) | |||||
Commercial International Bank Egypt SAE, GDR(b) | 49,636 | 163,799 | |||
FINLAND - 0.5% | |||||
Alma Media Oyj | 1,354 | 16,679 | |||
Digia Oyj | 375 | 3,006 | |||
Enento Group Oyj(c) | 19,517 | 733,263 | |||
Fiskars Oyj Abp | 3,395 | 88,900 | |||
Fortum Oyj | 10,000 | 307,281 | |||
Kesko Oyj, Class A | 1,720 | 53,166 | |||
Kesko Oyj, Class B | 8,270 | 276,247 | |||
Marimekko Oyj | 466 | 44,937 | |||
Nordea Bank Abp | 136,552 | 1,669,839 | |||
Orion Oyj, Class B | 11,582 | 481,556 | |||
Ponsse Oyj | 449 | 21,572 | |||
Rapala VMC Oyj(b) | 2,205 | 21,891 | |||
Scanfil Oyj | 5,613 | 47,672 | |||
Total Finland | 3,766,009 | ||||
FRANCE - 4.6% | |||||
Alten S.A. | 9,000 | 1,624,070 | |||
Amundi S.A.(c) | 23,700 | 1,957,576 | |||
CBo Territoria | 4,714 | 19,643 | |||
Cie de Saint-Gobain | 17,119 | 1,205,845 | |||
Cie Generale des Etablissements Michelin SCA | 15,950 | 2,617,630 | |||
Dassault Systemes SE | 63,800 | 3,799,604 | |||
Derichebourg S.A. | 2,407 | 27,815 | |||
Eiffage S.A. | 16,636 | 1,713,320 | |||
Haulotte Group S.A.(b) | 5,851 | 31,974 | |||
Infotel S.A. | 299 | 19,131 | |||
Jacquet Metal S.A. | 7,045 | 168,435 | |||
LVMH Moet Hennessy Louis Vuitton SE | 7,992 | 6,614,892 | |||
Manitou BF S.A. | 1,138 | 35,694 | |||
Pernod Ricard S.A. | 10,120 | 2,436,822 | |||
Publicis Groupe S.A. | 17,907 | 1,206,917 | |||
Rexel S.A. | 1,627 | 33,027 | |||
Safran S.A. | 14,000 | 1,715,992 | |||
Sanofi | 16,812 | 1,695,461 | |||
Sartorius Stedim Biotech | 867 | 476,167 | |||
Schneider Electric SE | 10,674 | 2,095,793 | |||
Societe Generale S.A. | 30,930 | 1,063,633 | |||
Somfy S.A. | 380 | 76,229 | |||
Synergie SE | 667 | 27,641 | |||
Teleperformance | 4,236 | 1,890,492 | |||
Thales S.A. | 15,495 | 1,319,551 | |||
TOTAL S.A. | 35,300 | 1,793,637 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FRANCE (continued) | |||||
Vente-Unique.Com S.A. | 625 | $ | 11,421 | ||
Wendel SE | 373 | 44,759 | |||
Total France | 35,723,171 | ||||
GERMANY - 4.8% | |||||
Ad Pepper Media International N.V.(b) | 2,199 | 14,871 | |||
ADVA Optical Networking SE(b) | 3,827 | 61,347 | |||
AP Moller - Maersk A/S, Class B | 367 | 1,317,527 | |||
Bastei Luebbe AG | 1,032 | 8,342 | |||
Bayerische Motoren Werke AG | 6,149 | 619,486 | |||
Brockhaus Capital Management AG(d) | 11,357 | 296,096 | |||
Carl Zeiss Meditec AG | 3,167 | 666,500 | |||
Carlsberg A/S, Class B | 10,500 | 1,815,624 | |||
Deutsche Rohstoff AG(b) | 772 | 17,842 | |||
DSV PANALPINA A/S | 24,255 | 5,671,958 | |||
Envitec Biogas AG | 284 | 13,127 | |||
GEA Group AG | 6,335 | 346,844 | |||
Genmab A/S(b) | 2,807 | 1,130,183 | |||
Hawesko Holding AG | 889 | 53,643 | |||
Infineon Technologies AG | 44,639 | 2,071,484 | |||
KION Group AG | 17,332 | 1,903,789 | |||
Koenig & Bauer AG(b) | 728 | 25,942 | |||
Krones AG | 336 | 36,685 | |||
KSB SE & Co. KGaA | 32 | 16,832 | |||
Merck KGaA | 5,887 | 1,521,433 | |||
Nemetschek SE | 30,400 | 3,904,052 | |||
New Work SE | 3,619 | 896,150 | |||
Novo Nordisk A/S, Class B | 58,866 | 6,623,726 | |||
Pandora A/S | 5,841 | 729,136 | |||
Roche Holding AG | 7,487 | 3,114,927 | |||
Siemens AG | 10,455 | 1,817,352 | |||
Surteco Group SE | 1,111 | 47,939 | |||
Symrise AG | 15,147 | 2,247,004 | |||
Technotrans SE | 399 | 13,401 | |||
Total Germany | 37,003,242 | ||||
GIBRALTAR - 0.0% (a) | |||||
888 Holdings PLC | 11,183 | 45,562 | |||
GREECE - 0.1% | |||||
Alpha Bank AE(b) | 105,957 | 129,921 | |||
Eurobank Ergasias S.A.(b) | 115,435 | 117,150 | |||
Hellenic Telecommunications Organization S.A. | 9,194 | 170,147 | |||
Total Greece | 417,218 | ||||
HONG KONG - 1.5% | |||||
AIA Group Ltd. | 736,700 | 7,426,002 | |||
Chen Hsong Holdings | 44,000 | 13,543 | |||
China Mengniu Dairy Co., Ltd. | 113,000 | 640,535 | |||
Chow Tai Fook Jewellery Group Ltd. | 315,600 | 567,449 | |||
Dah Sing Financial Holdings Ltd. | 18,400 | 55,689 | |||
Guotai Junan International Holdings Ltd. | 590,000 | 81,718 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HONG KONG (continued) | |||||
Hang Lung Properties Ltd. | 72,000 | $ | 148,108 | ||
Kerry Logistics Network Ltd. | 188,538 | 460,854 | |||
Luk Fook Holdings International Ltd. | 24,000 | 64,636 | |||
Orient Overseas International Ltd. | 31,500 | 772,800 | |||
PC Partner Group Ltd. | 54,000 | 94,737 | |||
Pico Far East Holdings Ltd. | 298,000 | 48,536 | |||
Singamas Container Holdings Ltd. | 306,000 | 45,914 | |||
Stella International Holdings Ltd. | 21,000 | 25,396 | |||
Techtronic Industries Co., Ltd. | 17,500 | 348,315 | |||
Texhong Textile Group Ltd. | 131,500 | 173,702 | |||
Value Partners Group Ltd. | 231,000 | 115,240 | |||
VSTECS Holdings Ltd. | 206,000 | 193,120 | |||
VTech Holdings Ltd. | 34,200 | 267,765 | |||
Total Hong Kong | 11,544,059 | ||||
HUNGARY - 0.1% | |||||
OTP Bank Nyrt(b) | 8,664 | 443,264 | |||
Richter Gedeon Nyrt | 12,066 | 324,463 | |||
Total Hungary | 767,727 | ||||
ICELAND - 0.2% | |||||
Marel HF(c) | 183,970 | 1,244,132 | |||
INDIA - 0.8% | |||||
Cipla Ltd., GDR | 15,934 | 202,362 | |||
Dr Reddy's Laboratories Ltd., ADR | 4,102 | 268,312 | |||
HDFC Bank Ltd., ADR | 38,238 | 2,488,146 | |||
ICICI Bank Ltd., ADR | 62,174 | 1,230,423 | |||
Infosys Ltd., ADR | 52,338 | 1,324,675 | |||
Reliance Industries Ltd., GDR(c) | 4,920 | 314,634 | |||
Reliance Industries Ltd., GDR(c) | 6,182 | 395,339 | |||
Total India | 6,223,891 | ||||
INDONESIA - 0.1% | |||||
Bank Mandiri Persero Tbk PT | 704,600 | 347,295 | |||
Bank Rakyat Indonesia Persero Tbk PT | 776,069 | 223,795 | |||
Bumitama Agri Ltd. | 60,200 | 24,123 | |||
Total Indonesia | 595,213 | ||||
IRELAND - 3.0% | |||||
Accenture PLC, Class A | 23,130 | 9,588,542 | |||
Experian PLC | 137,350 | 6,752,254 | |||
Fineos Corp. Ltd.(b) | 219,529 | 736,301 | |||
ICON PLC(b) | 15,008 | 4,647,978 | |||
James Hardie Industries PLC | 32,074 | 1,290,450 | |||
Total Ireland | 23,015,525 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
ISLE OF MAN - 0.2% | |||||
GVC Holdings PLC(b) | 64,493 | $ | 1,469,166 | ||
ISRAEL - 0.8% | |||||
Bank Hapoalim BM | 31,979 | 330,184 | |||
Bank Leumi Le-Israel BM | 113,790 | 1,224,296 | |||
Carasso Motors Ltd. | 8,853 | 58,176 | |||
Castro Model Ltd.(b) | 620 | 23,971 | |||
Check Point Software Technologies Ltd.(b) | 12,743 | 1,485,324 | |||
First International Bank Of Israel Ltd. | 1,742 | 72,561 | |||
Israel Chemicals Ltd. | 124,840 | 1,205,053 | |||
Israel Discount Bank Ltd., Class A | 25,016 | 168,493 | |||
Max Stock Ltd. | 199,061 | 710,715 | |||
Mizrahi Tefahot Bank Ltd. | 10,003 | 386,098 | |||
Neto ME Holdings Ltd. | 160 | 9,305 | |||
NR Spuntech Industries Ltd. | 8,850 | 20,129 | |||
Plus500 Ltd. | 7,077 | 130,323 | |||
ZIM Integrated Shipping Services Ltd. | 8,162 | 480,415 | |||
Total Israel | 6,305,043 | ||||
ITALY - 0.9% | |||||
Cembre SpA | 578 | 22,506 | |||
DiaSorin SpA | 990 | 188,735 | |||
Eni SpA | 115,367 | 1,605,039 | |||
Equita Group SpA | 8,266 | 35,949 | |||
Ferrari N.V. | 13,980 | 3,620,941 | |||
Fine Foods & Pharmaceuticals NTM | 3,315 | 58,122 | |||
Gruppo MutuiOnline SpA | 23,880 | 1,204,401 | |||
Orsero SpA | 2,067 | 27,886 | |||
Total Italy | 6,763,579 | ||||
JAPAN - 6.7% | |||||
77 Bank Ltd. (The) | 4,900 | 56,868 | |||
Acom Co., Ltd. | 12,500 | 35,969 | |||
Aeon Delight Co., Ltd. | 4,600 | 134,765 | |||
AEON Financial Service Co., Ltd. | 26,100 | 281,806 | |||
Arcs Co., Ltd. | 1,000 | 18,543 | |||
ASAHI YUKIZAI Corp. | 3,900 | 58,553 | |||
Atled Corp. | 23,557 | 483,919 | |||
Axial Retailing, Inc. | 1,000 | 29,297 | |||
Brother Industries Ltd. | 57,200 | 1,099,445 | |||
Canon, Inc. | 44,200 | 1,076,277 | |||
Capcom Co., Ltd. | 10,700 | 251,896 | |||
Carlit Holdings Co., Ltd. | 4,500 | 27,619 | |||
Chiba Kogyo Bank Ltd. (The) | 12,800 | 29,488 | |||
Cota Co., Ltd. | 5,700 | 81,811 | |||
Creek & River Co., Ltd. | 1,800 | 31,875 | |||
Dai-ichi Life Holdings, Inc. | 7,100 | 143,537 | |||
Daiichi Jitsugyo Co., Ltd. | 900 | 38,729 | |||
Daiken Corp. | 3,500 | 66,057 | |||
Daiseki Co., Ltd. | 1,100 | 48,866 | |||
DeNA Co., Ltd. | 5,000 | 76,980 | |||
Disco Corp. | 3,100 | 947,275 | |||
Eizo Corp. | 2,700 | 94,710 | |||
FANUC Corp. | 10,300 | 2,183,031 | |||
Food & Life Cos. Ltd. | 45,500 | 1,720,638 | |||
Fujitsu Ltd. | 5,700 | 977,667 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
JAPAN (continued) | |||||
Funai Soken Holdings, Inc. | 3,500 | $ | 79,597 | ||
GLOBERIDE, Inc. | 10,000 | 274,711 | |||
Glory Ltd. | 2,800 | 53,283 | |||
GungHo Online Entertainment, Inc. | 4,400 | 98,993 | |||
Himacs Ltd. | 1,600 | 16,232 | |||
Himaraya Co., Ltd. | 2,700 | 23,190 | |||
Hitachi Ltd. | 200 | 10,832 | |||
I-NE Co., Ltd.(b) | 1,800 | 52,812 | |||
I-O Data Device, Inc. | 1,500 | 9,989 | |||
Ichikoh Industries Ltd. | 5,500 | 26,106 | |||
Ichiyoshi Securities Co., Ltd. | 5,300 | 30,363 | |||
IMAGICA GROUP, Inc. | 3,500 | 19,443 | |||
Internet Initiative Japan, Inc. | 3,500 | 144,528 | |||
IwaiCosmo Holdings, Inc. | 9,000 | 106,016 | |||
Iwaki Co., Ltd. | 1,700 | 15,399 | |||
JAC Recruitment Co., Ltd. | 1,800 | 32,611 | |||
Japan Post Insurance Co. Ltd. | 900 | 14,474 | |||
JUTEC Holdings Corp. | 1,000 | 9,615 | |||
Kanamoto Co., Ltd. | 6,400 | 134,087 | |||
KDDI Corp. | 65,300 | 1,908,533 | |||
Kenko Mayonnaise Co., Ltd. | 4,500 | 52,421 | |||
Keyence Corp. | 5,900 | 3,707,311 | |||
Kokuyo Co., Ltd. | 3,900 | 58,112 | |||
Konica Minolta, Inc. | 24,400 | 111,150 | |||
Kubota Corp. | 85,100 | 1,889,097 | |||
Kuriyama Holdings Corp. | 5,400 | 55,676 | |||
Kyokuto Securities Co., Ltd. | 7,500 | 48,770 | |||
Lasertec Corp. | 14,600 | 4,479,127 | |||
Makiya Co., Ltd. | 1,100 | 6,751 | |||
MarkLines Co., Ltd. | 18,900 | 453,810 | |||
Marui Group Co., Ltd. | 79,100 | 1,488,755 | |||
Marusan Securities Co., Ltd. | 24,900 | 112,345 | |||
Matsuda Sangyo Co., Ltd. | 900 | 19,091 | |||
Mazda Motor Corp. | 64,200 | 493,932 | |||
Megachips Corp. | 1,200 | 53,725 | |||
Meiko Network Japan Co., Ltd. | 18,200 | 90,027 | |||
Meitec Corp. | 12,200 | 718,021 | |||
Mercari, Inc.(b) | 10,800 | 550,187 | |||
Mercuria Holdings Co., Ltd. | 2,100 | 10,552 | |||
Mito Securities Co., Ltd. | 30,100 | 71,436 | |||
Mitsubishi Electric Corp. | 84,300 | 1,068,865 | |||
Mitsubishi Paper Mills Ltd. | 6,100 | 17,182 | |||
MORESCO Corp. | 1,400 | 14,130 | |||
Morito Co., Ltd. | 1,900 | 12,289 | |||
Nakanishi, Inc. | 25,200 | 463,997 | |||
Natori Co., Ltd. | 1,700 | 30,193 | |||
NEC Corp. | 9,100 | 420,073 | |||
Nichias Corp. | 1,500 | 36,173 | |||
Nidec Corp. | 20,400 | 2,397,705 | |||
Nihon Kohden Corp. | 13,700 | 375,758 | |||
Nikon Corp. | 10,800 | 116,422 | |||
Nippon Coke & Engineering Co., Ltd. | 30,500 | 35,000 | |||
Nippon Concept Corp. | 900 | 13,152 | |||
Nippon Hume Corp. | 3,000 | 18,074 | |||
Nippon Seisen Co., Ltd. | 600 | 25,924 | |||
Nishimoto Co., Ltd. | 1,100 | 30,409 | |||
NTT Data Intramart Corp. | 800 | 16,177 | |||
OBIC Business Consultants Co., Ltd. | 5,300 | 223,463 | |||
Okabe Co., Ltd. | 4,700 | 29,623 | |||
Okuwa Co., Ltd. | 5,600 | 46,297 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
JAPAN (continued) | |||||
Olympus Corp. | 77,600 | $ | 1,787,370 | ||
Oricon, Inc. | 2,400 | 23,430 | |||
Osaki Electric Co., Ltd. | 4,500 | 18,308 | |||
Otsuka Holdings Co., Ltd. | 36,800 | 1,333,732 | |||
Pan Pacific International Holdings Corp. | 124,200 | 1,713,513 | |||
Persol Holdings Co., Ltd. | 2,700 | 78,397 | |||
Pickles Corp. | 1,600 | 25,176 | |||
Premium Group Co., Ltd. | 1,600 | 52,508 | |||
Recruit Holdings Co., Ltd. | 24,300 | 1,472,830 | |||
Rohm Co., Ltd. | 1,500 | 136,530 | |||
Sangetsu Corp. | 2,600 | 36,684 | |||
Secom Co., Ltd. | 3,300 | 229,104 | |||
Seiko Epson Corp. | 34,300 | 617,537 | |||
Shibaura Electronics Co., Ltd. | 600 | 45,536 | |||
Shimamura Co., Ltd. | 2,300 | 193,150 | |||
Shin Maint Holdings Co., Ltd. | 1,500 | 17,213 | |||
Sigma Koki Co., Ltd. | 900 | 13,935 | |||
SIGMAXYZ, Inc. | 3,100 | 70,581 | |||
Soliton Systems KK | 2,400 | 29,105 | |||
Sony Corp. | 52,100 | 6,556,094 | |||
Space Co., Ltd. | 2,100 | 16,485 | |||
ST Corp. | 2,500 | 33,404 | |||
Sumitomo Bakelite Co., Ltd. | 1,400 | 70,955 | |||
Sunday Co., Ltd. | 700 | 7,893 | |||
T&D Holdings, Inc. | 4,500 | 57,585 | |||
Takasho Co., Ltd. | 3,100 | 20,158 | |||
TDC Soft, Inc. | 1,800 | 18,074 | |||
Techno Medica Co., Ltd. | 1,900 | 27,056 | |||
TechnoPro Holdings, Inc. | 71,500 | 2,169,304 | |||
Tokio Marine Holdings, Inc. | 8,800 | 488,999 | |||
Tokyo Keiki, Inc. | 2,400 | 20,864 | |||
Tokyo Seimitsu Co., Ltd. | 2,500 | 110,841 | |||
Transcosmos, Inc. | 2,800 | 79,840 | |||
Trend Micro, Inc. | 16,200 | 899,922 | |||
Valqua Ltd. | 1,800 | 42,438 | |||
Visional, Inc.(b) | 1,600 | 135,060 | |||
Warabeya Nichiyo Holdings Co., Ltd. | 8,200 | 147,063 | |||
Yamaha Motor Co., Ltd. | 5,900 | 141,512 | |||
Total Japan | 51,855,823 | ||||
KAZAKHSTAN - 0.2% | |||||
Kaspi.KZ JSC, GDR(c) | 11,173 | 1,296,068 | |||
Kaspi.KZ JSC, GDR(c) | 461 | 54,859 | |||
Total Kazakhstan | 1,350,927 | ||||
LUXEMBOURG - 0.2% | |||||
Eurofins Scientific SE | 8,935 | 1,106,767 | |||
RTL Group S.A.(b) | 491 | 26,061 | |||
Ternium S.A., ADR | 2,463 | 107,190 | |||
Total Luxembourg | 1,240,018 | ||||
MACAU - 0.0% (a) | |||||
HAL Trust | 1 | 166 | |||
MALAYSIA - 0.2% | |||||
CIMB Group Holdings Bhd | 160,103 | 209,448 | |||
Heineken Malaysia Bhd | 173,002 | 865,425 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
MALAYSIA (continued) | |||||
Lynas Rare Earths Ltd.(b) | 96,757 | $ | 715,923 | ||
Total Malaysia | 1,790,796 | ||||
MEXICO - 0.4% | |||||
Cemex S.A.B. de C.V., (Unit), Series CPO(b) | 179,244 | 122,469 | |||
Corp. Moctezuma S.A.B. de C.V., Series * | 186,270 | 595,868 | |||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 4,933 | 383,343 | |||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 76,574 | 498,027 | |||
Grupo Mexico S.A.B. de C.V., Series B | 385,647 | 1,681,173 | |||
Total Mexico | 3,280,880 | ||||
NETHERLANDS - 3.1% | |||||
Adyen N.V.(d) | 1,000 | 2,631,642 | |||
Akzo Nobel N.V. | 21,600 | 2,373,089 | |||
ASML Holding N.V. | 3,368 | 2,709,818 | |||
ASML Holding N.V. | 5,760 | 4,585,766 | |||
BE Semiconductor Industries N.V. | 508 | 43,388 | |||
EXOR N.V. | 11,486 | 1,032,545 | |||
Heineken N.V. | 20,600 | 2,318,573 | |||
Nedap N.V. | 450 | 32,071 | |||
NXP Semiconductors N.V. | 8,233 | 1,875,313 | |||
QIAGEN N.V.(b) | 1,992 | 111,104 | |||
QIAGEN N.V.(b) | 33,782 | 1,877,603 | |||
Randstad N.V. | 11,668 | 797,572 | |||
Universal Music Group N.V. | 64,781 | 1,827,603 | |||
Wolters Kluwer N.V. | 13,703 | 1,616,249 | |||
Total Netherlands | 23,832,336 | ||||
NEW ZEALAND - 0.1% | |||||
Eroad Ltd.(b) | 4,854 | 17,188 | |||
Fletcher Building Ltd. | 68,140 | 342,085 | |||
New Zealand Refining Co., Ltd. (The)(b) | 101,742 | 65,502 | |||
NZME Ltd. | 15,783 | 15,387 | |||
Warehouse Group Ltd. (The) | 12,703 | 34,801 | |||
Total New Zealand | 474,963 | ||||
NORWAY - 0.4% | |||||
2020 Bulkers Ltd. | 2,370 | 30,141 | |||
Aker BP ASA | 2,303 | 71,026 | |||
Bouvet ASA | 161,512 | 1,384,669 | |||
Equinor ASA | 36,222 | 970,274 | |||
Norsk Hydro ASA | 51,679 | 407,961 | |||
Total Norway | 2,864,071 | ||||
PERU - 0.3% | |||||
Credicorp Ltd. | 16,147 | 1,971,064 | |||
POLAND - 0.2% | |||||
Grupa Pracuj S.A.(b) | 64,693 | 1,164,077 | |||
Powszechna Kasa Oszczednosci Bank Polski S.A.(b) | 26,472 | 295,196 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
POLAND (continued) | |||||
Powszechny Zaklad Ubezpieczen S.A. | 19,854 | $ | 174,190 | ||
Total Poland | 1,633,463 | ||||
RUSSIA - 0.9% | |||||
Evraz PLC | 69,018 | 562,011 | |||
Gazprom PJSC, ADR | 26,732 | 245,667 | |||
HeadHunter Group PLC, ADR | 47,256 | 2,414,309 | |||
LUKOIL PJSC, ADR | 4,678 | 420,084 | |||
Magnit PJSC, GDR | 18,478 | 277,170 | |||
Novatek PJSC, GDR | 3,491 | 817,592 | |||
Polyus PJSC, GDR | 1,596 | 140,847 | |||
Polyus PJSC, GDR | 9 | 794 | |||
Rosneft Oil Co. PJSC, GDR | 76,870 | 618,189 | |||
Sberbank of Russia PJSC, ADR | 39,852 | 639,625 | |||
Sberbank of Russia PJSC, ADR | 8,770 | 138,128 | |||
X5 Retail Group N.V., GDR | 1,752 | 46,375 | |||
Yandex N.V., Class A(b) | 7,554 | 457,017 | |||
Total Russia | 6,777,808 | ||||
SINGAPORE - 0.7% | |||||
BRC Asia Ltd. | 18,500 | 21,141 | |||
DBS Group Holdings Ltd. | 164,400 | 3,984,346 | |||
Delfi Ltd. | 35,400 | 20,096 | |||
Excelpoint Technology Ltd. | 23,300 | 22,650 | |||
Golden Agri-Resources Ltd. | 902,800 | 164,133 | |||
Great Eastern Holdings Ltd. | 900 | 13,457 | |||
Haw Par Corp. Ltd. | 148,900 | 1,254,092 | |||
HRnetgroup Ltd. | 101,100 | 60,393 | |||
IGG, Inc. | 94,000 | 83,542 | |||
Propnex Ltd. | 60,300 | 75,621 | |||
Raffles Medical Group Ltd. | 16,900 | 17,181 | |||
Total Singapore | 5,716,652 | ||||
SOUTH AFRICA - 0.3% | |||||
Aspen Pharmacare Holdings Ltd. | 16,064 | 226,257 | |||
AVI Ltd. | 27,540 | 127,719 | |||
Bid Corp. Ltd. | 11,867 | 243,097 | |||
FirstRand Ltd. | 182,442 | 696,107 | |||
Foschini Group Ltd. (The)(b) | 18,504 | 143,875 | |||
Gold Fields Ltd. | 30,394 | 332,150 | |||
Impala Platinum Holdings Ltd. | 22,383 | 316,045 | |||
Nedbank Group Ltd. | 13,357 | 146,705 | |||
Shoprite Holdings Ltd. | 21,017 | 275,496 | |||
Total South Africa | 2,507,451 | ||||
SOUTH KOREA - 1.4% | |||||
Hana Financial Group, Inc. | 8,466 | 299,470 | |||
KB Financial Group, Inc. | 6,838 | 316,374 | |||
Kia Motors Corp. | 5,476 | 378,656 | |||
Korea Zinc Co., Ltd. | 554 | 238,144 | |||
LG Chem Ltd. | 816 | 422,158 | |||
LG Household & Health Care Ltd. | 43 | 39,681 | |||
LG Uplus Corp. | 19,310 | 220,918 | |||
NAVER Corp. | 2,102 | 669,280 | |||
S-1 Corp. | 16,717 | 1,039,231 | |||
Samsung Electronics Co., Ltd. | 50,947 | 3,355,752 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
SOUTH KOREA (continued) | |||||
Samsung Electronics Co., Ltd., GDR | 1,424 | $ | 2,348,176 | ||
Samsung Fire & Marine Insurance Co., Ltd. | 1,704 | 289,555 | |||
Samsung SDI Co., Ltd. | 1,097 | 604,446 | |||
SK Hynix, Inc. | 7,402 | 815,699 | |||
Total South Korea | 11,037,540 | ||||
SPAIN - 0.5% | |||||
Amadeus IT Group S.A.(b) | 35,250 | 2,393,479 | |||
Iberdrola S.A. | 129,424 | 1,533,905 | |||
Naturhouse Health SAU | 7,581 | 16,615 | |||
Total Spain | 3,943,999 | ||||
SWEDEN - 2.2% | |||||
Assa Abloy AB, Class B | 63,800 | 1,950,107 | |||
Atlas Copco AB, Class A | 46,350 | 3,209,959 | |||
BTS Group AB, Class B | 14,924 | 665,586 | |||
Elanders AB, Class B | 1,084 | 20,873 | |||
Evolution Gaming Group AB(c) | 24,500 | 3,487,296 | |||
Ferronordic AB | 5,332 | 198,854 | |||
FM Mattsson Mora Group AB | 1,574 | 42,502 | |||
Getinge AB, Class B | 22,707 | 992,844 | |||
Hexagon AB, Class B | 128,322 | 2,039,957 | |||
Husqvarna AB, Class B | 895 | 14,347 | |||
Inwido AB | 6,669 | 138,159 | |||
Kinnevik AB, Class B(b) | 10,954 | 391,249 | |||
Lundin Energy AB | 13,640 | 489,828 | |||
New Wave Group AB, Class B | 9,514 | 176,673 | |||
Nordnet AB publ | 42,545 | 817,358 | |||
Ratos AB, Class A | 2,265 | 15,641 | |||
VNV Global AB(b) | 54,985 | 637,096 | |||
Volvo AB, Class B | 71,055 | 1,648,556 | |||
Total Sweden | 16,936,885 | ||||
SWITZERLAND - 4.0% | |||||
Alcon, Inc. | 68,710 | 6,088,285 | |||
Burkhalter Holding AG | 263 | 18,184 | |||
Cie Financiere Richemont S.A. | 8,688 | 1,305,774 | |||
Coltene Holding AG | 245 | 30,222 | |||
Geberit AG | 241 | 197,095 | |||
Glencore PLC | 137,662 | 698,653 | |||
Kuehne + Nagel International AG | 3,807 | 1,230,005 | |||
Lonza Group AG | 4,190 | 3,502,090 | |||
Nestle S.A. | 23,399 | 3,272,573 | |||
Novartis AG | 18,700 | 1,647,537 | |||
Partners Group Holding AG | 556 | 922,904 | |||
Rieter Holding AG(b) | 266 | 51,670 | |||
Sika AG | 10,470 | 4,368,628 | |||
Sonova Holding AG | 3,419 | 1,342,535 | |||
STMicroelectronics N.V. | 2,112 | 104,284 | |||
Straumann Holding AG | 678 | 1,441,271 | |||
Swatch Group AG (The) | 267 | 81,753 | |||
TE Connectivity Ltd. | 12,671 | 2,044,339 | |||
UBS Group AG | 114,647 | 2,065,961 | |||
Zehnder Group AG | 1,028 | 105,034 | |||
Total Switzerland | 30,518,797 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
TAIWAN - 2.3% | |||||
Accton Technology Corp. | 34,000 | $ | 319,514 | ||
ASE Technology Holding Co., Ltd. | 71,000 | 273,304 | |||
ASE Technology Holding Co., Ltd., ADR | 34,988 | 273,256 | |||
CTBC Financial Holding Co., Ltd. | 382,000 | 358,293 | |||
Hon Hai Precision Industry Co., Ltd. | 204,000 | 766,834 | |||
Hon Hai Precision Industry Co., Ltd., GDR | 11,031 | 81,519 | |||
Kerry TJ Logistics Co., Ltd. | 397,000 | 644,998 | |||
Lumax International Corp. Ltd. | 131,000 | 357,010 | |||
MediaTek, Inc. | 44,000 | 1,892,507 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 169,000 | 3,756,642 | |||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 73,672 | 8,863,479 | |||
Uni-President Enterprises Corp. | 96,000 | 238,031 | |||
Total Taiwan | 17,825,387 | ||||
THAILAND - 0.1% | |||||
Kasikornbank PCL, NVDR | 115,500 | 490,974 | |||
TURKEY - 0.0% (a) | |||||
Akbank T.A.S. | 171,972 | 93,597 | |||
BIM Birlesik Magazalar A/S | 26,361 | 122,151 | |||
KOC Holding A/S | 43,698 | 93,745 | |||
Total Turkey | 309,493 | ||||
UNITED ARAB EMIRATES - 0.1% | |||||
Emaar Properties PJSC | 352,612 | 469,439 | |||
UNITED STATES - 3.1% | |||||
Aon PLC, Class A | 8,050 | 2,419,508 | |||
Baltic Classifieds Group PLC(b) | 494,078 | 1,691,961 | |||
Burford Capital Ltd. | 139,504 | 1,473,162 | |||
Carnival PLC(b) | 33,900 | 634,870 | |||
DENTSPLY SIRONA, Inc. | 22,619 | 1,261,914 | |||
EPAM Systems, Inc.(b) | 5,000 | 3,342,250 | |||
Hamilton Thorne Ltd.(b) | 9,700 | 15,797 | |||
Mettler-Toledo International, Inc.(b) | 2,130 | 3,615,057 | |||
NVIDIA Corp. | 7,503 | 2,206,707 | |||
ResMed, Inc. | 16,000 | 4,167,680 | |||
STERIS PLC | 11,800 | 2,872,238 | |||
Total United States | 23,701,144 | ||||
TOTAL COMMON STOCKS (Cost: $417,686,450) | 476,664,791 | ||||
EXCHANGE-TRADED FUNDS - 32.5% | |||||
iShares Core MSCI Total International Stock ETF (Cost: $234,082,106) | 3,535,524 | 250,810,073 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
MUTUAL FUNDS – 3.7% | |||||
Artisan International Small-Mid Fund (Cost: $29,282,547) | 1,375,554 | $ | 28,570,257 | ||
PREFERRED STOCKS - 0.3% | |||||
Brazil - 0.1% | |||||
Gerdau S.A. | 47,761 | 233,746 | |||
GERMANY - 0.2% | |||||
Jungheinrich AG, (Preference Shares) | 844 | 43,125 | |||
Volkswagen AG | 8,492 | 1,715,901 | |||
Total Germany | 1,759,026 | ||||
TOTAL PREFERRED STOCKS (Cost: $2,001,053) | 1,992,772 | ||||
SHORT-TERM INVESTMENTS - 1.5% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.06%(d) (Cost: $11,298,562) | 11,298,562 | $ | 11,298,562 |
Investments | Shares | Value | |||
TOTAL INVESTMENTS - 99.8% | |||||
(Cost: $694,350,718) | 769,336,455 | ||||
OTHER ASSETS AND LIABILITIES, NET - 0.2% | 1,823,398 | ||||
NET ASSETS - 100.0% | $ | 771,159,853 |
(a) | Amount is less than 0.05%. | |
(b) | Non-income producing security. | |
(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. The security has been deemed liquid under guidelines approved by the Trust's Board of Trustees. At December 31, 2021, the value of these securities was $22,521,419, representing 2.9% of net assets. | |
(d) | The rate shown is the annualized seven-day yield at December 31, 2021. | |
ADR | American Depositary Receipt | |
ETF | Exchange Traded Fund | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2021. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 347,887 | $ | — | $ | — | $ | 347,887 | ||||||||
Australia | 18,805,483 | — | — | 18,805,483 | ||||||||||||
Austria | 5,407,317 | — | — | 5,407,317 | ||||||||||||
Belgium | 260,900 | — | — | 260,900 | ||||||||||||
Brazil | 3,523,487 | — | — | 3,523,487 | ||||||||||||
Britain | 43,979,420 | — | — | 43,979,420 | ||||||||||||
Canada | 28,791,066 | — | — | 28,791,066 | ||||||||||||
Chile | 295,507 | — | — | 295,507 | ||||||||||||
China | 29,604,228 | 20,955 | — | 29,625,183 | ||||||||||||
Denmark | 51,129 | — | — | 51,129 | ||||||||||||
Egypt | 163,799 | — | — | 163,799 | ||||||||||||
Finland | 3,766,009 | — | — | 3,766,009 | ||||||||||||
France | 35,723,171 | — | — | 35,723,171 | ||||||||||||
Germany | 37,003,242 | — | — | 37,003,242 | ||||||||||||
Gibraltar | 45,562 | — | — | 45,562 | ||||||||||||
Greece | 417,218 | — | — | 417,218 | ||||||||||||
Hong Kong | 11,544,059 | — | — | 11,544,059 | ||||||||||||
Hungary | 767,727 | — | — | 767,727 | ||||||||||||
Iceland | 1,244,132 | — | — | 1,244,132 | ||||||||||||
India | 6,223,891 | — | — | 6,223,891 | ||||||||||||
Indonesia | 595,213 | — | — | 595,213 | ||||||||||||
Ireland | 23,015,525 | — | — | 23,015,525 | ||||||||||||
Isle Of Man | 1,469,166 | — | — | 1,469,166 | ||||||||||||
Israel | 6,305,043 | — | — | 6,305,043 | ||||||||||||
Italy | 6,763,579 | — | — | 6,763,579 | ||||||||||||
Japan | 51,855,823 | — | — | 51,855,823 | ||||||||||||
Kazakhstan | 1,296,068 | 54,859 | — | 1,350,927 | ||||||||||||
Luxembourg | 1,240,018 | — | — | 1,240,018 | ||||||||||||
Macau | 166 | — | — | 166 | ||||||||||||
Malaysia | 1,790,796 | — | — | 1,790,796 | ||||||||||||
Mexico | 3,280,880 | — | — | 3,280,880 | ||||||||||||
Netherlands | 23,832,336 | — | — | 23,832,336 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager International Equity Fund (concluded)
New Zealand | 474,963 | — | — | 474,963 | ||||||||||||
Norway | 2,864,071 | — | — | 2,864,071 | ||||||||||||
Peru | 1,971,064 | — | — | 1,971,064 | ||||||||||||
Poland | 1,633,463 | — | — | 1,633,463 | ||||||||||||
Russia | 6,777,808 | — | — | 6,777,808 | ||||||||||||
Singapore | 5,716,652 | — | — | 5,716,652 | ||||||||||||
South Africa | 2,507,451 | — | — | 2,507,451 | ||||||||||||
South Korea | 11,037,540 | — | — | 11,037,540 | ||||||||||||
Spain | 3,943,999 | — | — | 3,943,999 | ||||||||||||
Sweden | 16,936,885 | — | — | 16,936,885 | ||||||||||||
Switzerland | 30,518,797 | — | — | 30,518,797 | ||||||||||||
Taiwan | 17,825,387 | — | — | 17,825,387 | ||||||||||||
Thailand | 490,974 | — | — | 490,974 | ||||||||||||
Turkey | 309,493 | — | — | 309,493 | ||||||||||||
United Arab Emirates | 469,439 | — | — | 469,439 | ||||||||||||
United States | 23,701,144 | — | — | 23,701,144 | ||||||||||||
Total Common Stocks | 476,588,977 | 75,814 | — | 476,664,791 | ||||||||||||
Exchange-Traded Funds | 250,810,073 | — | — | 250,810,073 | ||||||||||||
Mutual Funds | 28,570,257 | — | — | 28,570,257 | ||||||||||||
Preferred Stocks* | 1,992,772 | — | — | 1,992,772 | ||||||||||||
Money Market Fund | 11,298,562 | — | — | 11,298,562 | ||||||||||||
Total Investments in Securities | $ | 769,260,641 | $ | 75,814 | $ | — | $ | 769,336,455 |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund
Investments | Principal Amount | Value | |||
CORPORATE BONDS - 25.8% | |||||
BASIC MATERIALS - 0.7% | |||||
CF Industries, Inc., 5.38%, 3/15/44 | $ | 59,000 | $ | 74,405 | |
CNAC HK Finbridge Co., Ltd., 3.50%, 7/19/22 (a) | 340,000 | 343,859 | |||
Domtar Corp., 6.75%, 2/15/44 | 185,000 | 186,779 | |||
Ecolab, Inc., 0.90%, 12/15/23 | 47,000 | 47,064 | |||
Ecolab, Inc., 2.70%, 12/15/51 | 78,000 | 76,571 | |||
Georgia-Pacific LLC, 0.95%, 5/15/26 (b) | 356,000 | 345,245 | |||
International Flavors & Fragrances, Inc., 2.30%, 11/1/30 (b) | 1,000,000 | 980,564 | |||
International Paper Co., Senior Bond, 4.35%, 8/15/48 | 532,000 | 651,631 | |||
Inversiones CMPC S.A., 3.00%, 4/6/31 (b) | 200,000 | 196,002 | |||
Inversiones CMPC S.A., 4.38%, 4/4/27 (b) | 500,000 | 551,250 | |||
LYB International Finance III LLC, 4.20%, 5/1/50 | 330,000 | 381,409 | |||
Newmont Corp., 2.25%, 10/1/30 | 1,475,000 | 1,454,231 | |||
RPM International, Inc., 4.55%, 3/1/29 | 113,000 | 127,893 | |||
SASOL Financing USA LLC, 5.88%, 3/27/24 | 200,000 | 208,700 | |||
Southern Copper Corp., Senior Bond, 5.25%, 11/8/42 | 100,000 | 125,875 | |||
Westlake Chemical Corp., 3.38%, 8/15/61 | 97,000 | 92,529 | |||
Total Basic Materials | 5,844,007 | ||||
COMMUNICATIONS - 2.0% | |||||
Amazon.com, Inc., 2.88%, 5/12/41 | 440,000 | 456,917 | |||
AT&T, Inc., 3.50%, 9/15/53 | 1,305,000 | 1,316,608 | |||
AT&T, Inc., 3.65%, 9/15/59 | 28,000 | 28,277 | |||
AT&T, Inc., 3.85%, 6/1/60 | 28,000 | 29,248 | |||
AT&T, Inc., 4.30%, 2/15/30 | 25,000 | 28,137 | |||
AT&T, Inc., 4.85%, 7/15/45 | 205,000 | 244,213 | |||
AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 79,000 | 91,261 | |||
AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 181,000 | 218,582 | |||
AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 112,000 | 135,335 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 33,000 | 32,174 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | 32,000 | 30,176 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42 | 430,000 | 417,052 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 4/1/51 | $ | 230,000 | $ | 222,361 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | 310,000 | 347,087 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | 20,000 | 23,867 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400,000 | 477,442 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 552,000 | 713,043 | |||
Comcast Corp., 3.30%, 2/1/27 | 102,000 | 109,579 | |||
Comcast Corp., 3.90%, 3/1/38 | 43,000 | 48,663 | |||
Comcast Corp., 4.00%, 3/1/48 | 600,000 | 691,126 | |||
Comcast Corp., 4.25%, 10/15/30 | 90,000 | 103,866 | |||
Comcast Corp., 4.60%, 10/15/38 | 110,000 | 133,472 | |||
Corning, Inc., 5.45%, 11/15/79 | 146,000 | 192,742 | |||
Cox Communications, Inc., 2.60%, 6/15/31 (b) | 625,000 | 624,290 | |||
Cox Communications, Inc., 3.50%, 8/15/27 (b) | 600,000 | 644,515 | |||
CSC Holdings LLC, 5.50%, 4/15/27 (b) | 250,000 | 258,437 | |||
Discovery Communications LLC, 5.20%, 9/20/47 | 197,000 | 244,195 | |||
Discovery Communications LLC, 5.30%, 5/15/49 | 52,000 | 65,106 | |||
Expedia Group, Inc., 2.95%, 3/15/31 | 109,000 | 108,845 | |||
Level 3 Financing, Inc., 3.40%, 3/1/27 (b) | 500,000 | 516,225 | |||
Level 3 Financing, Inc., 5.38%, 5/1/25 | 200,000 | 204,353 | |||
Sprint Corp., 7.88%, 9/15/23 | 275,000 | 302,844 | |||
T-Mobile USA, Inc., 3.00%, 2/15/41 | 562,000 | 548,684 | |||
T-Mobile USA, Inc., 3.30%, 2/15/51 | 65,000 | 63,482 | |||
T-Mobile USA, Inc., 3.60%, 11/15/60 | 65,000 | 64,384 | |||
T-Mobile USA, Inc., 3.60%, 11/15/60 (b) | 81,000 | 80,232 | |||
T-Mobile USA, Inc., 4.00%, 4/15/22 | 275,000 | 276,584 | |||
T-Mobile USA, Inc., 4.38%, 4/15/40 | 475,000 | 543,013 | |||
Time Warner Cable LLC, 6.55%, 5/1/37 | 4,000 | 5,233 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Verizon Communications, Inc., 0.84%, 3/20/26 (SOFR + 0.790%)(c) | $ | 1,000,000 | $ | 1,013,690 | |
Verizon Communications, Inc., 1.50%, 9/18/30 | 1,000,000 | 938,119 | |||
Verizon Communications, Inc., 2.55%, 3/21/31 | 805,000 | 812,175 | |||
Verizon Communications, Inc., 2.99%, 10/30/56 | 276,000 | 261,260 | |||
Verizon Communications, Inc., 3.00%, 11/20/60 | 126,000 | 119,064 | |||
Verizon Communications, Inc., 3.40%, 3/22/41 | 53,000 | 55,488 | |||
Verizon Communications, Inc., 3.55%, 3/22/51 | 1,100,000 | 1,184,549 | |||
Verizon Communications, Inc., Senior Bond, 4.27%, 1/15/36 | 44,000 | 51,611 | |||
Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34 | 45,000 | 52,416 | |||
Verizon Communications, Inc., Senior Bond, 4.86%, 8/21/46 | 385,000 | 495,507 | |||
ViacomCBS, Inc., 4.38%, 3/15/43 | 424,000 | 482,377 | |||
ViacomCBS, Inc., Senior Bond, 5.85%, 9/1/43 | 125,000 | 168,376 | |||
Total Communications | 16,276,282 | ||||
CONSUMER, CYCLICAL - 1.5% | |||||
AutoNation, Inc., 2.40%, 8/1/31 | 1,150,000 | 1,109,190 | |||
AutoZone, Inc., 1.65%, 1/15/31 | 460,000 | 432,890 | |||
AutoZone, Inc., 3.75%, 4/18/29 | 360,000 | 392,891 | |||
BMW US Capital LLC, 3.90%, 4/9/25 (b) | 113,000 | 121,530 | |||
Brunswick Corp., 2.40%, 8/18/31 | 85,000 | 81,502 | |||
Dana, Inc., 5.38%, 11/15/27 | 75,000 | 78,652 | |||
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 412,435 | 431,423 | |||
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150,000 | 152,468 | |||
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 518,677 | 516,434 | |||
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 455,155 | 445,002 | |||
Ford Motor Co., 5.29%, 12/8/46 | 400,000 | 470,100 | |||
Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100,000 | 110,375 | |||
Gap, Inc. (The), 3.63%, 10/1/29 (b) | 50,000 | 49,455 | |||
Gap, Inc. (The), 3.88%, 10/1/31 (b) | 50,000 | 49,313 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, CYCLICAL (continued) | |||||
General Motors Co., Senior Bond, 6.25%, 10/2/43 | $ | 205,000 | $ | 280,530 | |
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 49,000 | 48,825 | |||
Home Depot, Inc. (The), 2.50%, 4/15/27 | 475,000 | 495,356 | |||
Hyundai Capital America, 3.40%, 6/20/24 (b) | 123,000 | 128,210 | |||
Kohl's Corp., 5.55%, 7/17/45 | 163,000 | 190,054 | |||
Kohls Corp., 3.38%, 5/1/31 | 49,000 | 49,903 | |||
Lowe's Cos., Inc., 2.80%, 9/15/41 | 1,250,000 | 1,219,603 | |||
Marriott International, Inc., Series FF, 4.63%, 6/15/30 | 178,000 | 200,240 | |||
Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 530,000 | 555,045 | |||
Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 149,000 | 148,544 | |||
McDonald's Corp., 3.63%, 9/1/49 | 52,000 | 57,498 | |||
Nissan Motor Acceptance Corp., Senior Note, 2.65%, 7/13/22 (b) | 6,000 | 6,052 | |||
Nordstrom, Inc., 5.00%, 1/15/44 | 62,000 | 57,815 | |||
PACCAR Financial Corp., 0.80%, 6/8/23 | 72,000 | 72,057 | |||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200,000 | 204,500 | |||
Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500,000 | 517,261 | |||
Stellantis Finance US, Inc., 2.69%, 9/15/31 (b) | 385,000 | 378,596 | |||
Taylor Morrison Communities, Inc., 5.13%, 8/1/30 (b) | 150,000 | 165,000 | |||
Taylor Morrison Communities, Inc., 5.63%, 3/1/24 (b) | 150,000 | 159,750 | |||
Taylor Morrison Communities, Inc., 6.63%, 7/15/27 (b) | 100,000 | 105,250 | |||
Toyota Motor Credit Corp., 1.90%, 4/6/28 | 115,000 | 115,236 | |||
United Airlines, Inc., 4.38%, 4/15/26 (b) | 185,000 | 192,906 | |||
United Airlines, Inc., 4.63%, 4/15/29 (b) | 35,000 | 36,094 | |||
Walmart, Inc., 1.80%, 9/22/31 | 1,175,000 | 1,163,218 | |||
Whirlpool Corp., 2.40%, 5/15/31 | 1,000,000 | 1,001,314 | |||
William Carter Co. (The), 5.63%, 3/15/27 (b) | 250,000 | 258,437 | |||
Wolverine World Wide, Inc., 4.00%, 8/15/29 (b) | 150,000 | 145,841 | |||
Total Consumer, Cyclical | 12,394,360 | ||||
CONSUMER, NON-CYCLICAL - 4.9% | |||||
AbbVie, Inc., 4.05%, 11/21/39 | 31,000 | 35,567 | |||
AbbVie, Inc., 4.25%, 11/21/49 | 718,000 | 863,160 | |||
AbbVie, Inc., 4.55%, 3/15/35 | 380,000 | 456,908 | |||
AbbVie, Inc., 4.75%, 3/15/45 | 150,000 | 187,092 | |||
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200,000 | 239,244 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Allina Health System, 3.89%, 4/15/49 | $ | 90,000 | $ | 105,416 | |
AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47 | 100,000 | 117,822 | |||
Amgen, Inc., 2.20%, 2/21/27 | 585,000 | 598,809 | |||
Amgen, Inc., 2.80%, 8/15/41 | 610,000 | 586,885 | |||
Amgen, Inc., 3.00%, 1/15/52 | 1,000,000 | 970,295 | |||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 193,000 | 243,939 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 4/15/38 | 110,000 | 128,816 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 144,000 | 176,089 | |||
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200,000 | 261,751 | |||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 | 355,000 | 491,128 | |||
Ascension Health, 2.53%, 11/15/29 | 630,000 | 653,855 | |||
Ascension Health, 3.11%, 11/15/39 | 120,000 | 127,500 | |||
BAT Capital Corp., 2.73%, 3/25/31 | 620,000 | 601,661 | |||
Block Financial LLC, 3.88%, 8/15/30 | 80,000 | 85,593 | |||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 130,000 | 126,604 | |||
Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40,000 | 47,314 | |||
Bristol-Myers Squibb Co., 5.00%, 8/15/45 | 65,000 | 86,347 | |||
Bush Foundation, 2.75%, 10/1/50 | 300,000 | 303,019 | |||
Cardinal Health, Inc., Senior Bond, 4.60%, 3/15/43 | 150,000 | 172,645 | |||
Cigna Corp., 2.40%, 3/15/30 | 1,125,000 | 1,134,923 | |||
Cigna Corp., 3.40%, 3/15/51 | 49,000 | 51,235 | |||
Cigna Corp., 4.38%, 10/15/28 | 190,000 | 215,935 | |||
Conagra Brands, Inc., 7.00%, 10/1/28 | 83,000 | 107,641 | |||
CVS Health Corp., 5.13%, 7/20/45 | 390,000 | 506,947 | |||
CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 420,000 | 511,245 | |||
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70,000 | 83,156 | |||
ERAC USA Finance LLC, 4.20%, 11/1/46 (b) | 325,000 | 382,225 | |||
Ford Foundation (The), 2.82%, 6/1/70 | 776,000 | 799,981 | |||
Gilead Sciences, Inc., 1.20%, 10/1/27 | 1,550,000 | 1,498,125 | |||
Gilead Sciences, Inc., 2.60%, 10/1/40 | 1,075,000 | 1,035,614 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Gilead Sciences, Inc., 2.80%, 10/1/50 | $ | 1,000,000 | $ | 969,445 | |
GlaxoSmithKline Capital, Inc., 3.38%, 5/15/23 | 88,000 | 91,127 | |||
HCA, Inc., 3.50%, 9/1/30 | 25,000 | 26,422 | |||
HCA, Inc., 3.50%, 7/15/51 | 105,000 | 107,045 | |||
HCA, Inc., 5.88%, 2/1/29 | 125,000 | 148,944 | |||
HCA, Inc., 7.75%, 7/15/36 | 150,000 | 208,312 | |||
Hormel Foods Corp., 0.65%, 6/3/24 | 84,000 | 83,346 | |||
Humana, Inc., 1.35%, 2/3/27 | 47,000 | 45,702 | |||
Kimberly-Clark Corp., 2.88%, 2/7/50 | 450,000 | 461,295 | |||
Kimberly-Clark Corp., Senior Note, 3.95%, 11/1/28 | 400,000 | 452,829 | |||
Kraft Heinz Foods Co., 4.88%, 10/1/49 | 195,000 | 244,909 | |||
Lamb Weston Holdings, Inc., 4.13%, 1/31/30 (b) | 125,000 | 128,274 | |||
Lamb Weston Holdings, Inc., 4.38%, 1/31/32 (b) | 125,000 | 128,909 | |||
Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150,000 | 222,901 | |||
Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75,000 | 93,424 | |||
Mather Foundation, Series 2021, 2.68%, 10/1/31 | 750,000 | 749,791 | |||
Merck & Co., Inc., 2.15%, 12/10/31 | 1,150,000 | 1,153,207 | |||
Merck & Co., Inc., 2.75%, 12/10/51 | 625,000 | 618,435 | |||
Merck & Co., Inc., 2.90%, 12/10/61 | 27,000 | 26,860 | |||
Mylan, Inc., 3.13%, 1/15/23 (b) | 480,000 | 489,975 | |||
Mylan, Inc., 5.20%, 4/15/48 | 275,000 | 340,435 | |||
Mylan, Inc., 5.40%, 11/29/43 | 180,000 | 221,904 | |||
NBM US Holdings, Inc., 6.63%, 8/6/29 (b) | 800,000 | 875,008 | |||
Nestle Holdings, Inc., 3.50%, 9/24/25 (b) | 547,000 | 586,616 | |||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 (b) | 275,000 | 279,469 | |||
Orlando Health Obligated Group, 4.09%, 10/1/48 | 50,000 | 59,094 | |||
PepsiCo, Inc., 2.25%, 3/19/25 | 103,000 | 106,430 | |||
PepsiCo, Inc., 2.88%, 10/15/49 | 1,000,000 | 1,048,511 | |||
Pilgrim's Pride Corp., 5.88%, 9/30/27 (b) | 300,000 | 316,782 | |||
President & Fellows of Harvard College, 5.63%, 10/1/38 | 515,000 | 739,276 | |||
President & Fellows of Harvard College, 3.62%, 10/1/37 | 50,000 | 58,393 | |||
President & Fellows of Harvard College, 6.50%, 1/15/39 (b) | 105,000 | 164,460 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Procter & Gamble Co. (The), 1.20%, 10/29/30 | $ | 1,150,000 | $ | 1,087,597 | |
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110,000 | 113,478 | |||
Roche Holdings, Inc., 1.93%, 12/13/28 (b) | 1,000,000 | 1,006,067 | |||
Roche Holdings, Inc., 2.08%, 12/13/31 (b) | 1,400,000 | 1,395,862 | |||
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23 | 450,000 | 462,815 | |||
Smithfield Foods, Inc., 4.25%, 2/1/27 (b) | 63,000 | 67,663 | |||
Smithfield Foods, Inc., 5.20%, 4/1/29 (b) | 85,000 | 97,084 | |||
Stanford Health Care, 3.03%, 8/15/51 | 1,000,000 | 1,039,571 | |||
Sutter Health, 4.09%, 8/15/48 | 125,000 | 146,901 | |||
Sysco Corp., 4.45%, 3/15/48 | 153,000 | 180,030 | |||
Sysco Corp., 4.50%, 4/1/46 | 87,000 | 101,224 | |||
Sysco Corp., 5.95%, 4/1/30 | 20,000 | 24,964 | |||
Sysco Corp., 6.60%, 4/1/50 | 51,000 | 79,227 | |||
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1,000,000 | 979,252 | |||
Tenet Healthcare Corp., 4.63%, 7/15/24 | 123,000 | 124,537 | |||
Trustees of Boston College, 3.13%, 7/1/52 | 169,000 | 181,548 | |||
Trustees of Princeton University (The), 2.52%, 7/1/50 | 90,000 | 89,915 | |||
Trustees of Princeton University (The), 5.70%, 3/1/39 | 495,000 | 713,934 | |||
Unilever Capital Corp., 1.38%, 9/14/30 | 1,175,000 | 1,114,095 | |||
Unilever Capital Corp., 2.00%, 7/28/26 | 1,000,000 | 1,022,447 | |||
Unilever Capital Corp., 2.13%, 9/6/29 | 675,000 | 680,364 | |||
Unilever Capital Corp., Series 30Y, 2.63%, 8/12/51 | 1,000,000 | 988,690 | |||
United Rentals North America, Inc., 3.75%, 1/15/32 | 50,000 | 50,350 | |||
United Rentals North America, Inc., 5.25%, 1/15/30 | 70,000 | 75,775 | |||
United Rentals North America, Inc., 5.50%, 5/15/27 | 375,000 | 390,000 | |||
UnitedHealth Group, Inc., 1.25%, 1/15/26 | 125,000 | 124,524 | |||
UnitedHealth Group, Inc., Senior Note, 3.75%, 7/15/25 | 237,000 | 256,970 | |||
UnitedHealth Group, Inc., Senior Note, 3.85%, 6/15/28 | 610,000 | 679,856 | |||
University of Chicago (The), 0, 2.76%, 4/1/45 | 100,000 | 101,250 | |||
Vector Group Ltd., 5.75%, 2/1/29 (b) | 250,000 | 243,265 | |||
Viatris, Inc., 3.85%, 6/22/40 | 100,000 | 105,908 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Viatris, Inc., 4.00%, 6/22/50 | $ | 198,000 | $ | 210,887 | |
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1,300,000 | 1,420,686 | |||
Total Consumer, Non-cyclical | 40,598,752 | ||||
ENERGY - 1.9% | |||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26 (b) | 175,000 | 192,857 | |||
Antero Resources Corp., 5.00%, 3/1/25 | 200,000 | 203,208 | |||
BP Capital Markets America, Inc., 2.77%, 11/10/50 | 150,000 | 141,299 | |||
BP Capital Markets America, Inc., 2.94%, 6/4/51 | 97,000 | 93,107 | |||
BP Capital Markets America, Inc., 3.54%, 4/6/27 | 240,000 | 259,197 | |||
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200,000 | 263,143 | |||
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205,000 | 242,217 | |||
Chaparral Energy, Inc., 9.00%, 2/14/25 | 7,184 | 6,609 | |||
Chevron Corp., 1.55%, 5/11/25 | 140,000 | 141,187 | |||
Chevron USA, Inc., 4.20%, 10/15/49 | 52,000 | 62,113 | |||
Colonial Enterprises, Inc., 3.25%, 5/15/30 (b) | 510,000 | 537,127 | |||
ConocoPhillips, 4.30%, 8/15/28 (b) | 90,000 | 101,483 | |||
Continental Resources, Inc., 3.80%, 6/1/24 | 775,000 | 808,685 | |||
Diamondback Energy, Inc., 2.88%, 12/1/24 | 675,000 | 700,254 | |||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 38,000 | 40,296 | |||
Diamondback Energy, Inc., 4.40%, 3/24/51 | 72,000 | 82,527 | |||
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200,000 | 203,252 | |||
Enable Midstream Partners L.P., Senior Note, 4.95%, 5/15/28 | 87,000 | 96,492 | |||
Energy Transfer Operating L.P., 4.90%, 3/15/35 | 120,000 | 135,479 | |||
Energy Transfer Operating L.P., 4.95%, 6/15/28 | 115,000 | 129,364 | |||
Energy Transfer Operating L.P., 5.00%, 5/15/50 | 505,000 | 581,103 | |||
Energy Transfer Operating L.P., 5.30%, 4/15/47 | 110,000 | 127,464 | |||
Energy Transfer Operating L.P., 6.13%, 12/15/45 | 62,000 | 77,120 | |||
EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45 | 4,000 | 3,860 | |||
Enterprise Products Operating LLC, 4.25%, 2/15/48 | 34,000 | 38,483 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Enterprise Products Operating LLC, 4.85%, 8/15/42 | $ | 200,000 | $ | 238,833 | |
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) | 66,000 | 67,381 | |||
EQT Corp., 6.63%, 2/1/25 | 425,000 | 479,190 | |||
Florida Gas Transmission Co. LLC, 2.30%, 10/1/31 (b) | 355,000 | 347,552 | |||
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (b) | 85,000 | 85,909 | |||
Gray Oak Pipeline LLC, 3.45%, 10/15/27 (b) | 117,000 | 122,132 | |||
Halliburton Co., 4.75%, 8/1/43 | 51,000 | 58,588 | |||
Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 90,000 | 105,774 | |||
Hanwha Energy USA Holdings Corp., 2.38%, 7/30/22 (b) | 1,000,000 | 1,007,995 | |||
Helmerich & Payne, Inc., 2.90%, 9/29/31 (b) | 375,000 | 368,005 | |||
Hess Corp., 6.00%, 1/15/40 | 261,000 | 331,475 | |||
Marathon Oil Corp., 6.80%, 3/15/32 | 78,000 | 100,469 | |||
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 117,000 | 152,870 | |||
MPLX L.P., Senior Bond, 4.70%, 4/15/48 | 150,000 | 173,059 | |||
MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 85,000 | 108,545 | |||
Murray Energy Corp., Secured Note, 12.00%, 4/15/24 (b)(d) | 180,991 | 18 | |||
ONEOK Partners L.P., 6.65%, 10/1/36 | 80,000 | 104,561 | |||
ONEOK, Inc., 3.10%, 3/15/30 | 1,810,000 | 1,843,501 | |||
ONEOK, Inc., 4.45%, 9/1/49 | 350,000 | 386,719 | |||
ONEOK, Inc., 4.50%, 3/15/50 | 250,000 | 276,882 | |||
ONEOK, Inc., 4.95%, 7/13/47 | 150,000 | 173,308 | |||
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231,000 | 301,111 | |||
Petroleos Mexicanos, 6.50%, 3/13/27 | 200,000 | 213,368 | |||
Petroleos Mexicanos, 6.75%, 9/21/47 | 400,000 | 355,000 | |||
Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 6/15/44 | 420,000 | 446,631 | |||
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 83,000 | 106,572 | |||
Qatar Petroleum, 2.25%, 7/12/31 (b) | 200,000 | 198,114 | |||
Sanchez Energy Corp, 7.75%, 6/15/21 | 150,000 | 4,875 | |||
Sanchez Energy Corp., 6.13%, 1/15/23 | 100,000 | 3,250 | |||
Schlumberger Holdings Corp., 3.90%, 5/17/28 (b) | 49,000 | 52,930 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 (b) | $ | 175,000 | $ | 175,000 | |
Topaz Solar Farms LLC, 4.88%, 9/30/39 (b) | 343,740 | 387,599 | |||
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | 230,000 | 257,641 | |||
Valero Energy Corp., 2.85%, 4/15/25 | 195,000 | 201,994 | |||
Valero Energy Corp., 4.00%, 4/1/29 | 45,000 | 48,968 | |||
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350,000 | 385,910 | |||
Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29 (b) | 25,000 | 25,938 | |||
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 (b) | 25,000 | 26,500 | |||
Western Midstream Operating L.P., 4.00%, 7/1/22 | 450,000 | 451,125 | |||
Western Midstream Operating L.P., 5.30%, 3/1/48 | 10,000 | 12,050 | |||
Williams Cos., Inc. (The), 3.50%, 10/15/51 | 55,000 | 55,563 | |||
Williams Cos., Inc. (The), 5.75%, 6/24/44 | 183,000 | 237,521 | |||
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200,000 | 239,105 | |||
Total Energy | 15,987,457 | ||||
FINANCIAL - 9.6% | |||||
American Express Co., 3.40%, 2/22/24 | 72,000 | 75,508 | |||
American Express Co., Senior Note, 4.20%, 11/6/25 | 60,000 | 65,992 | |||
American International Group, Inc., Senior Bond, 3.88%, 1/15/35 | 6,000 | 6,634 | |||
Americo Life, Inc., 3.45%, 4/15/31 (b) | 59,000 | 57,344 | |||
Ameriprise Financial, Inc., 3.00%, 3/22/22 | 84,000 | 84,478 | |||
Assured Guaranty US Holdings, Inc., 3.60%, 9/15/51 | 53,000 | 55,113 | |||
Athene Global Funding, 1.73%, 10/2/26 (b) | 129,000 | 126,612 | |||
Bank of America Corp., 1.49%, 5/19/24 (SOFR + 1.460%)(c) | 224,000 | 225,622 | |||
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) | 984,000 | 1,010,630 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
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 | $ | 47,457 | |
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) | 113,000 | 122,631 | |||
Bank of America Corp., 4.45%, 3/3/26 | 1,525,000 | 1,678,960 | |||
Bank of America Corp., (3 month USD LIBOR + 1.320%), 4.08%, 4/23/40 (c) | 108,000 | 124,075 | |||
Bank of America Corp., (3 month USD LIBOR + 2.664%), 4.30%, 1/28/25 (c)(e) | 475,000 | 480,344 | |||
Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25 (c) | 1,000,000 | 987,857 | |||
Bank of America Corp., (SOFR + 0.910%), 1.02%, 7/22/27 (c) | 1,000,000 | 1,016,728 | |||
Bank of America Corp., (SOFR + 1.320%), 2.69%, 4/22/32 (c) | 1,000,000 | 1,014,826 | |||
Bank of America Corp., (SOFR + 1.560%), 2.97%, 7/21/52 (c) | 42,000 | 42,125 | |||
Bank of America Corp., (SOFR + 1.580%), 3.31%, 4/22/42 (c) | 82,000 | 86,184 | |||
Bank of America Corp., (SOFR + 1.210%), 2.57%, 10/20/32 (c) | 530,000 | 532,546 | |||
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 | 2,409,399 | |||
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 | 667,478 | |||
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 | 303,412 | |||
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 285,000 | 311,831 | |||
BankUnited, Inc., 4.88%, 11/17/25 | 254,000 | 279,162 | |||
BankUnited, Inc., 5.13%, 6/11/30 | 158,000 | 179,905 | |||
BOC Aviation USA Corp., 1.63%, 4/29/24 (b) | 200,000 | 199,698 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Boston Properties L.P., 2.55%, 4/1/32 | $ | 44,000 | $ | 43,671 | |
Brandywine Operating Partnership L.P., 3.95%, 2/15/23 | 500,000 | 511,913 | |||
Brighthouse Financial Global Funding, 0.60%, 6/28/23 (b) | 95,000 | 94,515 | |||
Brixmor Operating Partnership L.P., 2.50%, 8/16/31 | 48,000 | 46,972 | |||
Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500,000 | 523,848 | |||
Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625,000 | 681,990 | |||
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500,000 | 539,885 | |||
Broadstone Net Lease LLC, 2.60%, 9/15/31 | 515,000 | 499,788 | |||
Charles Schwab Corp. (The), Series H, (1 year CMT + 3.079%), 4.00%, 12/1/30 (c)(e) | 1,000,000 | 1,010,000 | |||
Chubb INA Holdings, Inc., 3.05%, 12/15/61 | 26,000 | 26,525 | |||
Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)(c) | 820,000 | 798,668 | |||
Citigroup, Inc., 1.68%, 5/15/24 (SOFR + 1.667%)(c) | 1,000,000 | 1,011,089 | |||
Citigroup, Inc., 4.70%, 1/30/25 (SOFR + 3.234%)(c)(e) | 55,000 | 55,561 | |||
Citigroup, Inc., 5.88%, 2/22/33 | 119,000 | 150,932 | |||
Citigroup, Inc., (SOFR + 0.686%), 0.78%, 10/30/24 (c) | 1,000,000 | 994,041 | |||
Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32 (c) | 300,000 | 301,556 | |||
Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30 (c) | 160,000 | 166,153 | |||
Citigroup, Inc., (SOFR + 0.528%), 1.28%, 11/3/25 (c) | 775,000 | 772,916 | |||
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) | 44,000 | 47,456 | |||
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 | 771,957 | |||
Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)(c)(e) | 225,000 | 231,750 | |||
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 240,000 | 309,468 | |||
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1,504,000 | 1,676,990 | |||
Citizens Financial Group, Inc., 2.64%, 9/30/32 | 227,000 | 224,229 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Citizens Financial Group, Inc., 3.25%, 4/30/30 | $ | 34,000 | $ | 35,900 | |
CNA Financial Corp., 3.95%, 5/15/24 | 365,000 | 385,092 | |||
Columbia Property Trust Operating Partnership L.P., 4.15%, 4/1/25 | 195,000 | 211,440 | |||
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1,000,000 | 1,033,220 | |||
Corporate Office Properties L.P., 2.90%, 12/1/33 | 77,000 | 75,205 | |||
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 (b) | 970,000 | 988,011 | |||
Duke Realty L.P., 2.88%, 11/15/29 | 1,000,000 | 1,038,990 | |||
Empower Finance 2020 L.P., 1.36%, 9/17/27 (b) | 1,125,000 | 1,090,869 | |||
Empower Finance 2020 L.P., 1.78%, 3/17/31 (b) | 1,000,000 | 965,364 | |||
EPR Properties, 3.60%, 11/15/31 | 42,000 | 41,552 | |||
Equitable Financial Life Global Funding, 0.50%, 4/6/23 (b) | 158,000 | 157,235 | |||
Equitable Financial Life Global Funding, 1.30%, 7/12/26 (b) | 97,000 | 94,923 | |||
Everest Reinsurance Holding, Inc., 3.13%, 10/15/52 | 590,000 | 574,312 | |||
F&G Global Funding, 0.90%, 9/20/24 (b) | 88,000 | 86,692 | |||
Federal Realty Investment Trust, 1.25%, 2/15/26 | 1,150,000 | 1,126,360 | |||
First Horizon Bank, 5.75%, 5/1/30 | 250,000 | 299,024 | |||
Five Corners Funding Trust, Senior Note, 4.42%, 11/15/23 (b) | 600,000 | 635,946 | |||
Five Corners Funding Trust II, 2.85%, 5/15/30 (b) | 1,000,000 | 1,036,190 | |||
FS KKR Capital Corp., 4.13%, 2/1/25 | 1,550,000 | 1,620,832 | |||
GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/41 (b) | 940,000 | 1,012,888 | |||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 260,000 | 310,274 | |||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150,000 | 167,035 | |||
Goldman Sachs Group, Inc. (The), 0.86%, 2/12/26 (SOFR + 0.609%)(c) | 1,000,000 | 980,406 | |||
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 201,000 | 214,205 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Goldman Sachs Group, Inc. (The), (3 month USD LIBOR + 1.158%), 3.81%, 4/23/29 (c) | $ | 925,000 | $ | 1,006,172 | |
Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27 (c) | 99,000 | 96,994 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.248%), 2.38%, 7/21/32 (c) | 69,000 | 67,937 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32 (c) | 770,000 | 775,530 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42 (c) | 69,000 | 71,559 | |||
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 | 455,439 | |||
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 206,000 | 292,087 | |||
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 (b) | 1,000,000 | 997,500 | |||
Healthpeak Properties, Inc., 2.13%, 12/1/28 | 925,000 | 926,277 | |||
HNA 2015 LLC, 2.37%, 9/18/27 | 312,603 | 322,222 | |||
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | 86,000 | 88,282 | |||
Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31 | 850,000 | 820,047 | |||
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 | 224,049 | |||
Jackson Financial, Inc., 4.00%, 11/23/51 (b) | 52,000 | 52,418 | |||
JPMorgan Chase & Co., 0.56%, 2/16/25 (SOFR + 0.420%)(c) | 950,000 | 936,242 | |||
JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)(c) | 320,000 | 323,774 | |||
JPMorgan Chase & Co., 4.00%, 4/1/25 (SOFR + 2.745%)(c)(e) | 975,000 | 979,875 | |||
JPMorgan Chase & Co., 4.60%, 2/1/25 (SOFR + 3.125%)(c)(e) | 165,000 | 169,331 | |||
JPMorgan Chase & Co., (3 month USD LIBOR + 1.337%), 3.78%, 2/1/28 (c) | 1,525,000 | 1,650,863 | |||
JPMorgan Chase & Co., (SOFR + 0.600%), 0.65%, 9/16/24 (c) | 147,000 | 146,309 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29 (c) | $ | 63,000 | $ | 62,474 | |
JPMorgan Chase & Co., (SOFR + 1.250%), 2.58%, 4/22/32 (c) | 405,000 | 410,204 | |||
JPMorgan Chase & Co., (SOFR + 1.510%), 2.53%, 11/19/41 (c) | 304,000 | 289,073 | |||
JPMorgan Chase & Co., (SOFR + 1.180%), 2.55%, 11/8/32 (c) | 535,000 | 538,008 | |||
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) | 142,000 | 150,875 | |||
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 | 1,368,656 | |||
JPMorgan Chase & Co., Series KK, (5 year CMT + 2.850%), 3.65%, 6/1/26 (c)(e) | 1,000,000 | 997,500 | |||
KeyBank NA, Subordinated Note, 3.40%, 5/20/26 | 500,000 | 532,522 | |||
Kimco Realty Corp., 2.25%, 12/1/31 | 1,100,000 | 1,071,832 | |||
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1,000,000 | 941,189 | |||
Liberty Mutual Group, Inc., 3.95%, 5/15/60 (b) | 85,000 | 93,322 | |||
Liberty Mutual Group, Inc., 3.95%, 10/15/50 (b) | 120,000 | 132,824 | |||
Liberty Mutual Group, Inc., 4.57%, 2/1/29 (b) | 700,000 | 804,371 | |||
Low Income Investment Fund, 3.39%, 7/1/26 | 1,000,000 | 1,039,018 | |||
LPL Holdings, Inc., 4.38%, 5/15/31 (b) | 325,000 | 332,438 | |||
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)(b)(c) | 4,000 | 4,297 | |||
Maple Grove Funding Trust I, 4.16%, 8/15/51 (b) | 100,000 | 102,966 | |||
Mastercard, Inc., 1.90%, 3/15/31 | 1,000,000 | 1,005,456 | |||
Mastercard, Inc., 2.00%, 3/3/25 | 119,000 | 122,002 | |||
Morgan Stanley, 3.63%, 1/20/27 | 294,000 | 318,743 | |||
Morgan Stanley, 3.95%, 4/23/27 | 950,000 | 1,045,836 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
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 | $ | 501,405 | |
Morgan Stanley, (SOFR + 0.525%), 0.79%, 5/30/25 (c) | 30,000 | 29,608 | |||
Morgan Stanley, (SOFR + 0.858%), 1.51%, 7/20/27 (c) | 94,000 | 92,519 | |||
Morgan Stanley, (SOFR + 1.178%), 2.24%, 7/21/32 (c) | 210,000 | 205,396 | |||
Morgan Stanley, (SOFR + 1.360%), 2.48%, 9/16/36 (c) | 1,313,000 | 1,264,353 | |||
Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42 (c) | 77,000 | 80,669 | |||
Morgan Stanley, (SOFR + 0.560%), 1.16%, 10/21/25 (c) | 49,000 | 48,613 | |||
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 | 1,256,843 | |||
Morgan Stanley, Subordinated Note, 5.00%, 11/24/25 | 25,000 | 27,986 | |||
Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29 (b) | 175,000 | 174,382 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | 225,000 | 227,531 | |||
National Health Investors, Inc., 3.00%, 2/1/31 | 54,000 | 52,064 | |||
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) | 128,000 | 137,814 | |||
Nuveen Finance LLC, 4.13%, 11/1/24 (b) | 400,000 | 430,116 | |||
Office Properties Income Trust, 3.45%, 10/15/31 | 52,000 | 50,385 | |||
OFS Capital Corp., 4.75%, 2/10/26 | 1,300,000 | 1,313,063 | |||
Ohio National Financial Services, Inc., 5.80%, 1/24/30 (b) | 200,000 | 226,464 | |||
Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 144,000 | 140,354 | |||
Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 81,000 | 81,587 | |||
OneMain Finance Corp., 6.63%, 1/15/28 | 225,000 | 252,000 | |||
OneMain Finance Corp., 8.25%, 10/1/23 | 125,000 | 137,656 | |||
Primerica, Inc., 2.80%, 11/19/31 | 78,000 | 78,840 | |||
Principal Life Global Funding II, 0.50%, 1/8/24 (b) | 92,000 | 91,038 | |||
Private Export Funding Corp., Series II, 2.05%, 11/15/22 | 1,000,000 | 1,013,635 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | $ | 500,000 | $ | 558,930 | |
Prudential Financial, Inc., 1.50%, 3/10/26 | 1,232,000 | 1,232,582 | |||
Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)(c) | 36,000 | 40,330 | |||
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) | 97,000 | 100,929 | |||
Public Storage, 2.25%, 11/9/31 | 360,000 | 361,812 | |||
Realty Income Corp., 2.85%, 12/15/32 | 550,000 | 570,733 | |||
Realty Income Corp., 3.25%, 1/15/31 | 285,000 | 306,450 | |||
Regency Centers L.P., 3.75%, 6/15/24 | 500,000 | 526,527 | |||
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 138,000 | 206,504 | |||
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500,000 | 538,394 | |||
SBL Holdings, Inc., 5.00%, 2/18/31 (b) | 67,000 | 70,782 | |||
Security Benefit Global Funding, 1.25%, 5/17/24 (b) | 48,000 | 47,763 | |||
Signature Bank, 4.00%, 10/15/30 (c) | 150,000 | 159,239 | |||
SVB Financial Group, 2.10%, 5/15/28 | 1,050,000 | 1,050,238 | |||
Synchrony Financial, 2.88%, 10/28/31 | 46,000 | 45,904 | |||
Synchrony Financial, 4.50%, 7/23/25 | 374,000 | 404,089 | |||
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 (b) | 210,000 | 219,003 | |||
Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 187,000 | 201,778 | |||
US Bancorp, (5 year CMT + 0.950%), 2.49%, 11/3/36 (c) | 215,000 | 214,173 | |||
USAA Capital Corp., 2.13%, 5/1/30 (b) | 1,000,000 | 999,805 | |||
Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31 (c) | 138,000 | 139,070 | |||
Visa, Inc., 0.75%, 8/15/27 | 42,000 | 40,262 | |||
Visa, Inc., 1.90%, 4/15/27 | 1,000,000 | 1,014,313 | |||
Vornado Realty L.P., 2.15%, 6/1/26 | 595,000 | 594,557 | |||
Voya Financial, Inc., 4.70%, 1/23/48 (4.70% fixed rate until 1/23/28; 2.08% + 3 month USD LIBOR thereafter)(c) | 49,000 | 49,215 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)(c) | $ | 772,000 | $ | 791,705 | |
Wells Fargo & Co., 4.30%, 7/22/27 | 476,000 | 530,327 | |||
Wells Fargo & Co., 5.61%, 1/15/44 | 44,000 | 59,539 | |||
Wells Fargo & Co., (SOFR + 1.262%), 2.57%, 2/11/31 (c) | 670,000 | 683,977 | |||
WR Berkley Corp., 4.00%, 5/12/50 | 160,000 | 183,063 | |||
Zions Bancorp NA, 3.25%, 10/29/29 | 271,000 | 280,169 | |||
Total Financial | 79,769,385 | ||||
INDUSTRIAL - 0.9% | |||||
AECOM, 5.13%, 3/15/27 | 175,000 | 190,635 | |||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 65,000 | 65,879 | |||
Amsted Industries, Inc., 5.63%, 7/1/27 (b) | 200,000 | 208,000 | |||
Arrow Electronics, Inc., 2.95%, 2/15/32 | 46,000 | 46,453 | |||
Berry Global, Inc., 1.57%, 1/15/26 | 1,010,000 | 988,305 | |||
Boeing Co. (The), 2.20%, 2/4/26 | 1,150,000 | 1,149,726 | |||
Boeing Co. (The), 3.75%, 2/1/50 | 525,000 | 545,652 | |||
Carlisle Cos., Inc., 2.20%, 3/1/32 | 985,000 | 948,608 | |||
Carrier Global Corp., 3.38%, 4/5/40 | 132,000 | 137,916 | |||
Caterpillar Financial Services Corp., 0.65%, 7/7/23 | 149,000 | 148,990 | |||
CNH Industrial Capital LLC, 4.20%, 1/15/24 | 58,000 | 61,216 | |||
Emerson Electric Co., 0.88%, 10/15/26 | 93,000 | 90,455 | |||
Flowserve Corp., 2.80%, 1/15/32 | 245,000 | 238,387 | |||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 75,000 | 78,540 | |||
John Deere Capital Corp., 0.63%, 9/10/24 | 60,000 | 59,325 | |||
John Deere Capital Corp., 1.30%, 10/13/26 | 47,000 | 46,525 | |||
Kansas City Southern, 4.70%, 5/1/48 | 38,000 | 47,278 | |||
Nature Conservancy (The), 1.21%, 2/1/24 (3 month USD LIBOR + 1.08%)(c) | 520,000 | 519,282 | |||
Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300,000 | 293,876 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 (b) | 139,000 | 147,276 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., Senior Note, 4.13%, 8/1/23 (b) | 330,000 | 344,311 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Standard Industries, Inc., 4.38%, 7/15/30 (b) | $ | 175,000 | $ | 178,588 | |
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 (b) | 125,000 | 129,063 | |||
Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60 (c) | 148,000 | 152,049 | |||
Trimble, Inc., 4.75%, 12/1/24 | 13,000 | 14,093 | |||
Trimble, Inc., Senior Note, 4.15%, 6/15/23 | 250,000 | 259,989 | |||
Union Pacific Corp., 2.97%, 9/16/62 | 225,000 | 222,425 | |||
United Parcel Service, Inc., 3.90%, 4/1/25 | 65,000 | 70,144 | |||
Vontier Corp., 2.95%, 4/1/31 (b) | 47,000 | 46,556 | |||
Xylem, Inc., 2.25%, 1/30/31 | 250,000 | 247,757 | |||
Total Industrial | 7,677,299 | ||||
TECHNOLOGY - 0.8% | |||||
Apple, Inc., 1.40%, 8/5/28 | 97,000 | 94,987 | |||
Apple, Inc., Senior Bond, 3.85%, 8/4/46 | 325,000 | 385,114 | |||
Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500,000 | 535,684 | |||
Broadcom, Inc., 2.45%, 2/15/31 (b) | 79,000 | 77,461 | |||
Broadcom, Inc., 3.14%, 11/15/35 (b) | 434,000 | 436,586 | |||
Broadcom, Inc., 3.19%, 11/15/36 (b) | 105,000 | 104,817 | |||
Broadcom, Inc., 3.42%, 4/15/33 (b) | 809,000 | 848,076 | |||
Broadcom, Inc., 4.11%, 9/15/28 | 224,000 | 245,571 | |||
CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | 315,000 | 322,751 | |||
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350,000 | 383,526 | |||
Dell International LLC/EMC Corp., 3.38%, 12/15/41 (b) | 54,000 | 53,387 | |||
Dell International LLC/EMC Corp., 8.10%, 7/15/36 | 56,000 | 85,210 | |||
Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 203,000 | 202,748 | |||
Hewlett Packard Enterprise Co., 6.35%, 10/15/45 | 80,000 | 107,149 | |||
HP, Inc., 2.65%, 6/17/31 (b) | 1,000,000 | 985,854 | |||
Kyndryl Holdings, Inc., 2.05%, 10/15/26 (b) | 67,000 | 65,236 | |||
Kyndryl Holdings, Inc., 3.15%, 10/15/31 (b) | 81,000 | 78,571 | |||
Microsoft Corp., 2.68%, 6/1/60 | 56,000 | 55,815 | |||
Microsoft Corp., 3.04%, 3/17/62 | 269,000 | 287,762 | |||
Oracle Corp., 2.30%, 3/25/28 | 191,000 | 190,408 | |||
Oracle Corp., 4.00%, 11/15/47 | 122,000 | 126,666 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
TECHNOLOGY (continued) | |||||
Oracle Corp., Senior Bond, 3.80%, 11/15/37 | $ | 156,000 | $ | 162,876 | |
Roper Technologies, Inc., 1.40%, 9/15/27 | 500,000 | 485,164 | |||
Total Technology | 6,321,419 | ||||
UTILITIES - 3.5% | |||||
AEP Transmission Co. LLC, 4.25%, 9/15/48 | 425,000 | 509,919 | |||
AES Corp. (The), 1.38%, 1/15/26 | 1,000,000 | 970,456 | |||
AES Corp. (The), 2.45%, 1/15/31 | 1,000,000 | 974,306 | |||
Alabama Power Co., 3.75%, 3/1/45 | 170,000 | 188,109 | |||
Alexander Funding Trust, 1.84%, 11/15/23 (b) | 555,000 | 556,884 | |||
Alliant Energy Finance LLC, 3.75%, 6/15/23 (b) | 300,000 | 310,744 | |||
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 77,000 | 81,279 | |||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225,000 | 251,665 | |||
Atmos Energy Corp., 3.38%, 9/15/49 | 320,000 | 339,662 | |||
Avangrid, Inc., 3.20%, 4/15/25 | 236,000 | 248,014 | |||
Brooklyn Union Gas Co. (The), 4.49%, 3/4/49 (b) | 1,000,000 | 1,174,833 | |||
Calpine Corp., 3.75%, 3/1/31 (b) | 450,000 | 433,687 | |||
Clearway Energy Operating LLC, 3.75%, 2/15/31 (b) | 925,000 | 922,687 | |||
CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50 (c) | 63,000 | 68,513 | |||
Commonwealth Edison Co., 3.70%, 8/15/28 | 820,000 | 899,592 | |||
Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105,000 | 125,605 | |||
Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61 | 167,000 | 176,253 | |||
Dominion Energy South Carolina, Inc., 5.10%, 6/1/65 | 101,000 | 144,399 | |||
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) | 42,000 | 44,812 | |||
Dominion Energy, Inc., Senior Note, 4.25%, 6/1/28 | 270,000 | 300,907 | |||
DTE Electric Co., 3.95%, 3/1/49 | 124,000 | 146,530 | |||
Duke Energy Florida LLC, 2.50%, 12/1/29 | 1,000,000 | 1,027,601 | |||
Duke Energy Florida LLC, 3.80%, 7/15/28 | 550,000 | 606,022 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Duke Energy Florida LLC, 4.20%, 7/15/48 | $ | 50,000 | $ | 59,991 | |
Electricite de France S.A., Senior Note, 3.63%, 10/13/25 (b) | 1,000,000 | 1,066,898 | |||
Emera US Finance L.P., 3.55%, 6/15/26 | 400,000 | 425,441 | |||
Emera US Finance L.P., 4.75%, 6/15/46 | 102,000 | 120,160 | |||
Entergy Louisiana LLC, 4.20%, 9/1/48 | 310,000 | 368,717 | |||
Entergy Mississippi LLC, 3.50%, 6/1/51 | 37,000 | 39,737 | |||
Entergy Texas, Inc., 4.50%, 3/30/39 | 204,000 | 239,889 | |||
Essential Utilities, Inc., 3.35%, 4/15/50 | 58,000 | 60,030 | |||
FirstEnergy Corp., Senior Bond, Series C, 7.38%, 11/15/31 | 114,000 | 153,832 | |||
Florida Power & Light Co., 2.88%, 12/4/51 | 570,000 | 578,065 | |||
Georgia Power Co., Series A, 3.25%, 3/15/51 | 92,000 | 92,272 | |||
Interstate Power & Light Co., 3.50%, 9/30/49 | 64,000 | 68,587 | |||
Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23 (b) | 400,000 | 431,600 | |||
Jersey Central Power & Light Co., 2.75%, 3/1/32 (b) | 35,000 | 35,469 | |||
Liberty Utilities Finance GP 1, 2.05%, 9/15/30 (b) | 64,000 | 61,014 | |||
MidAmerican Energy Co., 3.10%, 5/1/27 | 624,000 | 662,455 | |||
National Fuel Gas Co., 4.75%, 9/1/28 | 1,000,000 | 1,103,110 | |||
National Fuel Gas Co., 5.50%, 1/15/26 | 1,225,000 | 1,368,740 | |||
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 329,000 | 343,098 | |||
New York State Electric & Gas Corp., 2.15%, 10/1/31 (b) | 1,225,000 | 1,197,721 | |||
Northwest Natural Gas Co., 3.08%, 12/1/51 | 1,000,000 | 989,459 | |||
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | 720,000 | 792,416 | |||
Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107,000 | 103,060 | |||
Pacific Gas and Electric Co., 4.30%, 3/15/45 | 81,000 | 81,892 | |||
PacifiCorp, 4.13%, 1/15/49 | 135,000 | 155,526 | |||
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28 (b) | 425,000 | 440,937 | |||
PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85,000 | 102,199 | |||
Public Service Co. of Colorado, 2.70%, 1/15/51 | 179,000 | 171,739 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Public Service Co. of Colorado, 3.70%, 6/15/28 | $ | 85,000 | $ | 93,242 | |
Public Service Co. of Colorado, 4.10%, 6/15/48 | 182,000 | 217,394 | |||
Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31 | 109,000 | 107,045 | |||
Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420,000 | 405,528 | |||
Public Service Enterprise Group, Inc., 2.45%, 11/15/31 | 350,000 | 345,850 | |||
San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51 | 1,375,000 | 1,383,748 | |||
Southern California Edison Co., 1.10%, 4/1/24 | 206,000 | 205,217 | |||
Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110,000 | 123,392 | |||
Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75,000 | 93,047 | |||
Southern Power Co., Senior Note, 4.15%, 12/1/25 | 500,000 | 543,774 | |||
Southwestern Electric Power Co., 3.25%, 11/1/51 | 1,100,000 | 1,090,830 | |||
Southwestern Public Service Co., 3.75%, 6/15/49 | 360,000 | 409,749 | |||
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 (b) | 419,350 | 459,188 | |||
Tucson Electric Power Co., 1.50%, 8/1/30 | 525,000 | 490,384 | |||
Union Electric Co., 2.95%, 6/15/27 | 86,000 | 90,460 | |||
Vistra Operations Co. LLC, 3.55%, 7/15/24 (b) | 305,000 | 314,082 | |||
Vistra Operations Co. LLC, 5.00%, 7/31/27 (b) | 100,000 | 103,782 | |||
Wisconsin Public Service Corp., 2.85%, 12/1/51 | 510,000 | 500,900 | |||
Total Utilities | 28,794,145 | ||||
TOTAL CORPORATE BONDS (Cost: $208,563,976) | 213,663,106 | ||||
ASSET-BACKED SECURITIES - 16.6% | |||||
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 (b) | 1,620,000 | 1,620,245 | |||
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 (b) | 1,351,239 | 1,393,342 | |||
Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, 2/18/25 | 100,000 | 100,687 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | $ | 100,000 | $ | 102,249 | |
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 300,000 | 306,096 | |||
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | 500,000 | 507,128 | |||
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25 | 300,000 | 301,442 | |||
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, ABS, 1.06%, 8/18/26 | 200,000 | 199,496 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, ABS, 0.89%, 10/19/26 | 1,100,000 | 1,087,519 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300,000 | 294,939 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27 | 300,000 | 297,469 | |||
AMSR 2019-SFR1 Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39 (b) | 100,000 | 102,178 | |||
Antares CLO 2019-1 Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 2.68%, 7/20/31 (b)(c) | 1,940,000 | 1,940,578 | |||
Apres Static CLO Ltd., Series 2019-1A, Class A1R, ABS, (3 month USD LIBOR + 1.070%), 1.19%, 10/15/28 (b)(c) | 951,666 | 951,683 | |||
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 1.23%, 7/26/31 (3 month USD LIBOR + 1.10%)(b)(c) | 1,000,000 | 1,000,026 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 (b) | 200,000 | 210,834 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, 3/20/23 (b) | 150,000 | 150,589 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 (b) | 400,000 | 418,904 |
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 (b) | $ | 500,000 | $ | 511,092 | |
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 (b) | 300,000 | 307,160 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 (b) | 800,000 | 785,582 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28 (b) | 900,000 | 891,810 | |||
Bain Capital Credit Clo Ltd., Series 2016-2A, Class CRR, ABS, (3 month USD LIBOR + 2.000%), 2.12%, 1/15/29 (b)(c) | 660,000 | 656,244 | |||
Bain Capital Credit CLO Ltd., Series 2019-2A, Class AR, ABS, (3 month USD LIBOR + 1.100%), 1.22%, 10/17/32 (b)(c) | 1,250,000 | 1,249,515 | |||
Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.120%), 1.00%, 1/20/32 (b)(c) | 1,000,000 | 999,999 | |||
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 1.00%, 7/20/34 (b)(c) | 1,000,000 | 1,000,459 | |||
Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 1.83%, 4/20/33 (b)(c) | 2,000,000 | 2,004,694 | |||
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 (b) | 138,880 | 138,670 | |||
California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.500%), 2.62%, 7/16/32 (b)(c) | 1,840,000 | 1,835,488 | |||
Carlyle Global Market Strategies, Series 2012-4A, Class A1R3, ABS, (3 month USD LIBOR + 1.080%), 1.21%, 4/22/32 (b)(c) | 1,250,000 | 1,249,535 | |||
Carlyle Global Market Strategies, Series 2015-5A, Class A1RR, ABS, (3 month USD LIBOR + 1.080%), 1.21%, 1/20/32 (b)(c) | 2,250,000 | 2,248,450 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Carlyle Global Market Strategies, Series 2021-11A, Class A, ABS, (3 month USD LIBOR + 1.095%), 1.35%, 1/25/33 (b)(c) | $ | 2,000,000 | $ | 2,000,000 | |
Carlyle Global Market Strategies, Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 1.00%, 7/20/34 (b)(c) | 1,500,000 | 1,499,162 | |||
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400,000 | 392,819 | |||
CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200,000 | 197,943 | |||
CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27 | 190,000 | 186,524 | |||
CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27 | 200,000 | 196,107 | |||
CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50 (b) | 540,000 | 554,584 | |||
Carvana Auto Receivables Trust, Series 2021-P4, Class B, ABS, 1.98%, 2/10/28 | 100,000 | 99,961 | |||
CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 1.31%, 7/20/34 (b)(c) | 1,750,000 | 1,751,080 | |||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 (b) | 358,996 | 358,605 | |||
CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 (b) | 510,000 | 517,716 | |||
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, 0.96%, 6/25/34 (1 month USD LIBOR +0.855%)(c) | 40,987 | 40,324 | |||
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.32%, 10/17/31 (3 month USD LIBOR + 1.20%)(b)(c) | 1,000,000 | 1,000,051 | |||
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | 600,000 | 687,789 | |||
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 (b) | 48,372 | 49,568 | |||
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 (b) | 277,221 | 276,961 | |||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31 (b) | 830,000 | 822,705 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 3.52%, 4/25/29 (b)(c) | $ | 1,300,000 | $ | 1,295,722 | |
DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51 (b) | 1,020,000 | 1,010,871 | |||
Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25 | 200,000 | 199,693 | |||
Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 1.24%, 5/15/32 (b)(c) | 1,510,000 | 1,510,223 | |||
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.35%, 10/15/29 (3 month USD LIBOR + 1.23%)(b)(c) | 500,000 | 499,836 | |||
Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 1.34%, 7/15/34 (b)(c) | 1,000,000 | 999,432 | |||
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 1.20%, 5/25/37 (1 month USD LIBOR + 1.10%)(b)(c) | 10,121 | 10,127 | |||
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 (b) | 76,470 | 76,771 | |||
Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51 (b) | 1,700,000 | 1,696,811 | |||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 (b) | 500,000 | 526,762 | |||
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 (b) | 1,000,000 | 1,048,404 | |||
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 (b) | 800,000 | 783,941 | |||
Ford Credit Auto Owner Trust, Series 2020-REV1, 2.04%, 8/15/31 (b) | 800,000 | 814,410 | |||
Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 (b) | 120,000 | 118,412 | |||
Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34 (b) | 100,000 | 99,317 | |||
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600,000 | 590,760 | |||
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 (b) | 490,758 | 489,507 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40 (b) | $ | 262,821 | $ | 263,028 | |
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 (b) | 219,015 | 219,981 | |||
GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, 6/17/24 | 100,000 | 102,048 | |||
GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34 (b) | 100,000 | 97,964 | |||
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 (b) | 800,000 | 798,652 | |||
Golub Capital Partners TALF LLC, Series 2020-2A, Class C, ABS, (3 month USD LIBOR + 3.650%), 3.79%, 2/5/30 (b)(c) | 650,000 | 652,115 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 (b) | 371,071 | 364,647 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48 (b) | 1,500,000 | 1,495,400 | |||
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 (b) | 392,819 | 409,560 | |||
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 (b) | 179,587 | 183,914 | |||
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 (b) | 644,921 | 646,919 | |||
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 (b) | 400,000 | 393,995 | |||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 (b) | 400,000 | 396,054 | |||
Home Equity Asset Trust, Series 2003-1, Class M1, 1.60%, 6/25/33 (1 month USD LIBOR + 1.50%)(c) | 3,947 | 3,974 | |||
Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41 (b) | 500,000 | 498,388 | |||
HPS Loan Management Ltd., Series 10A-16, Class A1RR, ABS, (3 month USD LIBOR + 1.140%), 1.27%, 4/20/34 (b)(c) | 1,000,000 | 998,368 | |||
HPS Loan Management Ltd., Series 15A-19, Class A1, 1.45%, 7/22/32 (3 month USD LIBOR + 1.32%)(b)(c) | 500,000 | 500,329 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.200%), 1.33%, 10/20/34 (b)(c) | $ | 1,125,000 | $ | 1,124,717 | |
KKR Clo 32 Ltd., Series 32A, Class A1, ABS, (3 month USD LIBOR + 1.320%), 1.44%, 1/15/32 (b)(c) | 1,500,000 | 1,500,681 | |||
KVK CLO Ltd., Series 2016-1A, Class A1R2, ABS, (3 month USD LIBOR + 1.210%), 1.00%, 10/15/34 (b)(c) | 750,000 | 749,811 | |||
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 (b) | 70,048 | 70,627 | |||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75%, 1/25/59 (b) | 51,537 | 51,588 | |||
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, 5/25/59 (b) | 132,548 | 132,619 | |||
Lendmark Funding Trust, Series 2019-2A, Class A, ABS, 2.78%, 4/20/28 (b) | 800,000 | 811,170 | |||
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1,134,103 | 1,221,142 | |||
Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 (b) | 797,251 | 796,908 | |||
Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 (b) | 430,350 | 426,759 | |||
Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 1.31%, 7/20/34 (b)(c) | 1,000,000 | 1,000,304 | |||
Madison Park Funding X Ltd., Series 2012-10A, Class AR3, ABS, (3 month USD LIBOR + 1.010%), 1.14%, 1/20/29 (b)(c) | 2,815,551 | 2,815,782 | |||
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 (b) | 695,243 | 701,292 | |||
Midocean Credit CLO IX, Series 2018-9A, Class A1, 1.28%, 7/20/31 (3 month USD LIBOR + 1.15%)(b)(c) | 500,000 | 500,032 | |||
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 (b) | 100,000 | 104,677 | |||
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 (b) | 300,000 | 311,937 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 (b) | $ | 300,000 | $ | 307,622 | |
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 (b) | 2,200,000 | 2,165,350 | |||
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE6, Class M1, 0.93%, 8/25/34 (1 month USD LIBOR + 0.83%)(c) | 6,688 | 6,628 | |||
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 (b) | 637,118 | 638,869 | |||
Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46 (b) | 723,352 | 703,153 | |||
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 (b) | 800,589 | 790,814 | |||
Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52 (b) | 1,637,323 | 1,584,399 | |||
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 1.24%, 7/15/31 (3 month USD LIBOR + 1.12%)(b)(c) | 1,000,000 | 998,845 | |||
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 (b) | 386,100 | 391,486 | |||
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 (b) | 1,127,316 | 1,139,208 | |||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 (b) | 67,537 | 68,552 | |||
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (b) | 185,597 | 189,173 | |||
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 (b) | 224,995 | 227,408 | |||
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 (b) | 182,598 | 182,717 | |||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61 (b) | 1,730,000 | 1,733,986 | |||
New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1, Class AT1, ABS, 1.04%, 12/16/52 (b) | 540,000 | 540,029 | |||
Newtek Small Business Loan Trust, Series 2018-1, Class A, 2.70%, 2/25/44 (1 month USD LIBOR + 1.70%)(b)(c) | 410,029 | 411,128 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Newtek Small Business Loan Trust, Series 2019-2, Class A ( PRIME + 0.50%), 4.00%, 2/25/44 (1 month USD LIBOR + 3.00%)(b)(c) | $ | 197,327 | $ | 198,261 | |
Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 1.42%, 6/20/34 (b)(c) | 2,000,000 | 2,000,290 | |||
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 (b) | 510,000 | 509,629 | |||
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, ABS, 1.32%, 10/15/52 (b) | 300,000 | 299,854 | |||
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 3.48%, 1/20/31 (b)(c) | 1,620,000 | 1,620,429 | |||
Oaktree CLO Ltd., Series 2015-1A, Class A1R, 1.00%, 10/20/27 (3 month USD LIBOR + 0.87%)(b)(c) | 531,330 | 531,112 | |||
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 1.40%, 10/13/31 (b)(c) | 1,474,373 | 1,474,413 | |||
Octagon Investment Partners, Ltd., Series 2017-1A, Class AR, ABS, (3 month USD LIBOR + 1.050%), 1.18%, 7/20/30 (b)(c) | 875,000 | 873,927 | |||
OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 (b) | 2,050,000 | 2,037,906 | |||
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/24 (b) | 14,807 | 14,811 | |||
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 (b) | 900,000 | 949,581 | |||
OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28 (b) | 600,000 | 593,037 | |||
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 (b) | 200,000 | 204,522 | |||
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 (b) | 400,000 | 397,383 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 0.81%, 6/16/36 (b)(c) | $ | 600,000 | $ | 600,299 | |
Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28 (b) | 1,400,000 | 1,396,830 | |||
Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 (b) | 1,290,000 | 1,291,224 | |||
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27 (b) | 576,136 | 587,450 | |||
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28 (b) | 800,000 | 808,376 | |||
Palmer Square CLO Ltd., Series 2015-1A, Class A1A4, ABS, (3 month USD LIBOR + 1.130%), 1.29%, 5/21/34 (b)(c) | 1,500,000 | 1,499,996 | |||
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 2.48%, 11/25/28 Zero Coupon,(b)(c) | 730,000 | 730,537 | |||
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.530%), 0.63%, 5/25/70 (b)(c) | 513,679 | 514,172 | |||
Progress Residential Trust, Series 2021-SFR8, Class D, ABS, 2.08%, 10/17/38 (b) | 100,000 | 97,768 | |||
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A ( PRIME + 0.50%), 2.75%, 12/27/44 (b)(c) | 332,832 | 326,264 | |||
Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.150%), 1.36%, 6/20/34 (b)(c) | 1,500,000 | 1,498,803 | |||
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 (b) | 320,000 | 322,179 | |||
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 (b) | 1,870,000 | 1,846,396 | |||
Renew, Series 2018-1, Class A, 3.95%, 9/20/53 (b) | 215,604 | 224,158 | |||
Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 (b) | 857,019 | 844,497 | |||
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 (b) | 600,000 | 612,126 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Rockford Tower CLO 2020-1 Ltd., Series 2020-1A, Class A, ABS, (3 month USD LIBOR + 1.280%), 1.41%, 1/20/32 (b)(c) | $ | 1,250,000 | $ | 1,258,119 | |
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 (b) | 740,000 | 769,965 | |||
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90%, 10/15/24 | 251,578 | 252,754 | |||
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25 | 160,736 | 161,444 | |||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26 | 400,000 | 401,165 | |||
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 300,000 | 300,400 | |||
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, ABS, 0.75%, 2/17/26 | 600,000 | 599,392 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 500,000 | 498,507 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 600,000 | 596,317 | |||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27 | 600,000 | 594,215 | |||
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27 | 600,000 | 596,343 | |||
Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1A, ABS, (3 month USD LIBOR + 1.320%), 1.45%, 10/20/32 (b)(c) | 1,750,000 | 1,750,093 | |||
SoFi Consumer Loan Program Trust, Series 2020-1, Class 1A, 2.02%, 1/25/29 (b) | 68,625 | 68,894 | |||
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.95%, 2/15/46 (b) | 195,223 | 196,509 | |||
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 (b) | 114,331 | 117,122 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48 (b) | $ | 228,915 | $ | 231,721 | |
SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/46 (b) | 396,164 | 403,246 | |||
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, 1.20%, 1/26/31 (3 month USD LIBOR + 1.07%)(b)(c) | 250,000 | 250,139 | |||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44 (b) | 1,234,017 | 1,278,541 | |||
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 (b) | 1,006,339 | 1,030,823 | |||
STWD Ltd., Series 2019-FL1, Class B (SOFR30A +1.714%), 1.77%, 7/15/38 (SOFR + 1.71%)(SOFR + 1.71%)(SOFR + 1.71%)(SOFR + 1.71)3(b)(c) | 470,000 | 469,266 | |||
STWD Ltd., Series 2019-FL1, Class C (SOFR30A +1.714%), 2.12%, 7/15/38 (SOFR + 1.06%)(SOFR + 1.06%)(SOFR + 1.06%)1(b)(c) | 280,000 | 279,388 | |||
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 (b) | 1,620,000 | 1,605,256 | |||
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 (b) | 232,865 | 254,692 | |||
Sunrun Demeter Issuer, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57 (b) | 1,280,000 | 1,271,007 | |||
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 (b) | 401,168 | 422,209 | |||
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 (b) | 1,165,639 | 1,184,970 | |||
TCW CLO 2017-1A Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.180%), 1.00%, 10/29/34 (b)(c) | 750,000 | 750,544 | |||
Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22 (b) | 929,208 | 932,998 | |||
Tesla Auto Lease Trust, Series 2019-A, Class A4, 2.20%, 11/21/22 (b) | 500,000 | 503,991 | |||
Tesla Auto Lease Trust, Series 2020-A, Class D, ABS, 2.33%, 2/20/24 (b) | 800,000 | 810,254 | |||
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 (b) | 1,000,000 | 993,856 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25 (b) | $ | 1,200,000 | $ | 1,185,460 | |
TH Msrissuer Trust, Series 2019-FT1, Class A, 2.89%, 6/25/24 (1 month USD LIBOR + 2.80%)(b)(c) | 450,000 | 448,642 | |||
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.27%, 1/20/31 (3 month USD LIBOR + 1.14%)(b)(c) | 1,000,000 | 999,999 | |||
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 (b) | 182,084 | 181,649 | |||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (b) | 300,000 | 299,184 | |||
Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24 | 1,807,373 | 1,805,400 | |||
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.59%, 7/20/32 (3 month USD LIBOR + 1.46%)(b)(c) | 500,000 | 500,359 | |||
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 (b) | 825,283 | 842,962 | |||
VB-S1 Issuer LLC, Series 2020-1A, Class C2, 3.03%, 6/15/50 (b) | 700,000 | 719,032 | |||
VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31 (b) | 900,000 | 894,472 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 (b) | 235,464 | 250,630 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 (b) | 733,422 | 767,104 | |||
Wellfleet CLO Ltd., Series 2018-1A, Class A, 1.22%, 7/17/31 (3 month USD LIBOR + 1.10%)(b)(c) | 1,000,000 | 995,908 | |||
Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 (b) | 460,000 | 476,575 | |||
World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25 | 400,000 | 403,368 | |||
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 100,000 | 101,425 | |||
World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27 | 100,000 | 98,287 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Zais CLO 9 Ltd., Series 2018-2A, Class A, 1.33%, 7/20/31 (3 month USD LIBOR + 1.20%)(b)(c) | $ | 970,261 | $ | 959,337 | |
TOTAL ASSET-BACKED SECURITIES (Cost: $136,897,259) | 137,361,912 | ||||
U.S. GOVERNMENT AGENCIES - 14.6% | |||||
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | 1,050,000 | 1,043,183 | |||
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 463,859 | 448,281 | |||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 129,851 | 133,496 | |||
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 2,697,708 | 2,691,791 | |||
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 91,342 | 95,065 | |||
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 346,728 | 357,684 | |||
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 2,915,149 | 2,978,682 | |||
Federal Home Loan Mortgage Corp., 2.50%, 5/1/51 | 281,976 | 288,122 | |||
Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 421,735 | 430,907 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 205,256 | 216,836 | |||
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 300,983 | 315,653 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 560,951 | 592,717 | |||
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | 243,497 | 255,929 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 829,927 | 869,912 | |||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 297,474 | 311,147 | |||
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 79,211 | 82,214 | |||
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 420,960 | 437,584 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 77,051 | 82,877 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | 364,965 | 394,329 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 160,736 | 173,009 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 225,445 | 242,497 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 151,942 | 162,282 | |||
Federal Home Loan Mortgage Corp., 3.50%, 8/1/46 | 548,102 | 590,351 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | 187,947 | 201,019 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 162,408 | 172,322 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/51 | 528,166 | 565,403 | |||
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 108,931 | 119,651 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | $ | 208,861 | $ | 229,268 | |
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 4,578 | 4,975 | |||
Federal Home Loan Mortgage Corp., 4.00%, 10/1/47 | 87,650 | 95,779 | |||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/48 | 890,629 | 966,882 | |||
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48 | 2,355,831 | 2,570,300 | |||
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48 | 47,805 | 52,177 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 286,408 | 309,253 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 31,446 | 34,672 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 63,894 | 69,102 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 66,201 | 71,539 | |||
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 160,617 | 173,190 | |||
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 159,277 | 175,057 | |||
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 133,646 | 151,478 | |||
Federal National Mortgage Association, 0.63%, 4/22/25 | 1,000,000 | 986,184 | |||
Federal National Mortgage Association, 0.88%, 8/5/30 | 1,615,000 | 1,521,878 | |||
Federal National Mortgage Association, 1.50%, 2/1/37 (f) | 300,000 | 300,275 | |||
Federal National Mortgage Association, 1.50%, 10/1/50 | 430,227 | 415,856 | |||
Federal National Mortgage Association, 1.50%, 12/1/50 | 934,949 | 903,655 | |||
Federal National Mortgage Association, 1.63%, 1/7/25 | 520,000 | 529,402 | |||
Federal National Mortgage Association, 2.00%, 2/1/37 (f) | 2,700,000 | 2,759,960 | |||
Federal National Mortgage Association, 2.00%, 12/1/40 | 572,510 | 577,836 | |||
Federal National Mortgage Association, 2.00%, 2/1/41 | 472,607 | 480,215 | |||
Federal National Mortgage Association, 2.00%, 5/1/41 | 935,312 | 950,373 | |||
Federal National Mortgage Association, 2.00%, 10/1/50 | 1,721,430 | 1,717,654 | |||
Federal National Mortgage Association, 2.00%, 11/1/50 | 436,335 | 435,378 | |||
Federal National Mortgage Association, 2.00%, 1/1/51 | 931,844 | 930,415 | |||
Federal National Mortgage Association, 2.00%, 1/1/51 | 449,600 | 448,614 | |||
Federal National Mortgage Association, 2.00%, 2/1/51 | 489,502 | 488,429 | |||
Federal National Mortgage Association, 2.00%, 5/1/51 | 1,013,909 | 1,011,685 | |||
Federal National Mortgage Association, 2.00%, 1/1/52 (f) | 1,500,000 | 1,495,378 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 2.00%, 2/1/52 (f) | $ | 9,470,000 | $ | 9,419,736 | |
Federal National Mortgage Association, 2.50%, 4/1/31 | 489,027 | 510,242 | |||
Federal National Mortgage Association, 2.50%, 2/1/37 (f) | 930,000 | 960,536 | |||
Federal National Mortgage Association, 2.50%, 9/1/41 | 3,421,546 | 3,532,627 | |||
Federal National Mortgage Association, 2.50%, 5/1/43 | 228,737 | 235,694 | |||
Federal National Mortgage Association, 2.50%, 8/1/46 | 560,406 | 574,958 | |||
Federal National Mortgage Association, 2.50%, 9/1/46 | 45,100 | 46,301 | |||
Federal National Mortgage Association, 2.50%, 10/1/46 | 141,228 | 144,370 | |||
Federal National Mortgage Association, 2.50%, 8/1/50 | 697,845 | 712,647 | |||
Federal National Mortgage Association, 2.50%, 10/1/50 | 363,809 | 371,526 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 422,784 | 431,752 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 1,782,059 | 1,820,112 | |||
Federal National Mortgage Association, 2.50%, 1/1/52 (f) | 1,000,000 | 1,020,239 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 (f) | 8,480,000 | 8,630,097 | |||
Federal National Mortgage Association, 2.63%, 9/6/24 | 1,000,000 | 1,046,093 | |||
Federal National Mortgage Association, 3.00%, 5/1/30 | 148,880 | 156,894 | |||
Federal National Mortgage Association, 3.00%, 5/1/32 | 474,970 | 499,536 | |||
Federal National Mortgage Association, 3.00%, 10/1/32 | 374,450 | 393,473 | |||
Federal National Mortgage Association, 3.00%, 5/1/40 | 270,839 | 282,883 | |||
Federal National Mortgage Association, 3.00%, 5/1/43 | 411,355 | 434,054 | |||
Federal National Mortgage Association, 3.00%, 9/1/46 | 138,681 | 146,182 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 210,088 | 221,485 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 1,343,414 | 1,402,697 | |||
Federal National Mortgage Association, 3.00%, 1/1/47 | 250,443 | 262,750 | |||
Federal National Mortgage Association, 3.00%, 2/1/47 | 1,264,380 | 1,333,371 | |||
Federal National Mortgage Association, 3.00%, 2/25/47 | 418,005 | 432,392 | |||
Federal National Mortgage Association, 3.00%, 11/1/47 | 22,800 | 23,291 | |||
Federal National Mortgage Association, 3.00%, 12/1/49 | 421,172 | 436,501 | |||
Federal National Mortgage Association, 3.00%, 2/1/50 | 1,055,042 | 1,093,374 | |||
Federal National Mortgage Association, 3.00%, 7/1/50 | 5,069,527 | 5,345,516 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 3.00%, 9/1/51 | $ | 361,553 | $ | 383,225 | |
Federal National Mortgage Association, 3.00%, 2/1/52 (f) | 1,000,000 | 1,034,440 | |||
Federal National Mortgage Association, 3.50%, 12/1/30 | 38,996 | 41,246 | |||
Federal National Mortgage Association, 3.50%, 1/1/35 | 150,735 | 160,732 | |||
Federal National Mortgage Association, 3.50%, 5/1/40 | 94,709 | 100,417 | |||
Federal National Mortgage Association, 3.50%, 1/1/41 | 221,415 | 237,512 | |||
Federal National Mortgage Association, 3.50%, 8/1/42 | 185,933 | 200,002 | |||
Federal National Mortgage Association, 3.50%, 11/1/42 | 264,841 | 284,902 | |||
Federal National Mortgage Association, 3.50%, 8/1/43 | 117,166 | 126,509 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 320,407 | 342,137 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 201,778 | 215,284 | |||
Federal National Mortgage Association, 3.50%, 8/1/46 | 212,718 | 229,021 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 116,044 | 125,215 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 104,393 | 111,248 | |||
Federal National Mortgage Association, 3.50%, 1/1/47 | 120,284 | 127,955 | |||
Federal National Mortgage Association, 3.50%, 4/1/47 | 353,893 | 377,859 | |||
Federal National Mortgage Association, 3.50%, 9/1/47 | 165,828 | 175,577 | |||
Federal National Mortgage Association, 3.50%, 11/1/47 | 5,941 | 6,405 | |||
Federal National Mortgage Association, 3.50%, 11/1/47 | 52,047 | 55,187 | |||
Federal National Mortgage Association, 3.50%, 3/1/48 | 1,746,457 | 1,847,824 | |||
Federal National Mortgage Association, 3.50%, 6/1/48 | 201,066 | 214,707 | |||
Federal National Mortgage Association, 3.50%, 11/1/48 | 258,792 | 274,100 | |||
Federal National Mortgage Association, 3.50%, 1/1/52 (f) | 1,500,000 | 1,579,086 | |||
Federal National Mortgage Association, 4.00%, 9/1/40 | 163,957 | 180,015 | |||
Federal National Mortgage Association, 4.00%, 3/1/41 | 313,598 | 344,287 | |||
Federal National Mortgage Association, 4.00%, 9/1/42 | 33,546 | 36,445 | |||
Federal National Mortgage Association, 4.00%, 1/1/44 | 9,530 | 10,463 | |||
Federal National Mortgage Association, 4.00%, 1/1/45 | 12,907 | 14,023 | |||
Federal National Mortgage Association, 4.00%, 6/1/45 | 4,579 | 5,020 | |||
Federal National Mortgage Association, 4.00%, 12/1/45 | 322,084 | 351,806 | |||
Federal National Mortgage Association, 4.00%, 12/1/45 | 11,750 | 12,890 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 4.00%, 7/1/46 | $ | 331,286 | $ | 356,889 | |
Federal National Mortgage Association, 4.00%, 3/1/47 | 152,442 | 162,170 | |||
Federal National Mortgage Association, 4.00%, 9/1/47 | 482,958 | 517,131 | |||
Federal National Mortgage Association, 4.00%, 9/1/47 | 19,989 | 21,437 | |||
Federal National Mortgage Association, 4.00%, 10/1/47 | 113,240 | 121,003 | |||
Federal National Mortgage Association, 4.00%, 12/1/47 | 59,146 | 64,680 | |||
Federal National Mortgage Association, 4.00%, 12/1/47 | 236,096 | 252,822 | |||
Federal National Mortgage Association, 4.00%, 1/1/48 | 270,435 | 288,789 | |||
Federal National Mortgage Association, 4.00%, 2/1/48 | 95,377 | 101,796 | |||
Federal National Mortgage Association, 4.00%, 4/1/48 | 463,656 | 492,696 | |||
Federal National Mortgage Association, 4.00%, 3/1/49 | 1,727,148 | 1,834,890 | |||
Federal National Mortgage Association, 4.50%, 9/1/40 | 165,034 | 181,850 | |||
Federal National Mortgage Association, 4.50%, 2/1/41 | 312,642 | 345,679 | |||
Federal National Mortgage Association, 4.50%, 9/1/42 | 3,012 | 3,293 | |||
Federal National Mortgage Association, 4.50%, 12/1/43 | 17,030 | 18,698 | |||
Federal National Mortgage Association, 4.50%, 7/1/46 | 124,323 | 134,700 | |||
Federal National Mortgage Association, 4.50%, 11/1/47 | 52,908 | 58,211 | |||
Federal National Mortgage Association, 4.50%, 1/1/48 | 142,600 | 156,667 | |||
Federal National Mortgage Association, 4.50%, 2/1/48 | 26,285 | 28,918 | |||
Federal National Mortgage Association, 4.50%, 3/1/48 | 107,228 | 117,946 | |||
Federal National Mortgage Association, 4.50%, 3/1/48 | 99,033 | 106,771 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 81,207 | 89,339 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 108,058 | 118,879 | |||
Federal National Mortgage Association, 5.00%, 9/1/40 | 133,006 | 149,804 | |||
Federal National Mortgage Association, 5.00%, 2/1/41 | 93,302 | 105,705 | |||
Federal National Mortgage Association, 5.00%, 7/1/44 | 235,107 | 267,450 | |||
Federal National Mortgage Association, 5.00%, 5/1/48 | 65,644 | 72,123 | |||
Federal National Mortgage Association, 5.00%, 8/1/48 | 22,938 | 25,569 | |||
Federal National Mortgage Association, 5.50%, 2/1/42 | 55,528 | 63,033 | |||
Government National Mortgage Association, 2.00%, 3/20/51 | 456,578 | 461,196 | |||
Government National Mortgage Association, 2.00%, 2/1/52 (f) | 3,665,000 | 3,691,360 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 2.50%, 12/20/46 | $ | 103,333 | $ | 106,453 | |
Government National Mortgage Association, 2.50%, 10/20/50 | 1,769,513 | 1,819,907 | |||
Government National Mortgage Association, 2.50%, 8/20/51 | 393,883 | 403,862 | |||
Government National Mortgage Association, 2.50%, 1/1/52 (f) | 500,000 | 512,031 | |||
Government National Mortgage Association, 2.50%, 2/1/52 (f) | 6,630,000 | 6,774,765 | |||
Government National Mortgage Association, 3.00%, 12/20/42 | 222,875 | 233,780 | |||
Government National Mortgage Association, 3.00%, 12/20/45 | 71,467 | 74,598 | |||
Government National Mortgage Association, 3.00%, 9/20/46 | 108,976 | 113,755 | |||
Government National Mortgage Association, 3.00%, 10/20/46 | 226,002 | 235,914 | |||
Government National Mortgage Association, 3.00%, 2/20/47 | 257,239 | 268,488 | |||
Government National Mortgage Association, 3.00%, 4/20/47 | 176,145 | 183,837 | |||
Government National Mortgage Association, 3.00%, 12/20/47 | 79,919 | 83,006 | |||
Government National Mortgage Association, 3.00%, 1/20/48 | 166,791 | 173,736 | |||
Government National Mortgage Association, 3.00%, 9/20/49 | 134,151 | 138,896 | |||
Government National Mortgage Association, 3.00%, 12/20/49 | 267,352 | 276,825 | |||
Government National Mortgage Association, 3.00%, 4/15/50 | 258,637 | 266,768 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 347,181 | 370,713 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 532,821 | 565,596 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 270,100 | 288,295 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 253,716 | 264,851 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 397,977 | 419,970 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 3.00%, 7/20/51 | $ | 294,797 | $ | 314,540 | |
Government National Mortgage Association, 3.00%, 1/1/52 (f) | 1,000,000 | 1,034,653 | |||
Government National Mortgage Association, 3.00%, 2/1/52 (f) | 550,000 | 568,049 | |||
Government National Mortgage Association, 3.50%, 2/20/42 | 185,150 | 198,343 | |||
Government National Mortgage Association, 3.50%, 7/20/42 | 271,502 | 290,873 | |||
Government National Mortgage Association, 3.50%, 11/20/42 | 123,794 | 132,602 | |||
Government National Mortgage Association, 3.50%, 8/20/45 | 50,302 | 53,194 | |||
Government National Mortgage Association, 3.50%, 9/20/45 | 50,514 | 53,416 | |||
Government National Mortgage Association, 3.50%, 4/20/46 | 73,429 | 77,581 | |||
Government National Mortgage Association, 3.50%, 12/20/46 | 411,253 | 432,999 | |||
Government National Mortgage Association, 3.50%, 1/20/47 | 260,638 | 274,236 | |||
Government National Mortgage Association, 3.50%, 11/20/47 | 141,684 | 148,987 | |||
Government National Mortgage Association, 3.50%, 1/20/48 | 148,931 | 156,575 | |||
Government National Mortgage Association, 3.50%, 11/20/48 | 584,722 | 611,531 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 197,967 | 214,650 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 152,911 | 161,320 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 231,460 | 248,188 | |||
Government National Mortgage Association, 3.50%, 10/20/50 | 84,840 | 91,244 | |||
Government National Mortgage Association, 4.00%, 11/20/40 | 93,850 | 101,649 | |||
Government National Mortgage Association, 4.00%, 2/20/46 | 204,365 | 220,365 | |||
Government National Mortgage Association, 4.00%, 3/20/46 | 78,362 | 83,246 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 4.00%, 5/20/47 | $ | 118,504 | $ | 126,365 | |
Government National Mortgage Association, 4.00%, 8/20/47 | 60,729 | 64,679 | |||
Government National Mortgage Association, 4.00%, 9/20/47 | 929,605 | 988,250 | |||
Government National Mortgage Association, 4.50%, 9/20/39 | 98,092 | 107,538 | |||
Government National Mortgage Association, 4.50%, 7/20/41 | 55,454 | 61,356 | |||
Government National Mortgage Association, 4.50%, 2/20/47 | 36,529 | 39,483 | |||
Government National Mortgage Association, 4.50%, 8/20/47 | 58,637 | 62,929 | |||
Government National Mortgage Association, 4.50%, 1/20/48 | 197,186 | 211,301 | |||
Government National Mortgage Association, 4.50%, 3/20/48 | 37,527 | 40,147 | |||
Government National Mortgage Association, 4.50%, 7/20/48 | 79,114 | 84,140 | |||
Government National Mortgage Association, 4.50%, 6/20/49 | 219,752 | 232,430 | |||
Government National Mortgage Association, 5.00%, 7/20/45 | 142,211 | 159,734 | |||
Tennessee Valley Authority, 1.50%, 9/15/31 | 145,000 | 142,843 | |||
United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27 | 1,000,000 | 1,062,630 | |||
United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | 1,000,000 | 998,776 | |||
United States International Development Finance Corp., Series 3, 1.05%, 10/15/29 | 893,706 | 877,715 | |||
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $120,578,957) | 120,952,767 | ||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 12.9% | |||||
Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 (b)(c) | 841,222 | 834,955 | |||
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 2.36%, 4/15/34 (b)(c) | 1,000,000 | 998,120 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66 (b)(c) | $ | 100,000 | $ | 100,068 | |
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 0.96%, 9/15/34 (1 month USD LIBOR + 0.85%)(b)(c) | 400,000 | 399,454 | |||
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 575,000 | 638,049 | |||
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500,000 | 527,423 | |||
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1,200,000 | 1,152,352 | |||
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | 500,000 | 484,249 | |||
Bellemeade Re Ltd., Series 2019-3A, Class M1B, 1.70%, 7/25/29 (1 month USD LIBOR + 1.60%)(b)(c) | 127,998 | 127,998 | |||
Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 1.25%, 6/25/31 (b)(c) | 605,000 | 603,514 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30 + 1.000%), 1.05%, 9/25/31 (b)(c) | 300,000 | 298,448 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 1.80%, 3/25/31 (b)(c) | 300,000 | 300,351 | |||
Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51 | 500,000 | 517,312 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 3/15/62 (b)(c) | 250,000 | 261,283 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850,000 | 911,165 | |||
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1,200,000 | 1,154,212 | |||
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | 1,300,000 | 1,261,961 | |||
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500,000 | 478,342 | |||
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 (b) | 1,500,000 | 1,527,404 | |||
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | 550,000 | 552,343 | |||
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600,000 | 600,712 | |||
Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1,200,000 | 1,190,251 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | $ | 800,000 | $ | 805,879 | |
Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54 | 3,000,000 | 3,026,126 | |||
Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54 | 1,200,000 | 1,219,978 | |||
BX Commercial Mortgage Trust, Series 2020-BXLP, Class A, 0.91%, 12/15/36 (1 month USD LIBOR +0.800%)(b)(c) | 584,529 | 584,177 | |||
BX Commercial Mortgage Trust, Series 2021-XL2, Class C, (1 month USD LIBOR + 1.197%), 1.31%, 10/15/38 (b)(c) | 1,000,000 | 993,799 | |||
BXMT Ltd., Series 2020-FL2, Class A, (SOFR30 + 1.014%), 1.07%, 2/15/38 (b)(c) | 840,000 | 838,688 | |||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800,000 | 829,772 | |||
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 (c) | 500,000 | 517,837 | |||
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900,000 | 913,281 | |||
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 (b) | 250,000 | 260,088 | |||
Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/39 (b)(c) | 488,000 | 464,522 | |||
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.59%, 12/10/54 | 2,286,759 | 2,421,451 | |||
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class B, 1.86%, 7/15/30 (1 month USD LIBOR + 1.75%)(b)(c) | 1,300,000 | 1,295,787 | |||
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 102,215 | 105,997 | |||
Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.78%, 11/10/31 (b)(c) | 1,000,000 | 1,016,969 | |||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | 114,286 | 116,772 | |||
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750,000 | 833,526 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | $ | 280,000 | $ | 287,926 | |
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.26%, 8/10/46 (b)(c) | 500,000 | 482,648 | |||
COMM Mortgage Trust, Series 2016-CR28, Class B, 4.64%, 2/10/49 (c) | 500,000 | 540,334 | |||
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2, CMO, (SOFR30A + 1.550%), 1.60%, 10/25/41 (b)(c) | 30,000 | 30,036 | |||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | 135,894 | 140,368 | |||
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700,000 | 769,855 | |||
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | 1,250,000 | 1,272,954 | |||
CSMC, Series 2020, 0.00%, 4/28/38 | 131,757 | 133,333 | |||
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 (b)(c) | 157,804 | 163,928 | |||
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 (b)(c) | 160,160 | 160,537 | |||
DBJPM Mortgage Trust, Series 2016-C3, Class A4, 2.63%, 8/10/49 | 1,100,000 | 1,134,893 | |||
Eagle RE Ltd., Series 2021-1, Class M1A, CMO, (SOFR30A + 1.700%), 1.75%, 10/25/33 (b)(c) | 935,000 | 935,000 | |||
Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 1.60%, 4/25/34 (b)(c) | 1,350,000 | 1,349,940 | |||
Federal Home Loan Mortgage Corp., Series 2017-DNA2, Class M1, 1.30%, 10/25/29 (1 month USD LIBOR + 1.20%)(c) | 7,836 | 7,836 | |||
Federal Home Loan Mortgage Corp., Series 2018-HQA1, Class M2, CMO, (1 month USD LIBOR + 2.300%), 2.40%, 9/25/30 (c) | 45,799 | 46,316 | |||
Federal Home Loan Mortgage Corp., Series 2020-HQA3, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.600%), 3.70%, 7/25/50 (b)(c) | 67,067 | 67,339 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 2.15%, 10/25/33 (b)(c) | $ | 639,000 | $ | 650,410 | |
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M1, CMO, REMIC, (SOFR30A +0.650%), 0.70%, 1/25/34 (b)(c) | 133,296 | 133,253 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A +1.650%), 1.70%, 1/25/34 (b)(c) | 270,000 | 271,156 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA6, Class B1, CMO, REMIC, (SOFR30A + 3.400%), 3.45%, 10/25/41 (b)(c) | 100,000 | 100,627 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA7, Class B1, CMO, (SOFR30A + 3.650%), 3.70%, 11/25/41 (b)(c) | 175,000 | 177,723 | |||
Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A +0.850%), 0.90%, 9/25/41 (b)(c) | 1,550,000 | 1,549,285 | |||
Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31 | 982,237 | 961,753 | |||
Federal Home Loan Mortgage Corp., Series 4640, Class CZ, CMO, REMIC, 3.50%, 12/15/46 | 1,028,975 | 1,101,497 | |||
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 1,000,000 | 1,010,506 | |||
Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1,107,667 | 1,176,515 | |||
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 9.66%, 10/15/48 (1 month USD LIBOR + 9.84%)(c) | 96,819 | 114,026 | |||
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 (g) | 516,694 | 59,401 | |||
Federal Home Loan Mortgage Corp., Series 5034, Class IJ, CMO, IO, REMIC, 2.50%, 11/25/50 (g) | 1,571,374 | 258,567 | |||
Federal Home Loan Mortgage Corp., Series K088, Class AM, 3.76%, 1/25/29 (c) | 360,000 | 407,068 | |||
Federal Home Loan Mortgage Corp., Series K091, Class AM, 3.57%, 3/25/29 | 750,000 | 845,307 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal Home Loan Mortgage Corp., Series K157, Class A2, 3.99%, 5/25/33 (c) | $ | 600,000 | $ | 698,404 | |
Federal Home Loan Mortgage Corp., Series KC03, Class A2, 3.50%, 1/25/26 | 450,000 | 469,330 | |||
Federal Home Loan Mortgage Corp., Series W5FX, Class AFX, 3.21%, 4/25/28 (c) | 830,000 | 902,776 | |||
Federal National Mortgage Association, Series 2014-C02, Class 1M2, 2.70%, 5/25/24 (1 month USD LIBOR + 2.60%)(c) | 60,806 | 61,939 | |||
Federal National Mortgage Association, Series 2014-C03, Class 1M2, 3.10%, 7/25/24 (1 month USD LIBOR + 3.00%)(c) | 80,583 | 81,822 | |||
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.37%, 7/25/28 (c) | 62,721 | 65,750 | |||
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.33%, 6/25/28 (c) | 500,000 | 547,165 | |||
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 869,100 | 884,815 | |||
Federal National Mortgage Association, Series 2019-M22, Class A1, 2.10%, 8/25/29 | 935,750 | 959,525 | |||
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 (g) | 413,559 | 47,123 | |||
Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 (g) | 663,900 | 92,095 | |||
Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51 (g) | 248,385 | 34,895 | |||
Federal National Mortgage Association, Series 2021-M1G, Class A2, 1.51%, 11/25/30 (c) | 1,000,000 | 974,895 | |||
Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.25%, 1/25/31 (c) | 1,000,000 | 953,317 | |||
Flagstar Mortgage Trust, Series 2021-10IN, Class A1, CMO, 3.00%, 10/25/51 (b)(c) | 195,377 | 198,189 | |||
Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 (b)(c) | 230,514 | 228,926 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
GMSC, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 1.26%, 10/15/36 (b)(c) | $ | 1,720,000 | $ | 1,718,131 | |
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 | 188,041 | 196,298 | |||
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 208,363 | 223,714 | |||
Government National Mortgage Association, Series 2017-101, Class AB, 2.50%, 7/20/47 | 266,658 | 274,389 | |||
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 (g) | 52,005 | 6,136 | |||
Government National Mortgage Association, Series 2019-M25, Class AB, 3.50%, 1/20/49 | 208,231 | 222,586 | |||
GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 0.80%, 11/21/35 (b)(c) | 300,000 | 298,696 | |||
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51 (c) | 800,000 | 862,509 | |||
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1,080,543 | 1,110,352 | |||
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.96%, 11/10/49 (c) | 500,000 | 489,401 | |||
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1,000,000 | 1,064,785 | |||
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52 | 1,100,000 | 1,131,481 | |||
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1,400,000 | 1,394,253 | |||
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | 1,100,000 | 1,059,834 | |||
GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 1,400,000 | 1,403,644 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50 (b)(c) | 25,047 | 25,202 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 (b)(c) | 92,015 | 91,206 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52 (b)(c) | $ | 196,568 | $ | 194,959 | |
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A8, CMO, 2.50%, 3/25/52 (b)(c) | 156,340 | 157,923 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51 (b)(c) | 86,413 | 85,438 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 (b)(c) | 268,897 | 266,694 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52 (b)(c) | 434,365 | 430,939 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52 (b)(c) | 206,519 | 204,766 | |||
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 0.72%, 8/19/45 (1 month USD LIBOR + 0.62%)(c) | 37,729 | 38,027 | |||
Home RE 2021-2 Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.250%), 1.30%, 1/25/34 (b)(c) | 260,000 | 260,122 | |||
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 8/5/34 (b)(c) | 900,000 | 738,188 | |||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | 1,071,000 | 1,123,055 | |||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.11%, 9/15/29 (1 month USD LIBOR + 1.00%)(b)(c) | 400,000 | 398,984 | |||
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 (b)(c) | 8,789 | 8,848 | |||
JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.06%, 10/26/48 (b)(c) | 47,771 | 49,199 | |||
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 (b)(c) | 32,577 | 32,861 | |||
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 0.85%, 4/25/46 (1 month USD LIBOR + 0.75%)(b)(c) | 29,581 | 29,533 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 (b)(c) | $ | 3,093 | $ | 3,111 | |
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 (b)(c) | 2,324 | 2,340 | |||
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 (b)(c) | 8,044 | 8,080 | |||
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 1.05%, 10/25/49 (1 month USD LIBOR + 0.950%)(b)(c) | 24,625 | 24,727 | |||
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.87%, 6/25/50 (b)(c) | 33,631 | 34,803 | |||
JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52 (b)(c) | 206,908 | 205,090 | |||
JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52 (b)(c) | 428,000 | 423,152 | |||
JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51 (b)(c) | 200,853 | 199,088 | |||
JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 (b)(c) | 176,221 | 174,122 | |||
JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 (b)(c) | 130,220 | 129,482 | |||
JP Morgan Trust, Series 2015-1, Class B1, CMO, 2.12%, 12/25/44 (b)(c) | 115,581 | 117,718 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.89%, 11/15/47 (b)(c) | 470,000 | 320,016 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 286,398 | 296,646 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 114,286 | 119,535 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/48 | 1,069,194 | 1,113,887 | |||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | 1,000,000 | 1,028,116 | |||
Manhattan West 2020-1MW Mortgage Trust, Series 2020-1MW, Class C, 2.34%, 9/10/39 (b)(c) | 500,000 | 492,557 | |||
MBRT, Series 2019-MBR, Class A, 1.21%, 11/15/36 (1 month USD LIBOR + 0.85%)(b)(c) | 420,000 | 419,491 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
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%), 0.79%, 2/25/55 (b)(c) | $ | 500,000 | $ | 496,995 | |
MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 (b)(c) | 706,655 | 694,680 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 4.90%, 11/15/46 (c) | 375,000 | 377,596 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 166,820 | 173,423 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 237,356 | 247,158 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 (b) | 400,000 | 345,984 | |||
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 600,000 | 623,264 | |||
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 1.51%, 5/15/36 (1 month USD LIBOR + 1.40%)(b)(c) | 1,000,000 | 987,777 | |||
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1,000,000 | 1,056,699 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51 (b)(c) | 172,136 | 170,623 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51 (b)(c) | 152,234 | 153,341 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51 (b)(c) | 158,993 | 157,596 | |||
Mortgage Repurchase Agreement Financing Trust, Series 2021-1, Class A2, CMO, (1 month USD LIBOR + 0.500%), 0.60%, 3/10/22 (b)(c) | 700,000 | 700,057 | |||
Mortgage Repurchase Agreement Financing Trust, Series 2021-S1, Class A1, CMO, (1 month USD LIBOR + 0.500%), 0.60%, 9/10/22 (b)(c) | 900,000 | 899,816 | |||
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 (b) | 82,627 | 83,611 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
MSG III Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.750%), 0.84%, 6/25/54 (b)(c) | $ | 525,000 | $ | 524,619 | |
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (1 month USD LIBOR + 2.750%), 2.86%, 7/15/36 (b)(c) | 1,000,000 | 998,500 | |||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 4.36%, 7/15/36 (1 month USD LIBOR + 4.25%)(b)(c) | 750,000 | 744,904 | |||
New Residential Mortgage Loan Trust, Series 2015-1A, Class A3, CMO, 3.75%, 5/28/52 (b)(c) | 54,997 | 56,915 | |||
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.85%, 1/25/48 (1 month USD LIBOR + 0.75%)(b)(c) | 66,217 | 66,242 | |||
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 (b)(c) | 100,000 | 99,836 | |||
Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.600%), 1.65%, 4/25/34 (b)(c) | 900,000 | 900,000 | |||
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 0.75%, 6/25/57 (b)(c) | 21,202 | 21,217 | |||
OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51 (b)(c) | 281,472 | 277,985 | |||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 (b) | 350,000 | 354,191 | |||
PFP Ltd., Series 2021-8, Class A, (1 month USD LIBOR + 1.000%), 1.11%, 8/9/37 (b)(c) | 1,620,000 | 1,612,122 | |||
PMT Credit Risk Transfer Trust, Series 2020-2R, Class A, CMO, (1 month USD LIBOR + 3.815%), 3.92%, 12/25/22 (b)(c) | 156,272 | 157,683 | |||
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 3.00%, 2/27/24 (b)(c) | 664,663 | 673,484 | |||
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 0.80%, 2/25/55 (b)(c) | 660,000 | 656,483 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 1.15%, 2/7/52 Zero Coupon,(b)(c) | $ | 218,487 | $ | 219,004 | |
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 318,079 | 331,796 | |||
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 (b)(c) | 13,238 | 13,337 | |||
Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47 (b)(c) | 14,895 | 15,001 | |||
Sequoia Mortgage Trust, Series 2019-2, Class A1, 4.00%, 6/25/49 (b)(c) | 22,041 | 22,229 | |||
Sequoia Mortgage Trust, Series 2019-5, Class A1, 3.50%, 12/25/49 (b)(c) | 27,216 | 27,653 | |||
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 (b)(c) | 65,029 | 65,775 | |||
Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 (b)(c) | 96,701 | 95,730 | |||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (b) | 960,000 | 982,350 | |||
STACR Trust, Series 2018-DNA3, Class M1, 0.85%, 9/25/48 (1 month USD LIBOR + 0.75%)(b)(c) | 378 | 378 | |||
Station Place Securitization Trust, Series 2021-4, Class A, CMO, (1 month USD LIBOR + 0.900%), 1.00%, 4/11/22 (b)(c) | 700,000 | 699,270 | |||
Station Place Securitization Trust, Series 2021-8, Class A, CMO, (3 month USD LIBOR + 0.800%), 0.90%, 6/20/22 (b)(c) | 610,000 | 610,526 | |||
Station Place Securitization Trust, Series 2021-WL1, Class A, CMO, (1 month USD LIBOR + 0.650%), 0.75%, 1/26/54 (b)(c) | 173,333 | 173,314 | |||
STWD Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 2.07%, 11/15/36 (b)(c) | 1,075,000 | 1,068,960 | |||
Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68 (b)(c) | 691,853 | 697,801 | |||
Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 3/25/59 (b)(c) | 1,120,000 | 1,124,405 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | $ | 600,000 | $ | 623,434 | |
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | 148,558 | 159,748 | |||
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 305,000 | 323,419 | |||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1,100,000 | 1,204,167 | |||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51 | 500,000 | 522,281 | |||
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 (b) | 1,300,000 | 1,302,115 | |||
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.08%, 3/10/46 (b)(c) | 225,000 | 195,156 | |||
Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 (b)(c) | 100,000 | 101,033 | |||
Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66 (b)(c) | 147,755 | 147,392 | |||
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 (b) | 600,000 | 644,973 | |||
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class AS, 3.54%, 10/15/45 | 140,000 | 141,792 | |||
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A3, 3.32%, 10/15/50 | 450,000 | 476,363 | |||
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | 950,000 | 1,011,826 | |||
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 1.85%, 2/15/37 (1 month USD LIBOR +1.740%)(b)(c) | 1,295,000 | 1,285,810 | |||
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 1.26%, 2/15/40 (b)(c) | 1,999,848 | 2,001,810 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 (b)(c) | 4,428 | 4,420 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51 (b)(c) | 347,444 | 344,182 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.14%, 5/15/45 (b)(c) | $ | 225,000 | $ | 220,994 | |
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 4.86%, 12/15/46 (c) | 350,000 | 352,591 | |||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $106,097,313) | 106,933,868 | ||||
FOREIGN CORPORATE BONDS - 7.8% | |||||
BASIC MATERIALS - 0.6% | |||||
AngloGold Ashanti Holdings PLC, 3.38%, 11/1/28 | 200,000 | 197,998 | |||
Braskem Netherlands Finance B.V., 4.50%, 1/31/30 (b) | 207,000 | 220,144 | |||
Celulosa Arauco y Constitucion S.A., 5.15%, 1/29/50 (b) | 700,000 | 796,950 | |||
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23 (b) | 400,000 | 428,888 | |||
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23 (a) | 225,000 | 241,249 | |||
Kinross Gold Corp., 4.50%, 7/15/27 | 595,000 | 664,675 | |||
LG Chem Ltd., 3.25%, 10/15/24 (b) | 660,000 | 694,426 | |||
NOVA Chemicals Corp., 4.88%, 6/1/24 (b) | 200,000 | 206,500 | |||
Suzano Austria GmbH, 3.13%, 1/15/32 | 58,000 | 56,116 | |||
Suzano Austria GmbH, 3.75%, 1/15/31 | 110,000 | 111,789 | |||
Teck Resources Ltd., 3.90%, 7/15/30 | 1,000,000 | 1,074,357 | |||
Teck Resources Ltd., 6.25%, 7/15/41 | 122,000 | 161,807 | |||
Total Basic Materials | 4,854,899 | ||||
COMMUNICATIONS - 0.1% | |||||
NTT Finance Corp., 1.16%, 4/3/26 (b) | 203,000 | 199,152 | |||
Telefonica Emisiones S.A., 4.90%, 3/6/48 | 150,000 | 180,421 | |||
Vodafone Group PLC, 4.88%, 6/19/49 | 14,000 | 17,655 | |||
Vodafone Group PLC, 5.25%, 5/30/48 | 68,000 | 88,570 | |||
Total Communications | 485,798 | ||||
CONSUMER, CYCLICAL - 0.2% | |||||
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 (b) | 200,000 | 202,552 | |||
Falabella S.A., 4.38%, 1/27/25 (b) | 400,000 | 423,504 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
CONSUMER, CYCLICAL (continued) | |||||
Hyundai Capital Services, Inc., 1.25%, 2/8/26 (b) | $ | 1,050,000 | $ | 1,024,262 | |
Kia Corp., 1.00%, 4/16/24 (b) | 91,000 | 90,639 | |||
Total Consumer, Cyclical | 1,740,957 | ||||
CONSUMER, NON-CYCLICAL - 0.4% | |||||
Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27 (b) | 1,200,000 | 1,175,635 | |||
IHS Markit Ltd., 4.13%, 8/1/23 | 210,000 | 219,450 | |||
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29 (b) | 150,000 | 165,001 | |||
Royalty Pharma PLC, 2.15%, 9/2/31 | 114,000 | 107,691 | |||
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 292,000 | 319,530 | |||
Triton Container International Ltd., 1.15%, 6/7/24 (b) | 1,000,000 | 985,740 | |||
Triton Container International Ltd., 3.15%, 6/15/31 (b) | 449,000 | 452,815 | |||
Viterra Finance B.V., 3.20%, 4/21/31 (b) | 200,000 | 201,293 | |||
Total Consumer, Non-cyclical | 3,627,155 | ||||
ENERGY - 1.2% | |||||
Aker BP ASA, 2.88%, 1/15/26 (b) | 1,000,000 | 1,036,499 | |||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (b) | 475,000 | 498,323 | |||
BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30 (c)(e) | 108,000 | 116,640 | |||
Cenovus Energy, Inc., 2.65%, 1/15/32 | 500,000 | 489,186 | |||
Cenovus Energy, Inc., 3.75%, 2/15/52 | 1,265,000 | 1,268,081 | |||
CNOOC Finance 2013 Ltd., 2.88%, 9/30/29 | 300,000 | 308,747 | |||
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27 (b) | 967,688 | 989,460 | |||
Equinor ASA, 3.25%, 11/18/49 | 1,000,000 | 1,059,163 | |||
Lundin Energy Finance B.V., 3.10%, 7/15/31 (b) | 200,000 | 201,426 | |||
Noble Finance Co., PIK, 11.00%, 2/15/28 (b)(h) | 1,034 | 1,137 | |||
Noble Finance Co., PIK, 11.00%, 2/15/28 (h) | 7,489 | 8,238 | |||
Petroleos Mexicanos, 6.35%, 2/12/48 | 54,000 | 46,224 | |||
Petroleos Mexicanos, 6.49%, 1/23/27 | 262,000 | 279,292 | |||
Qatar Petroleum, 1.38%, 9/12/26 (b) | 400,000 | 392,056 | |||
Santos Finance Ltd., 3.65%, 4/29/31 (b) | 1,185,000 | 1,206,549 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Sinopec Group Overseas Development 2018 Ltd., 3.68%, 8/8/49 (b) | $ | 200,000 | $ | 212,638 | |
Suncor Energy, Inc., 5.95%, 5/15/35 | 49,000 | 62,996 | |||
Total Capital International S.A., 3.13%, 5/29/50 | 375,000 | 384,385 | |||
UEP Penonome II S.A., 6.50%, 10/1/38 (b) | 981,155 | 1,026,544 | |||
Total Energy | 9,587,584 | ||||
FINANCIAL - 4.2% | |||||
ABN AMRO Bank N.V., (1 year CMT + 1.100%), 2.47%, 12/13/29 (b)(c) | 1,400,000 | 1,399,993 | |||
ABN AMRO Bank N.V., (5 year CMT + 1.900%), 3.32%, 3/13/37 (b)(c) | 800,000 | 799,325 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 150,000 | 151,230 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | 1,000,000 | 1,014,136 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | 150,000 | 152,816 | |||
Athene Holding Ltd., 3.45%, 5/15/52 | 52,000 | 52,228 | |||
Banco Santander Chile, 3.18%, 10/26/31 (b) | 162,000 | 164,430 | |||
Banco Santander S.A., 2.71%, 6/27/24 | 200,000 | 207,076 | |||
Bank Hapoalim BM, (5 year CMT + 2.155%), 3.26%, 1/21/32 (a)(b)(c) | 2,000,000 | 1,980,000 | |||
Bank of Nova Scotia (The), 0.40%, 9/15/23 | 217,000 | 215,283 | |||
Banque Federative du Credit Mutuel S.A., 3.75%, 7/20/23 (b) | 490,000 | 511,317 | |||
Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35 (c) | 200,000 | 204,827 | |||
BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)(b)(c) | 730,000 | 710,334 | |||
BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27 (b)(c) | 440,000 | 432,580 | |||
BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32 (b)(c) | 406,000 | 411,650 | |||
BPCE S.A., (SOFR + 1.087%), 2.05%, 10/19/27 (b)(c) | 1,100,000 | 1,090,548 | |||
BPCE S.A., (SOFR + 1.730%), 3.12%, 10/19/32 (b)(c) | 1,275,000 | 1,279,074 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Canadian Imperial Bank of Commerce, 0.50%, 12/14/23 | $ | 85,000 | $ | 83,951 | |
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 | 64,000 | 62,656 | |||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 150,000 | 153,239 | |||
Cooperatieve Rabobank UA, (1 year CMT + 0.73%), 1.00%, 9/24/26 (b)(c) | 261,000 | 253,983 | |||
Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)(b)(c) | 295,000 | 287,052 | |||
Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)(b)(c) | 250,000 | 250,480 | |||
Credit Suisse Group AG, 1.31%, 2/2/27 (SOFR + 0.980%)(b)(c) | 950,000 | 917,854 | |||
Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32 (b)(c) | 985,000 | 1,002,288 | |||
Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)(b)(c) | 201,000 | 208,834 | |||
Deutsche Bank AG, (SOFR + 1.219%), 1.27%, 11/16/27 (c) | 240,000 | 239,573 | |||
Deutsche Bank AG, (SOFR + 1.219%), 2.31%, 11/16/27 (c) | 180,000 | 179,920 | |||
Deutsche Bank AG, Series D, 5.00%, 2/14/22 | 450,000 | 452,040 | |||
Enstar Group Ltd., 4.95%, 6/1/29 | 214,000 | 238,082 | |||
Federation of Caisses Desjardins du Quebec, 1.20%, 10/14/26 (b) | 1,000,000 | 984,498 | |||
HSBC Holdings PLC, (SOFR + 1.290%), 1.59%, 5/24/27 (c) | 200,000 | 195,587 | |||
HSBC Holdings PLC, (SOFR + 1.100%), 2.25%, 11/22/27 (c) | 200,000 | 200,417 | |||
ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26 (b)(c) | 280,000 | 277,040 | |||
Intesa Sanpaolo SpA, (1 year CMT + 2.750%), 4.95%, 6/1/42 (b)(c) | 700,000 | 719,179 | |||
Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 (b) | 600,000 | 643,462 | |||
Kookmin Bank, 2.50%, 11/4/30 (b) | 950,000 | 930,704 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
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) | $ | 481,000 | $ | 493,803 | |
National Bank of Canada, (1 year CMT + 0.400%), 0.55%, 11/15/24 (c) | 250,000 | 247,089 | |||
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 | 243,555 | |||
NatWest Markets PLC, 1.60%, 9/29/26 (b) | 2,000,000 | 1,967,249 | |||
NatWest Markets PLC, 3.63%, 9/29/22 (b) | 450,000 | 460,035 | |||
Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26 (b) | 500,000 | 522,733 | |||
Nomura Holdings, Inc., 2.61%, 7/14/31 | 200,000 | 197,364 | |||
Owl Rock Technology Finance Corp., 6.75%, 6/30/25 (b) | 265,000 | 295,979 | |||
Royal Bank of Canada, 2.30%, 11/3/31 | 100,000 | 100,466 | |||
Societe Generale S.A., 3.88%, 3/28/24 (b) | 350,000 | 368,236 | |||
Societe Generale S.A., (1 year CMT + 1.000%), 1.79%, 6/9/27 (b)(c) | 915,000 | 895,414 | |||
Societe Generale S.A., (1 year CMT + 1.300%), 2.89%, 6/9/32 (b)(c) | 950,000 | 947,641 | |||
State Bank of India, 4.38%, 1/24/24 (b) | 205,000 | 215,923 | |||
Swedbank AB, 1.54%, 11/16/26 (b) | 213,000 | 211,131 | |||
Swiss Re Finance Luxembourg S.A., (5 year CMT + 3.582%), 5.00%, 4/2/49 (5 year CMT + 3.582%)(b)(c) | 1,000,000 | 1,118,750 | |||
Toronto-Dominion Bank (The), 1.25%, 12/13/24 | 107,000 | 107,129 | |||
UBS AG, (SOFR + 0.450%), 0.50%, 8/9/24 (b)(c) | 600,000 | 600,990 | |||
UBS Group AG, (1 year CMT + 0.850%), 1.49%, 8/10/27 (b)(c) | 1,075,000 | 1,048,694 | |||
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)(b)(c) | 200,000 | 219,399 | |||
UniCredit SpA, (1 year CMT + 1.550%), 3.13%, 6/3/32 (b)(c) | 200,000 | 197,691 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26 (b)(c) | $ | 1,000,000 | $ | 998,062 | |
UniCredit SpA, (3 month USD LIBOR + 3.900%), 4.03%, 1/14/22 (b)(c) | 500,000 | 500,417 | |||
United Overseas Bank Ltd., (5 year CMT + 1.230%), 2.00%, 10/14/31 (b)(c) | 1,000,000 | 992,890 | |||
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 0.65%, 6/26/24 (c) | 559,878 | 560,450 | |||
WLB Asset II B Pte Ltd., 3.95%, 12/10/24 (b) | 1,000,000 | 957,176 | |||
WLB Asset II C Pte Ltd., 3.90%, 12/23/25 (b) | 1,000,000 | 994,920 | |||
WLB Asset II Pte Ltd., 4.00%, 1/14/24 (b) | 250,000 | 247,897 | |||
Total Financial | 34,768,769 | ||||
INDUSTRIAL - 0.5% | |||||
Canadian Pacific Railway Co., 1.35%, 12/2/24 | 106,000 | 106,127 | |||
Canadian Pacific Railway Co., 3.00%, 12/2/41 | 21,000 | 21,474 | |||
Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | 138,000 | 142,657 | |||
Embraer Overseas Ltd., 5.70%, 9/16/23 (b) | 135,000 | 141,043 | |||
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 1,050,000 | 1,004,893 | |||
Masonite International Corp., 3.50%, 2/15/30 (b) | 200,000 | 197,750 | |||
Mexico City Airport Trust, 3.88%, 4/30/28 (b) | 200,000 | 207,200 | |||
Mexico City Airport Trust, 5.50%, 7/31/47 (b) | 200,000 | 200,294 | |||
nVent Finance Sarl, 2.75%, 11/15/31 | 78,000 | 77,673 | |||
Siemens Financieringsmaatschappij N.V., 0.48%, 3/11/24 ( SOFR + 0.430%)(b)(c) | 425,000 | 426,715 | |||
Waste Connections, Inc., 2.20%, 1/15/32 | 1,033,000 | 1,011,671 | |||
Waste Connections, Inc., 2.95%, 1/15/52 | 1,000,000 | 984,317 | |||
Total Industrial | 4,521,814 | ||||
TECHNOLOGY - 0.1% | |||||
SK Hynix, Inc., 2.38%, 1/19/31 (b) | 1,075,000 | 1,034,541 | |||
TSMC Global Ltd., 0.75%, 9/28/25 (b) | 200,000 | 193,218 | |||
Total Technology | 1,227,759 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
UTILITIES - 0.5% | |||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 (b) | $ | 200,000 | $ | 197,750 | |
AES Gener S.A., (5 year CMT + 4.917%), 6.35%, 10/7/79 (b)(c) | 1,000,000 | 1,018,000 | |||
Alfa Desarrollo SpA, 4.55%, 9/27/51 (b) | 200,000 | 197,400 | |||
Colbun S.A., 3.15%, 1/19/32 (b) | 1,050,000 | 1,038,975 | |||
Consorcio Transmantaro S.A., 4.70%, 4/16/34 (b) | 430,000 | 472,467 | |||
Engie Energia Chile S.A., 3.40%, 1/28/30 (b) | 209,000 | 211,612 | |||
India Cleantech Energy, 4.70%, 8/10/26 (b) | 900,000 | 913,635 | |||
Total Utilities | 4,049,839 | ||||
TOTAL FOREIGN CORPORATE BONDS (Cost: $64,503,558) | 64,864,574 | ||||
U.S. GOVERNMENT OBLIGATIONS - 7.6% | |||||
U.S. Treasury Bonds, 1.38%, 8/15/50 | 94,000 | 82,342 | |||
U.S. Treasury Bonds, 1.75%, 8/15/41 | 2,007,000 | 1,945,849 | |||
U.S. Treasury Bonds, 1.88%, 2/15/41 | 350,000 | 346,432 | |||
U.S. Treasury Bonds, 2.00%, 11/15/41 | 70,000 | 70,798 | |||
U.S. Treasury Bonds, 2.00%, 8/15/51 | 8,016,000 | 8,171,310 | |||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 6,415,000 | 6,737,755 | |||
U.S. Treasury Bonds, 2.38%, 5/15/51 | 1,064,000 | 1,175,221 | |||
U.S. Treasury Bonds, 2.50%, 5/15/46 | 1,125,000 | 1,243,345 | |||
U.S. Treasury Bonds, 2.88%, 5/15/43 | 960,000 | 1,115,550 | |||
U.S. Treasury Bonds, 3.00%, 5/15/45 | 550,000 | 657,830 | |||
U.S. Treasury Bonds, 3.63%, 8/15/43 | 420,000 | 544,819 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44 | 205,000 | 128,124 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44 | 975,000 | 607,626 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45 | 355,000 | 218,112 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/40 | 1,485,000 | 1,005,766 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41 | 6,745,000 | 4,500,325 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42 | 90,000 | 58,904 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42 | 80,000 | 52,308 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT OBLIGATIONS (continued) | |||||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/42 | $ | 820,000 | $ | 528,174 | |
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43 | 650,000 | 416,943 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43 | 480,000 | 304,217 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/43 | 485,000 | 306,123 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44 | 1,670,000 | 1,047,817 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/44 | 490,000 | 302,875 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45 | 560,000 | 341,268 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46 | 405,000 | 244,887 | |||
U.S. Treasury Notes, 0.13%, 3/31/23 | 1,500,000 | 1,493,086 | |||
U.S. Treasury Notes, 0.13%, 8/31/23 | 500,000 | 495,605 | |||
U.S. Treasury Notes, 0.50%, 10/31/27 | 2,755,000 | 2,621,770 | |||
U.S. Treasury Notes, 0.63%, 11/30/27 | 250,000 | 239,443 | |||
U.S. Treasury Notes, 0.88%, 11/15/30 | 228,000 | 216,769 | |||
U.S. Treasury Notes, 1.00%, 12/15/24 | 1,925,000 | 1,927,106 | |||
U.S. Treasury Notes, 1.13%, 10/31/26 | 103,000 | 102,316 | |||
U.S. Treasury Notes, 1.13%, 8/31/28 | 1,000,000 | 980,625 | |||
U.S. Treasury Notes, 1.25%, 11/30/26 | 2,215,000 | 2,213,616 | |||
U.S. Treasury Notes, 1.25%, 12/31/26 | 10,155,000 | 10,143,890 | |||
U.S. Treasury Notes, 1.25%, 8/15/31 | 196,000 | 191,621 | |||
U.S. Treasury Notes, 1.38%, 9/30/23 | 750,000 | 759,082 | |||
U.S. Treasury Notes, 1.38%, 10/31/28 | 112,000 | 111,545 | |||
U.S. Treasury Notes, 1.38%, 12/31/28 | 1,025,000 | 1,020,356 | |||
U.S. Treasury Notes, 1.38%, 11/15/31 | 4,075,000 | 4,023,426 | |||
U.S. Treasury Notes, 2.88%, 5/31/25 | 3,860,000 | 4,092,655 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $62,409,984) | 62,787,631 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS - 1.7% | |||||
CALIFORNIA - 0.7% | |||||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 | $ | 150,000 | $ | 239,724 | |
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31 | 215,000 | 221,506 | |||
Chula Vista Municipal Financing Authority, Revenue Bonds, 4.28%, 12/1/48 | 1,000,000 | 1,078,758 | |||
City of Los Angeles CA, General Obligation, 3.50%, 9/1/37 | 315,000 | 338,214 | |||
City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39 | 1,230,000 | 1,271,692 | |||
Los Angeles Community College District, 2.11%, 8/1/32 | 770,000 | 754,503 | |||
State of California, General Obligation, 4.60%, 4/1/38 | 500,000 | 575,576 | |||
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 | 275,000 | 434,023 | |||
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 | 500,000 | 536,639 | |||
Total California | 5,450,635 | ||||
CONNECTICUT - 0.1% | |||||
Connecticut Housing Finance Authority, Revenue Bonds, 0.70%, 5/15/49 ( SOFR + 0.00%)(c) | 500,000 | 500,119 |
ILLINOIS - 0.1% | |||||
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 | 500,000 | 593,007 | |||
State of Illinois, General Obligation, 5.00%, 10/1/22 | 210,000 | 217,274 | |||
Total Illinois | 810,281 | ||||
INDIANA - 0.0% (i) | |||||
Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51 | 215,000 | 220,996 |
Investments | Principal Amount | Value | |||
MICHIGAN - 0.4% | |||||
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | $ | 650,000 | $ | 648,700 | |
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940,000 | 991,866 | |||
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1,330,000 | 1,407,282 | |||
Total Michigan | 3,047,848 | ||||
NEW JERSEY - 0.1% | |||||
Morris County Improvement Authority, 1.05%, 6/15/26 | 200,000 | 197,571 | |||
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300,000 | 482,919 | |||
Total New Jersey | 680,490 | ||||
NEW YORK - 0.2% | |||||
Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37 | 991,970 | 984,310 | |||
Metropolitan Transportation Authority, 5.18%, 11/15/49 | 670,000 | 917,178 | |||
Total New York | 1,901,488 | ||||
OHIO - 0.1% | |||||
Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34 | 1,000,000 | 1,179,874 | |||
OREGON - 0.0% (i) | |||||
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 (b)(d) | 500,000 | 30,000 | |||
TEXAS - 0.0% (i) | |||||
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49 | 80,000 | 89,499 | |||
TOTAL MUNICIPAL BONDS (Cost: $13,487,576) | 13,911,230 |
SUPRANATIONAL BONDS - 1.1% | |||||
African Development Bank, 0.75%, 4/3/23 | 1,165,000 | 1,167,140 | |||
Arab Petroleum Invstment Corp., 1.48%, 10/6/26 (b) | 1,200,000 | 1,185,222 | |||
Asian Development Bank, 3.13%, 9/26/28 | 500,000 | 558,898 | |||
Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24 | 158,000 | 155,921 | |||
European Bank for Reconstruction & Development, 1.50%, 2/13/25 | 172,000 | 174,151 | |||
European Investment Bank, 0.63%, 10/21/27 | 700,000 | 665,974 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS | |||||
European Investment Bank, 2.38%, 5/24/27 | $ | 500,000 | $ | 524,586 | |
European Investment Bank, 2.50%, 10/15/24 | 1,000,000 | 1,041,147 | |||
Inter-American Development Bank, 1.13%, 7/20/28 | 187,000 | 182,760 | |||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 174,000 | 166,890 | |||
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 598,000 | 640,093 | |||
International Finance Corp., 0.50%, 3/20/23 | 187,000 | 186,818 | |||
Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30 | 1,000,000 | 933,232 | |||
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 805,000 | 793,565 | |||
Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 1.05%, 2/12/24 (c) | 800,000 | 815,210 | |||
TOTAL SUPRANATIONAL BONDS (Cost: $9,138,248) | 9,191,607 | ||||
FOREIGN GOVERNMENT OBLIGATIONS - 1.0% | |||||
BERMUDA - 0.0% (i) | |||||
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 (b) | 200,000 | 199,500 | |||
CHILE - 0.2% | |||||
Chile Government International Bond, 3.10%, 5/7/41 | 215,000 | 210,377 | |||
Chile Government International Bond, 3.50%, 1/25/50 | 1,000,000 | 1,034,840 | |||
Total Chile | 1,245,217 |
GUATEMALA - 0.1% | |||||
Guatemala Government Bond, 5.38%, 4/24/32 (b) | 350,000 | 390,250 | |||
INDONESIA - 0.2% | |||||
Indonesia Government International Bond, 2.95%, 1/11/23 | 200,000 | 204,164 | |||
Indonesia Government International Bond, 3.50%, 1/11/28 | 280,000 | 302,014 | |||
Indonesia Government International Bond, 4.13%, 1/15/25 (b) | 400,000 | 431,064 | |||
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 3/1/23 (b) | 300,000 | 309,885 |
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | |||||
Perusahaan Penerbit SBSN Indonesia III, 3.90%, 8/20/24 (b) | $ | 250,000 | $ | 267,615 | |
Total Indonesia | 1,514,742 | ||||
IRAQ - 0.1% | |||||
Iraq Government AID Bond, 2.15%, 1/18/22 | 500,000 | 500,362 | |||
ITALY - 0.1% | |||||
Republic of Italy Government International Bond, 4.00%, 10/17/49 | 1,000,000 | 1,096,897 | |||
MEXICO - 0.1% | |||||
Mexico Government International Bond, 4.28%, 8/14/41 | 251,000 | 260,099 | |||
Mexico Government International Bond, 4.75%, 3/8/44 | 80,000 | 87,101 | |||
Total Mexico | 347,200 | ||||
PANAMA - 0.0% (i) | |||||
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100,000 | 133,750 | |||
PERU - 0.2% | |||||
Peruvian Government International Bond, 2.78%, 1/23/31 | 107,000 | 106,466 | |||
Peruvian Government International Bond, 3.00%, 1/15/34 | 1,315,000 | 1,309,740 | |||
Total Peru | 1,416,206 | ||||
QATAR - 0.0% (i) | |||||
Qatar Government International Bond, 4.50%, 4/23/28 (b) | 200,000 | 229,640 |
ROMANIA - 0.0% (i) | |||||
Romanian Government International Bond, 5.13%, 6/15/48 (b) | 50,000 | 58,948 | |||
SAUDI ARABIA - 0.0% (i) | |||||
Saudi Government International Bond, 4.00%, 4/17/25 (b) | 300,000 | 323,116 | |||
UNITED ARAB EMIRATES - 0.0% (i) | |||||
Abu Dhabi Government International Bond, 3.13%, 10/11/27 (b) | 250,000 | 268,476 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | |||||
URUGUAY - 0.0% (i) | |||||
Uruguay Government International Bond, 4.98%, 4/20/55 | $ | 150,000 | $ | 196,689 | |
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $7,567,368) | 7,920,993 | ||||
FOREIGN GOVERNMENT AGENCIES - 0.5% | |||||
CANADA - 0.4% | |||||
CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 (b) | 1,000,000 | 983,980 | |||
Province of Quebec Canada, 1.90%, 4/21/31 | 1,000,000 | 1,006,186 | |||
Province of Quebec Canada, 2.75%, 4/12/27 | 1,000,000 | 1,061,243 | |||
Total Canada | 3,051,409 | ||||
EGYPT - 0.0% (i) | |||||
Arab Republic of Egypt, 5.25%, 10/6/25 (b) | 300,000 | 302,262 | |||
NORWAY - 0.1% | |||||
Kommunalbanken A/S, 2.13%, 2/11/25 (b) | 500,000 | 515,829 | |||
SOUTH KOREA - 0.0% (i) | |||||
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 (b) | 200,000 | 208,331 | |||
TOTAL FOREIGN GOVERNMENT AGENCIES (Cost: $3,956,067) | 4,077,831 |
BANK LOANS - 0.1% | |||||
UTILITIES - 0.1% | |||||
Exgen Renewables IV LLC 2020 Term Loan, 0.00%, 12/15/27 (Cost: $973,097) | 977,496 | $ | 976,118 |
Investments | Shares | Value | |||
PREFERRED STOCK - 0.2% | |||||
Financial - 0.2% | |||||
Gladstone Investment Corp., 4.88%, 11/1/28 (Cost: $1,830,000) | 73,200 | $ | 1,922,964 | ||
EXCHANGE-TRADED FUNDS - 3.7% | |||||
iShares Core U.S. Aggregate Bond ETF | 20,982 | 2,393,626 | |||
iShares JP Morgan USD Emerging Markets Bond ETF | 261,864 | 28,558,888 | |||
TOTAL EXCHANGE-TRADED FUNDS (Cost: $31,376,305) | 30,952,514 | ||||
MUTUAL FUNDS - 5.1% | |||||
BrandywineGLOBAL High Yield Fund | 1,911,876 | 21,183,587 |
Investments | Shares | Value | |||
MUTUAL FUNDS (continued) | |||||
MainStay MacKay High Yield Corporate Bond Fund | 3,747,345 | $ | 20,985,131 | ||
TOTAL MUTUAL FUNDS (Cost: $43,002,388) | 42,168,718 | ||||
COMMON STOCKS - 0.0% (i) | |||||
DIVERSIFIED FINANCIAL SERVICES - 0.0% (i) | |||||
Bruin Blocker LLC | 4,367 | 3,930 | |||
OIL, GAS & CONSUMABLE FUELS - 0.0% (i) | |||||
Chaparral Energy, Inc. | 423 | 18,400 | |||
Noble Corp. | 76 | 1,024 | |||
Total Oil, Gas & Consumable Fuels | 19,424 | ||||
TOTAL COMMON STOCKS (Cost: $3,930) | 23,354 |
SHORT-TERM INVESTMENTS - 5.8% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.06%(j) (Cost: $47,980,899) | 47,980,899 | 47,980,899 | |||
TOTAL INVESTMENTS - 104.5% (Cost: $858,366,925) | 865,690,086 | ||||
OTHER ASSETS AND LIABILITIES, NET - (4.5)% | (37,141,675 | ) | |||
NET ASSETS - 100.0% | $ | 828,548,411 |
(a) | 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 December 31, 2021, the value of these securities was $2,565,108, representing 0.3% of net assets. |
(b) | 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. The security has been deemed liquid under guidelines approved by the Trust's Board of Trustees. At December 31, 2021, the value of these securities was $265,004,324, representing 32.0% of net assets. |
(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. The security does not indicate a reference rate and spread in its 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) | Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash. |
(i) | Amount is less than 0.05%. |
(j) | The rate shown is the annualized seven-day yield at December 31, 2021. |
ABS | Asset Backed Security |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
December 31, 2021
PFM Multi-Manager Fixed-Income Fund (concluded)
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Indexes |
ETF | Exchange Traded Fund |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Funding Rate |
Futures contracts open at December 31, 2021: | |||||||
Description | Type | Contracts | Expiration Date | Notional Amount | Value / Net Unrealized Appreciation (Depreciation) | ||
CONTRACTS PURCHASED - 6.7% | |||||||
U.S. Treasury 5-Year Notes | Long | 23,400,000 | 03/31/2022 | $ | 28,308,516 | $ | 47,472 |
U.S. Treasury Ultra Bonds | Long | 7,200,000 | 03/22/2022 | 14,193,000 | 231,461 | ||
U.S. Treasury 2-Year Notes | Long | 9,000,000 | 03/31/2022 | 9,817,734 | (6,601) | ||
U.S. Treasury 10-Year Notes | Long | 2,400,000 | 03/22/2022 | 3,131,250 | (407) | ||
Total | $ | 55,450,500 | $ | 271,925 | |||
CONTRACTS SOLD - (0.8)% | |||||||
U.S. Treasury Long-Term Bonds | Short | (4,300,000) | 03/22/2022 | $ | (6,898,812) | $ | (24,101) |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2021. | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 213,663,106 | $ | — | $ | 213,663,106 | ||||||||
Asset-Backed Securities | — | 137,361,912 | — | 137,361,912 | ||||||||||||
U.S. Government Agencies | — | 120,952,767 | — | 120,952,767 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 106,933,868 | — | 106,933,868 | ||||||||||||
Foreign Corporate Bonds* | — | 64,864,574 | — | 64,864,574 | ||||||||||||
U.S. Government Obligations | — | 62,787,631 | — | 62,787,631 | ||||||||||||
Municipal Bonds* | — | 13,911,230 | — | 13,911,230 | ||||||||||||
Supranational Bonds | — | 9,191,607 | — | 9,191,607 | ||||||||||||
Foreign Government Obligations* | — | 7,920,993 | — | 7,920,993 | ||||||||||||
Foreign Government Agencies* | — | 4,077,831 | — | 4,077,831 | ||||||||||||
Bank Loans* | — | 976,118 | — | 976,118 | ||||||||||||
Preferred Stock* | 1,922,964 | — | — | 1,922,964 | ||||||||||||
Exchange-Traded Funds | 30,952,514 | — | — | 30,952,514 | ||||||||||||
Mutual Funds | 42,168,718 | — | — | 42,168,718 | ||||||||||||
Common Stocks | ||||||||||||||||
Financial | — | 3,930 | — | 3,930 | ||||||||||||
Energy | — | 19,424 | — | 19,424 | ||||||||||||
Money Market Fund | 47,980,899 | — | — | 47,980,899 | ||||||||||||
Total Investments in Securities | $ | 123,025,095 | $ | 742,664,991 | $ | — | $ | 865,690,086 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | 278,933 | $ | — | $ | — | $ | 278,933 | ||||||||
Liabilities: | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | (31,109 | ) | $ | — | $ | — | $ | (31,109 | ) |
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
PFM Multi-Manager Series Trust
Notes to Schedule of Investments
December 31, 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 December 31, 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.
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 December 31, 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 (“PFMAM” or, the “Adviser”), the adviser to the Funds, 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.