Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Domestic Equity Fund
Investments | Shares | Value | |||
COMMON STOCKS - 37.6% | |||||
COMMUNICATION SERVICES - 1.5% | |||||
Alphabet, Inc., Class A(a) | 2,867 | $ | 6,247,938 | ||
ATN International, Inc. | 1,650 | 77,401 | |||
Cogent Communications Holdings, Inc. | 47,288 | 2,873,219 | |||
Comcast Corp., Class A | 14,565 | 571,531 | |||
comScore, Inc.(a) | 6,277 | 12,931 | |||
Entravision Communications Corp., Class A | 5,144 | 23,457 | |||
Ooma, Inc.(a) | 1,663 | 19,690 | |||
Telephone & Data Systems, Inc. | 21,359 | 337,259 | |||
Walt Disney Co. (The)(a) | 7,149 | 674,865 | |||
Yelp, Inc.(a) | 3,350 | 93,029 | |||
Total Communication Services | 10,931,320 | ||||
CONSUMER DISCRETIONARY - 3.0% | |||||
Aaron's Co., Inc. (The) | 11,043 | 160,676 | |||
Academy Sports & Outdoors, Inc. | 706 | 25,091 | |||
Advance Auto Parts, Inc. | 5,450 | 943,340 | |||
Amazon.com, Inc.(a) | 55,946 | 5,942,025 | |||
American Axle & Manufacturing Holdings, Inc.(a) | 33,448 | 251,863 | |||
Bath & Body Works, Inc. | 10,000 | 269,200 | |||
Dillard's, Inc., Class A | 204 | 44,996 | |||
Dollar General Corp. | 21,964 | 5,390,844 | |||
Foot Locker, Inc. | 1,872 | 47,268 | |||
General Motors Co.(a) | 17,870 | 567,551 | |||
Genesco, Inc.(a) | 4,023 | 200,788 | |||
Goodyear Tire & Rubber Co. (The)(a) | 7,720 | 82,681 | |||
Grand Canyon Education, Inc.(a) | 2,034 | 191,582 | |||
Group 1 Automotive, Inc. | 2,842 | 482,572 | |||
Haverty Furniture Cos., Inc. | 5,792 | 134,259 | |||
Hibbett Sports, Inc. | 1,937 | 84,666 | |||
Home Depot, Inc. (The) | 3,940 | 1,080,624 | |||
Lear Corp. | 1,424 | 179,267 | |||
Leslie's, Inc.(a) | 35,375 | 536,993 | |||
Luminar Technologies, Inc.(a) | 80,820 | 479,263 | |||
MarineMax, Inc.(a) | 9,342 | 337,433 | |||
Marriott International, Inc., Class A | 5,164 | 702,356 | |||
Movado Group, Inc. | 9,027 | 279,205 | |||
O'Reilly Automotive, Inc.(a) | 1,298 | 820,024 | |||
Perdoceo Education Corp.(a) | 25,660 | 302,275 | |||
Planet Fitness, Inc., Class A(a) | 6,350 | 431,864 | |||
PlayAGS, Inc.(a) | 4,217 | 21,760 | |||
Signet Jewelers Ltd. | 3,606 | 192,777 | |||
Smith & Wesson Brands, Inc. | 587 | 7,707 | |||
Sonic Automotive, Inc., Class A | 6,051 | 221,648 | |||
Terminix Global Holdings, Inc.(a) | 715 | 29,065 | |||
Tilly's, Inc., Class A | 6,428 | 45,125 | |||
Tractor Supply Co. | 2,300 | 445,855 | |||
Ulta Beauty, Inc.(a) | 1,100 | 424,028 | |||
Unifi, Inc.(a) | 3,103 | 43,628 | |||
Universal Electronics, Inc.(a) | 2,600 | 66,482 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CONSUMER DISCRETIONARY (continued) | |||||
Universal Technical Institute, Inc.(a) | 5,092 | $ | 36,306 | ||
Vera Bradley, Inc.(a) | 14,541 | 63,108 | |||
Vista Outdoor, Inc.(a) | 7,098 | 198,034 | |||
Total Consumer Discretionary | 21,764,229 | ||||
CONSUMER STAPLES - 3.4% | |||||
Andersons, Inc. (The) | 8,200 | 270,518 | |||
Beiersdorf AG, ADR | 69,483 | 1,417,453 | |||
Boston Beer Co., Inc. (The), Class A(a) | 950 | 287,822 | |||
Cal-Maine Foods, Inc. | 7,235 | 357,481 | |||
Calavo Growers, Inc. | 4,763 | 198,712 | |||
Church & Dwight Co., Inc. | 1,800 | 166,788 | |||
Clorox Co. (The) | 36,783 | 5,185,667 | |||
Coca-Cola Consolidated, Inc. | 670 | 377,813 | |||
Costco Wholesale Corp. | 2,506 | 1,201,076 | |||
Darling Ingredients, Inc.(a) | 21,169 | 1,265,906 | |||
Estee Lauder Cos., Inc. (The), Class A | 2,849 | 725,555 | |||
Fresh Del Monte Produce, Inc. | 7,301 | 215,599 | |||
Freshpet, Inc.(a) | 8,800 | 456,632 | |||
Henkel AG & Co. KGaA, ADR | 196,374 | 2,996,667 | |||
Hormel Foods Corp. | 8,900 | 421,504 | |||
JM Smucker Co. (The) | 4,050 | 518,441 | |||
Kimberly-Clark Corp. | 17,362 | 2,346,474 | |||
Lamb Weston Holdings, Inc. | 6,100 | 435,906 | |||
McCormick & Co., Inc., NVDR | 55,540 | 4,623,705 | |||
Mission Produce, Inc.(a) | 11,228 | 159,999 | |||
Nature's Sunshine Products, Inc.(a) | 1,070 | 11,417 | |||
PepsiCo, Inc. | 3,636 | 605,976 | |||
USANA Health Sciences, Inc.(a) | 3,662 | 264,982 | |||
Total Consumer Staples | 24,512,093 | ||||
ENERGY - 0.8% | |||||
Delek US Holdings, Inc.(a) | 5,098 | 131,732 | |||
Gulfport Energy Corp.(a) | 320 | 25,443 | |||
Kosmos Energy Ltd.(a) | 575,400 | 3,561,726 | |||
Par Pacific Holdings, Inc.(a) | 22,124 | 344,913 | |||
PBF Energy, Inc., Class A(a) | 7,395 | 214,603 | |||
Phillips 66 | 13,549 | 1,110,883 | |||
Plains GP Holdings L.P., Class A | 11,034 | 113,871 | |||
REX American Resources Corp.(a) | 1,888 | 160,102 | |||
World Fuel Services Corp. | 11,699 | 239,362 | |||
Total Energy | 5,902,635 | ||||
FINANCIALS - 5.9% | |||||
Alleghany Corp.(a) | 3,858 | 3,214,100 | |||
Allegiance Bancshares, Inc. | 3,402 | 128,460 | |||
American Equity Investment Life Holding Co. | 12,795 | 467,913 | |||
Ameriprise Financial, Inc. | 4,633 | 1,101,171 | |||
Aon PLC, Class A | 13,650 | 3,681,132 | |||
Arthur J Gallagher & Co. | 6,100 | 994,544 | |||
Banc of California, Inc. | 14,825 | 261,217 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
Bank of America Corp. | 36,427 | $ | 1,133,973 | ||
BankUnited, Inc. | 6,602 | 234,833 | |||
Bankwell Financial Group, Inc. | 1,417 | 43,998 | |||
Banner Corp. | 6,143 | 345,298 | |||
BCB Bancorp, Inc. | 1,903 | 32,408 | |||
Berkshire Hathaway, Inc., Class B(a) | 16,455 | 4,492,544 | |||
Blucora, Inc.(a) | 22,266 | 411,030 | |||
Charles Schwab Corp. (The) | 11,162 | 705,215 | |||
Chubb Ltd. | 7,092 | 1,394,145 | |||
Cullen/Frost Bankers, Inc. | 2,250 | 262,013 | |||
Customers Bancorp, Inc.(a) | 6,362 | 215,672 | |||
Donegal Group, Inc., Class A | 3,712 | 63,290 | |||
Employers Holdings, Inc. | 9,943 | 416,512 | |||
Enova International, Inc.(a) | 8,910 | 256,786 | |||
Everest Re Group Ltd. | 5,384 | 1,509,028 | |||
EZCORP, Inc., Class A(a) | 16,851 | 126,551 | |||
FactSet Research Systems, Inc. | 895 | 344,190 | |||
First BanCorp | 33,784 | 436,151 | |||
First Business Financial Services, Inc. | 755 | 23,548 | |||
First Commonwealth Financial Corp. | 7,040 | 94,477 | |||
First Internet Bancorp | 1,385 | 50,996 | |||
FS Bancorp, Inc. | 853 | 24,490 | |||
Genworth Financial, Inc., Class A(a) | 81,548 | 287,864 | |||
Green Dot Corp., Class A(a) | 2,580 | 64,784 | |||
Greenhill & Co., Inc. | 10,487 | 96,690 | |||
Hanmi Financial Corp. | 5,859 | 131,476 | |||
Hartford Financial Services Group, Inc. (The) | 5,464 | 357,510 | |||
HomeStreet, Inc. | 8,875 | 307,696 | |||
Horace Mann Educators Corp. | 2,567 | 98,522 | |||
Houlihan Lokey, Inc. | 979 | 77,273 | |||
Independent Bank Corp. | 1,794 | 142,497 | |||
Intercontinental Exchange, Inc. | 53,048 | 4,988,634 | |||
Jackson Financial, Inc., Class A | 4,743 | 126,875 | |||
JPMorgan Chase & Co. | 11,692 | 1,316,636 | |||
MetLife, Inc. | 2,285 | 143,475 | |||
National Bank Holdings Corp., Class A | 7,218 | 276,233 | |||
NBT Bancorp, Inc. | 924 | 34,733 | |||
Northern Trust Corp. | 32,190 | 3,105,691 | |||
Northfield Bancorp, Inc. | 6,573 | 85,646 | |||
Northrim BanCorp, Inc. | 1,214 | 48,876 | |||
OFG Bancorp | 4,728 | 120,091 | |||
PennyMac Mortgage Investment Trust | 25,247 | 349,166 | |||
Piper Sandler Cos. | 472 | 53,506 | |||
Preferred Bank | 3,303 | 224,670 | |||
ProAssurance Corp. | 9,351 | 220,964 | |||
PROG Holdings, Inc.(a) | 11,547 | 190,526 | |||
Prosperity Bancshares, Inc. | 6,150 | 419,861 | |||
Regional Management Corp. | 316 | 11,809 | |||
Reinsurance Group of America, Inc. | 7,799 | 914,745 | |||
S&T Bancorp, Inc. | 915 | 25,098 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
SiriusPoint Ltd.(a) | 15,702 | $ | 85,105 | ||
Stewart Information Services Corp. | 5,585 | 277,854 | |||
StoneX Group, Inc.(a) | 3,363 | 262,549 | |||
SVB Financial Group(a) | 1,050 | 414,740 | |||
Towne Bank | 26,316 | 714,479 | |||
Tradeweb Markets, Inc., Class A | 10,300 | 702,975 | |||
Travelers Cos., Inc. (The) | 17,172 | 2,904,300 | |||
UMB Financial Corp. | 6,162 | 530,548 | |||
United Fire Group, Inc. | 4,023 | 137,707 | |||
Universal Insurance Holdings, Inc. | 11,554 | 150,549 | |||
Valley National Bancorp | 50,515 | 525,861 | |||
Waterstone Financial, Inc. | 947 | 16,146 | |||
Western New England Bancorp, Inc. | 1,431 | 10,675 | |||
World Acceptance Corp.(a) | 1,018 | 114,260 | |||
Total Financials | 43,534,980 | ||||
HEALTH CARE - 7.1% | |||||
Abbott Laboratories | 12,201 | 1,325,639 | |||
Abcam PLC, ADR(a) | 10,525 | 152,192 | |||
Accuray, Inc.(a) | 13,507 | 26,474 | |||
Adaptive Biotechnologies Corp.(a) | 47,073 | 380,821 | |||
Aerie Pharmaceuticals, Inc.(a) | 12,406 | 93,045 | |||
Align Technology, Inc.(a) | 1,850 | 437,840 | |||
Allscripts Healthcare Solutions, Inc.(a) | 24,755 | 367,117 | |||
AMN Healthcare Services, Inc.(a) | 1,879 | 206,145 | |||
Amphastar Pharmaceuticals, Inc.(a) | 2,021 | 70,311 | |||
Baxter International, Inc. | 52,005 | 3,340,281 | |||
Becton Dickinson and Co. | 5,831 | 1,437,516 | |||
Bio-Rad Laboratories, Inc., Class A(a) | 750 | 371,250 | |||
Bio-Techne Corp. | 4,288 | 1,486,392 | |||
Bioventus, Inc., Class A(a) | 21,770 | 148,471 | |||
Bristol-Myers Squibb Co. | 14,830 | 1,141,910 | |||
Catalent, Inc.(a) | 12,940 | 1,388,333 | |||
Cigna Corp. | 5,233 | 1,379,000 | |||
Computer Programs & Systems, Inc.(a) | 3,075 | 98,308 | |||
Cooper Cos., Inc. (The) | 1,600 | 500,992 | |||
Cross Country Healthcare, Inc.(a) | 2,965 | 61,761 | |||
Danaher Corp. | 11,470 | 2,907,874 | |||
DENTSPLY SIRONA, Inc. | 107,022 | 3,823,896 | |||
DexCom, Inc.(a) | 5,050 | 376,377 | |||
Edwards Lifesciences Corp.(a) | 10,250 | 974,672 | |||
Emergent BioSolutions, Inc.(a) | 11,462 | 355,780 | |||
Enanta Pharmaceuticals, Inc.(a) | 5,360 | 253,367 | |||
Exelixis, Inc.(a) | 5,709 | 118,861 | |||
FibroGen, Inc.(a) | 4,584 | 48,407 | |||
Globus Medical, Inc., Class A(a) | 3,084 | 173,136 | |||
Guardant Health, Inc.(a) | 5,573 | 224,815 | |||
HealthStream, Inc.(a) | 9,790 | 212,541 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HEALTH CARE (continued) | |||||
ICU Medical, Inc.(a) | 16,178 | $ | 2,659,501 | ||
IDEXX Laboratories, Inc.(a) | 500 | 175,365 | |||
Inogen, Inc.(a) | 8,638 | 208,867 | |||
Integra LifeSciences Holdings Corp.(a) | 9,250 | 499,778 | |||
Intercept Pharmaceuticals, Inc.(a) | 4,677 | 64,589 | |||
Johnson & Johnson | 26,295 | 4,667,625 | |||
Karyopharm Therapeutics, Inc.(a) | 10,072 | 45,425 | |||
Maravai LifeSciences Holdings, Inc., Class A(a) | 8,300 | 235,803 | |||
Masimo Corp.(a) | 2,750 | 359,343 | |||
NextGen Healthcare, Inc.(a) | 17,397 | 303,404 | |||
NuVasive, Inc.(a) | 7,220 | 354,935 | |||
OraSure Technologies, Inc.(a) | 23,890 | 64,742 | |||
Orthofix Medical, Inc.(a) | 3,329 | 78,365 | |||
Radius Health, Inc.(a) | 1,406 | 14,580 | |||
Smith & Nephew PLC, ADR | 120,895 | 3,375,388 | |||
STERIS PLC | 3,600 | 742,140 | |||
Surmodics, Inc.(a) | 1,286 | 47,878 | |||
Tandem Diabetes Care, Inc.(a) | 5,480 | 324,361 | |||
Teleflex, Inc. | 2,404 | 591,023 | |||
Thermo Fisher Scientific, Inc. | 2,097 | 1,139,258 | |||
Universal Health Services, Inc., Class B | 26,827 | 2,701,747 | |||
Vanda Pharmaceuticals, Inc.(a) | 25,322 | 276,010 | |||
Varex Imaging Corp.(a) | 8,344 | 178,478 | |||
Veeva Systems, Inc., Class A(a) | 3,100 | 613,924 | |||
Vertex Pharmaceuticals, Inc.(a) | 19,020 | 5,359,646 | |||
Waters Corp.(a) | 3,250 | 1,075,685 | |||
Zimmer Biomet Holdings, Inc. | 18,286 | 1,921,127 | |||
Total Health Care | 51,962,511 | ||||
INDUSTRIALS - 5.0% | |||||
3M Co. | 23,382 | 3,025,865 | |||
AAR Corp.(a) | 4,139 | 173,176 | |||
ABM Industries, Inc. | 5,810 | 252,270 | |||
ACCO Brands Corp. | 6,269 | 40,937 | |||
Aerojet Rocketdyne Holdings, Inc.(a) | 39,101 | 1,587,501 | |||
Allegiant Travel Co.(a) | 2,012 | 227,537 | |||
AMETEK, Inc. | 20,971 | 2,304,503 | |||
Apogee Enterprises, Inc. | 7,854 | 308,034 | |||
ArcBest Corp. | 5,307 | 373,454 | |||
Argan, Inc. | 4,559 | 170,142 | |||
Astec Industries, Inc. | 5,533 | 225,636 | |||
Astronics Corp.(a) | 3,513 | 35,727 | |||
Barrett Business Services, Inc. | 500 | 36,435 | |||
Boise Cascade Co. | 8,154 | 485,081 | |||
Caterpillar, Inc. | 10,435 | 1,865,361 | |||
Chart Industries, Inc.(a) | 3,733 | 624,830 | |||
CoreCivic, Inc.(a) | 2,392 | 26,575 | |||
CoStar Group, Inc.(a) | 9,500 | 573,895 | |||
Encore Wire Corp. | 4,323 | 449,246 | |||
Forrester Research, Inc.(a) | 2,701 | 129,216 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INDUSTRIALS (continued) | |||||
Fortive Corp. | 19,050 | $ | 1,035,939 | ||
Generac Holdings, Inc.(a) | 4,400 | 926,552 | |||
GMS, Inc.(a) | 8,153 | 362,809 | |||
Graco, Inc. | 18,174 | 1,079,717 | |||
Heidrick & Struggles International, Inc. | 5,565 | 180,083 | |||
HNI Corp. | 5,438 | 188,644 | |||
Honeywell International, Inc. | 5,156 | 896,164 | |||
Hub Group, Inc., Class A(a) | 5,275 | 374,209 | |||
Hyster-Yale Materials Handling, Inc. | 3,761 | 121,179 | |||
IDEX Corp. | 4,400 | 799,172 | |||
Interface, Inc. | 4,134 | 51,840 | |||
Kelly Services, Inc., Class A | 4,940 | 97,960 | |||
Kimball International, Inc., Class B | 3,060 | 23,470 | |||
Knorr-Bremse AG, ADR | 72,453 | 1,031,006 | |||
Korn Ferry | 4,648 | 269,677 | |||
Lindsay Corp. | 4,438 | 589,455 | |||
Manitowoc Co., Inc. (The)(a) | 911 | 9,593 | |||
ManpowerGroup, Inc. | 2,021 | 154,425 | |||
Matthews International Corp., Class A | 5,796 | 166,171 | |||
Mistras Group, Inc.(a) | 1,970 | 11,702 | |||
Moog, Inc., Class A | 4,362 | 346,299 | |||
Mueller Water Products, Inc., Class A | 169,254 | 1,985,349 | |||
MYR Group, Inc.(a) | 4,312 | 380,017 | |||
Nordson Corp. | 3,450 | 698,418 | |||
Norfolk Southern Corp. | 6,638 | 1,508,751 | |||
NOW, Inc.(a) | 22,776 | 222,749 | |||
Pitney Bowes, Inc. | 88 | 319 | |||
Quanex Building Products Corp. | 8,528 | 194,012 | |||
Resources Connection, Inc. | 9,429 | 192,069 | |||
REV Group, Inc. | 8,536 | 92,786 | |||
Rockwell Automation, Inc. | 3,600 | 717,516 | |||
Saia, Inc.(a) | 10,225 | 1,922,300 | |||
Spirit AeroSystems Holdings, Inc., Class A | 15,674 | 459,248 | |||
Tennant Co. | 2,956 | 175,143 | |||
Toro Co. (The) | 9,200 | 697,268 | |||
Trane Technologies PLC | 4,143 | 538,051 | |||
TrueBlue, Inc.(a) | 6,035 | 108,027 | |||
Union Pacific Corp. | 19,830 | 4,229,342 | |||
Verisk Analytics, Inc. | 2,950 | 510,615 | |||
Wabash National Corp. | 18,340 | 249,057 | |||
Werner Enterprises, Inc. | 4,702 | 181,215 | |||
Xylem, Inc. | 1,842 | 144,008 | |||
Total Industrials | 36,837,747 | ||||
INFORMATION TECHNOLOGY - 5.5% | |||||
Accenture PLC, Class A | 4,101 | 1,138,643 | |||
ADTRAN, Inc. | 13,360 | 234,201 | |||
Akamai Technologies, Inc.(a) | 7,150 | 653,010 | |||
Amphenol Corp., Class A | 33,576 | 2,161,623 | |||
Apple, Inc. | 29,073 | 3,974,861 | |||
Applied Materials, Inc. | 11,286 | 1,026,800 | |||
Asana, Inc., Class A(a) | 11,900 | 209,202 | |||
Benchmark Electronics, Inc. | 2,051 | 46,271 | |||
Broadcom, Inc. | 2,995 | 1,455,001 | |||
CalAmp Corp.(a) | 5,289 | 22,055 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Domestic Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INFORMATION TECHNOLOGY (continued) | |||||
Cirrus Logic, Inc.(a) | 1,218 | $ | 88,354 | ||
CSG Systems International, Inc. | 7,396 | 441,393 | |||
Daktronics, Inc.(a) | 626 | 1,884 | |||
Diebold Nixdorf, Inc.(a) | 4,865 | 11,044 | |||
Entegris, Inc. | 11,470 | 1,056,731 | |||
Extreme Networks, Inc.(a) | 29,815 | 265,950 | |||
InterDigital, Inc. | 3,145 | 191,216 | |||
Jack Henry & Associates, Inc. | 20,815 | 3,747,116 | |||
Microchip Technology, Inc. | 6,492 | 377,055 | |||
Microsoft Corp. | 33,027 | 8,482,324 | |||
Monolithic Power Systems, Inc. | 3,580 | 1,374,863 | |||
Motorola Solutions, Inc. | 15,415 | 3,230,984 | |||
NETGEAR, Inc.(a) | 8,120 | 150,382 | |||
Nutanix, Inc., Class A(a) | 21,172 | 309,746 | |||
NVIDIA Corp. | 14,087 | 2,135,448 | |||
Okta, Inc.(a) | 4,800 | 433,920 | |||
OneSpan, Inc.(a) | 10,092 | 120,095 | |||
Palantir Technologies, Inc., Class A(a) | 24,950 | 226,297 | |||
Palo Alto Networks, Inc.(a) | 1,500 | 740,910 | |||
PC Connection, Inc. | 885 | 38,984 | |||
Pure Storage, Inc., Class A(a) | 28,195 | 724,894 | |||
Sanmina Corp.(a) | 4,469 | 182,022 | |||
ScanSource, Inc.(a) | 5,919 | 184,318 | |||
ServiceNow, Inc.(a) | 1,965 | 934,397 | |||
SMART Global Holdings, Inc.(a) | 12,193 | 199,599 | |||
Synopsys, Inc.(a) | 1,850 | 561,845 | |||
TTM Technologies, Inc.(a) | 28,904 | 361,300 | |||
Unisys Corp.(a) | 11,274 | 135,626 | |||
Visa, Inc., Class A | 5,181 | 1,020,087 | |||
Workday, Inc., Class A(a) | 4,700 | 656,026 | |||
Xerox Holdings Cop. | 19,624 | 291,416 | |||
Zendesk, Inc.(a) | 4,400 | 325,908 | |||
Zscaler, Inc.(a) | 4,000 | 598,040 | |||
Total Information Technology | 40,521,841 | ||||
MATERIALS - 2.3% | |||||
AdvanSix, Inc. | 6,672 | 223,112 | |||
American Vanguard Corp. | 6,623 | 148,024 | |||
AptarGroup, Inc. | 14,747 | 1,522,038 | |||
Avery Dennison Corp. | 5,661 | 916,346 | |||
Ball Corp. | 7,072 | 486,341 | |||
Clearwater Paper Corp.(a) | 3,819 | 128,433 | |||
GCP Applied Technologies, Inc.(a) | 79,630 | 2,490,826 | |||
Glatfelter Corp. | 12,403 | 85,333 | |||
Koppers Holdings, Inc. | 5,107 | 115,623 | |||
Mercer International, Inc. | 15,960 | 209,874 | |||
Nutrien Ltd. | 31,455 | 2,506,649 | |||
O-I Glass, Inc.(a) | 27,245 | 381,430 | |||
Schweitzer-Mauduit International, Inc. | 12,485 | 313,623 | |||
Sherwin-Williams Co. (The) | 9,965 | 2,231,263 | |||
Stepan Co. | 833 | 84,425 | |||
SunCoke Energy, Inc. | 54,542 | 371,431 | |||
Sylvamo Corp. | 9,697 | 316,898 | |||
Trinseo PLC | 10,440 | 401,522 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
MATERIALS (continued) | |||||
Wheaton Precious Metals Corp. | 107,345 | $ | 3,867,640 | ||
Total Materials | 16,800,831 | ||||
REAL ESTATE - 1.3% | |||||
Alexandria Real Estate Equities, Inc. | 3,358 | 487,011 | |||
Armada Hoffler Properties, Inc. | 12,493 | 160,410 | |||
Brandywine Realty Trust | 22,098 | 213,025 | |||
Chatham Lodging Trust(a) | 13,970 | 145,987 | |||
Community Healthcare Trust, Inc. | 6,377 | 230,911 | |||
Cousins Properties, Inc. | 35,913 | 1,049,737 | |||
Diversified Healthcare Trust | 34,336 | 62,492 | |||
Equity Commonwealth(a) | 116,843 | 3,216,688 | |||
Forestar Group, Inc.(a) | 4,412 | 60,400 | |||
Franklin Street Properties Corp. | 19,032 | 79,363 | |||
Healthcare Realty Trust, Inc. | 71,446 | 1,943,331 | |||
Industrial Logistics Properties Trust | 21,076 | 296,750 | |||
Marcus & Millichap, Inc. | 7,078 | 261,815 | |||
NexPoint Residential Trust, Inc. | 4,118 | 257,416 | |||
Prologis, Inc. | 4,051 | 476,600 | |||
RPT Realty | 12,500 | 122,875 | |||
Veris Residential ,Inc.(a) | 7,909 | 104,715 | |||
Whitestone REIT | 15,110 | 162,432 | |||
Xenia Hotels & Resorts, Inc.(a) | 3,488 | 50,681 | |||
Total Real Estate | 9,382,639 | ||||
UTILITIES - 1.8% | |||||
American Water Works Co., Inc. | 7,442 | 1,107,146 | |||
Avista Corp. | 16,698 | 726,530 | |||
California Water Service Group | 16,563 | 920,075 | |||
NextEra Energy, Inc. | 72,927 | 5,648,925 | |||
Northwest Natural Holding Co. | 9,369 | 497,494 | |||
Portland General Electric Co. | 14,818 | 716,154 | |||
SJW Group | 37,883 | 2,364,278 | |||
United Utilities Group PLC, ADR | 34,840 | 882,149 | |||
Total Utilities | 12,862,751 | ||||
TOTAL COMMON STOCKS (Cost: $301,474,892) | 275,013,577 | ||||
EXCHANGE-TRADED FUND - 60.6% | |||||
Vanguard Total Stock Market ETF (Cost $427,169,604) | 2,352,373 | 443,704,595 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Domestic Equity Fund (concluded)
SHORT-TERM INVESTMENTS - 3.8% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.96%(b) (Cost: $28,004,034) | 28,004,034 | $ | 28,004,034 | ||
TOTAL INVESTMENTS - 102.0% | 746,722,206 | ||||
OTHER ASSETS AND LIABILITIES, NET - (2.0)% | (14,537,731) | ||||
NET ASSETS - 100.0% | $ | 732,184,475 | |||
(a) | Non-income producing security. |
(b) | The rate shown is the annualized seven-day yield at June 30, 2022. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Funds |
NVDR | Non-Voting Depositary Receipt |
REIT | Real Estate Investment Trust |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2022:
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Common Stocks* | $ | 275,013,577 | $ | — | $ | — | $ | 275,013,577 | |
Exchange-Traded Fund | 443,704,595 | — | — | 443,704,595 | |||||
Money Market Fund | 28,004,034 | — | — | 28,004,034 | |||||
Total Investments in Securities | $ | 746,722,206 | $ | — | $ | — | $ | 746,722,206 |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund
Investments | Shares | Value | |||
COMMON STOCKS - 57.3% | |||||
AUSTRALIA - 2.4% | |||||
Atlassian Corp. PLC, Class A(a) | 5,696 | $ | 1,067,430 | ||
Australian Clinical Labs Ltd. | 5,244 | 16,614 | |||
Australian Vintage Ltd. | 2,853 | 1,339 | |||
BHP Group Ltd. | 50,161 | 1,428,225 | |||
BlueScope Steel Ltd. | 45,419 | 498,473 | |||
ClearView Wealth Ltd. | 32,954 | 15,468 | |||
Computershare Ltd. | 49,492 | 841,748 | |||
CSL Ltd. | 6,300 | 1,170,028 | |||
CSR Ltd. | 3,805 | 10,663 | |||
DGL Group Ltd.(a) | 62,319 | 118,723 | |||
IGO Ltd. | 173,072 | 1,187,462 | |||
Iluka Resources Ltd. | 10,352 | 67,453 | |||
Incitec Pivot Ltd. | 423,163 | 966,812 | |||
Macmahon Holdings Ltd. | 136,065 | 12,679 | |||
Michael Hill International Ltd. | 19,877 | 14,132 | |||
MMA Offshore Ltd.(a) | 20,255 | 7,829 | |||
New Hope Corp. Ltd. | 84,470 | 201,737 | |||
Nufarm Ltd. | 4,508 | 15,838 | |||
OFX Group Ltd.(a) | 13,042 | 20,615 | |||
Origin Energy Ltd. | 37,383 | 147,855 | |||
Pact Group Holdings Ltd. | 17,018 | 21,203 | |||
ReadyTech Holdings Ltd.(a) | 6,116 | 13,087 | |||
Ridley Corp. Ltd. | 41,209 | 50,916 | |||
Santos Ltd. | 387,350 | 1,983,874 | |||
South32 Ltd. | 377,653 | 1,027,060 | |||
Wagners Holding Co., Ltd.(a) | 12,951 | 9,923 | |||
Whitehaven Coal Ltd. | 277,752 | 927,917 | |||
Zimplats Holdings Ltd. | 1,092 | 18,829 | |||
Total Australia | 11,863,932 | ||||
AUSTRIA - 0.7% | |||||
ANDRITZ AG | 11,012 | 443,599 | |||
BAWAG Group AG(b) | 26,671 | 1,122,467 | |||
Erste Group Bank AG | 37,800 | 958,623 | |||
OMV AG | 15,886 | 745,152 | |||
Zumtobel Group AG | 6,704 | 49,178 | |||
Total Austria | 3,319,019 | ||||
BELGIUM - 0.0% (c) | |||||
EVS Broadcast Equipment S.A. | 1,170 | 26,545 | |||
UCB S.A. | 160 | 13,521 | |||
Total Belgium | 40,066 | ||||
BRAZIL - 1.1% | |||||
B3 S.A. - Brasil Bolsa Balcao | 162,534 | 340,382 | |||
Boa Vista Servicos S.A. | 105,399 | 107,746 | |||
CCR S.A. | 75,429 | 180,593 | |||
Centrais Eletricas Brasileiras S.A. | 17,948 | 158,442 | |||
Dexco S.A. | 60,045 | 113,242 | |||
Energisa S.A., (Unit) | 19,505 | 150,384 | |||
Itau Unibanco Holding S.A., ADR | 221,831 | 949,437 | |||
Klabin S.A., (Unit) | 17,879 | 69,009 | |||
Localiza Rent a Car S.A. | 27,442 | 274,816 | |||
Lojas Renner S.A. | 57,316 | 247,731 | |||
Petroleo Brasileiro S.A., ADR | 64,919 | 758,254 | |||
Petroleo Brasileiro S.A., ADR | 1,904 | 20,239 | |||
Raia Drogasil S.A. | 90,527 | 332,117 | |||
Telefonica Brasil S.A. | 23,933 | 215,209 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
BRAZIL (continued) | |||||
TIM S.A. | 54,650 | $ | 133,246 | ||
Vale S.A., ADR | 62,160 | 909,401 | |||
WEG S.A. | 44,910 | 226,976 | |||
YDUQS Participacoes SA | 39,168 | 97,818 | |||
Total Brazil | 5,285,042 | ||||
BRITAIN - 5.1% | |||||
AJ Bell PLC | 45,868 | 149,973 | |||
Anglo American PLC | 25,716 | 919,401 | |||
Aptitude Software Group PLC | 3,430 | 14,363 | |||
Ascential PLC(a) | 27,610 | 87,251 | |||
Ashtead Group PLC | 41,400 | 1,733,126 | |||
AstraZeneca PLC | 9,550 | 1,255,524 | |||
Auto Trader Group PLC(b) | 39,693 | 268,167 | |||
BAE Systems PLC | 27,260 | 275,490 | |||
BP PLC, ADR | 1,814 | 51,427 | |||
Centrica PLC(a) | 18,974 | 18,478 | |||
Cerillion PLC | 4,539 | 51,109 | |||
Coca-Cola Europacific Partners PLC | 33,100 | 1,708,291 | |||
Dr. Martens PLC | 346,021 | 999,956 | |||
FDM Group Holdings PLC | 6,786 | 70,132 | |||
Ferguson PLC | 6,230 | 696,798 | |||
Greggs PLC | 2,313 | 50,906 | |||
GSK PLC | 131,133 | 2,818,396 | |||
GSK PLC, ADR | 30,669 | 1,335,022 | |||
Gulf Keystone Petroleum Ltd. | 25,883 | 81,919 | |||
Harbour Energy PLC | 229,365 | 1,015,752 | |||
Hargreaves Services PLC | 3,646 | 22,813 | |||
Howden Joinery Group PLC | 78,200 | 573,632 | |||
HSBC Holdings PLC | 277,268 | 1,807,749 | |||
IntegraFin Holdings PLC | 29,618 | 81,049 | |||
Keystone Law Group PLC | 2,569 | 17,888 | |||
Man Group PLC | 131,585 | 400,126 | |||
Medica Group PLC | 4,850 | 8,856 | |||
Moneysupermarket.com Group PLC | 29,783 | 63,120 | |||
Mortgage Advice Bureau Holdings Ltd. | 12,899 | 141,318 | |||
NatWest Group PLC | 235,752 | 626,479 | |||
Norcros PLC | 4,661 | 13,163 | |||
Numis Corp. PLC | 13,955 | 42,638 | |||
Photo-Me International PLC | 16,630 | 15,547 | |||
Prudential PLC | 37,924 | 469,035 | |||
QinetiQ Group PLC | 5,105 | 22,844 | |||
Reckitt Benckiser Group PLC | 16,400 | 1,231,762 | |||
Rentokil Initial PLC | 277,600 | 1,603,780 | |||
Rightmove PLC | 37,338 | 258,347 | |||
Sabre Insurance Group PLC(b) | 29,532 | 73,876 | |||
Schroders PLC | 12,805 | 416,499 | |||
ScS Group PLC | 4,004 | 7,993 | |||
Tesco PLC | 465,365 | 1,447,379 | |||
Travis Perkins PLC | 29,726 | 350,131 | |||
Unilever PLC | 30,000 | 1,361,916 | |||
Victorian Plumbing Group PLC(a) | 58,235 | 39,698 | |||
Vivo Energy PLC(b) | 73,382 | 130,419 | |||
Wickes Group PLC | 7,094 | 14,249 | |||
Total Britain | 24,843,787 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CANADA - 2.6% | |||||
Alaris Equity Partners Income, UNIT | 11,300 | $ | 145,200 | ||
Baytex Energy Corp.(a) | 16,700 | 81,087 | |||
Bonterra Energy Corp.(a) | 6,450 | 44,797 | |||
Brookfield Asset Management, Inc., Class A | 60,700 | 2,700,188 | |||
CAE, Inc.(a) | 6,234 | 153,622 | |||
Cameco Corp. | 61,700 | 1,297,081 | |||
Canadian Pacific Railway Ltd. | 25,820 | 1,803,269 | |||
Canfor Corp.(a) | 3,200 | 55,811 | |||
Canfor Pulp Products, Inc.(a) | 3,900 | 15,149 | |||
Cardinal Energy Ltd. | 10,800 | 60,662 | |||
CES Energy Solutions Corp. | 10,400 | 18,825 | |||
Cogeco, Inc. | 800 | 42,418 | |||
Computer Modelling Group Ltd. | 24,494 | 92,480 | |||
Crescent Point Energy Corp. | 11,000 | 78,193 | |||
Crew Energy, Inc.(a) | 25,300 | 90,806 | |||
E-L Financial Corp. Ltd. | 45 | 27,618 | |||
Guardian Capital Group Ltd., Class A | 1,100 | 25,893 | |||
IBI Group, Inc.(a) | 9,300 | 104,040 | |||
Lucara Diamond Corp.(a) | 48,000 | 22,747 | |||
Lululemon Athletica, Inc.(a) | 3,870 | 1,055,001 | |||
Magna International, Inc. | 30,400 | 1,669,260 | |||
MEG Energy Corp.(a) | 32,100 | 444,392 | |||
Melcor Developments Ltd. | 2,000 | 18,785 | |||
Methanex Corp. | 2,800 | 106,958 | |||
North West Co., Inc. (The) | 18,300 | 473,281 | |||
Paramount Resources Ltd., Class A | 5,100 | 121,795 | |||
Parex Resources, Inc. | 7,400 | 125,326 | |||
Pason Systems, Inc. | 9,094 | 103,078 | |||
Peyto Exploration & Development Corp. | 9,800 | 91,666 | |||
PHX Energy Services Corp. | 5,600 | 21,057 | |||
Pine Cliff Energy Ltd. | 45,000 | 51,041 | |||
Shopify, Inc., Class A(a) | 12,300 | 384,252 | |||
Stelco Holdings, Inc. | 14,400 | 360,000 | |||
Tourmaline Oil Corp. | 13,000 | 675,956 | |||
Uni-Select, Inc.(a) | 1,500 | 33,328 | |||
Total Canada | 12,595,062 | ||||
CHILE - 0.1% | |||||
Banco de Chile | 1,725,157 | 156,978 | |||
Banco Santander Chile, ADR | 17,538 | 285,694 | |||
Falabella SA | 72,374 | 169,568 | |||
Total Chile | 612,240 | ||||
CHINA - 5.0% | |||||
Alibaba Group Holding Ltd.(a) | 128,516 | 1,832,714 | |||
Anhui Gujing Distillery Co., Ltd., Class B | 10,300 | 160,667 | |||
Baidu, Inc., ADR(a) | 56 | 8,329 | |||
Baidu, Inc., Class A(a) | 41,466 | 784,740 | |||
Centre Testing International Group Co., Ltd., Class A | 70,800 | 245,473 | |||
China Pacific Insurance Group Co., Ltd., Class H | 139,800 | 341,714 | |||
ENN Energy Holdings Ltd. | 37,600 | 617,658 | |||
Haitian International Holdings Ltd. | 68,314 | 174,555 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CHINA (continued) | |||||
Huazhu Group Ltd., ADR | 14,233 | $ | 542,277 | ||
JD.com, Inc., Class A | 47,381 | 1,526,471 | |||
Kinetic Development Group Ltd | 878,000 | 68,255 | |||
Kingdee International Software Group Co., Ltd.(a) | 8,000 | 18,759 | |||
Li Ning Co., Ltd. | 91,500 | 847,740 | |||
LONGi Green Energy Technology Co., Ltd., Class A | 87,864 | 874,532 | |||
Meituan, Class B(a)(b) | 8,800 | 217,791 | |||
Midea Group Co., Ltd., Class A | 152,449 | 1,375,618 | |||
Midea Group Co., Ltd., Class A | 102,100 | 921,055 | |||
Modern Land China Co., Ltd. | 430,000 | 5,863 | |||
Natural Food International Holding Ltd. | 208,000 | 16,435 | |||
PICC Property & Casualty Co., Ltd., Class H | 494,000 | 513,718 | |||
Satellite Chemical Co., Ltd., Class A | 112,635 | 434,939 | |||
Shanghai Baosight Software Co., Ltd., Class A | 148,264 | 1,209,270 | |||
Shenzhen Inovance Technology Co., Ltd., Class A | 39,287 | 386,573 | |||
Shenzhou International Group Holdings Ltd. | 79,100 | 958,156 | |||
SITC International Holdings Co., Ltd. | 165,000 | 466,814 | |||
Tencent Holdings Ltd. | 95,300 | 4,304,216 | |||
Weichai Power Co., Ltd., Class A | 110,095 | 205,083 | |||
Wuliangye Yibin Co., Ltd., Class A | 13,441 | 405,547 | |||
Wuliangye Yibin Co., Ltd., Class A | 39,387 | 1,188,088 | |||
Wuxi Biologics Cayman, Inc.(a)(b) | 59,000 | 539,863 | |||
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 44,818 | 423,097 | |||
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 100,985 | 953,084 | |||
XPeng, Inc., ADR(a) | 5,582 | 177,173 | |||
XPeng, Inc., Class A(a) | 20,900 | 336,667 | |||
Yum China Holdings, Inc. | 10,768 | 522,248 | |||
Yum China Holdings, Inc. | 2,750 | 134,157 | |||
Zhejiang Supor Co., Ltd., Class A | 20,761 | 174,727 | |||
ZTO Express Cayman, Inc., ADR | 12,064 | 331,157 | |||
Total China | 24,245,223 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
DENMARK - 0.0% (c) | |||||
Skjern Bank | 547 | $ | 8,208 | ||
EGYPT - 0.0% (c) | |||||
Commercial International Bank Egypt SAE, GDR | 65,160 | 108,166 | |||
FINLAND - 0.3% | |||||
Alma Media Oyj | 1,354 | 13,976 | |||
Digia Oyj | 375 | 2,672 | |||
Enento Group Oyj(b) | 6,116 | 132,992 | |||
Fiskars Oyj Abp | 2,253 | 42,357 | |||
Kesko Oyj, Class A | 1,720 | 37,221 | |||
Kesko Oyj, Class B | 35,937 | 847,731 | |||
Orion Oyj, Class B | 11,582 | 517,052 | |||
Ponsse Oyj | 144 | 3,810 | |||
Scanfil Oyj | 303 | 1,988 | |||
Total Finland | 1,599,799 | ||||
FRANCE - 4.6% | |||||
ABC arbitrage | 2,489 | 18,311 | |||
Alten S.A. | 1,711 | 186,118 | |||
Amundi S.A.(b) | 21,300 | 1,165,174 | |||
Bilendi(a) | 815 | 22,206 | |||
CBo Territoria | 4,714 | 17,883 | |||
Cie de Saint-Gobain | 6,133 | 263,157 | |||
Cie Generale des Etablissements Michelin SCA | 57,200 | 1,557,013 | |||
Dassault Aviation S.A. | 4,022 | 627,592 | |||
Dassault Systemes SE | 57,500 | 2,115,929 | |||
Derichebourg S.A. | 2,407 | 13,873 | |||
Eiffage S.A. | 15,853 | 1,426,737 | |||
Eurazeo SE | 635 | 39,328 | |||
Infotel S.A. | 299 | 15,353 | |||
Jacquet Metal S.A. | 2,930 | 50,479 | |||
LVMH Moet Hennessy Louis Vuitton SE | 7,293 | 4,445,758 | |||
Moulinvest SA | 221 | 8,708 | |||
Pernod Ricard S.A. | 4,650 | 854,231 | |||
Publicis Groupe S.A. | 13,021 | 636,692 | |||
Rexel S.A. | 27,851 | 428,311 | |||
Safran S.A. | 12,700 | 1,253,838 | |||
Sanofi | 15,904 | 1,605,660 | |||
Sartorius Stedim Biotech | 514 | 161,217 | |||
Schneider Electric SE | 5,880 | 695,684 | |||
Seche Environnement S.A. | 590 | 51,256 | |||
Societe pour l'Informatique Industrielle | 1,585 | 66,191 | |||
Somfy S.A. | 380 | 49,379 | |||
Teleperformance | 4,008 | 1,231,914 | |||
Thales S.A. | 15,861 | 1,945,551 | |||
TotalEnergies SE | 31,800 | 1,678,571 | |||
Vente-Unique.Com S.A.(a) | 107 | 1,020 | |||
Total France | 22,633,134 | ||||
GERMANY - 5.3% | |||||
Ad Pepper Media International N.V.(a) | 299 | 799 | |||
AP Moller - Maersk A/S, Class B | 367 | 856,026 | |||
Bastei Luebbe AG | 1,032 | 6,792 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
GERMANY (continued) | |||||
Bayer AG | 20,951 | $ | 1,245,322 | ||
Bayerische Motoren Werke AG | 7,734 | 595,382 | |||
Brockhaus Technologies AG(a)(b) | 2,221 | 39,451 | |||
Carl Zeiss Meditec AG | 2,210 | 263,789 | |||
Carlsberg A/S, Class B | 12,695 | 1,616,935 | |||
Deutsche Bank AG | 56,924 | 496,198 | |||
Deutsche Telekom AG | 51,699 | 1,026,456 | |||
DSV A/S | 9,153 | 1,278,251 | |||
Hawesko Holding AG | 889 | 41,457 | |||
HUGO BOSS AG | 1,596 | 84,228 | |||
Infineon Technologies AG | 42,232 | 1,021,895 | |||
KION Group AG | 16,408 | 680,741 | |||
Krones AG | 336 | 25,634 | |||
KSB SE & Co. KGaA | 32 | 13,045 | |||
Merck KGaA | 6,490 | 1,094,992 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7,400 | 1,738,633 | |||
Nemetschek SE | 27,400 | 1,658,511 | |||
New Work SE | 939 | 133,237 | |||
Novo Nordisk A/S, Class B | 45,668 | 5,065,107 | |||
Pandora A/S | 2,402 | 151,107 | |||
Roche Holding AG | 11,019 | 3,676,847 | |||
RWE AG | 19,083 | 701,531 | |||
Siemens AG | 9,890 | 1,006,263 | |||
Surteco Group SE | 942 | 22,211 | |||
Symrise AG | 13,600 | 1,480,083 | |||
Total Germany | 26,020,923 | ||||
GREECE - 0.1% | |||||
Alpha Services and Holdings SA(a) | 78,240 | 68,217 | |||
Eurobank Ergasias Services and Holdings SA(a) | 189,084 | 167,080 | |||
Hellenic Telecommunications Organization S.A. | 11,930 | 207,159 | |||
National Bank of Greece S.A.(a) | 23,427 | 69,306 | |||
Total Greece | 511,762 | ||||
HONG KONG - 2.0% | |||||
AIA Group Ltd. | 607,100 | 6,580,244 | |||
APT Satellite Holdings Ltd. | 94,000 | 25,516 | |||
Chen Hsong Holdings | 44,000 | 13,009 | |||
China Mengniu Dairy Co., Ltd. | 149,000 | 743,405 | |||
Chinese Estates Holdings Ltd.(a) | 92,500 | 26,288 | |||
Dah Sing Financial Holdings Ltd. | 18,400 | 52,409 | |||
Hang Lung Properties Ltd. | 140,000 | 265,484 | |||
Kerry Logistics Network Ltd. | 188,538 | 405,582 | |||
Kerry Properties Ltd. | 12,500 | 34,727 | |||
Luk Fook Holdings International Ltd. | 24,000 | 61,630 | |||
Orient Overseas International Ltd. | 31,500 | 834,990 | |||
PC Partner Group Ltd. | 54,000 | 48,998 | |||
Pico Far East Holdings Ltd. | 298,000 | 42,535 | |||
Plover Bay Technologies Ltd. | 48,000 | 17,801 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HONG KONG (continued) | |||||
Singamas Container Holdings Ltd. | 306,000 | $ | 46,406 | ||
Stella International Holdings Ltd. | 52,500 | 50,180 | |||
Texhong Textile Group Ltd. | 131,500 | 139,095 | |||
VSTECS Holdings Ltd. | 206,000 | 164,867 | |||
VTech Holdings Ltd. | 34,200 | 268,917 | |||
Total Hong Kong | 9,822,083 | ||||
HUNGARY - 0.1% | |||||
OTP Bank Nyrt | 833 | 18,543 | |||
Richter Gedeon Nyrt | 18,375 | 331,721 | |||
Total Hungary | 350,264 | ||||
ICELAND - 0.0% (c) | |||||
Marel HF(b) | 28,210 | 126,233 | |||
INDIA - 1.5% | |||||
Cipla Ltd., GDR | 21,188 | 245,781 | |||
HDFC Bank Ltd., ADR | 45,919 | 2,523,708 | |||
ICICI Bank Ltd., ADR | 71,544 | 1,269,191 | |||
Infosys Ltd., ADR | 60,354 | 1,117,152 | |||
Reliance Industries Ltd., GDR(b) | 9,447 | 614,527 | |||
Reliance Industries Ltd., GDR(b) | 24,939 | 1,622,282 | |||
Total India | 7,392,641 | ||||
INDONESIA - 0.2% | |||||
Bank Mandiri Persero Tbk PT | 901,200 | 479,410 | |||
Bank Negara Indonesia Persero Tbk PT | 326,500 | 172,044 | |||
Bank Rakyat Indonesia Persero Tbk PT | 1,182,269 | 329,345 | |||
Bumitama Agri Ltd. | 60,200 | 28,815 | |||
Sarana Menara Nusantara Tbk PT | 2,259,464 | 166,834 | |||
Total Indonesia | 1,176,448 | ||||
IRELAND - 2.0% | |||||
Accenture PLC, Class A | 16,040 | 4,453,506 | |||
Bank of Ireland Group PLC | 209,726 | 1,325,727 | |||
Experian PLC | 86,120 | 2,522,304 | |||
ICON PLC(a) | 5,740 | 1,243,858 | |||
Total Ireland | 9,545,395 | ||||
ISLE OF MAN - 0.2% | |||||
Entain PLC(a) | 61,005 | 924,554 | |||
ISRAEL - 0.8% | |||||
Bank Hapoalim BM | 120,179 | 1,003,284 | |||
Bank Leumi Le-Israel BM | 113,790 | 1,011,517 | |||
Carasso Motors Ltd. | 19,550 | 95,261 | |||
Castro Model Ltd.(a) | 620 | 16,666 | |||
Check Point Software Technologies Ltd.(a) | 1,944 | 236,740 | |||
Dor Alon Energy in Israel 1988 Ltd. | 322 | 11,615 | |||
ICL Group Ltd | 61,389 | 556,956 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
ISRAEL (continued) | |||||
Ilex Medical Ltd. | 608 | $ | 21,845 | ||
Israel Corp. Ltd. (The)(a) | 61 | 26,807 | |||
Max Stock Ltd. | 37,070 | 73,303 | |||
Mizrahi Tefahot Bank Ltd. | 8,022 | 265,260 | |||
Neto ME Holdings Ltd. | 160 | 8,639 | |||
ZIM Integrated Shipping Services Ltd. | 6,662 | 314,646 | |||
Zvi Sarfati & Sons Investments & Constructions 1992 Ltd | 4,066 | 34,619 | |||
Total Israel | 3,677,158 | ||||
ITALY - 0.8% | |||||
Cembre SpA | 578 | 15,143 | |||
Eni SpA | 92,015 | 1,092,326 | |||
Equita Group SpA | 3,663 | 13,435 | |||
Ferrari N.V. | 6,430 | 1,180,553 | |||
Gruppo MutuiOnline SpA | 3,952 | 99,893 | |||
Orsero SpA | 5,174 | 68,861 | |||
Recordati Industria Chimica e Farmaceutica SpA | 1,246 | 54,202 | |||
UniCredit SpA | 151,829 | 1,442,325 | |||
Total Italy | 3,966,738 | ||||
JAPAN - 6.2% | |||||
AEON Financial Service Co., Ltd. | 17,900 | 168,604 | |||
Ajis Co., Ltd. | 1,000 | 15,330 | |||
Alps Logistics Co., Ltd. | 2,700 | 22,487 | |||
Arcs Co., Ltd. | 1,000 | 14,748 | |||
Asahi Kogyosha Co., Ltd. | 1,400 | 17,469 | |||
ASAHI YUKIZAI Corp. | 900 | 13,253 | |||
Asia Air Survey Co., Ltd. | 3,500 | 19,863 | |||
Atled Corp. | 5,700 | 84,525 | |||
Axial Retailing, Inc. | 1,000 | 22,995 | |||
Brother Industries Ltd. | 22,100 | 388,477 | |||
Chiba Kogyo Bank Ltd. (The) | 12,800 | 24,245 | |||
Creek & River Co., Ltd. | 1,800 | 27,183 | |||
Daihatsu Diesel Manufacturing Co., Ltd. | 12,100 | 39,685 | |||
Daiken Corp. | 3,500 | 47,258 | |||
Daito Trust Construction Co., Ltd. | 5,700 | 491,944 | |||
Daiwa House Industry Co., Ltd. | 41,800 | 974,142 | |||
Ebara Foods Industry, Inc. | 1,400 | 31,368 | |||
Eizo Corp. | 2,700 | 75,022 | |||
FANUC Corp. | 9,200 | 1,440,212 | |||
Freee KK(a) | 3,200 | 77,358 | |||
Gecoss Corp. | 5,600 | 34,133 | |||
GLOBERIDE, Inc. | 5,000 | 78,420 | |||
Glory Ltd. | 2,800 | 42,264 | |||
Himacs Ltd. | 400 | 4,077 | |||
Himaraya Co., Ltd. | 2,700 | 19,741 | |||
Hokuriku Electrical Construction Co., Ltd. | 3,500 | 19,295 | |||
Hoosiers Holdings Co., Ltd. | 2,800 | 16,551 | |||
Horiba Ltd. | 1,000 | 42,600 | |||
Ichimasa Kamaboko Co., Ltd. | 5,400 | 32,317 | |||
ID Holdings Corp. | 3,400 | 20,699 | |||
IwaiCosmo Holdings, Inc. | 9,000 | 83,247 | |||
Iwaki Co., Ltd. | 1,700 | 11,665 | |||
JAC Recruitment Co., Ltd. | 1,800 | 23,057 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
JAPAN (continued) | |||||
Japan Post Insurance Co. Ltd. | 49,300 | $ | 788,844 | ||
JK Holdings Co., Ltd. | 2,100 | 14,688 | |||
Kakiyasu Honten Co., Ltd. | 900 | 15,926 | |||
Kanamoto Co., Ltd. | 6,400 | 90,802 | |||
KAWADA TECHNOLOGIES, Inc. | 900 | 23,283 | |||
KDDI Corp. | 84,500 | 2,671,142 | |||
Kenko Mayonnaise Co., Ltd. | 4,500 | 47,992 | |||
Keyence Corp. | 2,700 | 922,951 | |||
Koatsu Gas Kogyo Co., Ltd. | 3,200 | 15,566 | |||
Kokuyo Co., Ltd. | 3,900 | 49,382 | |||
Konica Minolta, Inc. | 24,400 | 81,465 | |||
Kubota Corp. | 76,600 | 1,144,371 | |||
Kuriyama Holdings Corp. | 5,400 | 35,183 | |||
Kyokuto Securities Co., Ltd. | 7,500 | 38,141 | |||
Lasertec Corp. | 6,700 | 797,501 | |||
Makiya Co., Ltd. | 1,100 | 5,716 | |||
MarkLines Co., Ltd. | 4,900 | 76,346 | |||
Marui Group Co., Ltd. | 71,100 | 1,244,564 | |||
Mazda Motor Corp. | 3,200 | 26,179 | |||
Medikit Co., Ltd. | 900 | 14,792 | |||
Meiko Network Japan Co., Ltd. | 11,000 | 49,941 | |||
Meitec Corp. | 6,000 | 96,713 | |||
Mercari, Inc.(a) | 5,600 | 80,483 | |||
Mito Securities Co., Ltd. | 30,100 | 57,680 | |||
Mitsubishi Paper Mills Ltd.(a) | 6,100 | 13,353 | |||
Mitsubishi Shokuhin Co., Ltd. | 2,100 | 58,892 | |||
MORESCO Corp. | 1,400 | 12,857 | |||
Morito Co., Ltd. | 4,900 | 27,628 | |||
Nakanishi, Inc. | 2,700 | 47,620 | |||
Nanyo Corp. | 1,300 | 16,940 | |||
NEC Corp. | 2,100 | 81,567 | |||
Nidec Corp. | 18,300 | 1,130,262 | |||
Nippon Hume Corp. | 3,000 | 14,394 | |||
Nippon Telegraph & Telephone Corp. | 50,800 | 1,458,703 | |||
Nippon Thompson Co., Ltd. | 10,500 | 39,932 | |||
NTT Data Intramart Corp. | 800 | 8,013 | |||
OBIC Business Consultants Co., Ltd. | 5,300 | 182,227 | |||
Okabe Co., Ltd. | 4,700 | 21,061 | |||
Olympus Corp. | 92,000 | 1,848,747 | |||
Osaki Electric Co., Ltd. | 4,500 | 16,185 | |||
Otsuka Holdings Co., Ltd. | 33,900 | 1,203,790 | |||
Pan Pacific International Holdings Corp. | 111,800 | 1,783,955 | |||
Qol Holdings Co., Ltd. | 3,200 | 33,278 | |||
Ricoh Co., Ltd. | 18,200 | 142,322 | |||
Sangetsu Corp. | 2,600 | 29,856 | |||
Seiko Epson Corp. | 15,400 | 217,925 | |||
Sekisui Kasei Co., Ltd. | 5,300 | 15,938 | |||
Shinnihon Corp. | 3,100 | 16,153 | |||
SMK Corp. | 1,300 | 19,977 | |||
Sompo Holdings, Inc. | 30,400 | 1,340,531 | |||
Sony Corp. | 47,600 | 3,892,409 | |||
Space Co., Ltd. | 2,100 | 14,085 | |||
ST Corp. | 2,500 | 27,749 | |||
Step Co., Ltd. | 1,200 | 15,009 | |||
T&D Holdings, Inc. | 44,200 | 529,045 | |||
TDC Soft, Inc. | 1,800 | 14,076 | |||
Techno Medica Co., Ltd. | 1,900 | 21,986 | |||
TechnoPro Holdings, Inc. | 67,600 | 1,353,694 | |||
Tokio Marine Holdings, Inc. | 23,900 | 1,392,112 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
JAPAN (continued) | |||||
Toyo Machinery & Metal Co., Ltd. | 5,200 | $ | 21,501 | ||
Tsubakimoto Kogyo Co., Ltd. | 700 | 18,573 | |||
Warabeya Nichiyo Holdings Co., Ltd. | 15,000 | 195,570 | |||
Wowow, Inc. | 5,000 | 55,425 | |||
Xebio Holdings Co., Ltd. | 10,400 | 71,055 | |||
Total Japan | 30,218,280 | ||||
LUXEMBOURG - 0.2% | |||||
Eurofins Scientific SE | 9,653 | 759,499 | |||
SES S.A. | 4,516 | 39,479 | |||
Total Luxembourg | 798,978 | ||||
MALAYSIA - 0.1% | |||||
CIMB Group Holdings Bhd | 215,103 | 242,067 | |||
Heineken Malaysia Bhd | 21,702 | 113,348 | |||
Total Malaysia | 355,415 | ||||
MEXICO - 0.5% | |||||
Corp. Moctezuma S.A.B. de C.V., Series | 30,960 | 98,532 | |||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 10,015 | 675,912 | |||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 87,273 | 487,804 | |||
Grupo Mexico S.A.B. de C.V., Series B | 278,556 | 1,160,933 | |||
Total Mexico | 2,423,181 | ||||
NETHERLANDS - 2.5% | |||||
Adyen N.V.(a)(b) | 750 | 1,090,916 | |||
Akzo Nobel N.V. | 19,400 | 1,273,079 | |||
ASM International N.V. | 2,900 | 725,118 | |||
ASML Holding N.V. | 2,650 | 1,261,082 | |||
Heineken N.V. | 18,600 | 1,695,793 | |||
Nedap N.V. | 288 | 18,048 | |||
NN Group N.V. | 12,082 | 548,742 | |||
OCI N.V. | 6,861 | 226,341 | |||
QIAGEN N.V.(a) | 18,271 | 855,875 | |||
QIAGEN N.V.(a) | 37,179 | 1,754,849 | |||
Universal Music Group N.V. | 61,278 | 1,228,714 | |||
Wolters Kluwer N.V. | 13,909 | 1,349,149 | |||
Total Netherlands | 12,027,706 | ||||
NEW ZEALAND - 0.0% (c) | |||||
Channel Infrastructure NZ Ltd(a) | 101,742 | 73,074 | |||
EBOS Group Ltd. | 3,122 | 76,063 | |||
Eroad Ltd.(a) | 4,854 | 4,305 | |||
NZME Ltd. | 15,783 | 12,528 | |||
Rakon Ltd.(a) | 19,302 | 14,828 | |||
SKY Network Television Ltd.(a) | 28,408 | 41,872 | |||
Total New Zealand | 222,670 | ||||
NORWAY - 0.5% | |||||
2020 Bulkers Ltd. | 2,370 | 27,045 | |||
Aker BP ASA | 4,613 | 160,219 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
NORWAY (continued) | |||||
Belships ASA | 3,699 | $ | 7,458 | ||
Bouvet ASA | 26,833 | 160,458 | |||
Equinor ASA | 34,278 | 1,192,110 | |||
SpareBank 1 Nord Norge | 3,671 | 32,612 | |||
Sparebanken More | 4,060 | 30,630 | |||
Wallenius Wilhelmsen ASA | 17,371 | 93,559 | |||
Western Bulk Chartering AS | 4,034 | 17,898 | |||
Wilh Wilhelmsen Holding ASA, Class B | 958 | 21,398 | |||
Wilson ASA | 2,215 | 14,617 | |||
Yara International ASA | 12,192 | 509,480 | |||
Total Norway | 2,267,484 | ||||
PERU - 0.4% | |||||
Credicorp Ltd. | 15,667 | 1,878,630 | |||
POLAND - 0.1% | |||||
Bank Polska Kasa Opieki S.A. | 6,372 | 115,940 | |||
Grupa Pracuj S.A.(a) | 13,768 | 172,353 | |||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 22,330 | 139,519 | |||
Powszechny Zaklad Ubezpieczen S.A. | 26,643 | 178,238 | |||
Total Poland | 606,050 | ||||
RUSSIA - 0.0% (c) | |||||
HeadHunter Group PLC, ADR | 39,294 | 393 | |||
Yandex N.V., Class A(a) | 8,610 | 0 | |||
Total Russia | 393 | ||||
SINGAPORE - 1.0% | |||||
BRC Asia Ltd. | 18,500 | 23,836 | |||
DBS Group Holdings Ltd. | 151,400 | 3,234,400 | |||
Delfi Ltd. | 35,400 | 19,110 | |||
Golden Agri-Resources Ltd. | 902,800 | 162,456 | |||
Great Eastern Holdings Ltd. | 900 | 12,697 | |||
Haw Par Corp. Ltd. | 24,600 | 194,597 | |||
HRnetgroup Ltd. | 101,100 | 56,397 | |||
IGG, Inc. | 42,000 | 18,199 | |||
Jardine Cycle & Carriage Ltd. | 40,100 | 816,547 | |||
Raffles Medical Group Ltd. | 16,900 | 13,624 | |||
Samudera Shipping Line Ltd. | 81,500 | 44,290 | |||
UMS Holdings Ltd. | 97,100 | 77,580 | |||
Total Singapore | 4,673,733 | ||||
SOUTH AFRICA - 0.7% | |||||
Aspen Pharmacare Holdings Ltd. | 23,044 | 196,944 | |||
AVI Ltd. | 40,955 | 165,444 | |||
Bid Corp. Ltd. | 18,909 | 356,602 | |||
Capitec Bank Holdings Ltd. | 2,090 | 254,639 | |||
FirstRand Ltd. | 229,770 | 880,876 | |||
Foschini Group Ltd. (The) | 16,863 | 126,456 | |||
Gold Fields Ltd. | 45,749 | 430,248 | |||
Impala Platinum Holdings Ltd. | 32,112 | 357,543 | |||
Naspers Ltd., Class N | 1,341 | 195,166 | |||
Shoprite Holdings Ltd. | 29,760 | 361,977 | |||
Total South Africa | 3,325,895 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
SOUTH KOREA - 1.9% | |||||
Hana Financial Group, Inc. | 6,630 | $ | 200,932 | ||
Kia Motors Corp. | 3,550 | 211,348 | |||
Korea Zinc Co., Ltd. | 778 | 292,109 | |||
LG Chem Ltd. | 1,278 | 507,893 | |||
LG H&H Co Ltd | 166 | 86,938 | |||
LG Uplus Corp.(a) | 27,751 | 272,509 | |||
NAVER Corp. | 2,807 | 518,854 | |||
S-1 Corp. | 2,765 | 136,717 | |||
Samsung Electronics Co., Ltd. | 63,472 | 2,786,432 | |||
Samsung Electronics Co., Ltd., GDR | 1,300 | 1,418,300 | |||
Samsung Fire & Marine Insurance Co., Ltd. | 1,934 | 299,395 | |||
Samsung SDI Co., Ltd. | 1,409 | 577,317 | |||
SK Hynix, Inc. | 24,085 | 1,688,027 | |||
SK Innovation Co., Ltd.(a) | 1,265 | 187,061 | |||
SK Telecom Co., Ltd. | 4,275 | 171,211 | |||
Total South Korea | 9,355,043 | ||||
SPAIN - 0.5% | |||||
Amadeus IT Group S.A.(a) | 16,200 | 902,486 | |||
Iberdrola S.A. | 148,671 | 1,541,795 | |||
Naturhouse Health SAU | 7,581 | 13,625 | |||
Total Spain | 2,457,906 | ||||
SWEDEN - 0.9% | |||||
Assa Abloy AB, Class B | 57,400 | 1,219,289 | |||
Atlas Copco AB, Class A | 52,850 | 493,744 | |||
B3 Consulting Group AB | 4,216 | 41,625 | |||
BTS Group AB, Class B | 2,479 | 74,638 | |||
Evolution AB(b) | 11,250 | 1,022,862 | |||
FM Mattsson Mora Group AB | 4,722 | 24,511 | |||
Hexagon AB, Class B | 91,305 | 948,328 | |||
Kinnevik AB, Class B(a) | 10,954 | 176,468 | |||
New Wave Group AB, Class B | 9,514 | 126,577 | |||
Nordnet AB publ | 4,064 | 53,115 | |||
Ratos AB, Class A | 1,735 | 8,531 | |||
Telefonaktiebolaget LM Ericsson, Class B | 7,374 | 54,978 | |||
VNV Global AB(a) | 6,457 | 15,187 | |||
Total Sweden | 4,259,853 | ||||
SWITZERLAND - 3.1% | |||||
Alcon, Inc. | 44,700 | 3,122,187 | |||
Burkhalter Holding AG | 263 | 20,717 | |||
Glencore PLC | 202,321 | 1,096,216 | |||
Kuehne + Nagel International AG | 4,196 | 993,344 | |||
Lonza Group AG | 1,180 | 629,152 | |||
Nestle S.A. | 11,582 | 1,352,012 | |||
Novartis AG | 16,958 | 1,436,185 | |||
Sika AG | 4,820 | 1,110,774 | |||
Sonova Holding AG | 3,419 | 1,088,751 | |||
STMicroelectronics N.V. | 13,574 | 426,746 | |||
Straumann Holding AG | 6,780 | 814,254 | |||
TE Connectivity Ltd. | 9,724 | 1,100,271 | |||
UBS Group AG | 108,448 | 1,748,300 | |||
Total Switzerland | 14,938,909 | ||||
TAIWAN - 2.0% | |||||
Accton Technology Corp. | 41,000 | 328,871 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
TAIWAN (continued) | |||||
ASE Technology Holding Co., Ltd. | 152,000 | $ | 390,563 | ||
CTBC Financial Holding Co., Ltd. | 615,000 | 519,162 | |||
Hon Hai Precision Industry Co., Ltd. | 292,000 | 1,070,442 | |||
Kerry TJ Logistics Co., Ltd. | 65,000 | 87,662 | |||
Lumax International Corp. Ltd. | 21,000 | 49,157 | |||
MediaTek, Inc. | 28,000 | 613,046 | |||
Nien Made Enterprise Co., Ltd. | 52,000 | 512,419 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 232,000 | 3,714,060 | |||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 29,595 | 2,419,391 | |||
Uni-President Enterprises Corp. | 126,000 | 283,922 | |||
Total Taiwan | 9,988,695 | ||||
THAILAND - 0.1% | |||||
Kasikornbank PCL, NVDR | 162,900 | 693,437 | |||
TURKEY - 0.0% (c) | |||||
BIM Birlesik Magazalar A/S | 22,168 | 107,379 | |||
KOC Holding A/S | 36,154 | 79,277 | |||
Total Turkey | 186,656 | ||||
UNITED ARAB EMIRATES - 0.1% | |||||
Emaar Properties PJSC | 333,005 | 471,434 | |||
First Abu Dhabi Bank PJSC | 36,199 | 185,080 | |||
Total United Arab Emirates | 656,514 | ||||
UNITED STATES - 1.6% | |||||
Aon PLC, Class A | 5,060 | 1,364,581 | |||
Baltic Classifieds Group PLC(a) | 110,545 | 175,475 | |||
Burford Capital Ltd. | 131,958 | 1,331,456 | |||
Carnival PLC(a) | 31,200 | 235,322 | |||
EPAM Systems, Inc.(a) | 2,300 | 677,994 | |||
Hamilton Thorne Ltd.(a) | 9,700 | 12,057 | |||
Mettler-Toledo International, Inc.(a) | 640 | 735,213 | |||
NVIDIA Corp. | 7,098 | 1,075,986 | |||
ResMed, Inc. | 5,560 | 1,165,543 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
UNITED STATES (continued) | |||||
STERIS PLC | 5,420 | $ | 1,117,333 | ||
Total United States | 7,890,960 | ||||
TOTAL COMMON STOCKS (Cost: $332,447,002) | 279,894,265 | ||||
EXCHANGE-TRADED FUND - 39.9% | |||||
iShares Core MSCI Total International Stock ETF (Cost $229,452,278) | 3,424,674 | 195,309,158 | |||
PREFERRED STOCKS - 0.2% | |||||
Brazil - 0.0% (c) | |||||
Gerdau S.A. | 12,573 | 53,695 | |||
Germany - 0.2% | |||||
Volkswagen AG | 6,001 | 801,312 | |||
TOTAL PREFERRED STOCKS (Cost: $990,876) | 855,007 |
SHORT-TERM INVESTMENTS - 1.9% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.96%(d) (Cost: $9,197,938) | 9,197,938 | 9,197,938 | |||
TOTAL INVESTMENTS - 99.3% (Cost: $572,088,094) | 485,256,368 | ||||
OTHER ASSETS AND LIABILITIES, NET - 0.7% | 3,559,271 | ||||
NET ASSETS - 100.0% | $ | 488,815,639 |
(a) | Non-income producing security. |
(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. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2022, the value of these securities was $8,167,020, representing 1.7% of net assets. |
(c) | Amount is less than 0.05%. |
(d) | The rate shown is the annualized seven-day yield at June 30, 2022. |
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 June 30, 2022: |
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Common Stocks | |||||||||
Australia | $ | 11,863,932 | $ | — | $ | — | $ | 11,863,932 | |
Austria | 3,319,019 | — | — | 3,319,019 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager International Equity Fund (concluded)
Level 1 | Level 1 | Level 1 | Total | |||||||||||||
Belgium | $ | 40,066 | $ | — | $ | — | $ | 40,066 | ||||||||
Brazil | 5,285,042 | — | — | 5,285,042 | ||||||||||||
Britain | 24,843,787 | — | — | 24,843,787 | ||||||||||||
Canada | 12,595,062 | — | — | 12,595,062 | ||||||||||||
Chile | 612,240 | — | — | 612,240 | ||||||||||||
China | 24,239,360 | 5,863 | — | 24,245,223 | ||||||||||||
Denmark | 8,208 | — | — | 8,208 | ||||||||||||
Egypt | 108,166 | — | — | 108,166 | ||||||||||||
Finland | 1,599,799 | — | — | 1,599,799 | ||||||||||||
France | 22,633,134 | — | — | 22,633,134 | ||||||||||||
Germany | 26,020,923 | — | — | 26,020,923 | ||||||||||||
Greece | 511,762 | — | — | 511,762 | ||||||||||||
Hong Kong | 9,822,083 | — | — | 9,822,083 | ||||||||||||
Hungary | 350,264 | — | — | 350,264 | ||||||||||||
Iceland | 126,233 | — | — | 126,233 | ||||||||||||
India | 7,392,641 | — | — | 7,392,641 | ||||||||||||
Indonesia | 1,176,448 | — | — | 1,176,448 | ||||||||||||
Ireland | 9,545,395 | — | — | 9,545,395 | ||||||||||||
Isle Of Man | 924,554 | — | — | 924,554 | ||||||||||||
Israel | 3,677,158 | — | — | 3,677,158 | ||||||||||||
Italy | 3,966,738 | — | — | 3,966,738 | ||||||||||||
Japan | 30,218,280 | — | — | 30,218,280 | ||||||||||||
Luxembourg | 798,978 | — | — | 798,978 | ||||||||||||
Malaysia | 355,415 | — | — | 355,415 | ||||||||||||
Mexico | 2,423,181 | — | — | 2,423,181 | ||||||||||||
Netherlands | 12,027,706 | — | — | 12,027,706 | ||||||||||||
New Zealand | 222,670 | — | — | 222,670 | ||||||||||||
Norway | 2,267,484 | — | — | 2,267,484 | ||||||||||||
Peru | 1,878,630 | — | — | 1,878,630 | ||||||||||||
Poland | 606,050 | — | — | 606,050 | ||||||||||||
Russia | — | 393 | — | 393 | ||||||||||||
Singapore | 4,673,733 | — | — | 4,673,733 | ||||||||||||
South Africa | 3,325,895 | — | — | 3,325,895 | ||||||||||||
South Korea | 9,355,043 | — | — | 9,355,043 | ||||||||||||
Spain | 2,457,906 | — | — | 2,457,906 | ||||||||||||
Sweden | 4,259,853 | — | — | 4,259,853 | ||||||||||||
Switzerland | 14,938,909 | — | — | 14,938,909 | ||||||||||||
Taiwan | 9,988,695 | — | — | 9,988,695 | ||||||||||||
Thailand | 693,437 | — | — | 693,437 | ||||||||||||
Turkey | 186,656 | — | — | 186,656 | ||||||||||||
United Arab Emirates | 656,514 | — | — | 656,514 | ||||||||||||
United States | 7,890,960 | — | — | 7,890,960 | ||||||||||||
Total Common Stocks | 279,888,009 | 6,256 | — | 279,894,265 | ||||||||||||
Exchange-Traded Fund | 195,309,158 | — | — | 195,309,158 | ||||||||||||
Preferred Stocks* | 855,007 | — | — | 855,007 | ||||||||||||
Money Market Fund | 9,197,938 | — | — | 9,197,938 | ||||||||||||
Total Investments in Securities | $ | 485,250,112 | $ | 6,256 | $ | — | $ | 485,256,368 |
* See Schedule of Investments for additional detailed categorizations
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund
Investments | Principal Amount | Value | |||
CORPORATE BONDS - 19.9% | |||||
BASIC MATERIALS - 0.4% | |||||
Albemarle Corp., 4.65%, 6/1/27 | $ | 60,000 | $ | 59,046 | |
Albemarle Corp., 5.65%, 6/1/52 | 83,000 | 82,976 | |||
Cabot Corp., 5.00%, 6/30/32 | 48,000 | 46,601 | |||
CF Industries, Inc., 5.38%, 3/15/44 | 74,000 | 68,977 | |||
CNAC HK Finbridge Co., Ltd., 3.50%, 7/19/22 (a) | 340,000 | 340,003 | |||
Ecolab, Inc., 2.70%, 12/15/51 | 71,000 | 50,633 | |||
Georgia-Pacific LLC, 0.95%, 5/15/26 (b) | 323,000 | 287,244 | |||
Inversiones CMPC S.A., 3.00%, 4/6/31 (b) | 200,000 | 160,126 | |||
Inversiones CMPC S.A., 4.38%, 4/4/27 (b) | 500,000 | 476,250 | |||
LYB International Finance III LLC, 4.20%, 5/1/50 | 205,000 | 166,567 | |||
Newmont Corp., 2.25%, 10/1/30 | 1,475,000 | 1,224,331 | |||
Nucor Corp., 3.13%, 4/1/32 | 27,000 | 23,469 | |||
Nucor Corp., 3.95%, 5/23/25 | 47,000 | 46,736 | |||
RPM International, Inc., 2.95%, 1/15/32 | 45,000 | 37,343 | |||
RPM International, Inc., 4.55%, 3/1/29 | 113,000 | 109,023 | |||
SASOL Financing USA LLC, 5.88%, 3/27/24 | 200,000 | 195,600 | |||
Westlake Chemical Corp., 3.38%, 8/15/61 | 88,000 | 59,252 | |||
Total Basic Materials | 3,434,177 | ||||
COMMUNICATIONS - 1.4% | |||||
Amazon.com, Inc., 3.30%, 4/13/27 | 57,000 | 55,920 | |||
Amazon.com, Inc., 4.10%, 4/13/62 | 119,000 | 107,664 | |||
AT&T, Inc., 3.50%, 9/15/53 | 1,305,000 | 989,188 | |||
AT&T, Inc., 3.65%, 9/15/59 | 28,000 | 20,971 | |||
AT&T, Inc., 3.85%, 6/1/60 | 25,000 | 19,322 | |||
AT&T, Inc., 4.30%, 2/15/30 | 25,000 | 24,398 | |||
AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 72,000 | 68,419 | |||
AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 164,000 | 151,793 | |||
AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 102,000 | 101,592 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 30,000 | 20,997 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42 | 430,000 | 298,395 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 4/1/51 | 230,000 | 155,640 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | $ | 22,000 | $ | 14,468 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 12/1/61 | 10,000 | 7,192 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | 304,000 | 240,878 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | 18,000 | 15,999 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400,000 | 340,585 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 547,000 | 550,125 | |||
Comcast Corp., 4.00%, 3/1/48 | 252,000 | 219,063 | |||
Comcast Corp., 4.15%, 10/15/28 | 58,000 | 57,839 | |||
Comcast Corp., 4.25%, 10/15/30 | 90,000 | 88,736 | |||
Comcast Corp., 4.60%, 10/15/38 | 61,000 | 59,146 | |||
Corning, Inc., 5.45%, 11/15/79 | 146,000 | 131,517 | |||
Cox Communications, Inc., 2.60%, 6/15/31 (b) | 625,000 | 522,677 | |||
CSC Holdings LLC, 5.50%, 4/15/27 (b) | 250,000 | 226,553 | |||
Discovery Communications LLC, 5.30%, 5/15/49 | 47,000 | 40,242 | |||
Expedia Group, Inc., 2.95%, 3/15/31 | 99,000 | 78,744 | |||
Level 3 Financing, Inc., 3.40%, 3/1/27 (b) | 500,000 | 430,664 | |||
Level 3 Financing, Inc., 5.38%, 5/1/25 | 200,000 | 193,714 | |||
Paramount Global, (5 year CMT + 3.999%), 6.38%, 3/30/62 (c) | 875,000 | 781,200 | |||
Sprint Corp., 7.88%, 9/15/23 | 275,000 | 283,467 | |||
T-Mobile USA, Inc., 3.00%, 2/15/41 | 570,000 | 425,101 | |||
T-Mobile USA, Inc., 3.60%, 11/15/60 | 10,000 | 7,287 | |||
T-Mobile USA, Inc., 3.60%, 11/15/60 (b) | 74,000 | 74,690 | |||
T-Mobile USA, Inc., 3.88%, 4/15/30 | 150,000 | 139,988 | |||
T-Mobile USA, Inc., 4.38%, 4/15/40 | 475,000 | 423,998 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Time Warner Cable LLC, 6.55%, 5/1/37 | $ | 4,000 | $ | 4,005 | |
Verizon Communications, Inc., 1.50%, 9/18/30 | 1,000,000 | 799,212 | |||
Verizon Communications, Inc., 2.30%, 3/20/26 (SOFR + 0.790%)(c) | 1,000,000 | 983,211 | |||
Verizon Communications, Inc., 2.55%, 3/21/31 | 710,000 | 607,055 | |||
Verizon Communications, Inc., 3.00%, 11/20/60 | 88,000 | 59,740 | |||
Verizon Communications, Inc., 3.40%, 3/22/41 | 1,348,000 | 1,097,322 | |||
Verizon Communications, Inc., 3.88%, 3/1/52 | 89,000 | 74,570 | |||
Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34 | 81,000 | 77,615 | |||
ViacomCBS, Inc., 4.38%, 3/15/43 | 203,000 | 157,001 | |||
Total Communications | 11,227,903 | ||||
CONSUMER, CYCLICAL - 1.2% | |||||
BMW US Capital LLC, 3.90%, 4/9/25 (b) | 62,000 | 61,801 | |||
Brunswick Corp., 2.40%, 8/18/31 | 38,000 | 28,120 | |||
Dana, Inc., 5.38%, 11/15/27 | 75,000 | 64,987 | |||
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 400,206 | 367,270 | |||
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150,000 | 144,274 | |||
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 1,310,851 | 1,147,809 | |||
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 440,206 | 384,023 | |||
Ford Motor Co., 5.29%, 12/8/46 | 400,000 | 306,762 | |||
Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100,000 | 71,233 | |||
Gap, Inc. (The), 3.63%, 10/1/29 (b) | 50,000 | 35,110 | |||
Gap, Inc. (The), 3.88%, 10/1/31 (b) | 150,000 | 104,625 | |||
General Motors Co., Senior Bond, 6.25%, 10/2/43 | 205,000 | 195,301 | |||
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 44,000 | 34,668 | |||
Genuine Parts Co., 1.75%, 2/1/25 | 30,000 | 28,265 | |||
Genuine Parts Co., 2.75%, 2/1/32 | 1,050,000 | 868,680 | |||
Kohl's Corp., 5.55%, 7/17/45 | 188,000 | 158,438 | |||
Lowe's Cos., Inc., 2.80%, 9/15/41 | 1,250,000 | 907,844 | |||
Lowe's Cos., Inc., 4.45%, 4/1/62 | 49,000 | 41,856 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, CYCLICAL (continued) | |||||
Magallanes, Inc., 3.64%, 3/15/25 (b) | $ | 43,000 | $ | 41,646 | |
Magallanes, Inc., 4.28%, 3/15/32 (b) | 72,000 | 64,350 | |||
Magallanes, Inc., 5.05%, 3/15/42 (b) | 390,000 | 331,808 | |||
Magallanes, Inc., 5.14%, 3/15/52 (b) | 1,129,000 | 947,626 | |||
Magallanes, Inc., 5.39%, 3/15/62 (b) | 149,000 | 124,638 | |||
Marriott International, Inc., Series FF, 4.63%, 6/15/30 | 132,000 | 126,546 | |||
Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 530,000 | 457,164 | |||
Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 135,000 | 111,953 | |||
McDonald's Corp., 3.63%, 9/1/49 | 47,000 | 38,806 | |||
Nissan Motor Acceptance Corp., Senior Note, 2.65%, 7/13/22 (b) | 6,000 | 5,999 | |||
Nordstrom, Inc., 5.00%, 1/15/44 | 16,000 | 11,400 | |||
O'Reilly Automotive, Inc., 4.70%, 6/15/32 | 32,000 | 31,869 | |||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200,000 | 187,736 | |||
Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500,000 | 471,534 | |||
Stellantis Finance US, Inc., 2.69%, 9/15/31 (b) | 385,000 | 304,821 | |||
Target Corp., 1.95%, 1/15/27 | 72,000 | 66,789 | |||
Taylor Morrison Communities, Inc., 5.13%, 8/1/30 (b) | 150,000 | 124,573 | |||
Taylor Morrison Communities, Inc., 5.63%, 3/1/24 (b) | 150,000 | 145,836 | |||
Toyota Motor Credit Corp., 1.90%, 4/6/28 | 104,000 | 92,438 | |||
United Airlines, Inc., 4.38%, 4/15/26 (b) | 185,000 | 163,016 | |||
United Airlines, Inc., 4.63%, 4/15/29 (b) | 35,000 | 29,689 | |||
Walmart, Inc., 1.80%, 9/22/31 | 1,175,000 | 997,581 | |||
William Carter Co. (The), 5.63%, 3/15/27 (b) | 250,000 | 234,103 | |||
Wolverine World Wide, Inc., 4.00%, 8/15/29 (b) | 150,000 | 120,351 | |||
Total Consumer, Cyclical | 10,183,338 | ||||
CONSUMER, NON-CYCLICAL - 3.2% | |||||
AbbVie, Inc., 4.05%, 11/21/39 | 28,000 | 24,968 | |||
AbbVie, Inc., 4.25%, 11/21/49 | 364,000 | 323,134 | |||
AbbVie, Inc., 4.55%, 3/15/35 | 380,000 | 369,625 | |||
AbbVie, Inc., 4.75%, 3/15/45 | 150,000 | 141,050 | |||
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200,000 | 194,112 | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 3/15/29 (b) | 200,000 | 161,863 | |||
Amgen, Inc., 2.80%, 8/15/41 | 610,000 | 452,071 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | $ | 184,000 | $ | 172,940 | |
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 4/15/38 | 110,000 | 100,885 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 131,000 | 117,611 | |||
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200,000 | 203,339 | |||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 | 355,000 | 362,569 | |||
Ascension Health, 2.53%, 11/15/29 | 630,000 | 569,281 | |||
Ascension Health, 3.11%, 11/15/39 | 120,000 | 98,827 | |||
BAT Capital Corp., 2.73%, 3/25/31 | 620,000 | 491,042 | |||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 118,000 | 107,543 | |||
Bristol-Myers Squibb Co., 3.70%, 3/15/52 | 1,200,000 | 1,036,409 | |||
Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40,000 | 38,204 | |||
Bush Foundation, 2.75%, 10/1/50 | 300,000 | 223,640 | |||
Cardinal Health, Inc., 4.50%, 11/15/44 | 150,000 | 128,437 | |||
Cigna Corp., 2.40%, 3/15/30 | 430,000 | 370,292 | |||
Cigna Corp., 3.40%, 3/15/50 | 58,000 | 44,269 | |||
Cigna Corp., 4.38%, 10/15/28 | 190,000 | 188,534 | |||
Cintas Corp. No 2, 3.45%, 5/1/25 | 37,000 | 36,875 | |||
Conagra Brands, Inc., 7.00%, 10/1/28 | 75,000 | 81,010 | |||
Constellation Brands, Inc., 4.35%, 5/9/27 | 32,000 | 31,728 | |||
CVS Health Corp., 5.13%, 7/20/45 | 390,000 | 375,657 | |||
CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 415,000 | 392,821 | |||
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70,000 | 63,689 | |||
ERAC USA Finance LLC, 4.20%, 11/1/46 (b) | 325,000 | 271,753 | |||
Ford Foundation (The), 2.82%, 6/1/70 | 776,000 | 533,517 | |||
Gilead Sciences, Inc., 2.60%, 10/1/40 | 1,075,000 | 785,926 | |||
Gilead Sciences, Inc., 2.80%, 10/1/50 | 1,000,000 | 697,840 | |||
GlaxoSmithKline Capital, Inc., 3.38%, 5/15/23 | 80,000 | 80,347 | |||
GSK Consumer Healthcare Capital US LLC, 4.00%, 3/24/52 (b) | 250,000 | 214,053 | |||
HCA, Inc., 3.50%, 9/1/30 | 31,000 | 26,372 | |||
HCA, Inc., 3.50%, 7/15/51 | 70,000 | 47,806 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
HCA, Inc., 4.38%, 3/15/42 (b) | $ | 1,325,000 | $ | 1,066,389 | |
HCA, Inc., 4.63%, 3/15/52 (b) | 77,000 | 61,605 | |||
HCA, Inc., 7.75%, 7/15/36 | 150,000 | 170,625 | |||
Hormel Foods Corp., 0.65%, 6/3/24 | 76,000 | 72,517 | |||
Humana, Inc., 1.35%, 2/3/27 | 43,000 | 37,596 | |||
Kraft Heinz Foods Co., 4.38%, 6/1/46 | 77,000 | 64,172 | |||
Kraft Heinz Foods Co., 4.88%, 10/1/49 | 220,000 | 194,315 | |||
Lamb Weston Holdings, Inc., 4.13%, 1/31/30 (b) | 125,000 | 108,195 | |||
Lamb Weston Holdings, Inc., 4.38%, 1/31/32 (b) | 225,000 | 195,750 | |||
Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75,000 | 62,575 | |||
Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150,000 | 150,083 | |||
Mather Foundation, Series 2021, 2.68%, 10/1/31 | 750,000 | 658,587 | |||
Merck & Co., Inc., 2.15%, 12/10/31 | 1,150,000 | 989,209 | |||
Merck & Co., Inc., 2.75%, 12/10/51 | 625,000 | 461,549 | |||
Mylan, Inc., 3.13%, 1/15/23 (b) | 480,000 | 477,081 | |||
Mylan, Inc., 5.20%, 4/15/48 | 275,000 | 219,599 | |||
Mylan, Inc., 5.40%, 11/29/43 | 180,000 | 151,350 | |||
NBM US Holdings, Inc., 6.63%, 8/6/29 (b) | 800,000 | 768,000 | |||
Nestle Holdings, Inc., 3.50%, 9/24/25 (b) | 397,000 | 396,933 | |||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 (b) | 275,000 | 243,375 | |||
Orlando Health Obligated Group, 4.09%, 10/1/48 | 50,000 | 45,801 | |||
PepsiCo, Inc., 2.25%, 3/19/25 | 94,000 | 91,548 | |||
PepsiCo, Inc., 2.88%, 10/15/49 | 1,000,000 | 793,967 | |||
Pilgrim's Pride Corp., 5.88%, 9/30/27 (b) | 300,000 | 287,250 | |||
President & Fellows of Harvard College, 5.63%, 10/1/38 | 515,000 | 595,127 | |||
President & Fellows of Harvard College, 3.62%, 10/1/37 | 50,000 | 47,580 | |||
President & Fellows of Harvard College, 6.50%, 1/15/39 (b) | 105,000 | 132,112 | |||
Procter & Gamble Co. (The), 1.20%, 10/29/30 | 1,150,000 | 939,081 | |||
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110,000 | 97,672 | |||
Roche Holdings, Inc., 1.93%, 12/13/28 (b) | 1,000,000 | 883,838 | |||
Roche Holdings, Inc., 2.13%, 3/10/25 (b) | 203,000 | 195,853 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
S&P Global, Inc., 2.70%, 3/1/29 (b) | $ | 91,000 | $ | 82,802 | |
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23 | 180,000 | 177,986 | |||
Smithfield Foods, Inc., 4.25%, 2/1/27 (b) | 63,000 | 60,643 | |||
Smithfield Foods, Inc., 5.20%, 4/1/29 (b) | 77,000 | 75,633 | |||
Stanford Health Care, 3.03%, 8/15/51 | 1,000,000 | 761,235 | |||
Sutter Health, 4.09%, 8/15/48 | 125,000 | 110,342 | |||
Sysco Corp., 4.45%, 3/15/48 | 139,000 | 122,017 | |||
Sysco Corp., 4.50%, 4/1/46 | 79,000 | 70,282 | |||
Sysco Corp., 5.95%, 4/1/30 | 18,000 | 19,191 | |||
Sysco Corp., 6.60%, 4/1/50 | 46,000 | 53,046 | |||
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1,000,000 | 836,415 | |||
Tenet Healthcare Corp., 4.38%, 1/15/30 (b) | 25,000 | 21,151 | |||
Tenet Healthcare Corp., 4.63%, 7/15/24 | 123,000 | 118,047 | |||
Tenet Healthcare Corp., 6.13%, 6/15/30 (b) | 75,000 | 69,194 | |||
Trustees of Boston College, 3.13%, 7/1/52 | 169,000 | 132,191 | |||
Trustees of Princeton University (The), 2.52%, 7/1/50 | 90,000 | 67,383 | |||
Trustees of Princeton University (The), 5.70%, 3/1/39 | 495,000 | 582,550 | |||
Unilever Capital Corp., 2.13%, 9/6/29 | 675,000 | 594,836 | |||
United Rentals North America, Inc., 3.75%, 1/15/32 | 50,000 | 41,052 | |||
United Rentals North America, Inc., 3.88%, 2/15/31 | 62,000 | 52,302 | |||
United Rentals North America, Inc., 5.25%, 1/15/30 | 70,000 | 64,925 | |||
UnitedHealth Group, Inc., 1.25%, 1/15/26 | 113,000 | 104,219 | |||
UnitedHealth Group, Inc., 4.95%, 5/15/62 | 25,000 | 25,347 | |||
UnitedHealth Group, Inc., Senior Note, 3.75%, 7/15/25 | 79,000 | 78,893 | |||
University of Chicago (The), 0, 2.76%, 4/1/45 | 100,000 | 82,314 | |||
Vector Group Ltd., 5.75%, 2/1/29 (b) | 250,000 | 208,175 | |||
Viatris, Inc., 3.85%, 6/22/40 | 94,000 | 66,581 | |||
Viatris, Inc., 4.00%, 6/22/50 | 148,000 | 99,099 | |||
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1,300,000 | 1,145,732 | |||
Total Consumer, Non-Cyclical | 26,142,956 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY - 1.3% | |||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26 (b) | $ | 175,000 | $ | 174,806 | |
BP Capital Markets America, Inc., 2.77%, 11/10/50 | 1,000,000 | 693,754 | |||
BP Capital Markets America, Inc., 3.00%, 2/24/50 | 67,000 | 48,640 | |||
BP Capital Markets America, Inc., 3.54%, 4/6/27 | 218,000 | 211,660 | |||
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200,000 | 211,466 | |||
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205,000 | 199,902 | |||
Chevron Corp., 1.55%, 5/11/25 | 73,000 | 69,219 | |||
Chevron USA, Inc., 4.20%, 10/15/49 | 52,000 | 47,585 | |||
Colonial Enterprises, Inc., 3.25%, 5/15/30 (b) | 510,000 | 462,771 | |||
Continental Resources, Inc., 3.80%, 6/1/24 | 775,000 | 764,530 | |||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 38,000 | 34,807 | |||
Diamondback Energy, Inc., 4.40%, 3/24/51 | 72,000 | 61,309 | |||
DT Midstream, Inc., 4.30%, 4/15/32 (b) | 48,000 | 44,007 | |||
Duke Energy Carolinas LLC, 3.55%, 3/15/52 | 25,000 | 20,766 | |||
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200,000 | 185,332 | |||
Energy Transfer L.P., 4.90%, 3/15/35 | 77,000 | 69,059 | |||
Energy Transfer L.P., 4.95%, 6/15/28 | 115,000 | 113,319 | |||
Energy Transfer L.P., 5.00%, 5/15/50 | 505,000 | 429,727 | |||
Energy Transfer L.P., 5.30%, 4/15/47 | 110,000 | 95,249 | |||
Energy Transfer L.P., 6.13%, 12/15/45 | 10,000 | 9,538 | |||
Energy Transfer L.P., Senior Note, 4.95%, 5/15/28 | 79,000 | 77,220 | |||
EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45 | 4,000 | 2,705 | |||
Enterprise Products Operating LLC, 3.20%, 2/15/52 | 39,000 | 28,006 | |||
Enterprise Products Operating LLC, 4.85%, 8/15/42 | 200,000 | 183,391 | |||
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) | 60,000 | 49,847 | |||
EQT Corp., 3.63%, 5/15/31 (b) | 18,000 | 15,553 | |||
Florida Gas Transmission Co. LLC, 2.30%, 10/1/31 (b) | 355,000 | 287,937 | |||
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (b) | 54,000 | 52,611 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Gray Oak Pipeline LLC, 3.45%, 10/15/27 (b) | $ | 130,000 | $ | 118,852 | |
Halliburton Co., 4.75%, 8/1/43 | 51,000 | 45,325 | |||
Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 82,000 | 78,847 | |||
Helmerich & Payne, Inc., 2.90%, 9/29/31 | 375,000 | 321,364 | |||
Hess Corp., 6.00%, 1/15/40 | 151,000 | 154,275 | |||
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 4/15/30 (b) | 100,000 | 87,000 | |||
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 4/15/32 (b) | 100,000 | 87,819 | |||
Marathon Oil Corp., 6.80%, 3/15/32 | 78,000 | 83,992 | |||
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 73,000 | 77,214 | |||
MPLX L.P., Senior Bond, 4.70%, 4/15/48 | 150,000 | 126,095 | |||
MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 85,000 | 78,840 | |||
Murray Energy Corp., Secured Note, 12.00%, 4/15/24 (b)(d) | 180,991 | 18 | |||
ONEOK Partners L.P., 6.65%, 10/1/36 | 73,000 | 74,337 | |||
ONEOK, Inc., 3.10%, 3/15/30 | 1,810,000 | 1,556,099 | |||
ONEOK, Inc., 4.50%, 3/15/50 | 250,000 | 200,232 | |||
ONEOK, Inc., 4.95%, 7/13/47 | 150,000 | 127,888 | |||
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231,000 | 253,945 | |||
Petroleos Mexicanos, 6.50%, 3/13/27 | 200,000 | 173,400 | |||
Petroleos Mexicanos, 6.75%, 9/21/47 | 400,000 | 247,000 | |||
Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 6/15/44 | 420,000 | 332,286 | |||
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 75,000 | 74,845 | |||
Qatar Petroleum, 2.25%, 7/12/31 (b) | 200,000 | 170,750 | |||
Sanchez Energy Corp., 6.13%, 1/15/23 | 100,000 | 750 | |||
Sanchez Energy Corp., 7.75%, 6/15/21 | 150,000 | 1,125 | |||
Schlumberger Holdings Corp., 3.90%, 5/17/28 (b) | 44,000 | 41,574 | |||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 (b) | 175,000 | 145,250 | |||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | 58,000 | 49,634 | |||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 110,000 | 112,680 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Topaz Solar Farms LLC, 4.88%, 9/30/39 (b) | $ | 337,155 | $ | 290,796 | |
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | 230,000 | 190,910 | |||
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350,000 | 344,950 | |||
Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29 (b) | 25,000 | 21,868 | |||
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 (b) | 25,000 | 21,363 | |||
Western Midstream Operating L.P., 5.30%, 3/1/48 | 10,000 | 8,062 | |||
Williams Cos., Inc. (The), 3.50%, 10/15/51 | 16,000 | 11,902 | |||
Williams Cos., Inc. (The), 5.75%, 6/24/44 | 166,000 | 165,556 | |||
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200,000 | 179,480 | |||
Total Energy | 10,701,039 | ||||
FINANCIAL - 7.7% | |||||
Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34 | 1,000,000 | 832,113 | |||
Americo Life, Inc., 3.45%, 4/15/31 (b) | 59,000 | 47,941 | |||
Athene Global Funding, 1.73%, 10/2/26 (b) | 129,000 | 111,952 | |||
Bank of America Corp., 1.49%, 5/19/24 (SOFR + 1.460%)(c) | 15,000 | 14,659 | |||
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) | 960,000 | 914,404 | |||
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 | 40,340 | |||
Bank of America Corp., 4.08%, 4/23/40 (4.08% fixed rate until 4/23/39; 1.32% + 3 month USD LIBOR thereafter)(c) | 98,000 | 86,167 | |||
Bank of America Corp., 4.30%, 1/28/25 (4.30% fixed rate until 1/28/25; 2.66% + 3 month USD LIBOR thereafter)(c)(e) | 475,000 | 397,219 | |||
Bank of America Corp., 4.45%, 3/3/26 | 1,525,000 | 1,517,625 | |||
Bank of America Corp., (5 year CMT + 2.00%), 3.85%, 3/8/37 (c) | 126,000 | 108,908 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Bank of America Corp., (SOFR + 0.97%), 1.96%, 7/22/27 (c) | $ | 1,000,000 | $ | 953,346 | |
Bank of America Corp., (SOFR + 1.21%), 2.57%, 10/20/32 (c) | 530,000 | 437,150 | |||
Bank of America Corp., (SOFR + 1.32%), 2.69%, 4/22/32 (c) | 1,000,000 | 839,518 | |||
Bank of America Corp., (SOFR + 1.33%), 3.38%, 4/2/26 (c) | 49,000 | 47,496 | |||
Bank of America Corp., (SOFR + 1.58%), 3.31%, 4/22/42 (c) | 74,000 | 58,024 | |||
Bank of America Corp., (SOFR + 1.83%), 4.57%, 4/27/33 (c) | 58,000 | 56,446 | |||
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) | 1,367,000 | 1,310,791 | |||
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 | 270,439 | |||
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 259,000 | 251,711 | |||
BankUnited, Inc., 4.88%, 11/17/25 | 231,000 | 233,143 | |||
BankUnited, Inc., 5.13%, 6/11/30 | 143,000 | 138,272 | |||
BOC Aviation USA Corp., 1.63%, 4/29/24 (b) | 200,000 | 191,586 | |||
Brandywine Operating Partnership L.P., 3.95%, 2/15/23 | 500,000 | 498,791 | |||
Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500,000 | 492,755 | |||
Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625,000 | 563,918 | |||
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500,000 | 478,265 | |||
Broadstone Net Lease LLC, 2.60%, 9/15/31 | 515,000 | 419,988 | |||
Cantor Fitzgerald L.P., 4.50%, 4/14/27 (b) | 1,225,000 | 1,177,278 | |||
Charles Schwab Corp. (The), 2.45%, 3/3/27 | 41,000 | 38,237 | |||
Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)(c) | 820,000 | 724,039 | |||
Citigroup, Inc., 4.70%, 1/30/25 (SOFR + 3.234%)(c)(e) | 55,000 | 44,688 | |||
Citigroup, Inc., 5.88%, 2/22/33 | 108,000 | 111,586 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Citigroup, Inc., (SOFR + 0.686%), 0.78%, 10/30/24 (c) | $ | 37,000 | $ | 35,272 | |
Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32 (c) | 300,000 | 247,009 | |||
Citigroup, Inc., (SOFR + 1.372%), 4.14%, 5/24/25 (c) | 81,000 | 80,669 | |||
Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30 (c) | 160,000 | 139,650 | |||
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) | 22,000 | 20,769 | |||
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 | 665,350 | |||
Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)(c)(e) | 225,000 | 198,000 | |||
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 218,000 | 227,355 | |||
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1,514,000 | 1,482,708 | |||
Citizens Financial Group, Inc., 2.64%, 9/30/32 | 206,000 | 164,312 | |||
Citizens Financial Group, Inc., 3.25%, 4/30/30 | 31,000 | 27,508 | |||
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1,000,000 | 890,440 | |||
Corebridge Financial, Inc., 4.40%, 4/5/52 (b) | 56,000 | 46,685 | |||
Corporate Office Properties L.P., 2.90%, 12/1/33 | 33,000 | 25,548 | |||
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 (b) | 970,000 | 889,321 | |||
Duke Realty L.P., 2.88%, 11/15/29 | 1,000,000 | 898,605 | |||
Empower Finance 2020 L.P., 1.36%, 9/17/27 (b) | 1,125,000 | 967,846 | |||
Empower Finance 2020 L.P., 1.78%, 3/17/31 (b) | 1,000,000 | 802,058 | |||
EPR Properties, 3.60%, 11/15/31 | 38,000 | 30,038 | |||
Equitable Financial Life Global Funding, 1.30%, 7/12/26 (b) | 88,000 | 77,934 | |||
Everest Reinsurance Holding, Inc., 3.13%, 10/15/52 | 590,000 | 417,936 | |||
F&G Global Funding, 0.90%, 9/20/24 (b) | 88,000 | 81,601 | |||
F&G Global Funding, 2.30%, 4/11/27 (b) | 153,000 | 136,496 | |||
Federal Realty Investment Trust, 1.25%, 2/15/26 | 1,150,000 | 1,028,859 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
First Horizon Bank, 5.75%, 5/1/30 | $ | 250,000 | $ | 256,614 | |
Five Corners Funding Trust II, 2.85%, 5/15/30 (b) | 1,000,000 | 869,939 | |||
FS KKR Capital Corp., 4.13%, 2/1/25 | 1,550,000 | 1,469,881 | |||
GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/31 (b) | 940,000 | 901,513 | |||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 260,000 | 242,839 | |||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150,000 | 146,793 | |||
Goldman Sachs Group, Inc. (The), 0.86%, 2/12/26 (SOFR + 0.609%)(c) | 1,000,000 | 909,756 | |||
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 183,000 | 175,571 | |||
Goldman Sachs Group, Inc. (The), 3.81%, 4/23/29 (3.81% fixed rate until 4/23/28; 1.16% + 3 month USD LIBOR thereafter)(c) | 925,000 | 872,101 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27 (c) | 90,000 | 79,002 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.248%), 2.38%, 7/21/32 (c) | 63,000 | 50,945 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32 (c) | 770,000 | 639,281 | |||
Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42 (c) | 63,000 | 48,109 | |||
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 | 394,089 | |||
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 187,000 | 207,088 | |||
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 (b) | 1,000,000 | 797,500 | |||
Healthpeak Properties, Inc., 2.13%, 12/1/28 | 925,000 | 798,847 | |||
HNA 2015 LLC, 2.37%, 9/18/27 | 286,920 | 278,330 | |||
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | 54,000 | 46,129 | |||
Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31 | 850,000 | 674,872 | |||
Intercontinental Exchange, Inc., 5.20%, 6/15/62 | 109,000 | 108,756 | |||
Jackson Financial, Inc., 5.17%, 6/8/27 | 40,000 | 39,653 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)(c) | $ | 291,000 | $ | 272,505 | |
JPMorgan Chase & Co., 3.78%, 2/1/28 (3.78% fixed rate until 2/1/27; 1.34% + 3 month USD LIBOR thereafter)(c) | 300,000 | 288,080 | |||
JPMorgan Chase & Co., 4.00%, 4/1/25 (SOFR + 2.745%)(c)(e) | 975,000 | 803,156 | |||
JPMorgan Chase & Co., 4.60%, 2/1/25 (SOFR + 3.125%)(c)(e) | 165,000 | 139,346 | |||
JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29 (c) | 57,000 | 49,021 | |||
JPMorgan Chase & Co., (SOFR + 1.18%), 2.55%, 11/8/32 (c) | 565,000 | 469,424 | |||
JPMorgan Chase & Co., (SOFR + 1.25%), 2.58%, 4/22/32 (c) | 405,000 | 340,769 | |||
JPMorgan Chase & Co., (SOFR + 1.32%), 4.08%, 4/26/26 (c) | 145,000 | 143,191 | |||
JPMorgan Chase & Co., (SOFR + 1.51%), 2.53%, 11/19/41 (c) | 276,000 | 197,464 | |||
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) | 129,000 | 122,237 | |||
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 | 1,188,501 | |||
KeyBank NA, Subordinated Note, 3.40%, 5/20/26 | 500,000 | 479,304 | |||
KeyCorp, (SOFR + 1.250%), 3.88%, 5/23/25 (c) | 28,000 | 27,793 | |||
Kimco Realty Corp., 2.25%, 12/1/31 | 1,100,000 | 884,281 | |||
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1,000,000 | 835,005 | |||
Liberty Mutual Group, Inc., 3.95%, 5/15/60 (b) | 85,000 | 61,095 | |||
Liberty Mutual Group, Inc., 3.95%, 10/15/50 (b) | 120,000 | 91,136 | |||
Liberty Mutual Group, Inc., 4.57%, 2/1/29 (b) | 700,000 | 688,280 | |||
Low Income Investment Fund, 3.39%, 7/1/26 | 1,000,000 | 979,431 | |||
LPL Holdings, Inc., 4.38%, 5/15/31 (b) | 325,000 | 277,675 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
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 | $ | 3,745 | |
Mastercard, Inc., 1.90%, 3/15/31 | 1,000,000 | 853,852 | |||
Morgan Stanley, 3.63%, 1/20/27 | 267,000 | 258,605 | |||
Morgan Stanley, 3.95%, 4/23/27 | 950,000 | 919,919 | |||
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 | 427,514 | |||
Morgan Stanley, 4.50%, 2/11/27 (b) | 1,310,000 | 1,190,124 | |||
Morgan Stanley, (SOFR + 0.560%), 1.16%, 10/21/25 (c) | 44,000 | 40,765 | |||
Morgan Stanley, (SOFR + 0.858%), 1.51%, 7/20/27 (c) | 118,000 | 103,490 | |||
Morgan Stanley, (SOFR + 1.178%), 2.24%, 7/21/32 (c) | 210,000 | 170,122 | |||
Morgan Stanley, (SOFR + 1.360%), 2.48%, 9/16/36 (c) | 1,312,000 | 1,008,824 | |||
Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42 (c) | 70,000 | 55,091 | |||
Morgan Stanley, (SOFR + 2.620%), 5.30%, 4/20/37 (c) | 33,000 | 31,957 | |||
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 | 1,095,916 | |||
Morgan Stanley, Subordinated Note, 5.00%, 11/24/25 | 23,000 | 23,369 | |||
Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29 (b) | 175,000 | 149,049 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | 200,000 | 157,632 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/27 | 150,000 | 137,201 | |||
National Community Renaissance Of California, 3.27%, 12/1/32 | 1,000,000 | 836,690 | |||
National Health Investors, Inc., 3.00%, 2/1/31 | 54,000 | 41,443 | |||
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) | 116,000 | 117,495 | |||
Nuveen Finance LLC, 4.13%, 11/1/24 (b) | 400,000 | 397,082 | |||
Office Properties Income Trust, 3.45%, 10/15/31 | 52,000 | 38,951 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
OFS Capital Corp., 4.75%, 2/10/26 | $ | 1,300,000 | $ | 1,186,867 | |
Ohio National Financial Services, Inc., 5.80%, 1/24/30 (b) | 200,000 | 192,536 | |||
Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 144,000 | 109,054 | |||
Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 81,000 | 65,768 | |||
OneMain Finance Corp., 6.63%, 1/15/28 | 225,000 | 201,096 | |||
OneMain Finance Corp., 8.25%, 10/1/23 | 125,000 | 124,926 | |||
Preservation Of Affordable Housing, Inc., 4.48%, 12/1/32 | 1,000,000 | 972,302 | |||
Principal Life Global Funding II, 0.50%, 1/8/24 (b) | 92,000 | 87,576 | |||
Private Export Funding Corp., Series II, 2.05%, 11/15/22 | 1,000,000 | 997,981 | |||
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | 500,000 | 426,535 | |||
Prudential Financial, Inc., 1.50%, 3/10/26 | 170,000 | 155,914 | |||
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 | 34,972 | |||
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 | 94,570 | |||
Realty Income Corp., 3.25%, 1/15/31 | 285,000 | 259,085 | |||
Regency Centers L.P., 3.75%, 6/15/24 | 500,000 | 496,835 | |||
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 125,000 | 151,576 | |||
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500,000 | 486,156 | |||
SBL Holdings, Inc., 5.00%, 2/18/31 (b) | 67,000 | 55,795 | |||
Sculptor Alternative Solutions LLC, 6.00%, 5/15/37 (b) | 1,720,000 | 1,577,068 | |||
Security Benefit Global Funding, 1.25%, 5/17/24 (b) | 44,000 | 41,731 | |||
Signature Bank, 4.00%, 10/15/30 (c) | 150,000 | 144,776 | |||
SVB Financial Group, 2.10%, 5/15/28 | 1,050,000 | 897,470 | |||
SVB Financial Group, (SOFR + 1.713%), 4.35%, 4/29/28 (c) | 128,000 | 124,801 | |||
Synchrony Financial, 2.88%, 10/28/31 | 42,000 | 31,829 | |||
Synchrony Financial, 4.50%, 7/23/25 | 340,000 | 330,793 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 (b) | $ | 210,000 | $ | 160,195 | |
Thirax 2 LLC, 2.32%, 1/22/34 | 981,866 | 905,660 | |||
Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 170,000 | 170,299 | |||
US Bancorp, (5 year CMT + 0.950%), 2.49%, 11/3/36 (c) | 195,000 | 158,899 | |||
USAA Capital Corp., 2.13%, 5/1/30 (b) | 1,000,000 | 856,532 | |||
USAA Capital Corp., 3.38%, 5/1/25 (b) | 150,000 | 148,702 | |||
Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31 (c) | 138,000 | 126,640 | |||
Visa, Inc., 1.90%, 4/15/27 | 1,000,000 | 922,389 | |||
Vornado Realty L.P., 2.15%, 6/1/26 | 41,000 | 36,526 | |||
Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)(c) | 731,000 | 566,097 | |||
Wells Fargo & Co., 4.30%, 7/22/27 | 432,000 | 427,220 | |||
Wells Fargo & Co., 5.61%, 1/15/44 | 40,000 | 40,254 | |||
Wells Fargo & Co., (SOFR + 1.262%), 2.57%, 2/11/31 (c) | 670,000 | 575,950 | |||
Wells Fargo & Co., (SOFR + 2.130%), 4.61%, 4/25/53 (c) | 89,000 | 82,352 | |||
Weyerhaeuser Co., 4.00%, 3/9/52 | 33,000 | 27,245 | |||
Willis North America, Inc., 4.65%, 6/15/27 | 108,000 | 106,233 | |||
WR Berkley Corp., 4.00%, 5/12/50 | 160,000 | 133,511 | |||
Zions Bancorp NA, 3.25%, 10/29/29 | 271,000 | 235,822 | |||
Total Financial | 64,323,440 | ||||
INDUSTRIAL - 1.2% | |||||
AECOM, 5.13%, 3/15/27 | 125,000 | 118,125 | |||
Allegion US Holding Co., Inc., 5.41%, 7/1/32 | 46,000 | 45,689 | |||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 35,000 | 28,557 | |||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 93,000 | 91,975 | |||
Amsted Industries, Inc., 5.63%, 7/1/27 (b) | 200,000 | 188,000 | |||
Ball Corp., 3.13%, 9/15/31 | 100,000 | 80,664 | |||
Berry Global, Inc., 1.57%, 1/15/26 | 1,010,000 | 900,637 | |||
Boeing Co. (The), 2.20%, 2/4/26 | 1,150,000 | 1,036,570 | |||
Boeing Co. (The), 3.75%, 2/1/50 | 525,000 | 370,459 | |||
Burlington Northern Santa Fe LLC, 4.45%, 1/15/53 | 32,000 | 30,948 | |||
Carlisle Cos., Inc., 2.20%, 3/1/32 | 382,000 | 299,657 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Carrier Global Corp., 3.38%, 4/5/40 | $ | 81,000 | $ | 63,497 | |
Caterpillar Financial Services Corp., 0.95%, 1/10/24 | 94,000 | 90,778 | |||
Caterpillar Financial Services Corp., 1.70%, 1/8/27 | 64,000 | 58,592 | |||
CNH Industrial Capital LLC, 4.20%, 1/15/24 | 58,000 | 58,039 | |||
Flowserve Corp., 2.80%, 1/15/32 | 245,000 | 192,967 | |||
GATX Corp., Senior Note, 3.25%, 9/15/26 | 58,000 | 55,424 | |||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 68,000 | 68,252 | |||
John Deere Capital Corp., 3.40%, 6/6/25 | 155,000 | 154,309 | |||
John Deere Capital Corp., 1.30%, 10/13/26 | 43,000 | 38,837 | |||
Kansas City Southern, 4.70%, 5/1/48 | 38,000 | 35,816 | |||
LTR Intermediate Holdings Inc, (1 month USD LIBOR), 0.00%, 5/5/28 (c) | 994,975 | 908,740 | |||
Nature Conservancy (The), 2.37%, 2/1/24 (3 month USD LIBOR + 1.08%)(c) | 520,000 | 517,770 | |||
Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300,000 | 254,536 | |||
Norfolk Southern Corp., 3.70%, 3/15/53 | 54,000 | 44,357 | |||
Parker-Hannifin Corp., 4.25%, 9/15/27 | 60,000 | 59,581 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 (b) | 139,000 | 131,853 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.40%, 7/1/27 (b) | 49,000 | 48,033 | |||
Sonoco Products Co., 1.80%, 2/1/25 | 195,000 | 183,023 | |||
Sonoco Products Co., 2.85%, 2/1/32 | 1,000,000 | 834,886 | |||
Standard Industries, Inc., 4.38%, 7/15/30 (b) | 175,000 | 138,031 | |||
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 (b) | 125,000 | 106,875 | |||
Stanley Black & Decker, Inc., 2.30%, 2/24/25 | 89,000 | 86,134 | |||
Stanley Black & Decker, Inc., 3.00%, 5/15/32 | 38,000 | 33,489 | |||
Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60 (c) | 148,000 | 128,377 | |||
The Nature Conservancy, 3.96%, 3/1/52 | 1,000,000 | 916,296 | |||
Timken Co. (The), 4.13%, 4/1/32 | 25,000 | 22,707 | |||
Tote Shipholdings LLC, 3.40%, 10/16/40 | 1,000,000 | 965,784 | |||
Trimble, Inc., 4.75%, 12/1/24 | 13,000 | 13,063 | |||
Trimble, Inc., Senior Note, 4.15%, 6/15/23 | 250,000 | 249,460 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Trimble, Inc., Senior Note, 4.90%, 6/15/28 | $ | 30,000 | $ | 29,242 | |
Union Pacific Corp., 2.97%, 9/16/62 | 225,000 | 155,731 | |||
United Parcel Service, Inc., 3.90%, 4/1/25 | 59,000 | 59,420 | |||
Vontier Corp., 2.95%, 4/1/31 | 43,000 | 33,706 | |||
Xylem, Inc., 2.25%, 1/30/31 | 250,000 | 208,295 | |||
Total Industrial | 10,137,181 | ||||
TECHNOLOGY - 0.5% | |||||
Apple, Inc., 1.40%, 8/5/28 | 88,000 | 76,999 | |||
Apple, Inc., 2.70%, 8/5/51 | 30,000 | 22,375 | |||
Apple, Inc., 2.80%, 2/8/61 | 30,000 | 21,534 | |||
Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500,000 | 488,844 | |||
Broadcom, Inc., 2.45%, 2/15/31 (b) | 72,000 | 57,848 | |||
Broadcom, Inc., 3.14%, 11/15/35 (b) | 434,000 | 329,572 | |||
Broadcom, Inc., 3.19%, 11/15/36 (b) | 95,000 | 72,217 | |||
Broadcom, Inc., 3.42%, 4/15/33 (b) | 809,000 | 668,836 | |||
Broadcom, Inc., 4.93%, 5/15/37 (b) | 224,000 | 200,826 | |||
CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | 315,000 | 280,644 | |||
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350,000 | 351,314 | |||
Dell International LLC/EMC Corp., 3.38%, 12/15/41 (b) | 49,000 | 35,005 | |||
Dell International LLC/EMC Corp., 8.10%, 7/15/36 | 51,000 | 59,532 | |||
Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 184,000 | 168,093 | |||
HP, Inc., 5.50%, 1/15/33 | 32,000 | 31,214 | |||
KLA Corp., 4.95%, 7/15/52 | 55,000 | 55,323 | |||
Kyndryl Holdings, Inc., 2.05%, 10/15/26 (b) | 61,000 | 51,348 | |||
Kyndryl Holdings, Inc., 3.15%, 10/15/31 (b) | 22,000 | 16,288 | |||
Microsoft Corp., 2.92%, 3/17/52 | 44,000 | 34,708 | |||
Microsoft Corp., 3.04%, 3/17/62 | 269,000 | 208,509 | |||
Oracle Corp., 2.30%, 3/25/28 | 173,000 | 148,848 | |||
Oracle Corp., 4.00%, 11/15/47 | 91,000 | 67,480 | |||
Oracle Corp., Senior Bond, 3.80%, 11/15/37 | 142,000 | 110,482 | |||
Roper Technologies, Inc., 1.40%, 9/15/27 | 500,000 | 428,286 | |||
Take-Two Interactive Software, Inc., 3.55%, 4/14/25 | 18,000 | 17,705 | |||
Total Technology | 4,003,830 | ||||
UTILITIES - 3.0% | |||||
AEP Transmission Co. LLC, 4.25%, 9/15/48 | 425,000 | 389,769 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
AES Corp. (The), 2.45%, 1/15/31 | $ | 1,000,000 | $ | 804,268 | |
Alabama Power Co., 3.75%, 3/1/45 | 170,000 | 140,205 | |||
Alexander Funding Trust, 1.84%, 11/15/23 (b) | 555,000 | 531,359 | |||
Alliant Energy Finance LLC, 3.75%, 6/15/23 (b) | 300,000 | 300,216 | |||
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 70,000 | 66,116 | |||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225,000 | 209,899 | |||
Avangrid, Inc., 3.20%, 4/15/25 | 214,000 | 208,092 | |||
Baltimore Gas & Electric Co., 4.55%, 6/1/52 | 24,000 | 23,255 | |||
Brooklyn Union Gas Co. (The), 4.49%, 3/4/49 (b) | 1,000,000 | 847,907 | |||
Calpine Corp., 3.75%, 3/1/31 (b) | 450,000 | 366,030 | |||
Clearway Energy Operating LLC, 3.75%, 2/15/31 (b) | 925,000 | 745,754 | |||
CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50 (c) | 63,000 | 55,202 | |||
Commonwealth Edison Co., 3.70%, 8/15/28 | 320,000 | 312,063 | |||
Commonwealth Edison Co., Series 133, 3.85%, 3/15/52 | 20,000 | 17,617 | |||
Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105,000 | 95,051 | |||
Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61 | 87,000 | 68,550 | |||
Dominion Energy South Carolina, Inc., 5.10%, 6/1/65 | 101,000 | 100,363 | |||
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) | 38,000 | 35,296 | |||
Dominion Energy, Inc., Senior Note, 4.25%, 6/1/28 | 270,000 | 265,575 | |||
DTE Electric Co., 3.95%, 3/1/49 | 124,000 | 111,145 | |||
Duke Energy Florida LLC, 2.50%, 12/1/29 | 1,000,000 | 888,560 | |||
Duke Energy Florida LLC, 3.80%, 7/15/28 | 550,000 | 537,442 | |||
Duke Energy Florida LLC, 4.20%, 7/15/48 | 50,000 | 45,495 | |||
Emera US Finance L.P., 3.55%, 6/15/26 | 400,000 | 382,831 | |||
Emera US Finance L.P., 4.75%, 6/15/46 | 102,000 | 89,775 | |||
Entergy Louisiana LLC, 4.20%, 9/1/48 | 310,000 | 284,443 | |||
Entergy Mississippi LLC, 3.50%, 6/1/51 | 34,000 | 27,360 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Entergy Texas, Inc., 4.50%, 3/30/39 | $ | 204,000 | $ | 191,115 | |
Essential Utilities, Inc., 3.35%, 4/15/50 | 53,000 | 39,976 | |||
Florida Power & Light Co., 2.88%, 12/4/51 | 570,000 | 423,840 | |||
Georgia Power Co., Series A, 3.25%, 3/15/51 | 84,000 | 61,676 | |||
Interstate Power & Light Co., 3.50%, 9/30/49 | 64,000 | 51,010 | |||
Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23 (b) | 400,000 | 409,920 | |||
Jersey Central Power & Light Co., 2.75%, 3/1/32 (b) | 32,000 | 27,218 | |||
Liberty Utilities Finance GP 1, 2.05%, 9/15/30 (b) | 58,000 | 47,557 | |||
MidAmerican Energy Co., 3.10%, 5/1/27 | 624,000 | 602,320 | |||
National Fuel Gas Co., 4.75%, 9/1/28 | 1,000,000 | 981,988 | |||
National Fuel Gas Co., 5.50%, 1/15/26 | 1,225,000 | 1,229,487 | |||
National Rural Utilities Cooperative Finance Corp., 1.88%, 2/7/25 | 60,000 | 57,328 | |||
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 299,000 | 292,360 | |||
New York State Electric & Gas Corp., 2.15%, 10/1/31 (b) | 1,225,000 | 1,010,001 | |||
NextEra Energy Capital Holdings, Inc., 2.94%, 3/21/24 | 42,000 | 41,356 | |||
Niagara Mohawk Power Corp., 1.96%, 6/27/30 (b) | 1,000,000 | 827,347 | |||
Northwest Natural Gas Co., 3.08%, 12/1/51 | 1,000,000 | 755,108 | |||
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | 720,000 | 700,556 | |||
Oncor Electric Delivery Co. LLC, 4.15%, 6/1/32 (b) | 60,000 | 60,100 | |||
Pacific Gas & Electric Co., 4.95%, 6/8/25 | 47,000 | 46,084 | |||
Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107,000 | 74,116 | |||
Pacific Gas and Electric Co., 4.30%, 3/15/45 | 74,000 | 53,799 | |||
PacifiCorp, 2.90%, 6/15/52 | 748,000 | 545,416 | |||
PacifiCorp, 4.13%, 1/15/49 | 135,000 | 120,893 | |||
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28 (b) | 375,000 | 326,250 | |||
PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85,000 | 77,706 | |||
Public Service Co. of Colorado, 2.70%, 1/15/51 | 163,000 | 115,925 | |||
Public Service Co. of Colorado, 3.70%, 6/15/28 | 77,000 | 75,772 | |||
Public Service Co. of Colorado, 4.10%, 6/15/48 | 175,000 | 159,645 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31 | $ | 99,000 | $ | 82,533 | |
Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420,000 | 301,003 | |||
San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51 | 1,375,000 | 1,013,867 | |||
SCE Recovery Funding LLC, 2.94%, 11/15/44 | 1,627,000 | 1,444,318 | |||
Southern California Edison Co., 1.10%, 4/1/24 | 187,000 | 177,892 | |||
Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110,000 | 90,498 | |||
Southern California Edison Co., Series C, 4.20%, 6/1/25 | 55,000 | 55,347 | |||
Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75,000 | 67,857 | |||
Southern Co. (The), 4.48%, 8/1/24 | 69,000 | 69,263 | |||
Southern Power Co., Senior Note, 4.15%, 12/1/25 | 500,000 | 500,497 | |||
Southwestern Electric Power Co., 3.25%, 11/1/51 | 1,100,000 | 813,940 | |||
Southwestern Public Service Co., 3.75%, 6/15/49 | 360,000 | 303,276 | |||
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 (b) | 411,350 | 386,875 | |||
Tucson Electric Power Co., 1.50%, 8/1/30 | 525,000 | 418,757 | |||
Union Electric Co., 2.95%, 6/15/27 | 78,000 | 74,493 | |||
Union Electric Co., 3.90%, 4/1/52 | 1,111,000 | 977,245 | |||
Vistra Operations Co. LLC, 3.55%, 7/15/24 (b) | 305,000 | 294,387 | |||
Vistra Operations Co. LLC, 5.00%, 7/31/27 (b) | 100,000 | 90,911 | |||
Wisconsin Public Service Corp., 2.85%, 12/1/51 | 510,000 | 370,245 | |||
Total Utilities | 24,888,711 | ||||
TOTAL CORPORATE BONDS (Cost: $190,391,733) | 165,042,575 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES - 15.5% | |||||
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 (b) | $ | 1,620,000 | $ | 1,537,929 | |
ACC Trust, Series 2022-1, Class A, ABS, 1.19%, 9/20/24 (b) | 1,181,112 | 1,168,686 | |||
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 (b) | 1,313,771 | 1,293,076 | |||
Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, 2/18/25 | 11,721 | 11,725 | |||
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | 100,000 | 99,726 | |||
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 300,000 | 298,083 | |||
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | 500,000 | 492,592 | |||
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25 | 300,000 | 297,248 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300,000 | 278,063 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27 | 300,000 | 274,426 | |||
AMSR 2019-SFR1 Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39 (b) | 100,000 | 92,813 | |||
Antares CLO Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 3.61%, 7/20/31 (b)(c) | 1,940,000 | 1,874,866 | |||
Apres Static CLO Ltd., Series 2019-1A, Class A1R, ABS, (3 month USD LIBOR + 1.070%), 2.11%, 10/15/28 (b)(c) | 644,913 | 639,822 | |||
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 2.31%, 7/26/31 (3 month USD LIBOR + 1.10%)(b)(c) | 1,000,000 | 975,083 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 (b) | 200,000 | 199,906 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 (b) | 400,000 | 393,174 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26 (b) | 500,000 | 476,400 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 (b) | 300,000 | 285,217 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 (b) | 800,000 | 715,247 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28 (b) | 900,000 | 802,266 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, ABS, 3.83%, 8/21/28 (b) | 1,000,000 | 976,725 | |||
Bain Capital Credit CLO Ltd., Series 2019-2A, Class AR, ABS, (3 month USD LIBOR + 1.100%), 2.14%, 10/17/32 (b)(c) | 1,250,000 | 1,213,471 | |||
Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.120%), 2.18%, 1/20/32 (b)(c) | 1,000,000 | 976,549 | |||
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 2.26%, 7/20/34 (b)(c) | 1,000,000 | 967,369 | |||
Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 2.76%, 4/20/33 (b)(c) | 2,000,000 | 1,940,196 | |||
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 (b) | 117,397 | 107,700 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Business Jet Securities LLC, Series 2022-1A, Class B, ABS, 5.19%, 6/15/37 (b) | $ | 837,505 | $ | 803,026 | |
California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.500%), 3.54%, 7/16/32 (b)(c) | 1,840,000 | 1,763,493 | |||
Capital Automotive REIT, Series 2020-1A, Class A1, ABS, 3.35%, 3/15/52 (b) | 1,148,400 | 1,077,953 | |||
Carlyle Global Market Strategies, Series 2015-5A, Class A1RR, ABS, (3 month USD LIBOR + 1.080%), 2.14%, 1/20/32 (b)(c) | 250,000 | 243,746 | |||
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 | 1,942,632 | |||
Carlyle Global Market Strategies, Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 2.18%, 7/20/34 (b)(c) | 1,500,000 | 1,452,967 | |||
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400,000 | 369,802 | |||
CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200,000 | 184,808 | |||
CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27 | 190,000 | 175,505 | |||
CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27 | 200,000 | 183,044 | |||
CarMax Auto Owner Trust, Series 2022-1, Class C, ABS, 2.20%, 11/15/27 | 300,000 | 278,129 | |||
CarMax Auto Owner Trust, Series 2022-1, Class D, ABS, 2.47%, 7/17/28 | 100,000 | 92,969 | |||
CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50 (b) | 540,000 | 507,892 | |||
CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 2.24%, 7/20/34 (b)(c) | 1,750,000 | 1,697,822 | |||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 (b) | 358,996 | 322,028 | |||
CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 (b) | 510,000 | 494,381 | |||
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, 2.48%, 6/25/34 (1 month USD LIBOR +0.855%)(c) | 37,811 | 35,334 | |||
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 2.24%, 10/17/31 (3 month USD LIBOR + 1.20%)(b)(c) | 1,000,000 | 983,276 | |||
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | 600,000 | 605,891 | |||
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 (b) | 38,639 | 37,937 | |||
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 (b) | 232,506 | 223,148 | |||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, ABS, 1.00%, 5/15/30 (b) | 1,000,000 | 951,538 | |||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31 (b) | 830,000 | 762,192 | |||
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 4.58%, 4/25/29 (b)(c) | 1,300,000 | 1,227,086 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51 (b) | $ | 1,020,000 | $ | 946,981 | |
Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25 | 200,000 | 199,105 | |||
Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 2.49%, 5/15/32 (b)(c) | 1,510,000 | 1,470,899 | |||
Elevation CLO Ltd., Series 2014-2A, Class A1R, 2.27%, 10/15/29 (3 month USD LIBOR + 1.23%)(b)(c) | 479,675 | 473,441 | |||
Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 2.23%, 7/15/34 (b)(c) | 1,000,000 | 961,269 | |||
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 2.72%, 5/25/37 (1 month USD LIBOR + 1.10%)(b)(c) | 7,581 | 7,528 | |||
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 (b) | 38,506 | 38,526 | |||
Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51 (b) | 1,700,000 | 1,554,223 | |||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 (b) | 300,000 | 295,101 | |||
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 (b) | 1,000,000 | 996,078 | |||
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 (b) | 200,000 | 180,881 | |||
Ford Credit Auto Owner Trust, Series 2020-REV1, 2.04%, 8/15/31 (b) | 800,000 | 764,679 | |||
Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 (b) | 120,000 | 107,150 | |||
Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34 (b) | 100,000 | 90,289 | |||
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600,000 | 550,441 | |||
FREED ABS Trust, Series 2022-2CP, Class A, ABS, 3.03%, 5/18/29 (b) | 962,174 | 954,244 | |||
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 (b) | 458,547 | 419,635 | |||
Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40 (b) | 243,479 | 222,580 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 (b) | $ | 202,896 | $ | 186,697 | |
GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, 6/17/24 | 100,000 | 100,173 | |||
GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34 (b) | 100,000 | 87,958 | |||
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 (b) | 800,000 | 763,349 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 (b) | 348,637 | 300,338 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48 (b) | 1,353,941 | 1,175,407 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, ABS, 2.70%, 1/20/49 (b) | 978,960 | 875,994 | |||
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 (b) | 358,377 | 356,800 | |||
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 (b) | 159,773 | 155,554 | |||
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 (b) | 553,334 | 519,163 | |||
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 (b) | 400,000 | 352,652 | |||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 (b) | 400,000 | 374,079 | |||
Hertz Vehicle Financing LLC, Series 2022-2A, Class A, ABS, 2.33%, 6/26/28 (b) | 1,100,000 | 995,404 | |||
Home Equity Asset Trust, Series 2003-1, Class M1, 3.12%, 6/25/33 (1 month USD LIBOR + 1.50%)(c) | 3,248 | 3,206 | |||
Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41 (b) | 378,548 | 338,995 | |||
HPS Loan Management Ltd., Series 10A-16, Class A1RR, ABS, (3 month USD LIBOR + 1.140%), 2.20%, 4/20/34 (b)(c) | 1,000,000 | 966,685 | |||
Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.200%), 2.26%, 10/20/34 (b)(c) | 1,125,000 | 1,089,442 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
KKR Clo 32 Ltd., Series 32A, Class A1, ABS, (3 month USD LIBOR + 1.320%), 2.36%, 1/15/32 (b)(c) | $ | 1,500,000 | $ | 1,474,147 | |
KVK CLO Ltd., Series 2016-1A, Class A1R2, ABS, (3 month USD LIBOR + 1.210%), 2.25%, 10/15/34 (b)(c) | 750,000 | 728,695 | |||
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 (b) | 49,301 | 48,712 | |||
Lendmark Funding Trust, Series 2019-2A, Class A, ABS, 2.78%, 4/20/28 (b) | 800,000 | 783,273 | |||
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1,102,092 | 1,105,711 | |||
Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 (b) | 728,550 | 630,226 | |||
Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 (b) | 402,474 | 343,748 | |||
Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 2.22%, 7/20/34 (b)(c) | 1,000,000 | 969,696 | |||
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 (b) | 638,879 | 621,945 | |||
Midocean Credit CLO IX, Series 2018-9A, Class A1, 2.21%, 7/20/31 (3 month USD LIBOR + 1.15%)(b)(c) | 500,000 | 490,010 | |||
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 (b) | 100,000 | 99,307 | |||
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 (b) | 300,000 | 294,110 | |||
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 (b) | 300,000 | 282,819 | |||
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 (b) | 2,200,000 | 2,055,187 | |||
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 (b) | 562,192 | 509,763 | |||
Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46 (b) | 627,201 | 543,062 | |||
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 (b) | 708,558 | 611,012 | |||
Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52 (b) | 1,488,111 | 1,277,169 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Mosaic Solar Loan Trust, Series 2021-3A, Class C, ABS, 1.77%, 6/20/52 (b) | $ | 400,000 | $ | 352,142 | |
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 2.16%, 7/15/31 (3 month USD LIBOR + 1.12%)(b)(c) | 1,000,000 | 973,691 | |||
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 (b) | 385,125 | 367,068 | |||
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 (b) | 981,613 | 958,849 | |||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 (b) | 41,539 | 41,453 | |||
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (b) | 139,487 | 136,160 | |||
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 (b) | 180,474 | 169,683 | |||
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 (b) | 146,375 | 138,282 | |||
Neuberger Berman Loan Advisers Clo 40 Ltd., Series 2021-40A, Class A, ABS, (3 month USD LIBOR + 1.060%), 2.10%, 4/16/33 (b)(c) | 1,010,000 | 986,989 | |||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61 (b) | 1,730,000 | 1,497,454 | |||
New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1, Class AT1, ABS, 1.04%, 12/16/52 (b) | 540,000 | 529,845 | |||
Newtek Small Business Loan Trust, Series 2018-1, Class A ( PRIME - 0.55%), 4.20%, 2/25/44 (1 month USD LIBOR + 1.70%)(b)(c) | 330,799 | 327,180 | |||
Newtek Small Business Loan Trust, Series 2019-2, Class A ( PRIME + 0.75%), 5.50%, 2/25/44 (1 month USD LIBOR + 3.00%)(b)(c) | 159,197 | 157,841 | |||
NextGear Floorplan Master Owner Trust, Series 2022-1, Class A, ABS, 2.80%, 3/15/27 (b) | 1,320,000 | 1,272,228 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 3.31%, 6/20/34 (b)(c) | $ | 2,000,000 | $ | 1,925,278 | |
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 (b) | 510,000 | 487,125 | |||
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, ABS, 1.32%, 10/15/52 (b) | 200,000 | 198,057 | |||
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 4.41%, 1/20/31 (b)(c) | 1,620,000 | 1,537,131 | |||
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 2.30%, 10/13/31 (b)(c) | 1,474,373 | 1,441,868 | |||
OCP CLO Ltd., Series 2015-9A, Class A1R2, (SOFR + 1.250 %), 1.52%, 1/15/33 (b)(c) | 1,000,000 | 960,439 | |||
Octagon Investment Partners, Ltd., Series 2017-1A, Class AR, ABS, (3 month USD LIBOR + 1.050%), 2.11%, 7/20/30 (b)(c) | 875,000 | 860,407 | |||
OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 (b) | 2,050,000 | 1,830,150 | |||
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 (b) | 900,000 | 878,656 | |||
OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28 (b) | 600,000 | 542,717 | |||
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 (b) | 174,701 | 174,202 | |||
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 (b) | 600,000 | 534,291 | |||
OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 1.54%, 6/16/36 (b)(c) | 600,000 | 567,196 | |||
Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28 (b) | 1,500,000 | 1,403,950 | |||
Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 (b) | 1,290,000 | 1,208,669 | |||
Oscar US Funding XIII LLC, 0.86%, 9/10/25 (b) | 1,500,000 | 1,426,612 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27 (b) | $ | 417,780 | $ | 416,514 | |
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28 (b) | 587,727 | 582,367 | |||
Palmer Square CLO Ltd., Series 2015-1A, Class A1A4, ABS, (3 month USD LIBOR + 1.130%), 2.64%, 5/21/34 (b)(c) | 1,500,000 | 1,455,352 | |||
Palmer Square Loan Funding Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 3.82%, 11/25/28 (b)(c) | 730,000 | 705,890 | |||
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.530%), 2.15%, 5/25/70 (b)(c) | 461,107 | 447,281 | |||
Progress Residential Trust, Series 2021-SFR8, Class D, ABS, 2.08%, 10/17/38 (b) | 100,000 | 86,104 | |||
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A ( PRIME - 0.50%), 4.25%, 12/27/44 (b)(c) | 260,051 | 249,716 | |||
Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.150%), 3.25%, 6/20/34 (b)(c) | 1,500,000 | 1,453,518 | |||
Regatta VIII Funding Ltd., Series 2017-1A, Class A, ABS, (3 month USD LIBOR + 1.250%), 2.29%, 10/17/30 (b)(c) | 1,000,000 | 982,345 | |||
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 (b) | 320,000 | 303,848 | |||
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 (b) | 1,870,000 | 1,724,899 | |||
Renew, Series 2018-1, Class A, 3.95%, 9/20/53 (b) | 191,220 | 181,950 | |||
Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 (b) | 774,496 | 685,936 | |||
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 (b) | 600,000 | 563,702 | |||
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 (b) | 740,000 | 715,806 | |||
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25 | 5,693 | 5,695 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26 | $ | 400,000 | $ | 396,939 | |
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 300,000 | 295,685 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 300,000 | 290,486 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 600,000 | 562,785 | |||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27 | 400,000 | 384,873 | |||
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27 | 600,000 | 572,133 | |||
Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1A, ABS, (3 month USD LIBOR + 1.320%), 2.38%, 10/20/32 (b)(c) | 1,750,000 | 1,724,571 | |||
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.95%, 2/15/46 (b) | 158,786 | 151,156 | |||
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 (b) | 86,005 | 84,681 | |||
Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48 (b) | 177,869 | 171,661 | |||
SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/46 (b) | 312,798 | 299,850 | |||
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, 2.28%, 1/26/31 (3 month USD LIBOR + 1.07%)(b)(c) | 250,000 | 244,904 | |||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44 (b) | 1,227,667 | 1,217,764 | |||
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 (b) | 1,003,714 | 932,998 | |||
STWD Ltd., Series 2019-FL1, Class B (SOFR30A +1.714%), 3.05%, 7/15/38 (b)(c) | 470,000 | 456,674 | |||
STWD Ltd., Series 2019-FL1, Class C (SOFR30A +2.064%), 3.40%, 7/15/38 (b)(c) | 280,000 | 269,427 | |||
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 (b) | 1,620,000 | 1,470,553 | |||
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 (b) | 230,039 | 224,558 | |||
Sunrun Demeter Issuer, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57 (b) | 1,254,888 | 1,051,892 | |||
Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, ABS, 4.75%, 7/30/57 (b) | 1,000,000 | 950,718 | |||
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 (b) | 384,056 | 361,147 | |||
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 (b) | 1,040,758 | 1,028,632 | |||
TCW CLO Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.180%), 2.42%, 10/29/34 (b)(c) | 750,000 | 726,831 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22 (b) | $ | 103,184 | $ | 103,137 | |
Tesla Auto Lease Trust, Series 2019-A, Class A4, 2.20%, 11/21/22 (b) | 500,000 | 499,423 | |||
Tesla Auto Lease Trust, Series 2020-A, Class D, ABS, 2.33%, 2/20/24 (b) | 800,000 | 781,516 | |||
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 (b) | 1,000,000 | 964,753 | |||
Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25 (b) | 1,200,000 | 1,137,103 | |||
TH Msrissuer Trust, Series 2019-FT1, Class A, 4.42%, 6/25/24 (1 month USD LIBOR + 2.80%)(b)(c) | 450,000 | 438,311 | |||
TICP CLO IX Ltd., Series 2017-9A, Class A, 2.20%, 1/20/31 (3 month USD LIBOR + 1.14%)(b)(c) | 1,000,000 | 983,110 | |||
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 (b) | 160,736 | 147,569 | |||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (b) | 300,000 | 279,032 | |||
Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24 | 840,216 | 836,268 | |||
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 2.52%, 7/20/32 (3 month USD LIBOR + 1.46%)(b)(c) | 500,000 | 489,768 | |||
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 (b) | 821,059 | 797,974 | |||
VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31 (b) | 760,181 | 720,870 | |||
Veros Auto Receivables Trust, Series 2022-1, Class A, ABS, 3.47%, 12/15/25 (b) | 807,352 | 799,152 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 (b) | 232,535 | 221,394 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 (b) | 732,013 | 718,008 | |||
Wellfleet CLO Ltd., Series 2018-1A, Class A, 2.14%, 7/17/31 (3 month USD LIBOR + 1.10%)(b)(c) | 1,000,000 | 978,210 | |||
Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 (b) | 457,500 | 439,476 | |||
Westlake Automobile Receivables Trust, Series 2022-2, 4.85%, 9/15/27 (b) | 1,350,000 | 1,344,897 | |||
World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25 | 400,000 | 398,009 | |||
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 100,000 | 99,013 | |||
World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27 | 100,000 | 92,324 | |||
Zais CLO 9 Ltd., Series 2018-2A, Class A, 2.26%, 7/20/31 (3 month USD LIBOR + 1.20%)(b)(c) | 970,261 | 944,769 | |||
TOTAL ASSET-BACKED SECURITIES (Cost: $135,429,209) | 129,080,035 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES - 14.1% | |||||
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | $ | 1,050,000 | $ | 1,018,193 | |
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 444,596 | 369,582 | |||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 115,012 | 110,086 | |||
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 2,529,310 | 2,204,033 | |||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/52 | 49,687 | 43,431 | |||
Federal Home Loan Mortgage Corp., 2.00%, 3/1/52 | 2,162,459 | 1,884,439 | |||
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 74,781 | 73,613 | |||
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 317,449 | 288,365 | |||
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 2,686,563 | 2,420,604 | |||
Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 396,723 | 359,068 | |||
Federal Home Loan Mortgage Corp., 2.50%, 12/1/51 | 997,507 | 898,448 | |||
Federal Home Loan Mortgage Corp., 2.50%, 2/1/52 | 1,724,562 | 1,557,896 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 181,698 | 181,264 | |||
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 256,000 | 246,891 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 524,720 | 502,123 | |||
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | 216,869 | 206,183 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 735,363 | 696,233 | |||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 268,840 | 254,024 | |||
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 67,048 | 62,625 | |||
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 376,812 | 351,920 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/52 | 1,471,739 | 1,382,560 | |||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/52 | 78,682 | 73,541 | |||
Federal Home Loan Mortgage Corp., 3.00%, 5/1/52 | 1,988,263 | 1,854,531 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 65,650 | 64,659 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | 320,457 | 315,208 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 142,866 | 140,524 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 199,698 | 196,430 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 130,984 | 128,192 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | 158,632 | 155,099 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 143,409 | 140,350 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/51 | 504,053 | 490,261 | |||
Federal Home Loan Mortgage Corp., 3.50%, 6/1/52 | 2,487,772 | 2,395,437 | |||
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 97,230 | 98,431 | |||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 3,886 | 3,907 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | $ | 182,309 | $ | 184,547 | |
Federal Home Loan Mortgage Corp., 4.00%, 10/1/47 | 76,363 | 76,747 | |||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/48 | 765,189 | 767,059 | |||
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48 | 41,250 | 41,382 | |||
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48 | 2,032,798 | 2,037,375 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 29,321 | 30,356 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 231,632 | 236,184 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 50,811 | 51,518 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 53,253 | 54,212 | |||
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 116,279 | 117,921 | |||
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 135,652 | 138,577 | |||
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 123,251 | 129,870 | |||
Federal National Mortgage Association, 0.63%, 4/22/25 | 1,000,000 | 935,104 | |||
Federal National Mortgage Association, 0.88%, 8/5/30 | 1,615,000 | 1,336,172 | |||
Federal National Mortgage Association, 1.50%, 10/1/50 | 411,772 | 342,767 | |||
Federal National Mortgage Association, 1.50%, 12/1/50 | 1,873,130 | 1,558,685 | |||
Federal National Mortgage Association, 1.63%, 1/7/25 | 520,000 | 502,104 | |||
Federal National Mortgage Association, 2.00%, 12/1/40 | 530,224 | 474,099 | |||
Federal National Mortgage Association, 2.00%, 2/1/41 | 442,888 | 395,959 | |||
Federal National Mortgage Association, 2.00%, 5/1/41 | 884,293 | 790,627 | |||
Federal National Mortgage Association, 2.00%, 10/1/50 | 1,618,502 | 1,414,558 | |||
Federal National Mortgage Association, 2.00%, 11/1/50 | 409,876 | 357,402 | |||
Federal National Mortgage Association, 2.00%, 1/1/51 | 856,376 | 749,085 | |||
Federal National Mortgage Association, 2.00%, 1/1/51 | 422,994 | 368,827 | |||
Federal National Mortgage Association, 2.00%, 2/1/51 | 460,523 | 401,599 | |||
Federal National Mortgage Association, 2.00%, 4/1/51 | 2,027,050 | 1,761,992 | |||
Federal National Mortgage Association, 2.00%, 5/1/51 | 966,415 | 839,640 | |||
Federal National Mortgage Association, 2.00%, 2/1/52 | 1,021,690 | 890,659 | |||
Federal National Mortgage Association, 2.00%, 2/1/52 | 961,482 | 838,167 | |||
Federal National Mortgage Association, 2.00%, 3/1/52 | 945,214 | 821,300 | |||
Federal National Mortgage Association, 2.00%, 3/1/52 | 609,515 | 530,011 | |||
Federal National Mortgage Association, 2.00%, 6/1/52 (f) | 1,080,000 | 937,852 | |||
Federal National Mortgage Association, 2.50%, 4/1/31 | 420,352 | 412,297 | |||
Federal National Mortgage Association, 2.50%, 7/1/37 (f) | 2,280,000 | 2,177,170 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 2.50%, 5/1/43 | $ | 205,415 | $ | 187,073 | |
Federal National Mortgage Association, 2.50%, 8/1/46 | 509,246 | 462,021 | |||
Federal National Mortgage Association, 2.50%, 9/1/46 | 42,265 | 38,342 | |||
Federal National Mortgage Association, 2.50%, 10/1/46 | 129,373 | 116,897 | |||
Federal National Mortgage Association, 2.50%, 8/1/50 | 641,116 | 578,187 | |||
Federal National Mortgage Association, 2.50%, 10/1/50 | 331,281 | 298,816 | |||
Federal National Mortgage Association, 2.50%, 2/1/51 | 246,533 | 224,573 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 385,884 | 350,407 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 1,652,355 | 1,489,155 | |||
Federal National Mortgage Association, 2.50%, 8/1/51 | 1,002,237 | 903,690 | |||
Federal National Mortgage Association, 2.50%, 1/1/52 | 352,118 | 318,030 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 548,136 | 495,325 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 1,558,713 | 1,407,521 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 1,373,879 | 1,240,288 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 585,702 | 528,664 | |||
Federal National Mortgage Association, 2.50%, 3/1/52 | 2,994,870 | 2,698,422 | |||
Federal National Mortgage Association, 2.50%, 3/1/52 | 832,939 | 752,304 | |||
Federal National Mortgage Association, 2.50%, 3/1/52 | 641,565 | 579,754 | |||
Federal National Mortgage Association, 2.50%, 4/1/52 | 242,440 | 218,743 | |||
Federal National Mortgage Association, 2.50%, 6/1/52 (f) | 995,000 | 895,473 | |||
Federal National Mortgage Association, 2.50%, 6/1/52 | 499,999 | 450,285 | |||
Federal National Mortgage Association, 2.63%, 9/6/24 | 1,000,000 | 990,735 | |||
Federal National Mortgage Association, 3.00%, 5/1/30 | 129,042 | 128,617 | |||
Federal National Mortgage Association, 3.00%, 5/1/32 | 406,913 | 403,317 | |||
Federal National Mortgage Association, 3.00%, 10/1/32 | 319,482 | 316,657 | |||
Federal National Mortgage Association, 3.00%, 7/1/37 (f) | 980,000 | 957,466 | |||
Federal National Mortgage Association, 3.00%, 5/1/40 | 233,002 | 221,928 | |||
Federal National Mortgage Association, 3.00%, 5/1/43 | 369,951 | 353,518 | |||
Federal National Mortgage Association, 3.00%, 9/1/46 | 126,327 | 119,623 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 191,664 | 181,407 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 222,847 | 210,954 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 3.00%, 1/1/47 | $ | 222,994 | $ | 211,040 | |
Federal National Mortgage Association, 3.00%, 2/1/47 | 1,135,111 | 1,084,765 | |||
Federal National Mortgage Association, 3.00%, 2/25/47 | 365,594 | 349,514 | |||
Federal National Mortgage Association, 3.00%, 12/1/49 | 358,347 | 334,017 | |||
Federal National Mortgage Association, 3.00%, 2/1/50 | 892,410 | 833,791 | |||
Federal National Mortgage Association, 3.00%, 7/1/50 | 4,551,790 | 4,280,035 | |||
Federal National Mortgage Association, 3.00%, 9/1/51 | 347,870 | 327,654 | |||
Federal National Mortgage Association, 3.00%, 3/1/52 | 493,877 | 461,746 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 493,457 | 460,970 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 89,692 | 83,858 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 692,157 | 647,446 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 113,802 | 106,332 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 1,111,482 | 1,039,959 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 521,422 | 487,740 | |||
Federal National Mortgage Association, 3.00%, 5/1/52 | 997,734 | 931,119 | |||
Federal National Mortgage Association, 3.50%, 12/1/30 | 32,451 | 32,486 | |||
Federal National Mortgage Association, 3.50%, 1/1/35 | 121,620 | 121,277 | |||
Federal National Mortgage Association, 3.50%, 7/1/37 (f) | 350,000 | 347,809 | |||
Federal National Mortgage Association, 3.50%, 5/1/40 | 79,279 | 77,521 | |||
Federal National Mortgage Association, 3.50%, 1/1/41 | 197,274 | 194,117 | |||
Federal National Mortgage Association, 3.50%, 8/1/42 | 163,429 | 160,606 | |||
Federal National Mortgage Association, 3.50%, 11/1/42 | 235,374 | 231,305 | |||
Federal National Mortgage Association, 3.50%, 8/1/43 | 109,012 | 107,123 | |||
Federal National Mortgage Association, 3.50%, 1/1/45 | 12,569 | 12,381 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 173,999 | 170,148 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 260,512 | 254,652 | |||
Federal National Mortgage Association, 3.50%, 8/1/46 | 194,477 | 190,160 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 106,784 | 104,942 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 90,214 | 88,471 | |||
Federal National Mortgage Association, 3.50%, 1/1/47 | 103,894 | 101,596 | |||
Federal National Mortgage Association, 3.50%, 4/1/47 | 313,401 | 307,719 | |||
Federal National Mortgage Association, 3.50%, 9/1/47 | 142,595 | 139,371 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 3.50%, 11/1/47 | $ | 5,310 | $ | 5,218 | |
Federal National Mortgage Association, 3.50%, 11/1/47 | 44,206 | 43,228 | |||
Federal National Mortgage Association, 3.50%, 6/1/48 | 170,034 | 166,287 | |||
Federal National Mortgage Association, 3.50%, 6/1/48 | 158,017 | 154,347 | |||
Federal National Mortgage Association, 3.50%, 11/1/48 | 221,198 | 216,347 | |||
Federal National Mortgage Association, 3.50%, 3/1/49 | 188,037 | 183,233 | |||
Federal National Mortgage Association, 3.50%, 6/1/49 | 77,183 | 75,489 | |||
Federal National Mortgage Association, 3.50%, 4/1/50 | 1,195,565 | 1,156,874 | |||
Federal National Mortgage Association, 3.50%, 2/1/52 | 1,017,709 | 986,553 | |||
Federal National Mortgage Association, 3.50%, 3/1/52 | 1,628,360 | 1,567,925 | |||
Federal National Mortgage Association, 3.50%, 5/1/52 | 528,263 | 509,088 | |||
Federal National Mortgage Association, 3.50%, 6/1/52 | 1,499,851 | 1,444,185 | |||
Federal National Mortgage Association, 3.50%, 7/1/52 (f) | 270,000 | 259,643 | |||
Federal National Mortgage Association, 4.00%, 9/1/40 | 140,660 | 142,262 | |||
Federal National Mortgage Association, 4.00%, 3/1/41 | 274,550 | 277,671 | |||
Federal National Mortgage Association, 4.00%, 9/1/42 | 28,735 | 28,866 | |||
Federal National Mortgage Association, 4.00%, 1/1/44 | 8,392 | 8,473 | |||
Federal National Mortgage Association, 4.00%, 1/1/45 | 11,108 | 11,158 | |||
Federal National Mortgage Association, 4.00%, 12/1/45 | 10,318 | 10,391 | |||
Federal National Mortgage Association, 4.00%, 12/1/45 | 273,986 | 275,374 | |||
Federal National Mortgage Association, 4.00%, 7/1/46 | 245,012 | 245,615 | |||
Federal National Mortgage Association, 4.00%, 3/1/47 | 130,853 | 129,921 | |||
Federal National Mortgage Association, 4.00%, 9/1/47 | 168,848 | 169,209 | |||
Federal National Mortgage Association, 4.00%, 10/1/47 | 83,006 | 83,059 | |||
Federal National Mortgage Association, 4.00%, 12/1/47 | 52,439 | 52,556 | |||
Federal National Mortgage Association, 4.00%, 12/1/47 | 105,592 | 106,042 | |||
Federal National Mortgage Association, 4.00%, 1/1/48 | 222,447 | 222,980 | |||
Federal National Mortgage Association, 4.00%, 4/1/48 | 77,471 | 77,532 | |||
Federal National Mortgage Association, 4.00%, 3/1/49 | 1,379,880 | 1,381,081 | |||
Federal National Mortgage Association, 4.00%, 4/1/52 | 493,886 | 493,121 | |||
Federal National Mortgage Association, 4.00%, 5/1/52 | 1,681,232 | 1,659,829 | |||
Federal National Mortgage Association, 4.00%, 6/1/52 | 39,860 | 39,352 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 4.00%, 7/1/52 (f) | $ | 1,700,000 | $ | 1,676,326 | |
Federal National Mortgage Association, 4.50%, 9/1/40 | 141,331 | 145,481 | |||
Federal National Mortgage Association, 4.50%, 2/1/41 | 285,218 | 294,389 | |||
Federal National Mortgage Association, 4.50%, 9/1/42 | 2,513 | 2,580 | |||
Federal National Mortgage Association, 4.50%, 12/1/43 | 14,292 | 14,675 | |||
Federal National Mortgage Association, 4.50%, 7/1/46 | 101,938 | 104,161 | |||
Federal National Mortgage Association, 4.50%, 11/1/47 | 42,841 | 43,756 | |||
Federal National Mortgage Association, 4.50%, 1/1/48 | 126,496 | 129,090 | |||
Federal National Mortgage Association, 4.50%, 2/1/48 | 21,875 | 22,324 | |||
Federal National Mortgage Association, 4.50%, 3/1/48 | 78,010 | 79,163 | |||
Federal National Mortgage Association, 4.50%, 3/1/48 | 90,162 | 92,010 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 95,028 | 97,030 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 70,329 | 71,832 | |||
Federal National Mortgage Association, 4.50%, 7/1/52 (f) | 1,150,000 | 1,154,357 | |||
Federal National Mortgage Association, 5.00%, 9/1/40 | 111,292 | 117,132 | |||
Federal National Mortgage Association, 5.00%, 2/1/41 | 84,455 | 88,904 | |||
Federal National Mortgage Association, 5.00%, 7/1/44 | 212,382 | 225,706 | |||
Federal National Mortgage Association, 5.00%, 5/1/48 | 49,026 | 50,674 | |||
Federal National Mortgage Association, 5.00%, 8/1/48 | 19,864 | 20,737 | |||
Federal National Mortgage Association, 5.00%, 7/1/52 (f) | 1,295,000 | 1,321,709 | |||
Federal National Mortgage Association, 5.50%, 2/1/42 | 46,304 | 49,506 | |||
Government National Mortgage Association, 2.00%, 3/20/51 | 414,676 | 369,084 | |||
Government National Mortgage Association, 2.00%, 7/20/51 | 501,729 | 447,993 | |||
Government National Mortgage Association, 2.00%, 10/20/51 | 210,967 | 187,726 | |||
Government National Mortgage Association, 2.00%, 7/1/52 (f) | 500,000 | 443,945 | |||
Government National Mortgage Association, 2.50%, 12/20/46 | 90,427 | 82,939 | |||
Government National Mortgage Association, 2.50%, 10/20/50 | 1,446,108 | 1,308,534 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 2.50%, 8/20/51 | $ | 369,444 | $ | 338,776 | |
Government National Mortgage Association, 2.50%, 11/20/51 | 479,903 | 440,871 | |||
Government National Mortgage Association, 2.50%, 5/20/52 | 1,793,429 | 1,643,426 | |||
Government National Mortgage Association, 2.50%, 7/1/52 (f) | 715,000 | 654,225 | |||
Government National Mortgage Association, 3.00%, 12/20/42 | 200,362 | 192,171 | |||
Government National Mortgage Association, 3.00%, 12/20/45 | 61,927 | 59,400 | |||
Government National Mortgage Association, 3.00%, 9/20/46 | 91,831 | 88,092 | |||
Government National Mortgage Association, 3.00%, 10/20/46 | 191,135 | 183,328 | |||
Government National Mortgage Association, 3.00%, 2/20/47 | 221,363 | 212,340 | |||
Government National Mortgage Association, 3.00%, 4/20/47 | 149,898 | 143,792 | |||
Government National Mortgage Association, 3.00%, 12/20/47 | 67,555 | 64,337 | |||
Government National Mortgage Association, 3.00%, 1/20/48 | 140,420 | 133,732 | |||
Government National Mortgage Association, 3.00%, 9/20/49 | 110,205 | 104,442 | |||
Government National Mortgage Association, 3.00%, 12/20/49 | 218,156 | 206,606 | |||
Government National Mortgage Association, 3.00%, 1/20/50 | 504,235 | 477,534 | |||
Government National Mortgage Association, 3.00%, 4/15/50 | 202,435 | 191,206 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 303,914 | 285,832 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 458,807 | 431,348 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 232,230 | 218,237 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 155,365 | 146,147 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 283,454 | 266,256 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 3.00%, 7/20/51 | $ | 278,500 | $ | 261,821 | |
Government National Mortgage Association, 3.00%, 12/20/51 | 533,922 | 504,203 | |||
Government National Mortgage Association, 3.00%, 4/20/52 | 998,374 | 942,513 | |||
Government National Mortgage Association, 3.00%, 5/20/52 | 3,787,923 | 3,575,667 | |||
Government National Mortgage Association, 3.50%, 2/20/42 | 165,255 | 163,621 | |||
Government National Mortgage Association, 3.50%, 7/20/42 | 242,581 | 240,831 | |||
Government National Mortgage Association, 3.50%, 11/20/42 | 109,770 | 107,789 | |||
Government National Mortgage Association, 3.50%, 8/20/45 | 42,933 | 42,423 | |||
Government National Mortgage Association, 3.50%, 9/20/45 | 42,890 | 42,375 | |||
Government National Mortgage Association, 3.50%, 4/20/46 | 61,594 | 60,726 | |||
Government National Mortgage Association, 3.50%, 12/20/46 | 347,585 | 342,630 | |||
Government National Mortgage Association, 3.50%, 11/20/47 | 116,775 | 114,818 | |||
Government National Mortgage Association, 3.50%, 1/20/48 | 120,853 | 118,796 | |||
Government National Mortgage Association, 3.50%, 11/20/48 | 485,299 | 475,756 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 167,257 | 165,098 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 151,376 | 149,290 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 209,771 | 205,467 | |||
Government National Mortgage Association, 3.50%, 10/20/50 | 72,296 | 70,940 | |||
Government National Mortgage Association, 4.00%, 11/20/40 | 82,237 | 83,606 | |||
Government National Mortgage Association, 4.00%, 2/20/46 | 171,319 | 172,702 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 4.00%, 3/20/46 | $ | 65,649 | $ | 65,615 | |
Government National Mortgage Association, 4.00%, 5/20/47 | 94,552 | 95,143 | |||
Government National Mortgage Association, 4.00%, 8/20/47 | 48,652 | 49,018 | |||
Government National Mortgage Association, 4.00%, 9/20/47 | 740,090 | 745,653 | |||
Government National Mortgage Association, 4.50%, 9/20/39 | 86,374 | 90,292 | |||
Government National Mortgage Association, 4.50%, 7/20/41 | 48,691 | 50,901 | |||
Government National Mortgage Association, 4.50%, 2/20/47 | 30,110 | 31,322 | |||
Government National Mortgage Association, 4.50%, 8/20/47 | 47,016 | 48,785 | |||
Government National Mortgage Association, 4.50%, 1/20/48 | 152,540 | 157,101 | |||
Government National Mortgage Association, 4.50%, 3/20/48 | 29,673 | 30,595 | |||
Government National Mortgage Association, 4.50%, 7/20/48 | 60,240 | 61,618 | |||
Government National Mortgage Association, 4.50%, 6/20/49 | 168,276 | 171,404 | |||
Government National Mortgage Association, 5.00%, 7/20/45 | 124,432 | 131,481 | |||
Tennessee Valley Authority, 1.50%, 9/15/31 | 145,000 | 123,302 | |||
United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27 | 1,000,000 | 971,886 | |||
United States International Development Finance Corp., 3.43%, 6/1/33 | 996,970 | 990,343 | |||
United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | 1,000,000 | 915,941 | |||
United States International Development Finance Corp., Series 3, 1.05%, 10/15/29 | 839,731 | 766,909 | |||
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $124,358,293) | 116,914,988 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES – 11.8% | |||||
Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 (b)(c) | $ | 838,466 | $ | 792,863 | |
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 3.57%, 4/15/34 (b)(c) | 1,000,000 | 953,401 | |||
Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66 (b)(c) | 100,000 | 79,295 | |||
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 2.17%, 9/15/34 (1 month USD LIBOR + 0.85%)(b)(c) | 400,000 | 389,942 | |||
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 575,000 | 571,103 | |||
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500,000 | 452,590 | |||
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1,200,000 | 989,068 | |||
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | 500,000 | 413,172 | |||
Bellemeade Re Ltd., Series 2019-3A, Class M1B, 3.22%, 7/25/29 (1 month USD LIBOR + 1.60%)(b)(c) | 61,271 | 61,021 | |||
Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 2.13%, 6/25/31 (b)(c) | 535,618 | 526,251 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.000%), 1.93%, 9/25/31 (b)(c) | 300,000 | 296,098 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 2.68%, 3/25/31 (b)(c) | 216,588 | 215,545 | |||
Bellemeade Re Ltd., Series 2022-1, Class M1A, CMO, (SOFR30A + 1.750%), 2.68%, 1/26/32 (b)(c) | 760,000 | 753,763 | |||
Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51 | 500,000 | 497,312 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 4.03%, 3/15/62 (b)(c) | 250,000 | 207,063 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850,000 | 800,158 | |||
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1,200,000 | 1,010,421 | |||
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | 1,300,000 | 1,093,061 | |||
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500,000 | 413,952 | |||
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 (b) | 1,500,000 | 1,434,975 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | $ | 550,000 | $ | 487,617 | |
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600,000 | 517,089 | |||
Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1,200,000 | 1,050,062 | |||
Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | 800,000 | 692,922 | |||
Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54 | 3,000,000 | 2,549,785 | |||
Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54 | 1,200,000 | 1,028,160 | |||
BMO 2022-C1 Mortgage Trust, Series 2022-C1, Class 360B, 4.07%, 2/15/42 (b)(c) | 1,000,000 | 871,519 | |||
BX Commercial Mortgage Trust, Series 2021-XL2, Class C, (1 month USD LIBOR + 1.197%), 2.52%, 10/15/38 (b)(c) | 933,462 | 879,552 | |||
BX Commercial Mortgage Trust, Series 2022-AHP, Class C (SOFR30A +2.090%), 3.37%, 1/17/39 (b)(c) | 1,000,000 | 959,075 | |||
BXMT Ltd., Series 2020-FL2, Class A, (SOFR30 + 1.014%), 2.49%, 2/15/38 (b)(c) | 840,000 | 823,457 | |||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800,000 | 717,806 | |||
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 (c) | 500,000 | 465,463 | |||
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900,000 | 798,060 | |||
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 (b) | 250,000 | 218,298 | |||
Century Plaza Towers, Series 2019-CPT, Class E, 3.10%, 11/13/39 (b)(c) | 488,000 | 383,683 | |||
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class B, 3.07%, 7/15/30 (1 month USD LIBOR + 1.75%)(b)(c) | 1,300,000 | 1,299,218 | |||
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 93,125 | 91,317 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.87%, 11/10/31 (b)(c) | $ | 1,000,000 | $ | 974,611 | |
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | 114,286 | 106,315 | |||
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750,000 | 729,996 | |||
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | 280,000 | 253,004 | |||
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.43%, 8/10/46 (b)(c) | 500,000 | 456,172 | |||
COMM Mortgage Trust, Series 2016-CR28, Class B, 4.77%, 2/10/49 (c) | 500,000 | 489,060 | |||
COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/39 (b) | 1,000,000 | 916,603 | |||
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2, CMO, (SOFR30A + 1.550%), 2.48%, 10/25/41 (b)(c) | 30,000 | 27,826 | |||
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, CMO, (SOFR30A + 1.900%), 2.83%, 12/25/41 (b)(c) | 630,000 | 567,542 | |||
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, , (SOFR30A + 3.750%), 4.43%, 3/25/42 (b)(c) | 325,000 | 309,188 | |||
Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, (SOFR30A + 3.100%), 4.03%, 3/25/42 (b)(c) | 290,000 | 271,176 | |||
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, CMO, (SOFR30A + 3.000%), 3.93%, 4/25/42 (b)(c) | 120,000 | 114,054 | |||
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M2, CMO, (SOFR30A + 3.850%), 4.80%, 5/25/42 (b)(c) | 625,000 | 607,820 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M2, CMO, (SOFR30a + 4.650%), 5.58%, 6/25/42 (b)(c) | $ | 275,000 | $ | 275,000 | |
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | 115,952 | 112,593 | |||
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700,000 | 683,915 | |||
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | 1,250,000 | 1,099,127 | |||
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 (b)(c) | 139,408 | 135,284 | |||
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 (b)(c) | 145,648 | 140,263 | |||
Eagle RE Ltd., Series 2021-1, Class M1A, CMO, (SOFR30A + 1.700%), 2.63%, 10/25/33 (b)(c) | 309,281 | 309,118 | |||
Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 2.48%, 4/25/34 (b)(c) | 1,350,000 | 1,337,748 | |||
Federal Home Loan Mortgage Corp, Series 2021-3, Class 3JI, 2.50%, 2/25/51 (g) | 835,268 | 112,550 | |||
Federal Home Loan Mortgage Corp., Series 2020-HQA3, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.600%), 5.22%, 7/25/50 (b)(c) | 17,753 | 17,742 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA2, Class M2, CMO, (SOFR30A + 2.300%), 3.23%, 8/25/33 (b)(c) | 50,000 | 47,265 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 3.03%, 10/25/33 (b)(c) | 639,000 | 590,906 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A +1.650%), 2.58%, 1/25/34 (b)(c) | 255,099 | 245,970 | |||
Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A +0.850%), 1.78%, 9/25/41 (b)(c) | 1,516,781 | 1,464,638 | |||
Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31 | 945,991 | 851,131 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, CMO, REMIC, (SOFR30A + 1.000%), 1.93%, 1/25/42 (b)(c) | $ | 400,000 | $ | 385,938 | |
Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1B, CMO, REMIC, (SOFR30A + 2.900%), 3.83%, 4/25/42 (b)(c) | 290,000 | 272,608 | |||
Federal Home Loan Mortgage Corp., Series 2022-DNA4, Class M1B, CMO, REMIC, (SOFR30A + 3.350%), 4.28%, 5/25/42 (b)(c) | 805,000 | 765,309 | |||
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M1B, CMO, REMIC, (SOFR30A + 3.500%), 4.43%, 3/25/42 (b)(c) | 60,000 | 57,296 | |||
Federal Home Loan Mortgage Corp., Series 2022-P013, Class A2, 2.85%, 2/25/32 (c) | 1,000,000 | 932,618 | |||
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 749,926 | 738,096 | |||
Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1,127,193 | 1,081,574 | |||
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 7.72%, 10/15/48 (1 month USD LIBOR + 9.84%)(c) | 83,543 | 83,332 | |||
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 (g) | 489,766 | 57,737 | |||
Federal National Mortgage Association, 3.15%, 10/15/36 | 997,513 | 936,580 | |||
Federal National Mortgage Association, Series 2014-C02, Class 1M2, 4.22%, 5/25/24 (1 month USD LIBOR + 2.60%)(c) | 52,581 | 52,380 | |||
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.48%, 7/25/28 (c) | 55,084 | 55,293 | |||
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.41%, 6/25/28 (c) | 454,766 | 450,182 | |||
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 856,031 | 804,698 | |||
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 (g) | 378,713 | 53,509 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 (g) | $ | 624,749 | $ | 90,420 | |
Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51 (g) | 242,588 | 34,768 | |||
Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.29%, 1/25/31 (c) | 1,000,000 | 826,000 | |||
Flagstar Mortgage Trust, Series 2021-10IN, Class A1, CMO, 3.00%, 10/25/51 (b)(c) | 185,207 | 164,524 | |||
Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 (b)(c) | 220,805 | 184,384 | |||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, CMO, REMIC (SOFR30a + 4.500%), 5.28%, 6/25/42 (b)(c) | 670,000 | 673,560 | |||
GMSC, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 2.47%, 10/15/36 (b)(c) | 1,720,000 | 1,622,557 | |||
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 | 167,884 | 163,423 | |||
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 176,744 | 179,140 | |||
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 (g) | 42,808 | 5,811 | |||
GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 2.31%, 11/21/35 (b)(c) | 296,924 | 290,245 | |||
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51 (c) | 800,000 | 803,164 | |||
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1,080,543 | 1,048,780 | |||
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 4.08%, 11/10/49 (c) | 500,000 | 443,277 | |||
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1,000,000 | 930,434 | |||
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52 | 1,100,000 | 989,965 | |||
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1,400,000 | 1,204,842 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | $ | 1,100,000 | $ | 902,429 | |
GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 1,400,000 | 1,192,391 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50 (b)(c) | 21,211 | 19,551 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 (b)(c) | 88,589 | 74,111 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A36, CMO, 3.00%, 9/25/52 (b)(c) | 98,558 | 86,309 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52 (b)(c) | 210,048 | 175,367 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A8, CMO, 2.50%, 3/25/52 (b)(c) | 145,823 | 132,839 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51 (b)(c) | 82,015 | 68,646 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 (b)(c) | 256,198 | 213,867 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52 (b)(c) | 408,906 | 341,563 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52 (b)(c) | 197,840 | 165,604 | |||
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A36, CMO, 3.00%, 10/25/52 (b)(c) | 280,000 | 243,655 | |||
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 2.23%, 8/19/45 (1 month USD LIBOR + 0.62%)(c) | 31,672 | 29,509 | |||
Home RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.250%), 2.18%, 1/25/34 (b)(c) | 232,056 | 230,248 | |||
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.63%, 8/5/34 (b)(c) | 900,000 | 669,724 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | $ | 1,071,000 | $ | 1,020,987 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 2.32%, 9/15/29 (1 month USD LIBOR + 1.00%)(b)(c) | 344,251 | 339,044 | |||
JP Morgan Mortgage Trust, Series 2015-HB10, Class C10, 2.50%, 5/25/52 (b)(c) | 120,900 | 100,947 | |||
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 (b)(c) | 7,379 | 6,960 | |||
JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.05%, 10/26/48 (b)(c) | 47,497 | 46,592 | |||
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 (b)(c) | 32,195 | 29,756 | |||
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 2.37%, 4/25/46 (1 month USD LIBOR + 0.75%)(b)(c) | 22,841 | 22,468 | |||
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 (b)(c) | 1,965 | 1,920 | |||
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 (b)(c) | 1,652 | 1,613 | |||
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 (b)(c) | 5,530 | 5,427 | |||
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 2.57%, 10/25/49 (1 month USD LIBOR + 0.950%)(b)(c) | 17,464 | 17,246 | |||
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.85%, 6/25/50 (b)(c) | 33,248 | 29,914 | |||
JP Morgan Mortgage Trust, Series 2020-10, Class A15, 2.50%, 12/25/51 (b)(c) | 90,910 | 76,078 | |||
JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52 (b)(c) | 192,717 | 161,169 | |||
JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52 (b)(c) | 400,108 | 334,074 | |||
JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51 (b)(c) | 188,630 | 157,886 | |||
JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 (b)(c) | 167,186 | 139,936 | |||
JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 (b)(c) | 122,764 | 102,775 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
JP Morgan Mortgage Trust, Series 2022-2, Class A25, 3.00%, 8/25/52 (b)(c) | $ | 97,018 | $ | 85,955 | |
JP Morgan Mortgage Trust, Series 2022-3, Class A25, 3.00%, 8/25/52 (b)(c) | 435,437 | 383,454 | |||
JP Morgan Mortgage Trust, Series 2022-4, Class A17A, CMO, 3.00%, 10/25/52 (b)(c) | 295,002 | 257,631 | |||
JP Morgan Mortgage Trust, Series 2022-6, Class A17A, CMO, 3.00%, 11/25/52 (b)(c) | 246,794 | 213,988 | |||
JP Morgan Mortgage Trust, Series 2022-7, 3.00%, 12/25/52 (b)(c) | 140,000 | 120,788 | |||
JP Morgan Mortgage Trust, Series 2022-LTV1, Class A1, 3.25%, 7/25/52 (b)(c) | 143,258 | 126,104 | |||
JP Morgan Mortgage Trust, Series 2022-LTV2, Class A6, CMO, 3.50%, 9/25/52 (b)(c) | 297,918 | 272,351 | |||
JP Morgan Trust, Series 2015-1, Class B1, CMO, 2.17%, 12/25/44 (b)(c) | 96,878 | 95,733 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 4.03%, 11/15/47 (b)(c) | 470,000 | 306,863 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 263,871 | 259,395 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 79,344 | 77,688 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/48 | 1,069,194 | 1,031,291 | |||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | 1,000,000 | 973,225 | |||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (b) | 1,000,000 | 879,375 | |||
Manhattan West Mortgage Trust, Series 2020-1MW, Class C, 2.41%, 9/10/39 (b)(c) | 500,000 | 427,581 | |||
MBRT, Series 2019-MBR, Class A, 2.42%, 11/15/36 (1 month USD LIBOR + 0.85%)(b)(c) | 420,000 | 408,389 | |||
Mello Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 1.37%, 2/25/55 (b)(c) | 500,000 | 491,335 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 (b)(c) | $ | 606,296 | $ | 558,259 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 5.06%, 11/15/46 (c) | 375,000 | 360,700 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 166,820 | 161,893 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 237,229 | 226,558 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 (b) | 400,000 | 316,323 | |||
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 600,000 | 601,865 | |||
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 2.97%, 5/15/36 (1 month USD LIBOR + 1.40%)(b)(c) | 876,787 | 845,599 | |||
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1,000,000 | 919,372 | |||
Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.51%, 4/5/42 (b)(c) | 1,000,000 | 837,112 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51 (b)(c) | 161,831 | 135,498 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51 (b)(c) | 139,763 | 127,148 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51 (b)(c) | 149,348 | 125,082 | |||
Mortgage Repurchase Agreement Financing Trust, Series 2021-S1, Class A1, CMO, (1 month USD LIBOR + 0.500%), 1.70%, 9/10/22 (b)(c) | 900,000 | 899,944 | |||
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 (b) | 71,336 | 68,785 | |||
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C (SOFR30A +2.394%), 3.67%, 3/15/39 (b)(c) | 1,090,000 | 1,049,177 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (1 month USD LIBOR + 2.750%), 4.07%, 7/15/36 (b)(c) | $ | 1,000,000 | $ | 971,079 | |
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 5.57%, 7/15/36 (1 month USD LIBOR + 4.25%)(b)(c) | 750,000 | 708,762 | |||
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 2.37%, 1/25/48 (1 month USD LIBOR + 0.75%)(b)(c) | 55,152 | 53,996 | |||
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 (b)(c) | 100,000 | 91,166 | |||
Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.600%), 2.53%, 4/25/34 (b)(c) | 900,000 | 883,324 | |||
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 2.27%, 6/25/57 (b)(c) | 17,058 | 16,692 | |||
OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51 (b)(c) | 271,981 | 226,935 | |||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 (b) | 350,000 | 302,420 | |||
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/32 (b) | 1,000,000 | 981,527 | |||
One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32 (b) | 1,000,000 | 968,960 | |||
PFP Ltd., Series 2021-8, Class A, (1 month USD LIBOR + 1.000%), 2.51%, 8/9/37 (b)(c) | 1,620,000 | 1,543,654 | |||
PMT Credit Risk Transfer Trust, Series 2020-2R, Class A, CMO, (1 month USD LIBOR + 3.815%), 5.47%, 12/25/22 (b)(c) | 127,017 | 123,009 | |||
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 4.52%, 2/27/24 (b)(c) | 540,948 | 527,458 | |||
RCKT Mortgage Trust, Series 2021-4, Class A21, 2.50%, 9/25/51 (b)(c) | 338,430 | 283,676 | |||
RCKT Mortgage Trust, Series 2022-2, Class A22, 2.50%, 2/25/52 (b)(c) | 437,685 | 364,618 | |||
RCKT Mortgage Trust, Series 2022-3, Class A21, CMO, 3.00%, 5/25/52 (b)(c) | 158,978 | 137,750 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
RCKT Mortgage Trust, Series 2022-4, 3.50%, 6/25/52 (b)(c) | $ | 250,000 | $ | 223,164 | |
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 2.17%, 2/7/52 (b)(c) | 166,507 | 166,188 | |||
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 276,341 | 273,358 | |||
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 (b)(c) | 11,132 | 10,336 | |||
Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47 (b)(c) | 11,531 | 10,899 | |||
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 (b)(c) | 56,184 | 49,375 | |||
Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 (b)(c) | 92,663 | 77,448 | |||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (b) | 960,000 | 814,295 | |||
STWD Mortgage Trust, Series 2021-LIH, Class AS, (1 month USD LIBOR + 1.257%), 2.58%, 11/15/36 (b)(c) | 1,000,000 | 955,439 | |||
STWD Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 3.28%, 11/15/36 (b)(c) | 1,075,000 | 1,019,377 | |||
Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68 (b)(c) | 544,528 | 528,472 | |||
Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 12/25/61 (b)(c) | 859,860 | 839,618 | |||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | 600,000 | 570,755 | |||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | 148,558 | 142,297 | |||
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 305,000 | 289,996 | |||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1,100,000 | 1,074,159 | |||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51 | 500,000 | 499,209 | |||
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 (b) | 41,197 | 41,142 | |||
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.21%, 3/10/46 (b)(c) | 225,000 | 171,000 | |||
Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 (b)(c) | 100,000 | 99,207 | |||
Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66 (b)(c) | 129,184 | 114,254 | |||
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 (b) | 600,000 | 570,188 | |||
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class AS, 3.54%, 10/15/45 | 140,000 | 139,851 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | $ | 950,000 | $ | 891,548 | |
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 3.06%, 2/15/37 (1 month USD LIBOR +1.740%)(b)(c) | 1,295,000 | 1,243,733 | |||
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 2.47%, 2/15/40 (b)(c) | 1,999,848 | 1,925,221 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 (b)(c) | 2,612 | 2,571 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51 (b)(c) | 330,717 | 276,287 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A18, CMO, 2.50%, 12/25/51 (b)(c) | 104,145 | 86,916 | |||
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.28%, 5/15/45 (b)(c) | 225,000 | 214,824 | |||
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 5.03%, 12/15/46 (c) | 350,000 | 329,721 | |||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $106,068,321) | 98,034,138 | ||||
FOREIGN CORPORATE BONDS - 6.2% | |||||
BASIC MATERIALS - 0.5% | |||||
AngloGold Ashanti Holdings PLC, 3.38%, 11/1/28 | 200,000 | 169,326 | |||
Celulosa Arauco y Constitucion S.A., 5.15%, 1/29/50 (b) | 700,000 | 572,250 | |||
FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32 (b) | 500,000 | 450,000 | |||
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23 (b) | 400,000 | 405,000 | |||
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23 (a) | 225,000 | 227,812 | |||
LG Chem Ltd., 3.25%, 10/15/24 (b) | 660,000 | 651,908 | |||
NOVA Chemicals Corp., 4.88%, 6/1/24 (b) | 200,000 | 190,099 | |||
South32 Treasury Ltd., 4.35%, 4/14/32 (b) | 161,000 | 150,284 | |||
Suzano Austria GmbH, 3.13%, 1/15/32 | 53,000 | 39,901 | |||
Suzano Austria GmbH, 3.75%, 1/15/31 | 68,000 | 54,910 | |||
Teck Resources Ltd., 3.90%, 7/15/30 | 1,000,000 | 919,782 | |||
Total Basic Materials | 3,831,272 | ||||
COMMUNICATIONS - 0.0% (h) | |||||
NTT Finance Corp., 1.16%, 4/3/26 (b) | 203,000 | 182,349 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Telefonica Emisiones S.A., 4.90%, 3/6/48 | $ | 150,000 | $ | 127,892 | |
Vodafone Group PLC, 5.25%, 5/30/48 | 43,000 | 40,909 | |||
Total Communications | 351,150 | ||||
CONSUMER, CYCLICAL - 0.2% | |||||
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 (b) | 150,000 | 130,188 | |||
Falabella S.A., 4.38%, 1/27/25 (b) | 400,000 | 397,704 | |||
Hyundai Capital Services, Inc., 1.25%, 2/8/26 (b) | 1,050,000 | 944,341 | |||
Total Consumer, Cyclical | 1,472,233 | ||||
CONSUMER, NON-CYCLICAL - 0.4% | |||||
BAT International Finance PLC, 4.45%, 3/16/28 | 740,000 | 700,527 | |||
Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27 (b) | 1,200,000 | 1,064,764 | |||
CSL Finance PLC, 4.75%, 4/27/52 (b) | 33,000 | 31,527 | |||
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29 (b) | 24,000 | 24,144 | |||
Royalty Pharma PLC, 2.15%, 9/2/31 | 104,000 | 81,149 | |||
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 | 91,000 | 87,403 | |||
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 292,000 | 226,944 | |||
Triton Container International Ltd., 1.15%, 6/7/24 (b) | 1,000,000 | 936,184 | |||
Triton Container International Ltd., 3.15%, 6/15/31 (b) | 408,000 | 329,773 | |||
Triton Container International Ltd./TAL International Container Corp., 3.25%, 3/15/32 | 46,000 | 37,446 | |||
Total Consumer, Non-cyclical | 3,519,861 | ||||
ENERGY - 1.1% | |||||
Aker BP ASA, 2.88%, 1/15/26 (b) | 1,000,000 | 945,327 | |||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (b) | 475,000 | 448,162 | |||
BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30 (c)(e) | 49,000 | 42,662 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Cenovus Energy, Inc., 2.65%, 1/15/32 | $ | 500,000 | $ | 413,501 | |
Cenovus Energy, Inc., 3.75%, 2/15/52 | 1,265,000 | 960,956 | |||
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27 (b) | 961,594 | 758,659 | |||
EIG Pearl Holdings Sarl, 3.55%, 8/31/36 (b) | 350,000 | 298,375 | |||
Equinor ASA, 3.25%, 11/18/49 | 1,000,000 | 792,902 | |||
Lundin Energy Finance B.V., 3.10%, 7/15/31 (b) | 200,000 | 165,456 | |||
Noble Finance Co., PIK, 11.00%, 2/15/28 (i) | 7,489 | 8,126 | |||
Noble Finance Co., PIK, 11.00%, 2/15/28 (b)(i) | 1,034 | 1,122 | |||
Petroleos Mexicanos, 6.35%, 2/12/48 | 54,000 | 31,725 | |||
Petroleos Mexicanos, 6.49%, 1/23/27 | 262,000 | 227,023 | |||
Qatar Petroleum, 1.38%, 9/12/26 (b) | 400,000 | 359,747 | |||
Santos Finance Ltd., 3.65%, 4/29/31 (b) | 1,164,000 | 987,300 | |||
Sinopec Group Overseas Development 2018 Ltd., 3.68%, 8/8/49 (b) | 200,000 | 159,576 | |||
Suncor Energy, Inc., 5.95%, 5/15/35 | 44,000 | 45,647 | |||
Sweihan PV Power Co. PJSC, 3.63%, 1/31/49 (b) | 1,000,000 | 827,068 | |||
Total Capital International S.A., 3.13%, 5/29/50 | 375,000 | 286,650 | |||
UEP Penonome II S.A., 6.50%, 10/1/38 (b) | 967,595 | 901,073 | |||
Total Energy | 8,661,057 | ||||
FINANCIAL - 3.0% | |||||
ABN AMRO Bank N.V., (1 year CMT + 1.100%), 2.47%, 12/13/29 (b)(c) | 1,000,000 | 852,316 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 150,000 | 130,614 | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | 1,000,000 | 842,319 | |||
Athene Holding Ltd., 3.45%, 5/15/52 | 23,000 | 15,792 | |||
Banco Santander S.A., 2.71%, 6/27/24 | 200,000 | 194,077 | |||
Banco Santander S.A., 3.89%, 5/24/24 | 200,000 | 198,952 | |||
Bank Hapoalim BM, (5 year CMT + 2.155%), 3.26%, 1/21/32 (a)(b)(c) | 2,000,000 | 1,710,000 | |||
Bank of Montreal, 1.50%, 1/10/25 | 85,000 | 80,216 | |||
Bank of Montreal, 3.70%, 6/7/25 | 87,000 | 86,230 | |||
Bank of Nova Scotia (The), 2.95%, 3/11/27 | 58,000 | 54,560 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Bank of Nova Scotia (The), (5 year CMT + 2.050%), 4.59%, 5/4/37 (c) | $ | 116,000 | $ | 106,646 | |
Banque Federative du Credit Mutuel S.A., 3.75%, 7/20/23 (b) | 490,000 | 490,209 | |||
Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35 (c) | 200,000 | 164,890 | |||
BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)(b)(c) | 730,000 | 644,921 | |||
BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27 (b)(c) | 440,000 | 387,787 | |||
BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32 (b)(c) | 406,000 | 335,646 | |||
BPCE S.A., (SOFR + 1.730%), 3.12%, 10/19/32 (b)(c) | 1,275,000 | 1,027,323 | |||
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 | 58,000 | 52,316 | |||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 46,000 | 44,095 | |||
Canadian Imperial Bank of Commerce, 3.30%, 4/7/25 | 160,000 | 156,916 | |||
Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26 (b)(c) | 261,000 | 232,573 | |||
Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)(b)(c) | 250,000 | 220,076 | |||
Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)(b)(c) | 250,000 | 229,910 | |||
Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32 (b)(c) | 285,000 | 226,801 | |||
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 | 191,546 | |||
Deutsche Bank AG, (SOFR + 1.219%), 2.31%, 11/16/27 (c) | 330,000 | 284,784 | |||
Deutsche Bank AG, (SOFR + 1.219%), 2.44%, 11/16/27 (c) | 240,000 | 219,479 | |||
Enstar Group Ltd., 3.10%, 9/1/31 | 18,000 | 14,355 | |||
Enstar Group Ltd., 4.95%, 6/1/29 | 176,000 | 168,390 | |||
Federation of Caisses Desjardins du Quebec, 1.20%, 10/14/26 (b) | 1,000,000 | 903,440 | |||
HSBC Holdings PLC, (SOFR + 1.100%), 2.25%, 11/22/27 (c) | 200,000 | 178,193 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
HSBC Holdings PLC, (SOFR + 1.510%), 4.18%, 12/9/25 (c) | $ | 200,000 | $ | 196,822 | |
ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26 (b)(c) | 1,280,000 | 1,162,721 | |||
ING Groep N.V., (SOFR + 1.830%), 4.02%, 3/28/28 (c) | 1,000,000 | 952,407 | |||
ING Groep N.V., (SOFR + 2.070%), 4.25%, 3/28/33 (c) | 1,250,000 | 1,166,862 | |||
Intesa Sanpaolo SpA, (1 year CMT + 2.750%), 4.95%, 6/1/42 (b)(c) | 700,000 | 472,947 | |||
Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 (b) | 600,000 | 534,688 | |||
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) | 281,000 | 269,200 | |||
National Bank of Canada, (1 year CMT + 0.400%), 0.55%, 11/15/24 (c) | 250,000 | 238,339 | |||
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 | 205,533 | |||
NatWest Markets PLC, 3.63%, 9/29/22 (b) | 450,000 | 450,504 | |||
Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26 (b) | 500,000 | 484,891 | |||
Nomura Holdings, Inc., 2.61%, 7/14/31 | 200,000 | 159,513 | |||
Societe Generale S.A., 3.88%, 3/28/24 (b) | 350,000 | 346,464 | |||
Societe Generale S.A., (1 year CMT + 1.000%), 1.79%, 6/9/27 (b)(c) | 915,000 | 798,109 | |||
Societe Generale S.A., (1 year CMT + 1.300%), 2.89%, 6/9/32 (b)(c) | 950,000 | 758,581 | |||
State Bank of India, 4.38%, 1/24/24 (b) | 205,000 | 206,064 | |||
Swedbank AB, 1.54%, 11/16/26 (b) | 213,000 | 192,211 | |||
Swiss Re Finance Luxembourg S.A., (5 year CMT + 3.582%), 5.00%, 4/2/49 (b)(c) | 1,000,000 | 946,250 | |||
Toronto-Dominion Bank, 3.77%, 6/6/25 | 117,000 | 116,336 | |||
Toronto-Dominion Bank (The), 1.25%, 12/13/24 | 59,000 | 55,672 | |||
UBS Group AG, (1 year CMT + 0.850%), 1.49%, 8/10/27 (b)(c) | 1,075,000 | 940,714 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
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 | $ | 176,067 | |
UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26 (b)(c) | 1,000,000 | 894,548 | |||
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 2.63%, 6/26/24 (c) | 444,436 | 443,119 | |||
WLB Asset II B Pte Ltd., 3.95%, 12/10/24 (b) | 1,000,000 | 955,000 | |||
WLB Asset II C Pte Ltd., 3.90%, 12/23/25 (b) | 1,000,000 | 955,720 | |||
WLB Asset II Pte Ltd., 4.00%, 1/14/24 (b) | 250,000 | 245,000 | |||
Total Financial | 24,769,654 | ||||
INDUSTRIAL - 0.2% | |||||
Canadian Pacific Railway Co., 1.35%, 12/2/24 | 96,000 | 90,308 | |||
Canadian Pacific Railway Co., 3.00%, 12/2/41 | 19,000 | 14,862 | |||
Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | 138,000 | 133,515 | |||
Embraer Overseas Ltd., 5.70%, 9/16/23 (b) | 135,000 | 136,519 | |||
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 1,050,000 | 853,706 | |||
Masonite International Corp., 3.50%, 2/15/30 (b) | 125,000 | 99,496 | |||
Mexico City Airport Trust, 3.88%, 4/30/28 (b) | 200,000 | 171,750 | |||
Mexico City Airport Trust, 5.50%, 7/31/47 (b) | 200,000 | 137,100 | |||
nVent Finance Sarl, 2.75%, 11/15/31 | 178,000 | 144,680 | |||
Waste Connections, Inc., 2.20%, 1/15/32 | 93,000 | 75,854 | |||
Total Industrial | 1,857,790 | ||||
TECHNOLOGY - 0.1% | |||||
SK Hynix, Inc., 2.38%, 1/19/31 (b) | 1,075,000 | 846,661 | |||
TSMC Global Ltd., 0.75%, 9/28/25 (b) | 200,000 | 182,236 | |||
Total Technology | 1,028,897 | ||||
UTILITIES - 0.7% | |||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 (b) | 200,000 | 177,750 | |||
AES Gener S.A., (5 year CMT + 4.917%), 6.35%, 10/7/79 (b)(c) | 1,000,000 | 883,745 | |||
Alfa Desarrollo SpA, 4.55%, 9/27/51 (b) | 199,461 | 143,113 | |||
Comision Federal de Electricidad, 4.69%, 5/15/29 (b) | 400,000 | 357,476 | |||
Consorcio Transmantaro S.A., 4.70%, 4/16/34 (b) | 430,000 | 385,332 | |||
Constellation Renewables LLC, (1 month USD LIBOR), 0.00%, 12/15/27 (c) | 922,474 | 887,420 | |||
Engie Energia Chile S.A., 3.40%, 1/28/30 (b) | 209,000 | 177,389 | |||
India Cleantech Energy, 4.70%, 8/10/26 (b) | 876,150 | 707,929 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Korea East-West Power Co., Ltd., 3.60%, 5/6/25 (b) | $ | 1,250,000 | $ | 1,236,834 | |
Sociedad de Transmision Austral S.A., 4.00%, 1/27/32 (b) | 1,000,000 | 776,760 | |||
Total Utilities | 5,733,748 | ||||
TOTAL FOREIGN CORPORATE BONDS (Cost: $58,190,542) | 51,225,662 | ||||
U.S. GOVERNMENT OBLIGATIONS - 6.4% | |||||
U.S. Treasury Bonds, 1.75%, 8/15/41 | 483,000 | 367,401 | |||
U.S. Treasury Bonds, 1.88%, 2/15/41 | 350,000 | 274,490 | |||
U.S. Treasury Bonds, 1.88%, 11/15/51 | 164,000 | 123,051 | |||
U.S. Treasury Bonds, 2.00%, 11/15/41 | 129,000 | 102,454 | |||
U.S. Treasury Bonds, 2.00%, 8/15/51 | 548,000 | 423,523 | |||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 500,000 | 417,227 | |||
U.S. Treasury Bonds, 2.25%, 2/15/52 | 5,463,000 | 4,495,878 | |||
U.S. Treasury Bonds, 2.38%, 5/15/51 | 730,000 | 616,251 | |||
U.S. Treasury Bonds, 2.88%, 5/15/43 | 960,000 | 875,400 | |||
U.S. Treasury Bonds, 3.25%, 5/15/42 | 1,250,000 | 1,219,922 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44 | 205,000 | 93,140 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44 | 975,000 | 438,863 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45 | 355,000 | 157,383 | |||
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/40 | 1,280,000 | 679,488 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41 | 6,745,000 | 3,481,411 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/41 | 205,000 | 104,080 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42 | 90,000 | 44,452 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42 | 80,000 | 39,143 | |||
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/42 | 820,000 | 393,414 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43 | 650,000 | 308,627 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43 | 480,000 | 223,823 | |||
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/43 | 485,000 | 224,690 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44 | 1,670,000 | 766,218 | |||
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/44 | 490,000 | 218,395 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45 | 560,000 | 243,115 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46 | 405,000 | 174,826 | |||
U.S. Treasury Notes, 0.13%, 3/31/23 | 1,500,000 | 1,470,879 | |||
U.S. Treasury Notes, 0.13%, 8/31/23 | 500,000 | 483,730 | |||
U.S. Treasury Notes, 0.50%, 10/31/27 | 2,755,000 | 2,406,966 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT OBLIGATIONS (continued) | |||||
U.S. Treasury Notes, 0.63%, 11/30/27 | $ | 250,000 | $ | 219,531 | |
U.S. Treasury Notes, 1.13%, 8/31/28 | 1,000,000 | 889,961 | |||
U.S. Treasury Notes, 1.38%, 9/30/23 | 285,000 | 279,467 | |||
U.S. Treasury Notes, 1.88%, 2/15/32 | 207,000 | 187,529 | |||
U.S. Treasury Notes, 2.38%, 3/31/29 | 25,000 | 23,931 | |||
U.S. Treasury Notes, 2.38%, 2/15/42 | 4,270,000 | 3,620,827 | |||
U.S. Treasury Notes, 2.50%, 4/30/24 | 180,000 | 178,432 | |||
U.S. Treasury Notes, 2.50%, 5/31/24 | 3,795,000 | 3,760,756 | |||
U.S. Treasury Notes, 2.63%, 5/31/27 | 9,696,000 | 9,512,685 | |||
U.S. Treasury Notes, 2.88%, 5/31/25 | 3,860,000 | 3,843,414 | |||
U.S. Treasury Notes, 2.88%, 6/15/25 | 1,475,000 | 1,469,123 | |||
U.S. Treasury Notes, 2.88%, 5/15/32 | 6,179,000 | 6,109,486 | |||
U.S. Treasury Notes, 3.25%, 6/30/27 | 2,000,000 | 2,019,531 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $57,518,201) | 52,982,913 | ||||
MUNICIPAL BONDS - 1.7% | |||||
CALIFORNIA - 0.6% | |||||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 | 150,000 | 191,416 | |||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31 | 215,000 | 196,501 | |||
California Health Facilities Financing Authority,Revenue Bonds, 4.35%, 6/1/41 | 250,000 | 234,201 | |||
Chula Vista Municipal Financing Authority, Revenue Bonds, Class A, 4.28%, 12/1/48 | 1,000,000 | 916,855 | |||
City of Los Angeles CA, General Obligation, 3.50%, 9/1/37 | 315,000 | 283,455 | |||
City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39 | 1,230,000 | 1,086,647 | |||
Los Angeles Community College District, 2.11%, 8/1/32 | 770,000 | 653,488 | |||
State of California, General Obligation, 4.60%, 4/1/38 | 500,000 | 505,573 | |||
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 | 275,000 | 358,225 | |||
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 | 500,000 | 430,817 | |||
Total California | 4,857,178 | ||||
DISTRICT OF COLUMBIA - 0.2% | |||||
District of Columbia, Revenue Bonds, 3.85%, 2/28/25 | 1,750,000 | 1,728,150 |
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS (continued) | |||||
ILLINOIS - 0.1% | |||||
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 | $ | 500,000 | $ | 490,114 | |
State of Illinois, General Obligation, 5.00%, 10/1/22 | 210,000 | 211,439 | |||
Total Illinois | 701,553 | ||||
INDIANA - 0.0% (h) | |||||
Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51 | 215,000 | 173,594 | |||
MICHIGAN - 0.3% | |||||
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | 650,000 | 614,825 | |||
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940,000 | 793,026 | |||
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1,330,000 | 1,157,375 | |||
Total Michigan | 2,565,226 | ||||
MINNESOTA - 0.1% | |||||
University of Minnesota, Revenue Bonds, 4.05%, 4/1/52 | 380,000 | 372,977 | |||
NEW JERSEY - 0.1% | |||||
Morris County Improvement Authority, 1.05%, 6/15/26 | 200,000 | 181,427 | |||
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300,000 | 398,133 | |||
Total New Jersey | 579,560 | ||||
NEW YORK - 0.2% | |||||
Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37 | 986,333 | 812,073 | |||
Metropolitan Transportation Authority, 5.18%, 11/15/49 | 1,000,000 | 1,031,799 | |||
Total New York | 1,843,872 | ||||
OHIO - 0.1% | |||||
Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34 | 1,000,000 | 1,053,706 | |||
OREGON - 0.0% (h) | |||||
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 (b) | 500,000 | 36,500 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS (continued) | |||||
TEXAS - 0.0% (h) | |||||
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49 | $ | 80,000 | $ | 70,345 | |
TOTAL MUNICIPAL BONDS (Cost: $15,700,232) | 13,982,661 | ||||
SUPRANATIONAL BONDS - 1.6% | |||||
African Development Bank, 0.75%, 4/3/23 | 1,150,000 | 1,132,255 | |||
Aptiv PLC/Aptiv Corp., 3.25%, 3/1/32 | 32,000 | 27,187 | |||
Arab Petroleum Invstment Corp., 1.48%, 10/6/26 (b) | 1,200,000 | 1,083,620 | |||
Asian Development Bank, 3.13%, 9/26/28 | 1,500,000 | 1,488,580 | |||
Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24 | 143,000 | 134,466 | |||
European Investment Bank, 0.63%, 10/21/27 | 700,000 | 613,787 | |||
European Investment Bank, 0.75%, 9/23/30 | 1,000,000 | 829,430 | |||
European Investment Bank, 2.38%, 5/24/27 | 500,000 | 482,545 | |||
European Investment Bank, 2.50%, 10/15/24 | 1,000,000 | 987,820 | |||
Inter-American Development Bank, 1.13%, 7/20/28 | 170,000 | 150,564 | |||
Inter-American Investment Corp., 2.63%, 4/22/25 | 1,000,000 | 983,477 | |||
International Bank for Reconstruction & Development, 0.00%, 3/31/27 | 1,000,000 | 914,910 | |||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 158,000 | 138,953 | |||
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 589,000 | 589,061 | |||
Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30 | 1,000,000 | 826,776 | |||
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 805,000 | 737,351 | |||
Kreditanstalt fuer Wiederaufbau, 2.00%, 9/29/22 | 1,000,000 | 999,732 | |||
Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 2.17%, 2/12/24 (c) | 800,000 | 811,348 | |||
TOTAL SUPRANATIONAL BONDS (Cost: $13,612,346) | 12,931,862 |
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS - 0.7% | |||||
BERMUDA - 0.0% (h) | |||||
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 (b) | $ | 200,000 | $ | 166,981 | |
CANADA - 0.1% | |||||
Canada Government International Bond, 2.88%, 4/28/25 | 1,100,000 | 1,092,237 | |||
CHILE - 0.1% | |||||
Chile Government International Bond, 3.50%, 1/25/50 | 1,000,000 | 763,869 | |||
GUATEMALA - 0.1% | |||||
Guatemala Government Bond, 5.38%, 4/24/32 (b) | 350,000 | 321,412 | |||
INDONESIA - 0.1% | |||||
Indonesia Government International Bond, 2.95%, 1/11/23 | 200,000 | 200,000 | |||
Indonesia Government International Bond, 3.50%, 1/11/28 | 280,000 | 267,384 | |||
Indonesia Government International Bond, 4.13%, 1/15/25 (b) | 400,000 | 397,985 | |||
Total Indonesia | 865,369 | ||||
ITALY - 0.1% | |||||
Republic of Italy Government International Bond, 4.00%, 10/17/49 | 1,000,000 | 826,262 | |||
MEXICO - 0.0% (h) | |||||
Mexico Government International Bond, 4.28%, 8/14/41 | 251,000 | 198,374 | |||
PANAMA - 0.0% (h) | |||||
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100,000 | 107,956 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | |||||
PERU - 0.2% | |||||
Peruvian Government International Bond, 2.78%, 1/23/31 | $ | 107,000 | $ | 90,966 | |
Peruvian Government International Bond, 3.00%, 1/15/34 | 1,315,000 | 1,078,701 | |||
Total Peru | 1,169,667 | ||||
QATAR - 0.0% (h) | |||||
Qatar Government International Bond, 4.50%, 4/23/28 (b) | 200,000 | 207,043 | |||
ROMANIA - 0.0% (h) | |||||
Romanian Government International Bond, Series 144A, 6.00%, 5/25/34 (b) | 70,000 | 63,238 | |||
UNITED ARAB EMIRATES - 0.0% (h) | |||||
Abu Dhabi Government International Bond, 3.13%, 10/11/27 (b) | 250,000 | 244,062 | |||
URUGUAY - 0.0% (h) | |||||
Uruguay Government International Bond, 4.98%, 4/20/55 | 150,000 | 148,034 | |||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $7,047,930) | 6,174,504 | ||||
FOREIGN GOVERNMENT AGENCIES - 0.7% | |||||
CANADA - 0.6% | |||||
CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 (b) | 1,000,000 | 915,488 | |||
OMERS Finance Trust, Series 144A, 3.50%, 4/19/32 (b) | 1,000,000 | 975,036 | |||
OMERS Finance Trust, Series 144A, 4.00%, 4/19/52 (b) | 1,000,000 | 934,366 | |||
Province of Quebec Canada, 1.90%, 4/21/31 | 1,000,000 | 880,171 | |||
Province of Quebec Canada, 2.75%, 4/12/27 | 1,000,000 | 976,162 | |||
Total Canada | 4,681,223 | ||||
EGYPT - 0.0% (h) | |||||
Arab Republic of Egypt, 5.25%, 10/6/25 (b) | 300,000 | 245,241 | |||
JAPAN - 0.0% (h) | |||||
Development Bank of Japan, Inc., 1.75%, 2/18/25 (b) | 226,000 | 216,978 | |||
NORWAY - 0.1% | |||||
Kommunalbanken A/S, 2.13%, 2/11/25 (b) | 500,000 | 487,317 |
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT AGENCIES (continued) | |||||
SOUTH KOREA - 0.0% (h) | |||||
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 (b) | $ | 200,000 | $ | 200,850 | |
TOTAL FOREIGN GOVERNMENT AGENCIES (Cost: $6,168,505) | 5,831,609 |
Investments | Shares | Value | |||
EXCHANGE-TRADED FUNDS - 14.6% | |||||
iShares Core U.S. Aggregate Bond ETF | 52,117 | $ | 5,299,256 | ||
iShares MBS ETF | 612,240 | 59,687,278 | |||
SPDR Blackstone Senior Loan ETF | 1,356,105 | 56,468,212 | |||
TOTAL EXCHANGE-TRADED FUNDS (Cost: $125,401,521) | 121,454,746 | ||||
MUTUAL FUNDS - 5.4% | |||||
BrandywineGLOBAL High Yield Fund | 2,377,338 | 22,275,661 | |||
MainStay MacKay High Yield Corporate Bond Fund, | 4,670,191 | 22,697,130 | |||
TOTAL MUTUAL FUNDS (Cost: $53,004,609) | 44,972,791 | ||||
PREFERRED STOCK - 0.2% | |||||
Gladstone Investment Corp., 4.88%, 11/1/28 (Cost: $1,830,000) | 73,200 | 1,720,200 | |||
COMMON STOCKS - 0.0% (h) | |||||
DIVERSIFIED FINANCIAL SERVICES - 0.0% (h) | |||||
Bruin Blocker LLC | 4,367 | 3,930 | |||
ENERGY EQUIPMENT & SERVICES - 0.0% (h) | |||||
Canvas Energy, Inc. | 952 | 13,575 | |||
Noble Corp.(j) | 76 | 1,927 | |||
TOTAL COMMON STOCKS (Cost: $11,471) | 19,432 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (continued)
SHORT-TERM INVESTMENTS - 1.8% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.96%(k) (Cost: $14,691,217) | 14,691,217 | $ | 14,691,217 | ||
TOTAL INVESTMENTS - 100.6% (Cost: $909,424,130) | 835,059,333 | ||||
OTHER ASSETS AND LIABILITIES, NET - (0.6)% | (4,766,995 | ) | |||
NET ASSETS - 100.0% | $ | 830,292,338 |
(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 June 30, 2022, the value of these securities was $2,277,815, 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. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2022, the value of these securities was $252,151,921, representing 30.4% 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. These securities do not indicate a reference rate and spread in their description above. |
(d) | Security is currently in default. |
(e) | Perpetual floating rate security. Date shown reflects the next reset date. |
(f) | To-be-announced (“TBA”) security. |
(g) | Interest only security. |
(h) | Amount is less than 0.05%. |
(i) | Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash. |
(j) | Non-income producing. |
(k) | The rate shown is the annualized seven-day yield at June 30, 2022. |
ABS | Asset Backed Securities |
CLO | Collateralized Loan Obligations |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Indexes |
ETF | Exchange Traded Fund |
LIBOR | London Interbank Offered Rate |
PIK | Paid-In-Kind |
REIT | Real Estate Investment Trust |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Funding Rate |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2022
PFM Multi-Manager Fixed-Income Fund (concluded)
Futures contracts open at June 30, 2022: | |||||||
Description | Type | Contracts | Expiration Date | Notional Amount | Value / Net Unrealized Appreciation (Depreciation) | ||
CONTRACTS PURCHASED - 5.6% | |||||||
U.S. Treasury Ultra Bonds | Long | 7,700,000 | 09/21/2022 | $ | 11,884,469 | $ | (140,245) |
U.S. Treasury Ultra Bonds | Long | 1,400,000 | 09/21/2022 | 1,940,750 | 48,418 | ||
U.S. Treasury 10-Year Notes | Long | 1,800,000 | 09/21/2022 | 2,133,562 | 18,695 | ||
U.S. Treasury 5-Year Notes | Long | 17,400,000 | 09/30/2022 | 19,531,500 | (55,229) | ||
U.S. Treasury 2-Year Notes | Long | 10,400,000 | 09/30/2022 | 10,920,813 | (41,666) | ||
Total | $ | 46,411,094 | $ | (170,027) | |||
Forward Sales Contracts — As of June 30, 2022, the Fund had the following forward sales contracts:
Description | Interest Rate | Maturity Date (a) | Settlement Date | Principal Amount | Value | |||
To Be Announced Securities – (0.1)% | ||||||||
Government National Mortgage Association | 3.00% | TBA-30yr | 7/21/22 | $ | (845,000) | $ | (796,479) | |
Total (Proceeds Receivable: $ (788,686)) | $ | (796,479) |
(a) TBA (To Be Announced) Securities are purchased or sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 165,042,575 | $ | — | $ | 165,042,575 | ||||||||
Asset-Backed Securities | — | 129,080,035 | — | 129,080,035 | ||||||||||||
Exchange-Traded Funds | 121,454,746 | — | — | 121,454,746 | ||||||||||||
U.S. Government Agencies | — | 116,914,988 | — | 116,914,988 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 98,034,138 | — | 98,034,138 | ||||||||||||
U.S. Government Obligations | — | 52,982,913 | — | 52,982,913 | ||||||||||||
Foreign Corporate Bonds* | — | 51,225,662 | — | 51,225,662 | ||||||||||||
Mutual Funds | 44,972,791 | — | — | 44,972,791 | ||||||||||||
Municipal Bonds* | — | 13,982,661 | — | 13,982,661 | ||||||||||||
Supranational Bonds | — | 12,931,862 | — | 12,931,862 | ||||||||||||
Foreign Government Obligations* | — | 6,174,504 | — | 6,174,504 | ||||||||||||
Foreign Government Agencies* | — | 5,831,609 | — | 5,831,609 | ||||||||||||
Preferred Stock* | 1,720,200 | — | — | 1,720,200 | ||||||||||||
Common Stocks | ||||||||||||||||
Financial | — | 3,930 | — | 3,930 | ||||||||||||
Energy | — | 15,502 | — | 15,502 | ||||||||||||
Money Market Fund | 14,691,217 | — | — | 14,691,217 | ||||||||||||
Total Investments in Securities | $ | 182,838,954 | $ | 652,220,379 | $ | — | $ | 835,059,333 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 67,113 | $ | — | $ | — | $ | 67,113 | ||||||||
Other Financial Instruments | ||||||||||||||||
Forward Sales Contracts at Value | $ | — | $ | (796,479 | ) | $ | — | $ | (796,479 | ) | ||||||
Futures Contracts(a) | (237,140 | ) | — | — | $ | (237,140 | ) | |||||||||
Total – Other Financial Instruments | $ | (237,140 | ) | $ | (796,479 | ) | $ | — | $ | (1,033,619 | ) |
(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
June 30, 2022 (Unaudited)
1. Organization
PFM Multi-Manager Series Trust (the “Trust”) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”), PFM Multi-Manager International Equity Fund (the “International Equity Fund”) and PFM Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) (each a “Fund” and, collectively, the “Funds”). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of June 30, 2022, 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 June 30, 2022, 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 (“PFMAM” or, the “Adviser”), the responsibility for the performance of day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee (“VC”) to serve as its formal oversight body for the valuation of each Fund’s portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Funds’ valuation 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 Fund may value foreign securities using fair value prices based on third-party vendor modeling tools. The SEC recently adopted new Rule 2a-5 under the Investment Company Act, which will establish an updated regulatory framework for registered investment company valuation practices and may impact a Fund’s valuation policies. The Funds will not be required to comply with the new rule until September 8, 2022.
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.