Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER DOMESTIC EQUITY FUND
Investments | Shares | Value | |||
COMMON STOCKS - 29.0% | |||||
COMMUNICATION SERVICES - 1.2% | |||||
Alphabet, Inc., Class A(a) | 69,283 | $ | 8,293,175 | ||
Bandwidth, Inc., Class A(a) | 161 | 2,202 | |||
Cogent Communications Holdings, Inc. | 42,840 | 2,882,704 | |||
Netflix, Inc.(a) | 1,645 | 724,606 | |||
Scholastic Corp. | 683 | 26,562 | |||
Spok Holdings, Inc. | 1,624 | 21,583 | |||
Telephone & Data Systems, Inc. | 7,062 | 58,120 | |||
Yelp, Inc.(a) | 5,934 | 216,057 | |||
Total Communication Services | 12,225,009 | ||||
CONSUMER DISCRETIONARY - 2.1% | |||||
Aaron's Co., Inc. (The) | 4,387 | 62,032 | |||
Abercrombie & Fitch Co., Class A(a) | 5,377 | 202,605 | |||
Academy Sports & Outdoors, Inc. | 146 | 7,891 | |||
Advance Auto Parts, Inc. | 4,100 | 288,230 | |||
Amazon.com, Inc.(a) | 78,051 | 10,174,728 | |||
American Axle & Manufacturing Holdings, Inc.(a) | 22,900 | 189,383 | |||
Bath & Body Works, Inc. | 9,400 | 352,500 | |||
Carriage Services, Inc. | 1,781 | 57,829 | |||
Cavco Industries, Inc.(a) | 707 | 208,565 | |||
Dana, Inc. | 949 | 16,133 | |||
Dave & Buster's Entertainment, Inc.(a) | 3,703 | 165,006 | |||
Expedia Group, Inc.(a) | 4,895 | 535,464 | |||
G-III Apparel Group Ltd.(a) | 4,899 | 94,404 | |||
General Motors Co. | 30,365 | 1,170,874 | |||
Goodyear Tire & Rubber Co. (The)(a) | 9,449 | 129,262 | |||
GoPro, Inc., Class A(a) | 7,865 | 32,561 | |||
Green Brick Partners, Inc.(a) | 973 | 55,266 | |||
Group 1 Automotive, Inc. | 622 | 160,538 | |||
Home Depot, Inc. (The) | 4,539 | 1,409,995 | |||
Lear Corp. | 754 | 108,237 | |||
Leslie's, Inc.(a) | 27,475 | 257,990 | |||
Marriott International, Inc., Class A | 5,943 | 1,091,670 | |||
MasterCraft Boat Holdings, Inc.(a) | 1,445 | 44,289 | |||
Monarch Casino & Resort, Inc. | 1,530 | 107,789 | |||
Movado Group, Inc. | 534 | 14,327 | |||
National Vision Holdings, Inc.(a) | 8,568 | 208,117 | |||
O'Reilly Automotive, Inc.(a) | 1,244 | 1,188,393 | |||
Planet Fitness, Inc., Class A(a) | 5,630 | 379,687 | |||
PlayAGS, Inc.(a) | 3,474 | 19,628 | |||
Sonic Automotive, Inc., Class A | 2,818 | 134,334 | |||
Sonos, Inc.(a) | 12,559 | 205,088 | |||
Standard Motor Products, Inc. | 1,630 | 61,158 | |||
Stride, Inc.(a) | 2,768 | 103,053 | |||
Tractor Supply Co. | 1,800 | 397,980 | |||
TRI Pointe Group, Inc..(a) | 8,116 | 266,692 | |||
Ulta Beauty, Inc.(a) | 670 | 315,299 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CONSUMER DISCRETIONARY (continued) | |||||
Universal Electronics, Inc.(a) | 525 | $ | 5,051 | ||
Wolverine World Wide, Inc. | 12,385 | 181,936 | |||
Total Consumer Discretionary | 20,403,984 | ||||
CONSUMER STAPLES - 3.0% | |||||
Brown-Forman Corp., Class B | 6,260 | 418,043 | |||
Cal-Maine Foods, Inc. | 16,143 | 726,435 | |||
Calavo Growers, Inc. | 24,776 | 719,000 | |||
Clorox Co. (The) | 32,712 | 5,202,516 | |||
Costco Wholesale Corp. | 2,884 | 1,552,688 | |||
Darling Ingredients, Inc.(a) | 24,363 | 1,554,116 | |||
Dollar General Corp. | 28,727 | 4,877,270 | |||
Estee Lauder Cos., Inc. (The), Class A | 3,284 | 644,912 | |||
Fresh Del Monte Produce, Inc. | 309 | 7,944 | |||
Freshpet, Inc.(a) | 6,900 | 454,089 | |||
Henkel AG & Co. KGaA, ADR | 179,698 | 3,166,279 | |||
Hormel Foods Corp. | 11,440 | 460,117 | |||
JM Smucker Co. (The) | 2,540 | 375,082 | |||
Kimberly-Clark Corp. | 22,058 | 3,045,327 | |||
Lamb Weston Holdings, Inc. | 2,610 | 300,019 | |||
McCormick & Co., Inc., NVDR | 48,795 | 4,256,388 | |||
Medifast, Inc. | 748 | 68,936 | |||
Mission Produce, Inc.(a) | 32,899 | 398,736 | |||
PepsiCo, Inc. | 5,114 | 947,215 | |||
USANA Health Sciences, Inc.(a) | 1,070 | 67,453 | |||
Vector Group Ltd. | 15,926 | 204,012 | |||
Total Consumer Staples | 29,446,577 | ||||
ENERGY - 0.5% | |||||
Antero Resources Corp.(a) | 28,686 | 660,639 | |||
California Resources Corp. | 5,230 | 236,867 | |||
Dorian LPG Ltd. | 3,063 | 78,566 | |||
Halliburton Co. | 27,391 | 903,629 | |||
Kosmos Energy Ltd.(a) | 364,810 | 2,185,212 | |||
Par Pacific Holdings, Inc.(a) | 5,839 | 155,376 | |||
Patterson-UTI Energy, Inc. | 9,153 | 109,561 | |||
ProPetro Holding Corp.(a) | 7,002 | 57,696 | |||
REX American Resources Corp.(a) | 7,006 | 243,879 | |||
World Fuel Services Corp. | 1,263 | 26,119 | |||
Total Energy | 4,657,544 | ||||
FINANCIALS - 3.9% | |||||
American Equity Investment Life Holding Co. | 4,682 | 243,979 | |||
Ameriprise Financial, Inc. | 4,297 | 1,427,292 | |||
AMERISAFE, Inc. | 592 | 31,565 | |||
Aon PLC, Class A | 9,685 | 3,343,262 | |||
Arthur J Gallagher & Co. | 1,750 | 384,247 | |||
Banc of California, Inc. | 5,648 | 65,404 | |||
Bank of America Corp. | 31,301 | 898,026 | |||
BankUnited, Inc. | 7,326 | 157,875 | |||
Banner Corp. | 2,132 | 93,104 | |||
Berkshire Hathaway, Inc., Class B(a) | 10,270 | 3,502,070 | |||
Berkshire Hills Bancorp, Inc. | 7,196 | 149,173 | |||
Blucora, Inc.(a) | 11,205 | 250,768 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
Brightsphere Investment Group, Inc. | 1,002 | $ | 20,992 | ||
Charles Schwab Corp. (The) | 17,469 | 990,143 | |||
Chubb Ltd. | 8,163 | 1,571,867 | |||
Commerce Bancshares, Inc. | 7,238 | 352,491 | |||
Cullen/Frost Bankers, Inc. | 6,585 | 708,085 | |||
Customers Bancorp, Inc.(a) | 4,295 | 129,967 | |||
Donnelley Financial Solutions, Inc.(a) | 1,883 | 85,733 | |||
Employers Holdings, Inc. | 4,009 | 149,977 | |||
Encore Capital Group, Inc.(a) | 5,972 | 290,359 | |||
Enova International, Inc.(a) | 1,393 | 73,996 | |||
Everest Re Group Ltd. | 2,650 | 905,929 | |||
EZCORP, Inc., Class A(a) | 20,965 | 175,687 | |||
FactSet Research Systems, Inc. | 1,135 | 454,738 | |||
FS Bancorp, Inc. | 177 | 5,322 | |||
Green Dot Corp., Class A(a) | 3,089 | 57,888 | |||
Hanmi Financial Corp. | 1,322 | 19,737 | |||
Hartford Financial Services Group, Inc. (The) | 4,535 | 326,611 | |||
HCI Group, Inc. | 243 | 15,013 | |||
Hilltop Holdings, Inc. | 832 | 26,175 | |||
HomeStreet, Inc. | 1,011 | 5,985 | |||
Horace Mann Educators Corp. | 2,601 | 77,146 | |||
Independent Bank Corp. | 14,777 | 657,724 | |||
Intercontinental Exchange, Inc. | 52,239 | 5,907,186 | |||
James River Group Holdings Ltd. | 2,587 | 47,239 | |||
JPMorgan Chase & Co. | 13,471 | 1,959,222 | |||
LendingTree, Inc.(a) | 2,680 | 59,255 | |||
MetLife, Inc. | 6,908 | 390,509 | |||
National Bank Holdings Corp., Class A | 544 | 15,798 | |||
NBT Bancorp, Inc. | 563 | 17,932 | |||
Northern Trust Corp. | 51,852 | 3,844,307 | |||
Northrim BanCorp, Inc. | 516 | 20,294 | |||
OFG Bancorp | 996 | 25,976 | |||
Pathward Financial, Inc. | 2,452 | 113,675 | |||
PRA Group, Inc.(a) | 4,768 | 108,949 | |||
Preferred Bank | 787 | 43,277 | |||
ProAssurance Corp. | 4,424 | 66,758 | |||
PROG Holdings, Inc.(a) | 2,994 | 96,167 | |||
Reinsurance Group of America, Inc. | 12,999 | 1,802,831 | |||
Ryan Specialty Holdings, Inc.(a) | 4,295 | 192,803 | |||
S&T Bancorp, Inc. | 776 | 21,099 | |||
SiriusPoint Ltd.(a) | 11,682 | 105,488 | |||
Stewart Information Services Corp. | 616 | 25,342 | |||
StoneX Group, Inc.(a) | 1,308 | 108,669 | |||
Toast, Inc., Class A(a) | 18,650 | 420,930 | |||
Towne Bank | 28,627 | 665,291 | |||
Tradeweb Markets, Inc. Class A, Class A | 10,510 | 719,725 | |||
Travelers Cos., Inc. (The) | 17,158 | 2,979,658 | |||
Trustmark Corp. | 2,967 | 62,663 | |||
United Fire Group, Inc. | 1,803 | 40,856 | |||
Universal Insurance Holdings, Inc. | 7,639 | 117,870 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
FINANCIALS (continued) | |||||
Veritex Holdings, Inc. | 2,627 | $ | 47,102 | ||
WR Berkley Corp. | 9,141 | 544,438 | |||
Total Financials | 38,219,639 | ||||
HEALTH CARE - 5.0% | |||||
Abbott Laboratories | 14,041 | 1,530,750 | |||
Abcam PLC, ADR(a) | 8,525 | 208,607 | |||
ACADIA Pharmaceuticals, Inc.(a) | 4,716 | 112,948 | |||
Adaptive Biotechnologies Corp.(a) | 98,282 | 659,472 | |||
Align Technology, Inc.(a) | 1,530 | 541,069 | |||
Allscripts Healthcare Solutions, Inc.(a) | 8,527 | 107,440 | |||
Amphastar Pharmaceuticals, Inc.(a) | 4,764 | 273,787 | |||
AngioDynamics, Inc.(a) | 5,407 | 56,395 | |||
ANI Pharmaceuticals, Inc.(a) | 359 | 19,325 | |||
Becton Dickinson and Co. | 10,226 | 2,699,766 | |||
Bio-Rad Laboratories, Inc., Class A(a) | 690 | 261,593 | |||
Bio-Techne Corp. | 22,245 | 1,815,859 | |||
Bristol-Myers Squibb Co. | 17,067 | 1,091,435 | |||
Catalyst Pharmaceuticals, Inc.(a) | 8,477 | 113,931 | |||
Chemed Corp. | 4,450 | 2,410,431 | |||
Cigna Corp. | 6,021 | 1,689,493 | |||
Codexis, Inc.(a) | 3,232 | 9,050 | |||
Computer Programs & Systems, Inc.(a) | 1,022 | 25,233 | |||
Cooper Cos., Inc. (The) | 1,060 | 406,436 | |||
Cross Country Healthcare, Inc.(a) | 4,402 | 123,608 | |||
CytomX Therapeutics, Inc.(a) | 14,691 | 25,269 | |||
Danaher Corp. | 8,460 | 2,030,400 | |||
DENTSPLY SIRONA, Inc. | 95,051 | 3,803,941 | |||
Dexcom, Inc.(a) | 5,000 | 642,550 | |||
Edwards Lifesciences Corp.(a) | 7,330 | 691,439 | |||
Emergent BioSolutions, Inc.(a) | 11,720 | 86,142 | |||
Enanta Pharmaceuticals, Inc.(a) | 1,130 | 24,182 | |||
Exelixis, Inc.(a) | 2,400 | 45,864 | |||
Globus Medical, Inc., Class A(a) | 38,844 | 2,312,772 | |||
Guardant Health, Inc.(a) | 26,730 | 956,934 | |||
Harmony Biosciences Holdings, Inc.(a) | 2,378 | 83,682 | |||
Health Catalyst, Inc.(a) | 1,352 | 16,900 | |||
HealthStream, Inc. | 4,659 | 114,425 | |||
ICU Medical, Inc.(a) | 3,544 | 631,505 | |||
IDEXX Laboratories, Inc.(a) | 550 | 276,227 | |||
Inogen, Inc.(a) | 3,936 | 45,461 | |||
Integra LifeSciences Holdings Corp.(a) | 3,845 | 158,145 | |||
Intercept Pharmaceuticals, Inc.(a) | 3,474 | 38,422 | |||
iTeos Therapeutics, Inc.(a) | 2,364 | 31,299 | |||
Johnson & Johnson | 17,995 | 2,978,532 | |||
MEDNAX, Inc."(a) | 5,081 | 72,201 | |||
Medtronic PLC | 6,204 | 546,572 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HEALTH CARE (continued) | |||||
Merit Medical Systems, Inc.(a) | 2,194 | $ | 183,506 | ||
Nektar Therapeutics(a) | 41,025 | 23,598 | |||
NextGen Healthcare, Inc.(a) | 3,954 | 64,134 | |||
NGM Biopharmaceuticals, Inc.(a) | 2,807 | 7,270 | |||
NuVasive, Inc.(a) | 4,024 | 167,358 | |||
OraSure Technologies, Inc.(a) | 4,459 | 22,340 | |||
REGENXBIO, Inc.(a) | 4,891 | 97,771 | |||
Repligen Corp.(a) | 1,630 | 230,580 | |||
Rigel Pharmaceuticals, Inc.(a) | 35,392 | 45,656 | |||
Sarepta Therapeutics, Inc.(a) | 339 | 38,822 | |||
Semler Scientific, Inc.(a) | 469 | 12,307 | |||
Smith & Nephew PLC, ADR | 91,603 | 2,954,197 | |||
STERIS PLC | 2,860 | 643,443 | |||
Surmodics, Inc.(a) | 2,252 | 70,510 | |||
Teleflex, Inc. | 4,403 | 1,065,658 | |||
Thermo Fisher Scientific, Inc. | 2,415 | 1,260,026 | |||
Universal Health Services, Inc., Class B | 21,777 | 3,435,757 | |||
US Physical Therapy, Inc. | 1,552 | 188,397 | |||
Vanda Pharmaceuticals, Inc.(a) | 11,028 | 72,675 | |||
Veeva Systems, Inc., Class A(a) | 3,350 | 662,395 | |||
Vertex Pharmaceuticals, Inc.(a) | 9,685 | 3,408,248 | |||
Waters Corp.(a) | 3,485 | 928,892 | |||
West Pharmaceutical Services, Inc. | 1,000 | 382,470 | |||
Zimmer Biomet Holdings, Inc. | 16,432 | 2,392,499 | |||
Zimvie, Inc.(a) | 2,077 | 23,325 | |||
Zoetis, Inc. | 4,228 | 728,104 | |||
Total Health Care | 48,879,430 | ||||
INDUSTRIALS - 3.7% | |||||
3M Co. | 35,610 | 3,564,205 | |||
Aerojet Rocketdyne Holdings, Inc.(a) | 15,439 | 847,138 | |||
AGCO Corp. | 391 | 51,385 | |||
American Woodmark Corp.(a) | 211 | 16,114 | |||
AMETEK, Inc. | 18,577 | 3,007,245 | |||
Apogee Enterprises, Inc. | 5,966 | 283,206 | |||
ArcBest Corp. | 2,234 | 220,719 | |||
Astec Industries, Inc. | 2,648 | 120,325 | |||
Boise Cascade Co. | 1,236 | 111,673 | |||
Chart Industries, Inc.(a) | 5,643 | 901,695 | |||
Comfort Systems USA, Inc. | 1,907 | 313,129 | |||
CSG Systems International, Inc. | 5,563 | 293,393 | |||
DXP Enterprises, Inc.(a) | 235 | 8,556 | |||
Dycom Industries, Inc.(a) | 2,173 | 246,961 | |||
Encore Wire Corp. | 1,349 | 250,820 | |||
Energy Recovery, Inc.(a) | 2,239 | 62,580 | |||
Enviri Corp.(a) | 10,151 | 100,190 | |||
Forrester Research, Inc.(a) | 1,292 | 37,584 | |||
Fortive Corp. | 13,800 | 1,031,826 | |||
Generac Holdings, Inc.(a) | 3,300 | 492,129 | |||
GMS, Inc.(a) | 4,243 | 293,616 | |||
Graco, Inc. | 8,982 | 775,596 | |||
Heartland Express, Inc. | 10,086 | 165,511 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INDUSTRIALS (continued) | |||||
Heidrick & Struggles International, Inc. | 5,141 | $ | 136,082 | ||
Honeywell International, Inc. | 5,940 | 1,232,550 | |||
Hyster-Yale Materials Handling, Inc. | 1,122 | 62,653 | |||
IDEX Corp. | 2,810 | 604,881 | |||
Insteel Industries, Inc. | 1,703 | 52,997 | |||
Interface, Inc. | 5,193 | 45,647 | |||
Kelly Services, Inc., Class A | 3,261 | 57,426 | |||
Knorr-Bremse AG, ADR | 102,120 | 1,944,365 | |||
Lindsay Corp. | 5,904 | 704,583 | |||
Lyft, Inc., Class A(a) | 6,435 | 61,712 | |||
Mueller Water Products, Inc., Class A | 186,526 | 3,027,317 | |||
MYR Group, Inc.(a) | 2,160 | 298,814 | |||
Nordson Corp. | 2,600 | 645,268 | |||
Norfolk Southern Corp. | 7,103 | 1,610,676 | |||
NOW, Inc.(a) | 4,115 | 42,631 | |||
PGT Innovations, Inc.(a) | 6,299 | 183,616 | |||
Powell Industries, Inc. | 1,466 | 88,825 | |||
Proto Labs, Inc.(a) | 3,450 | 120,612 | |||
Quanex Building Products Corp. | 8,314 | 223,231 | |||
Resideo Technologies, Inc.(a) | 5,835 | 103,046 | |||
Resources Connection, Inc. | 4,328 | 67,993 | |||
Rockwell Automation, Inc. | 1,580 | 520,531 | |||
RXO, Inc.(a) | 8,316 | 188,524 | |||
Saia, Inc.(a) | 4,890 | 1,674,385 | |||
Spirit AeroSystems Holdings, Inc., Class A | 18,065 | 527,317 | |||
Titan International, Inc.(a) | 4,267 | 48,985 | |||
Toro Co. (The) | 6,600 | 670,890 | |||
Trane Technologies PLC | 5,782 | 1,105,865 | |||
TrueBlue, Inc.(a) | 2,521 | 44,647 | |||
Union Pacific Corp. | 13,695 | 2,802,271 | |||
Verisk Analytics, Inc. | 13,105 | 2,962,123 | |||
Viad Corp.(a) | 1,905 | 51,206 | |||
Wabash National Corp. | 10,114 | 259,323 | |||
Werner Enterprises, Inc. | 8,664 | 382,776 | |||
Xylem, Inc. | 1,690 | 190,328 | |||
Total Industrials | 35,939,692 | ||||
INFORMATION TECHNOLOGY - 6.1% | |||||
8x8, Inc.(a) | 22,796 | 96,427 | |||
A10 Networks, Inc. | 5,100 | 74,409 | |||
Accenture PLC, Class A | 4,720 | 1,456,498 | |||
Adeia, Inc. | 2,853 | 31,412 | |||
Agilysys, Inc.(a) | 625 | 42,900 | |||
Akamai Technologies, Inc.(a) | 6,550 | 588,648 | |||
Amphenol Corp., Class A | 35,525 | 3,017,849 | |||
ANSYS, Inc.(a) | 750 | 247,702 | |||
Apple, Inc. | 28,502 | 5,528,533 | |||
Applied Materials, Inc. | 9,495 | 1,372,407 | |||
Arlo Technologies, Inc.(a) | 4,894 | 53,394 | |||
Asana, Inc., Class A(a) | 9,650 | 212,686 | |||
Autodesk, Inc.(a) | 2,830 | 579,046 | |||
Axcelis Technologies, Inc.(a) | 1,885 | 345,577 | |||
Benchmark Electronics, Inc. | 755 | 19,502 | |||
Box, Inc., Class A(a) | 1,729 | 50,798 | |||
Brightcove, Inc.(a) | 328 | 1,315 | |||
Broadcom, Inc. | 2,264 | 1,963,861 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
INFORMATION TECHNOLOGY (continued) | |||||
Cerence, Inc.(a) | 4,507 | $ | 131,740 | ||
CEVA, Inc.(a) | 1,559 | 39,832 | |||
CommScope Holding Co., Inc.(a) | 10,055 | 56,610 | |||
Comtech Telecommunications Corp. | 2,077 | 18,984 | |||
Consensus Cloud Solutions, Inc.(a) | 1,147 | 35,557 | |||
Daktronics, Inc.(a) | 4,851 | 31,046 | |||
DocuSign, Inc.(a) | 696 | 35,559 | |||
Domo, Inc., Class B(a) | 1,643 | 24,086 | |||
Dropbox, Inc., Class A(a) | 6,236 | 166,314 | |||
Entegris, Inc. | 18,485 | 2,048,508 | |||
Everbridge, Inc.(a) | 264 | 7,102 | |||
Extreme Networks, Inc.(a) | 9,863 | 256,931 | |||
FARO Technologies, Inc.(a) | 2,313 | 37,471 | |||
LivePerson, Inc.(a) | 16,641 | 75,217 | |||
Microchip Technology, Inc. | 7,476 | 669,775 | |||
Microsoft Corp. | 34,575 | 11,774,170 | |||
MongoDB, Inc.(a) | 1,240 | 509,628 | |||
Monolithic Power Systems, Inc. | 3,230 | 1,744,943 | |||
Motorola Solutions, Inc. | 14,525 | 4,259,892 | |||
Murata Manufacturing Co., Ltd., ADR | 12,566 | 180,196 | |||
NETGEAR, Inc.(a) | 996 | 14,103 | |||
New Relic, Inc.(a) | 1,459 | 95,477 | |||
Nutanix, Inc., Class A(a) | 15,350 | 430,567 | |||
NVIDIA Corp. | 14,055 | 5,945,546 | |||
Okta, Inc.(a) | 10,860 | 753,141 | |||
OneSpan, Inc.(a) | 1,209 | 17,942 | |||
Palo Alto Networks, Inc.(a) | 1,970 | 503,355 | |||
PDF Solutions, Inc.(a) | 1,226 | 55,293 | |||
Pure Storage, Inc., Class A(a) | 21,695 | 798,810 | |||
Rambus, Inc.(a) | 4,422 | 283,760 | |||
Ribbon Communications, Inc.(a) | 1,386 | 3,867 | |||
salesforce.com, Inc.(a) | 17,945 | 3,791,061 | |||
ScanSource, Inc.(a) | 7,215 | 213,275 | |||
ServiceNow, Inc.(a) | 2,628 | 1,476,857 | |||
SMART Global Holdings, Inc.(a) | 7,972 | 231,268 | |||
Squarespace, Inc., Class A(a) | 1,534 | 48,382 | |||
Synopsys, Inc.(a) | 2,851 | 1,241,354 | |||
VeriSign, Inc.(a) | 12,810 | 2,894,676 | |||
Viavi Solutions, Inc.(a) | 17,143 | 194,230 | |||
Visa, Inc., Class A | 5,967 | 1,417,043 | |||
Workday, Inc., Class A(a) | 4,450 | 1,005,210 | |||
Xerox Holdings Cop. | 3,926 | 58,458 | |||
Xperi, Inc.(a) | 6,666 | 87,658 | |||
Zscaler, Inc.(a) | 4,720 | 690,536 | |||
Total Information Technology | 60,038,394 | ||||
MATERIALS - 1.3% | |||||
AdvanSix, Inc. | 1,334 | 46,663 | |||
American Vanguard Corp. | 1,397 | 24,964 | |||
AptarGroup, Inc. | 9,445 | 1,094,298 | |||
Avery Dennison Corp. | 7,546 | 1,296,403 | |||
Clearwater Paper Corp.(a) | 537 | 16,819 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
MATERIALS (continued) | |||||
Compass Minerals International, Inc. | 3,609 | $ | 122,706 | ||
DuPont de Nemours, Inc. | 5,596 | 399,778 | |||
Ecovyst, Inc.(a) | 1,520 | 17,419 | |||
O-I Glass, Inc.(a) | 15,853 | 338,145 | |||
Olympic Steel, Inc. | 918 | 44,982 | |||
Rayonier Advanced Materials, Inc.(a) | 8,654 | 37,039 | |||
Sherwin-Williams Co. (The) | 18,680 | 4,959,914 | |||
Sylvamo Corp. | 1,875 | 75,844 | |||
Trinseo PLC | 4,284 | 54,278 | |||
Warrior Met Coal, Inc. | 6,382 | 248,579 | |||
Wheaton Precious Metals Corp. | 100,495 | 4,343,394 | |||
Total Materials | 13,121,225 | ||||
REAL ESTATE - 0.9% | |||||
Acadia Realty Trust | 14,993 | 215,749 | |||
Alexandria Real Estate Equities, Inc. | 5,467 | 620,450 | |||
Armada Hoffler Properties, Inc. | 2,525 | 29,492 | |||
Chatham Lodging Trust | 13,376 | 125,199 | |||
Community Healthcare Trust, Inc. | 459 | 15,156 | |||
DiamondRock Hospitality Co. | 17,463 | 139,879 | |||
Equity Commonwealth | 49,638 | 1,005,666 | |||
Healthcare Realty Trust, Inc. | 138,500 | 2,612,110 | |||
Healthpeak Properties, Inc. | 54,158 | 1,088,576 | |||
Hersha Hospitality Trust, Class A | 3,857 | 23,489 | |||
Marcus & Millichap, Inc. | 970 | 30,565 | |||
Pebblebrook Hotel Trust | 5,087 | 70,913 | |||
Prologis, Inc. | 20,708 | 2,539,422 | |||
Saul Centers, Inc. | 826 | 30,422 | |||
Sunstone Hotel Investors, Inc. | 5,770 | 58,392 | |||
Xenia Hotels & Resorts, Inc. | 11,055 | 136,087 | |||
Total Real Estate | 8,741,567 | ||||
UTILITIES - 1.3% | |||||
American Water Works Co., Inc. | 11,915 | 1,700,866 | |||
Avista Corp. | 8,446 | 331,674 | |||
California Water Service Group | 31,369 | 1,619,582 | |||
Chesapeake Utilities Corp. | 1,774 | 211,106 | |||
NextEra Energy, Inc. | 73,396 | 5,445,983 | |||
Northwest Natural Holding Co. | 3,305 | 142,280 | |||
Pennon Group PLC | 37,402 | 685,392 | |||
Portland General Electric Co. | 14,974 | 701,233 | |||
Severn Trent PLC, ADR | 5,313 | 179,459 | |||
SJW Group | 9,348 | 655,388 | |||
United Utilities Group PLC, ADR | 28,988 | 724,120 | |||
Total Utilities | 12,397,083 | ||||
TOTAL COMMON STOCKS | 284,070,144 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER DOMESTIC EQUITY FUND (concluded)
Investments | Shares | Value | |||
EXCHANGE-TRADED FUND - 69.4% | |||||
Vanguard Total Stock Market ETF | 3,088,419 | $ | 680,316,937 | ||
(Cost: $579,011,877) | |||||
SHORT-TERM INVESTMENTS - 1.7% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 4.94%(b) (Cost: $16,656,696) | 16,656,696 | 16,656,696 | |||
TOTAL INVESTMENTS - 100.1% | 981,043,777 | ||||
OTHER ASSETS AND LIABILITIES, NET - (0.1)% | (618,642 | ) | |||
NET ASSETS - 100.0% | $ | 980,425,135 |
(a) | Non-income producing security. |
(b) | The rate shown is the annualized seven-day yield of June 30, 2023. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
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, 2023:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 284,070,144 | $ | — | $ | — | $ | 284,070,144 | ||||||||
Exchange-Traded Fund | 680,316,937 | — | — | 680,316,937 | ||||||||||||
Money Market Fund | 16,656,696 | — | — | 16,656,696 | ||||||||||||
Total Investments in Securities | $ | 981,043,777 | $ | — | $ | — | $ | 981,043,777 |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND
Investments | Shares | Value | |||
COMMON STOCKS - 55.2% | |||||
AUSTRALIA - 2.2% | |||||
JB Hi-Fi Ltd. | 53,079 | $ | 1,552,110 | ||
Santos Ltd. | 524,249 | 2,640,477 | |||
Brambles Ltd. | 123,466 | 1,188,333 | |||
oOh!media Ltd. | 244,892 | 194,098 | |||
CSL Ltd. | 11,306 | 2,092,163 | |||
Aristocrat Leisure Ltd. | 107,753 | 2,790,209 | |||
BlueScope Steel Ltd. | 70,146 | 967,732 | |||
Washington H. Soul Pattinson & Co., Ltd. | 14,824 | 314,263 | |||
MMA Offshore Ltd.(a) | 20,255 | 15,558 | |||
Myer Holdings Ltd. | 170,752 | 67,336 | |||
Sierra Rutile Holdings Ltd.(a) | 10,352 | 1,737 | |||
Ventia Services Group Pty Ltd. | 151,488 | 306,843 | |||
Base Resources Ltd. | 163,136 | 18,477 | |||
GR Engineering Services Ltd. | 29,714 | 42,357 | |||
Clarity Pharmaceuticals Ltd.(a) | 24,827 | 11,658 | |||
Qantas Airways Ltd.(a) | 55,012 | 228,116 | |||
WiseTech Global Ltd. | 8,736 | 468,014 | |||
Lycopodium Ltd. | 6,166 | 43,674 | |||
CSR Ltd. | 3,805 | 13,231 | |||
Nufarm Ltd. | 4,508 | 15,404 | |||
Atlassian Corp., Class A(a) | 16,988 | 2,850,756 | |||
Australian Vintage Ltd. | 2,853 | 763 | |||
Macmahon Holdings Ltd. | 136,065 | 14,062 | |||
Whitehaven Coal Ltd. | 109,058 | 489,940 | |||
Wagners Holding Co., Ltd.(a) | 12,951 | 6,923 | |||
Pilbara Minerals Ltd. | 28,171 | 92,901 | |||
Cooper Energy Ltd.(a) | 230,653 | 23,134 | |||
BCI Minerals Ltd.(a) | 72,503 | 11,615 | |||
AIC Mines Ltd.(a) | 35,686 | 9,771 | |||
Total Australia | 16,471,655 | ||||
AUSTRIA - 0.4% | |||||
Erste Group Bank AG | 47,700 | 1,674,926 | |||
Raiffeisen Bank International AG(a) | 9,646 | 153,209 | |||
ANDRITZ AG | 11,012 | 614,504 | |||
RHI Magnesita N.V. | 2,543 | 85,781 | |||
Zumtobel Group AG | 6,237 | 50,289 | |||
Palfinger AG | 1,526 | 46,539 | |||
Total Austria | 2,625,248 | ||||
BELGIUM - 0.0% (b) | |||||
Ascencio | 447 | 21,461 | |||
EVS Broadcast Equipment S.A. | 382 | 8,922 | |||
Total Belgium | 30,383 | ||||
BERMUDA - 0.3% | |||||
Arch Capital Group Ltd.(a) | 27,192 | 2,035,321 | |||
BRAZIL - 0.9% | |||||
Boa Vista Servicos S.A. | 150,250 | 249,151 | |||
Localiza Rent a Car S.A. | 29,714 | 425,089 | |||
Lojas Renner S.A. | 87,806 | 366,760 | |||
Equatorial Energia S.A. | 37,869 | 254,268 | |||
Embraer S.A.(a) | 62,716 | 242,837 | |||
Raia Drogasil S.A. | 101,305 | 626,254 | |||
Banco BTG Pactual S.A., (Unit) | 65,637 | 431,119 | |||
CCR S.A. | 59,567 | 174,787 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
BRAZIL (continued) | |||||
WEG S.A. | 24,055 | $ | 189,649 | ||
TIM S.A. | 79,738 | 243,467 | |||
PRIO S.A.(a) | 56,748 | 439,459 | |||
Itau Unibanco Holding S.A., ADR | 207,524 | 1,224,392 | |||
Petroleo Brasileiro S.A., ADR | 17,983 | 248,705 | |||
Vale S.A., ADR | 49,553 | 665,001 | |||
Energisa S.A. | 23,010 | 241,239 | |||
Rede D'Or Sao Luiz S.A.(c) | 49,420 | 339,774 | |||
Total Brazil | 6,361,951 | ||||
BRITAIN - 6.2% | |||||
Sage Group PLC (The) | 35,245 | 414,029 | |||
Burberry Group PLC | 21,859 | 588,302 | |||
Auto Trader Group PLC(c) | 44,022 | 341,198 | |||
Rightmove PLC | 47,628 | 316,389 | |||
FDM Group Holdings PLC | 19,111 | 136,328 | |||
Numis Corp. PLC | 18,579 | 78,472 | |||
Baltic Classifieds Group PLC | 173,178 | 404,833 | |||
Victorian Plumbing Group PLC | 77,529 | 65,505 | |||
Mortgage Advice Bureau Holdings Ltd. | 17,173 | 129,078 | |||
IntegraFin Holdings PLC | 59,503 | 179,509 | |||
AJ Bell PLC | 51,177 | 208,607 | |||
Howden Joinery Group PLC | 23,731 | 193,752 | |||
HSBC Holdings PLC | 302,756 | 2,394,619 | |||
BP PLC | 400,471 | 2,346,297 | |||
London Stock Exchange Group PLC | 17,404 | 1,844,244 | |||
Coca-Cola Europacific Partners PLC | 68,085 | 4,386,717 | |||
Ashtead Group PLC | 71,863 | 4,990,162 | |||
Rentokil Initial PLC | 350,000 | 2,733,755 | |||
Unilever PLC | 37,800 | 1,967,839 | |||
Haleon PLC | 639,000 | 2,629,688 | |||
GSK PLC | 104,800 | 1,851,259 | |||
Centrica PLC | 71,741 | 112,980 | |||
Anglo American PLC | 87,251 | 2,473,077 | |||
Rolls-Royce Holdings PLC(a) | 49,381 | 94,842 | |||
Ferguson PLC | 15,230 | 2,404,405 | |||
Compass Group PLC | 66,850 | 1,870,011 | |||
BAE Systems PLC | 151,980 | 1,793,200 | |||
AstraZeneca PLC | 41,648 | 5,965,585 | |||
Costain Group PLC(a) | 35,140 | 20,500 | |||
Dowlais Group PLC(a) | 109,074 | 175,847 | |||
Prudential PLC | 42,628 | 601,155 | |||
Me Group International PLC | 16,630 | 34,663 | |||
Bank of Georgia Group PLC | 10,524 | 391,056 | |||
Pepco Group N.V.(a) | 15,519 | 140,492 | |||
Aptitude Software Group PLC | 3,430 | 14,812 | |||
Rio Tinto PLC, ADR | 6,636 | 423,642 | |||
BP PLC, ADR | 38,050 | 1,342,784 | |||
Cerillion PLC | 2,818 | 46,527 | |||
TORM PLC, Class A | 6,937 | 166,839 | |||
Total Britain | 46,272,999 | ||||
CANADA - 2.2% | |||||
Computer Modelling Group Ltd. | 11,731 | 58,976 | |||
Pason Systems, Inc. | 9,550 | 82,830 | |||
CAE, Inc.(a) | 10,699 | 239,461 | |||
Cameco Corp. | 77,000 | 2,411,572 | |||
Magna International, Inc. | 37,900 | 2,139,680 | |||
Brookfield Corp. | 97,700 | 3,289,240 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CANADA (continued) | |||||
Mullen Group Ltd. | 14,266 | $ | 163,471 | ||
Waste Connections, Inc. | 12,050 | 1,722,307 | |||
Canadian Pacific Kansas City Ltd. | 50,790 | 4,102,308 | |||
Canfor Corp.(a) | 3,200 | 57,442 | |||
Melcor Developments Ltd. | 2,000 | 17,135 | |||
Crew Energy, Inc.(a) | 25,300 | 103,893 | |||
Martinrea International, Inc. | 16,079 | 160,820 | |||
Canfor Pulp Products, Inc.(a) | 2,421 | 3,728 | |||
CES Energy Solutions Corp. | 10,400 | 20,568 | |||
Lucara Diamond Corp.(a) | 48,000 | 16,667 | |||
Thomson Reuters Corp. | 10,050 | 1,356,892 | |||
Total Canada | 15,946,990 | ||||
CHILE - 0.1% | |||||
Antofagasta PLC | 7,321 | 136,433 | |||
Banco de Chile | 1,866,759 | 194,859 | |||
Banco Santander Chile, ADR | 19,408 | 365,841 | |||
Total Chile | 697,133 | ||||
CHINA - 3.5% | |||||
NetEase, Inc. | 117,200 | 2,277,515 | |||
Trip.com Group Ltd.(a) | 45,350 | 1,586,572 | |||
Kweichow Moutai Co., Ltd., Class A | 7,157 | 1,664,762 | |||
Ping An Insurance Group Co. of China Ltd., Class H | 377,500 | 2,418,714 | |||
Haitian International Holdings Ltd. | 91,314 | 213,371 | |||
ENN Energy Holdings Ltd. | 41,900 | 523,613 | |||
PICC Property & Casualty Co., Ltd., Class H | 302,000 | 336,648 | |||
Yum China Holdings, Inc. | 5,613 | 317,135 | |||
Shenzhou International Group Holdings Ltd. | 71,000 | 680,360 | |||
China Merchants Bank Co., Ltd., Class H | 141,500 | 643,494 | |||
Sunny Optical Technology Group Co., Ltd. | 22,800 | 229,132 | |||
China Pacific Insurance Group Co., Ltd., Class H | 235,000 | 608,564 | |||
ZTO Express Cayman, Inc., ADR | 5,934 | 148,825 | |||
Meituan, Class B(a)(c) | 25,260 | 397,039 | |||
Kweichow Moutai Co., Ltd., Class A | 1,500 | 349,756 | |||
Wuliangye Yibin Co., Ltd., Class A | 17,400 | 392,987 | |||
H World Group Ltd., ADR(a) | 16,139 | 625,870 | |||
Tencent Holdings Ltd. | 82,100 | 3,494,384 | |||
Sany Heavy Industry Co., Ltd., Class A | 153,800 | 352,666 | |||
Shenzhen Inovance Technology Co., Ltd., Class A | 67,487 | 597,261 | |||
Natural Food International Holding Ltd.(a) | 208,000 | 13,318 | |||
SF Holding Co., Ltd., Class A | 87,900 | 545,606 | |||
Hengli Petrochemical Co., Ltd., Class A(a) | 95,100 | 188,218 | |||
NARI Technology Co., Ltd., Class A | 120,000 | 382,405 | |||
Modern Land China Co., Ltd.(a) | 430,000 | 5,872 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
CHINA (continued) | |||||
Innovent Biologics, Inc.(a)(c) | 77,500 | $ | 294,305 | ||
Contemporary Amperex Technology Co., Ltd., Class A | 21,967 | 693,684 | |||
Alibaba Group Holding Ltd.(a) | 208,616 | 2,169,620 | |||
Midea Group Co., Ltd., Class A | 149,300 | 1,215,195 | |||
Zhejiang Supor Co., Ltd., Class A | 28,361 | 195,257 | |||
Centre Testing International Group Co., Ltd., Class A | 70,800 | 190,243 | |||
Wuxi Biologics Cayman, Inc.(a)(c) | 48,500 | 233,696 | |||
JD.com, Inc., Class A | 41,481 | 705,687 | |||
Kinetic Development Group Ltd. | 640,000 | 40,912 | |||
Baidu, Inc., Class A(a) | 11,416 | 195,133 | |||
LONGi Green Energy Technology Co., Ltd., Class A | 51,864 | 204,679 | |||
Satellite Chemical Co., Ltd., Class A | 210,669 | 434,499 | |||
Yum China Holdings, Inc. | 5,850 | 330,599 | |||
Sieyuan Electric Co., Ltd., Class A | 41,600 | 267,435 | |||
Total China | 26,165,031 | ||||
DENMARK - 1.9% | |||||
Carlsberg A/S, Class B | 11,062 | 1,768,731 | |||
Demant A/S(a) | 2,483 | 105,070 | |||
Novo Nordisk A/S, Class B | 55,800 | 9,012,468 | |||
DSV A/S | 12,568 | 2,644,961 | |||
AP Moller - Maersk A/S, Class B | 455 | 800,481 | |||
Genmab A/S(a) | 564 | 214,064 | |||
Total Denmark | 14,545,775 | ||||
FINLAND - 0.0% (b) | |||||
Enento Group Oyj(a)(c) | 8,142 | 187,226 | |||
Alma Media Oyj | 1,354 | 13,630 | |||
Total Finland | 200,856 | ||||
FRANCE - 4.2% | |||||
Alten S.A.(a) | 1,852 | 291,876 | |||
Amundi S.A.(c) | 26,900 | 1,589,834 | |||
TotalEnergies SE | 40,100 | 2,298,230 | |||
Safran S.A. | 16,000 | 2,513,787 | |||
Dassault Systemes SE | 72,400 | 3,210,658 | |||
Cie Generale des Etablissements Michelin SCA | 72,400 | 2,140,237 | |||
Wendel SE | 111 | 11,404 | |||
Rexel S.A. | 35,208 | 870,555 | |||
Pernod Ricard S.A. | 9,150 | 2,021,595 | |||
Schneider Electric SE | 17,400 | 3,171,448 | |||
Hermes International | 582 | 1,266,110 | |||
Cie de Saint-Gobain | 5,324 | 324,325 | |||
La Francaise des Jeux SAEM(c) | 5,418 | 213,323 | |||
LVMH Moet Hennessy Louis Vuitton SE | 10,998 | 10,379,097 | |||
Christian Dior SE | 74 | 65,696 | |||
CBo Territoria | 4,714 | 18,414 | |||
Jacquet Metals SACA | 789 | 16,366 | |||
Infotel S.A. | 299 | 18,799 | |||
Dassault Aviation S.A. | 4,022 | 804,759 | |||
Total France | 31,226,513 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
GERMANY - 3.4% | |||||
New Work SE | 939 | $ | 126,405 | ||
Brockhaus Technologies AG(a)(c) | 2,957 | 77,183 | |||
Hypoport SE(a) | 947 | 173,069 | |||
Merck KGaA | 9,547 | 1,578,428 | |||
Puma SE | 16,669 | 1,002,402 | |||
Deutsche Telekom AG | 134,823 | 2,938,729 | |||
Symrise AG | 17,200 | 1,801,881 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9,400 | 3,524,871 | |||
Nemetschek SE | 34,500 | 2,583,621 | |||
thyssenkrupp AG | 8,638 | 67,550 | |||
Siemens AG | 21,918 | 3,648,219 | |||
Infineon Technologies AG | 1,923 | 79,305 | |||
Knorr-Bremse AG | 3,146 | 240,197 | |||
E.ON SE | 68,889 | 878,083 | |||
HOCHTIEF AG | 3,102 | 267,988 | |||
Heidelberg Materials AG | 13,633 | 1,119,472 | |||
Deutsche Lufthansa AG(a) | 54,856 | 561,475 | |||
SAP SE | 27,875 | 3,806,162 | |||
Traton SE | 743 | 15,889 | |||
Deutz AG | 39,178 | 230,118 | |||
Duerr AG | 4,601 | 148,819 | |||
MasterFlex SE | 829 | 9,921 | |||
Surteco Group SE | 292 | 6,150 | |||
Krones AG | 336 | 40,749 | |||
KSB SE & Co. KGaA | 26 | 16,605 | |||
Bastei Luebbe AG | 1,032 | 5,453 | |||
Rational AG | 232 | 167,856 | |||
Total Germany | 25,116,600 | ||||
GREECE - 0.1% | |||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 189,084 | 311,660 | |||
Alpha Services and Holdings SA(a) | 60,619 | 99,382 | |||
National Bank of Greece S.A.(a) | 47,990 | 312,045 | |||
Piraeus Financial Holdings S.A.(a) | 59,285 | 194,696 | |||
Total Greece | 917,783 | ||||
GUERNSEY - 0.0% (b) | |||||
Zimplats Holdings Ltd. | 1,092 | 16,996 | |||
HONG KONG - 1.9% | |||||
Hong Kong Exchanges & Clearing Ltd. | 51,700 | 1,966,101 | |||
Swire Pacific Ltd., Class A | 247,500 | 1,904,182 | |||
Hang Lung Properties Ltd. | 150,000 | 231,513 | |||
Bank of East Asia Ltd. (The) | 86,000 | 118,912 | |||
China Resources Land Ltd. | 74,000 | 315,143 | |||
China Mengniu Dairy Co., Ltd.(a) | 197,000 | 742,961 | |||
Pico Far East Holdings Ltd. | 264,607 | 46,346 | |||
AIA Group Ltd. | 752,700 | 7,679,936 | |||
Chen Hsong Holdings | 44,000 | 9,097 | |||
SITC International Holdings Co., Ltd. | 286,043 | 524,988 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
HONG KONG (continued) | |||||
Luk Fook Holdings International Ltd. | 24,000 | $ | 61,581 | ||
Singamas Container Holdings Ltd. | 306,000 | 25,045 | |||
Kerry Logistics Network Ltd. | 188,538 | 222,965 | |||
VSTECS Holdings Ltd. | 88,000 | 45,388 | |||
Orient Overseas International Ltd. | 5,500 | 73,796 | |||
VTech Holdings Ltd. | 3,200 | 21,028 | |||
Stella International Holdings Ltd. | 52,500 | 49,637 | |||
PC Partner Group Ltd. | 16,000 | 8,853 | |||
APT Satellite Holdings Ltd. | 94,000 | 26,830 | |||
Total Hong Kong | 14,074,302 | ||||
HUNGARY - 0.1% | |||||
OTP Bank Nyrt | 8,735 | 310,355 | |||
Richter Gedeon Nyrt | 8,904 | 219,606 | |||
Total Hungary | 529,961 | ||||
INDIA - 1.5% | |||||
Infosys Ltd., ADR | 79,106 | 1,271,233 | |||
Reliance Industries Ltd., GDR(c) | 4,920 | 307,112 | |||
ICICI Bank Ltd., ADR | 163,626 | 3,776,488 | |||
Axis Bank Ltd., GDR | 21,050 | 1,256,685 | |||
Mahindra & Mahindra Ltd., GDR | 25,358 | 448,837 | |||
HDFC Bank Ltd., ADR | 53,191 | 3,707,413 | |||
Reliance Industries Ltd., GDR(c) | 7,407 | 461,456 | |||
Hindalco Industries Ltd., GDR(c) | 28,249 | 144,954 | |||
Total India | 11,374,178 | ||||
INDONESIA - 0.3% | |||||
Sarana Menara Nusantara Tbk PT | 3,380,762 | 238,707 | |||
Bank Rakyat Indonesia Persero Tbk PT | 1,756,269 | 638,387 | |||
Bank Negara Indonesia Persero Tbk PT | 527,600 | 323,304 | |||
Bank Central Asia Tbk PT | 706,400 | 435,477 | |||
Telkom Indonesia Persero Tbk PT | 1,130,500 | 301,672 | |||
Bumitama Agri Ltd. | 60,200 | 24,514 | |||
Total Indonesia | 1,962,061 | ||||
IRELAND - 2.3% | |||||
Bank of Ireland Group PLC | 198,981 | 1,901,075 | |||
Ryanair Holdings PLC, ADR(a) | 10,438 | 1,154,443 | |||
James Hardie Industries PLC(a) | 15,612 | 416,160 | |||
Experian PLC | 112,590 | 4,326,333 | |||
Accenture PLC, Class A | 20,390 | 6,291,946 | |||
ICON PLC(a) | 11,300 | 2,827,260 | |||
Total Ireland | 16,917,217 | ||||
ISRAEL - 0.2% | |||||
Max Stock Ltd. | 49,351 | 101,395 | |||
Check Point Software Technologies Ltd.(a) | 5,118 | 642,923 | |||
Wix.com Ltd.(a) | 5,607 | 438,692 | |||
Nice Ltd., ADR(a) | 957 | 197,620 | |||
Castro Model Ltd. | 177 | 1,687 | |||
Zvi Sarfati & Sons Investments & Constructions 1992 Ltd. | 4,066 | 29,769 | |||
Monday.com Ltd.(a) | 1,981 | 339,187 | |||
Total Israel | 1,751,273 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
ITALY - 1.2% | |||||
Gruppo MutuiOnline SpA(a) | 6,959 | $ | 234,256 | ||
Davide Campari-Milano N.V. | 159,369 | 2,208,632 | |||
Ferrari N.V. | 18,052 | 5,909,956 | |||
Recordati Industria Chimica e Farmaceutica SpA | 3,781 | 180,716 | |||
UniCredit SpA | 23,614 | 550,683 | |||
Orsero SpA | 4,975 | 68,607 | |||
Total Italy | 9,152,850 | ||||
JAPAN - 5.4% | |||||
Mercari, Inc.(a) | 10,500 | 245,944 | |||
TechnoPro Holdings, Inc. | 63,100 | 1,368,520 | |||
Meitec Corp. | 11,200 | 193,286 | |||
MarkLines Co., Ltd. | 11,800 | 211,431 | |||
Freee KK(a) | 4,300 | 98,160 | |||
Nextage Co., Ltd. | 102,300 | 1,988,735 | |||
Chiba Bank Ltd. (The) | 378,000 | 2,293,281 | |||
IHI Corp. | 39,600 | 1,073,981 | |||
Nidec Corp. | 23,100 | 1,269,713 | |||
Kubota Corp. | 96,600 | 1,407,206 | |||
KDDI Corp. | 74,000 | 2,287,032 | |||
FANUC Corp. | 58,400 | 2,053,367 | |||
Pan Pacific International Holdings Corp. | 141,000 | 2,526,691 | |||
Sony Group Corp. | 77,600 | 6,960,537 | |||
Brother Industries Ltd. | 9,000 | 131,979 | |||
Subaru Corp. | 7,800 | 147,577 | |||
Keyence Corp. | 11,800 | 5,580,435 | |||
Panasonic Holdings Corp. | 11,700 | 143,325 | |||
Seiko Epson Corp. | 12,900 | 200,303 | |||
NEC Corp. | 18,600 | 904,355 | |||
Nissan Motor Co., Ltd. | 14,600 | 60,293 | |||
Ono Pharmaceutical Co., Ltd. | 26,300 | 476,866 | |||
Ricoh Co., Ltd. | 86,100 | 735,152 | |||
Suzuken Co., Ltd. | 10,300 | 280,573 | |||
Sega Sammy Holdings, Inc. | 7,500 | 160,500 | |||
Taisho Pharmaceutical Holdings Co., Ltd. | 8,400 | 316,461 | |||
Otsuka Holdings Co., Ltd. | 70,200 | 2,572,870 | |||
Advantest Corp. | 4,300 | 576,048 | |||
Mani, Inc. | 4,400 | 52,181 | |||
Nexon Co., Ltd. | 500 | 9,581 | |||
FP Partner, Inc.(a) | 1,200 | 37,206 | |||
PR Times Corp.(a) | 2,200 | 21,780 | |||
Daihatsu Diesel Manufacturing Co., Ltd. | 12,100 | 60,967 | |||
Horiba Ltd. | 3,900 | 224,050 | |||
Tsubakimoto Kogyo Co., Ltd. | 700 | 20,150 | |||
Anritsu Corp. | 26,100 | 221,444 | |||
Justsystems Corp. | 3,900 | 109,212 | |||
Nihon Trim Co., Ltd. | 2,500 | 60,294 | |||
en Japan, Inc. | 200 | 3,465 | |||
Fukuyama Transporting Co., Ltd. | 600 | 16,743 | |||
Heiwa Corp. | 9,700 | 168,939 | |||
Maruzen Showa Unyu Co., Ltd. | 900 | 24,613 | |||
Nissin Corp. | 1,100 | 19,280 | |||
Sanken Electric Co., Ltd. | 2,300 | 217,023 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
JAPAN (continued) | |||||
Shibusawa Warehouse Co., Ltd. (The) | 500 | $ | 9,720 | ||
Dai-Ichi Cutter Kogyo KK | 2,800 | 27,638 | |||
SMS Co., Ltd. | 900 | 18,034 | |||
SCREEN Holdings Co., Ltd. | 1,100 | 124,945 | |||
Hanwa Co., Ltd. | 1,700 | 53,769 | |||
Sugimoto & Co., Ltd. | 800 | 12,156 | |||
Topy Industries Ltd. | 2,200 | 34,734 | |||
Ai Holdings Corp. | 2,000 | 32,292 | |||
Kita-Nippon Bank Ltd. (The) | 600 | 8,515 | |||
Nippon Shinyaku Co., Ltd. | 7,000 | 285,535 | |||
MIMAKI ENGINEERING Co., Ltd. | 3,900 | 25,579 | |||
Capcom Co., Ltd. | 11,100 | 439,926 | |||
Makiya Co., Ltd. | 1,100 | 5,596 | |||
Kuriyama Holdings Corp. | 3,500 | 22,947 | |||
Himacs Ltd. | 200 | 2,014 | |||
Techno Medica Co., Ltd. | 1,800 | 23,363 | |||
Ajis Co., Ltd. | 1,000 | 16,579 | |||
OBIC Business Consultants Co., Ltd. | 2,300 | 84,311 | |||
Kyokuto Securities Co., Ltd. | 3,400 | 15,106 | |||
Kanamoto Co., Ltd. | 3,400 | 51,987 | |||
JAC Recruitment Co., Ltd. | 1,800 | 32,712 | |||
Iwaki Co., Ltd. | 1,700 | 16,454 | |||
Kenko Mayonnaise Co., Ltd. | 1,200 | 11,043 | |||
Kokuyo Co., Ltd. | 3,900 | 53,714 | |||
Osaki Electric Co., Ltd. | 3,700 | 14,139 | |||
ST Corp. | 800 | 8,392 | |||
77 Bank Ltd. (The) | 2,800 | 50,162 | |||
Tokyo Seimitsu Co., Ltd. | 9,100 | 503,737 | |||
Warabeya Nichiyo Holdings Co., Ltd. | 2,800 | 43,249 | |||
NTT Data Intramart Corp. | 800 | 10,015 | |||
Gecoss Corp. | 1,600 | 9,732 | |||
Sekisui Kasei Co., Ltd. | 5,400 | 16,511 | |||
SMK Corp. | 500 | 8,404 | |||
Yushin Precision Equipment Co., Ltd. | 5,900 | 29,411 | |||
Hito Communications Holdings, Inc. | 1,100 | 11,859 | |||
Kawada Technologies, Inc. | 900 | 36,316 | |||
ID Holdings Corp. | 3,400 | 30,430 | |||
Medikit Co., Ltd. | 800 | 14,273 | |||
Chino Corp. | 500 | 8,596 | |||
Elecom Co., Ltd. | 3,800 | 38,326 | |||
Shibuya Corp. | 3,600 | 66,119 | |||
Shofu, Inc. | 3,400 | 54,739 | |||
Toyo Kanetsu KK | 400 | 9,505 | |||
Universal Engeisha KK | 400 | 9,515 | |||
Total Japan | 39,913,648 | ||||
MACAU - 0.2% | |||||
MGM China Holdings Ltd.(a) | 1,187,200 | 1,390,929 | |||
MALAYSIA - 0.1% | |||||
Heineken Malaysia Bhd | 40,102 | 224,233 | |||
CIMB Group Holdings Bhd | 155,092 | 168,307 | |||
Total Malaysia | 392,540 | ||||
MEXICO - 0.8% | |||||
Wal-Mart de Mexico S.A.B. de C.V. | 437,178 | 1,733,950 | |||
Corp. Moctezuma S.A.B. de C.V., Series * | 57,896 | 204,633 | |||
Grupo Mexico S.A.B. de C.V., Series B | 397,392 | 1,910,695 | |||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 74,585 | 613,604 | |||
Fomento Economico Mexicano S.A.B. de C.V., ADR | 10,486 | 1,162,268 | |||
Cemex SAB de CV, ADR(a) | 33,226 | 235,240 | |||
Total Mexico | 5,860,390 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
NETHERLANDS - 3.0% | |||||
QIAGEN N.V.(a) | 37,223 | $ | 1,676,152 | ||
BE Semiconductor Industries N.V. | 27,597 | 2,991,705 | |||
ASML Holding N.V. | 4,308 | 3,118,436 | |||
Heineken N.V. | 23,400 | 2,408,136 | |||
Akzo Nobel N.V. | 24,500 | 2,001,908 | |||
ABN AMRO Bank N.V.(c) | 608 | 9,457 | |||
Adyen N.V.(a)(c) | 2,110 | 3,655,816 | |||
Wolters Kluwer N.V. | 7,444 | 945,201 | |||
ASML Holding N.V. | 3,650 | 2,645,337 | |||
ASM International N.V. | 5,690 | 2,419,839 | |||
Total Netherlands | 21,871,987 | ||||
NEW ZEALAND - 0.0% (b) | |||||
Scales Corp. Ltd. | 20,309 | 39,331 | |||
Channel Infrastructure NZ Ltd. | 39,562 | 35,749 | |||
Eroad Ltd.(a) | 4,854 | 3,732 | |||
SKY Network Television Ltd. | 23,673 | 35,395 | |||
Rakon Ltd.(a) | 19,302 | 10,675 | |||
Total New Zealand | 124,882 | ||||
NORWAY - 0.1% | |||||
Bouvet ASA | 35,723 | 216,042 | |||
Equinor ASA | 4,681 | 135,982 | |||
Sparebanken More | 2,257 | 16,233 | |||
Kongsberg Gruppen ASA | 439 | 19,969 | |||
Wilh Wilhelmsen Holding ASA, Class B | 459 | 11,332 | |||
Wilson ASA(a) | 2,111 | 12,902 | |||
Total Norway | 412,460 | ||||
PERU - 0.4% | |||||
Credicorp Ltd. | 21,476 | 3,170,717 | |||
POLAND - 0.2% | |||||
Allegro.eu S.A.(a)(c) | 26,497 | 208,513 | |||
Grupa Pracuj S.A. | 18,330 | 253,290 | |||
Bank Polska Kasa Opieki S.A. | 14,030 | 382,665 | |||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 28,551 | 254,057 | |||
Powszechny Zaklad Ubezpieczen S.A. | 37,503 | 363,714 | |||
Total Poland | 1,462,239 | ||||
RUSSIA - 0.0% (b) | |||||
Yandex N.V., Class A(a) | 8,610 | 0 | |||
SAUDI ARABIA - 0.2% | |||||
Saudi Arabian Oil Co.(c) | 33,431 | 287,453 | |||
Saudi National Bank (The) | 36,227 | 355,441 | |||
Saudi Telecom Co. | 29,440 | 341,440 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
SAUDI ARABIA (continued) | |||||
Alinma Bank | 35,293 | $ | 315,226 | ||
Total Saudi Arabia | 1,299,560 | ||||
SINGAPORE - 0.9% | |||||
Haw Par Corp. Ltd. | 39,300 | 272,112 | |||
Seatrium Ltd.(a) | 18,580,720 | 1,720,668 | |||
DBS Group Holdings Ltd. | 102,100 | 2,387,336 | |||
Golden Agri-Resources Ltd. | 302,100 | 55,067 | |||
Jardine Cycle & Carriage Ltd. | 7,200 | 185,836 | |||
Singapore Airlines Ltd. | 195,400 | 1,034,127 | |||
Sembcorp Industries Ltd. | 71,700 | 305,166 | |||
Sea Ltd., ADR(a) | 2,769 | 160,713 | |||
Great Eastern Holdings Ltd. | 900 | 11,750 | |||
IGG, Inc.(a) | 42,000 | 20,814 | |||
HRnetgroup Ltd. | 101,100 | 55,341 | |||
Raffles Medical Group Ltd. | 16,900 | 17,020 | |||
Delfi Ltd. | 35,400 | 33,852 | |||
BRC Asia Ltd. | 18,500 | 22,581 | |||
Samudera Shipping Line Ltd. | 81,500 | 52,259 | |||
Total Singapore | 6,334,642 | ||||
SOUTH AFRICA - 0.7% | |||||
Gold Fields Ltd. | 39,064 | 542,657 | |||
Foschini Group Ltd. (The) | 36,127 | 180,980 | |||
Capitec Bank Holdings Ltd. | 5,133 | 427,532 | |||
MTN Group Ltd. | 56,224 | 413,702 | |||
FirstRand Ltd. | 315,124 | 1,149,953 | |||
Naspers Ltd., Class N | 4,829 | 875,188 | |||
Nedbank Group Ltd. | 16,480 | 200,117 | |||
Shoprite Holdings Ltd. | 40,124 | 481,112 | |||
Aspen Pharmacare Holdings Ltd. | 38,860 | 379,481 | |||
Bid Corp. Ltd. | 10,673 | 234,418 | |||
AVI Ltd. | 41,842 | 151,610 | |||
Total South Africa | 5,036,750 | ||||
SOUTH KOREA - 2.1% | |||||
S-1 Corp. | 3,681 | 149,325 | |||
LG Energy Solution Ltd.(a) | 2,748 | 1,161,834 | |||
Samsung Electronics Co., Ltd., GDR | 1,650 | 2,286,061 | |||
Samsung Fire & Marine Insurance Co., Ltd. | 1,816 | 317,793 | |||
SK Telecom Co., Ltd. | 1,557 | 55,003 | |||
LG H&H Co., Ltd. | 614 | 215,063 | |||
LG Chem Ltd. | 819 | 418,876 | |||
SK Hynix, Inc. | 12,027 | 1,060,473 | |||
Korea Zinc Co., Ltd. | 615 | 228,532 | |||
Samsung SDI Co., Ltd. | 1,890 | 966,967 | |||
Samsung Electro-Mechanics Co., Ltd. | 3,275 | 360,687 | |||
Samsung Electronics Co., Ltd. | 150,635 | 8,302,465 | |||
Total South Korea | 15,523,079 | ||||
SPAIN - 0.2% | |||||
Industria de Diseno Textil S.A. | 31,563 | 1,226,294 | |||
Amadeus IT Group S.A.(a) | 1,106 | 84,323 | |||
Naturhouse Health SAU | 579 | 1,068 | |||
Acerinox S.A. | 8,608 | 91,545 | |||
Total Spain | 1,403,230 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
SWEDEN - 1.3% | |||||
Nordnet AB publ | 8,953 | $ | 120,045 | ||
VNV Global AB(a) | 8,596 | 15,957 | |||
BTS Group AB, Class B | 3,300 | 77,915 | |||
SkiStar AB | 15,515 | 166,066 | |||
Assa Abloy AB, Class B | 72,400 | 1,737,910 | |||
H & M Hennes & Mauritz AB, Class B | 32,827 | 564,549 | |||
Volvo AB, Class B | 39,871 | 827,002 | |||
FM Mattsson Mora Group AB | 1,306 | 6,517 | |||
Atlas Copco AB, Class A | 162,837 | 2,348,481 | |||
Spotify Technology S.A.(a) | 3,543 | 568,829 | |||
Evolution AB(c) | 22,140 | 2,805,575 | |||
B3 Consulting Group AB | 1,929 | 21,584 | |||
Total Sweden | 9,260,430 | ||||
SWITZERLAND - 2.8% | |||||
Julius Baer Group Ltd. | 33,901 | 2,137,556 | |||
Alcon, Inc. | 33,800 | 2,808,294 | |||
DSM-Firmenich AG(a) | 17,100 | 1,840,221 | |||
ABB Ltd. | 26,084 | 1,026,361 | |||
Roche Holding AG | 525 | 160,438 | |||
Nestle S.A. | 20,340 | 2,447,404 | |||
Swatch Group AG (The) | 2,840 | 832,374 | |||
Lonza Group AG | 2,320 | 1,385,482 | |||
Cie Financiere Richemont S.A., Class A | 8,002 | 1,357,729 | |||
Sika AG | 9,480 | 2,711,494 | |||
Kuehne & Nagel International AG | 427 | 126,229 | |||
Coca-Cola HBC AG(a) | 15,974 | 475,964 | |||
Novartis AG | 27,407 | 2,766,117 | |||
BKW AG | 1,583 | 279,631 | |||
Georg Fischer AG | 801 | 60,156 | |||
dormakaba Holding AG | 52 | 23,379 | |||
Total Switzerland | 20,438,829 | ||||
TAIWAN - 2.1% | |||||
Lumax International Corp. Ltd. | 24,900 | 62,116 | |||
Kerry TJ Logistics Co., Ltd. | 87,000 | 109,636 | |||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 36,674 | 3,701,140 | |||
Chunghwa Telecom Co., Ltd. | 71,000 | 265,568 | |||
MediaTek, Inc. | 47,000 | 1,043,267 | |||
Cathay Financial Holding Co., Ltd. | 319,037 | 443,608 | |||
Hon Hai Precision Industry Co., Ltd. | 353,000 | 1,284,833 | |||
CTBC Financial Holding Co., Ltd. | 799,000 | 638,842 | |||
Uni-President Enterprises Corp. | 135,000 | 331,235 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 297,000 | 5,534,692 | |||
ASE Technology Holding Co., Ltd. | 188,000 | 670,570 | |||
Chailease Holding Co., Ltd.(a) | 29,000 | 190,985 | |||
Nien Made Enterprise Co., Ltd. | 59,000 | 650,856 |
Investments | Shares | Value | |||
COMMON STOCKS (continued) | |||||
TAIWAN (continued) | |||||
Accton Technology Corp. | 55,000 | $ | 623,304 | ||
Total Taiwan | 15,550,652 | ||||
UNITED ARAB EMIRATES - 0.1% | |||||
Emaar Properties PJSC | 340,476 | 597,642 | |||
UNITED STATES - 1.6% | |||||
Linde PLC | 4,880 | 1,859,670 | |||
Viemed Healthcare, Inc.(a) | 3,200 | 31,330 | |||
Mettler-Toledo International, Inc.(a) | 1,270 | 1,665,783 | |||
ResMed, Inc. | 6,890 | 1,505,465 | |||
STERIS PLC | 10,670 | 2,400,537 | |||
Aon PLC, Class A | 9,950 | 3,434,740 | |||
EPAM Systems, Inc.(a) | 5,240 | 1,177,690 | |||
Hamilton Thorne Ltd.(a) | 9,700 | 10,617 | |||
Total United States | 12,085,832 | ||||
URUGUAY - 0.1% | |||||
Globant S.A.(a) | 1,274 | 228,963 | |||
MercadoLibre, Inc.(a) | 244 | 289,043 | |||
Total Uruguay | 518,006 | ||||
TOTAL COMMON STOCKS (Cost: $392,500,474) | 407,041,520 | ||||
EXCHANGE-TRADED FUNDS - 42.9% | |||||
iShares Core MSCI Total International Stock ETF | 4,954,999 | 310,282,038 | |||
iShares MSCI India ETF | 125,749 | 5,495,231 | |||
TOTAL EXCHANGE-TRADED FUNDS (Cost: $323,802,316) | 315,777,269 | ||||
PREFERRED STOCKS - 0.2% | |||||
BRAZIL - 0.2% | |||||
Banco Bradesco S.A. | 298,037 | 1,023,914 | |||
Gerdau S.A. | 39,546 | 207,056 | |||
TOTAL PREFERRED STOCKS (Cost: $1,026,415) | 1,230,970 | ||||
SHORT-TERM INVESTMENTS - 1.5% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 4.94%(d) (Cost: $11,267,627) | 11,267,627 | 11,267,627 | |||
TOTAL INVESTMENTS - 99.8% (Cost: $728,596,832) | 735,317,386 | ||||
OTHER ASSETS AND LIABILITIES, NET- 0.2% | 1,580,162 | ||||
NET ASSETS - 100.0% | $ | 736,897,548 |
(a) | Non-income producing security. |
(b) | Amount is less than 0.05%. |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)
(c) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2023, the value of these securities was $11,553,914, representing 1.6% of net assets. |
(d) | The rate shown is the annualized seven-day yield at June 30, 2023. |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (concluded)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023:
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Common Stocks | |||||||||
Australia | $ | 2,850,756 | $ | 13,620,899 | $ | — | $ | 16,471,655 | |
Austria | — | 2,625,248 | — | 2,625,248 | |||||
Belgium | — | 30,383 | — | 30,383 | |||||
Bermuda | 2,035,321 | — | — | 2,035,321 | |||||
Brazil | 6,361,951 | — | — | 6,361,951 | |||||
Britain | 6,153,143 | 40,119,856 | — | 46,272,999 | |||||
Canada | 15,946,990 | — | — | 15,946,990 | |||||
Chile | 560,700 | 136,433 | — | 697,133 | |||||
China | 2,762,464 | 23,402,567 | — | 26,165,031 | |||||
Denmark | — | 14,545,775 | — | 14,545,775 | |||||
Finland | — | 200,856 | — | 200,856 | |||||
France | — | 31,226,513 | — | 31,226,513 | |||||
Germany | — | 25,116,600 | — | 25,116,600 | |||||
Greece | — | 917,783 | — | 917,783 | |||||
Guernsey | — | 16,996 | — | 16,996 | |||||
Hong Kong | — | 14,074,302 | — | 14,074,302 | |||||
Hungary | — | 529,961 | — | 529,961 | |||||
India | 11,067,066 | 307,112 | — | 11,374,178 | |||||
Indonesia | — | 1,962,061 | — | 1,962,061 | |||||
Ireland | 10,273,649 | 6,643,568 | — | 16,917,217 | |||||
Israel | 1,618,422 | 132,851 | — | 1,751,273 | |||||
Italy | — | 9,152,850 | — | 9,152,850 | |||||
Japan | — | 39,913,648 | — | 39,913,648 | |||||
Macau | — | 1,390,929 | — | 1,390,929 | |||||
Malaysia | — | 392,540 | — | 392,540 | |||||
Mexico | 5,860,390 | — | — | 5,860,390 | |||||
Netherlands | 4,321,489 | 17,550,498 | — | 21,871,987 | |||||
New Zealand | — | 124,882 | — | 124,882 | |||||
Norway | — | 412,460 | — | 412,460 | |||||
Peru | 3,170,717 | — | — | 3,170,717 | |||||
Poland | — | 1,462,239 | — | 1,462,239 | |||||
Russia | — | — | — | — | |||||
Saudi Arabia | — | 1,299,560 | — | 1,299,560 | |||||
Singapore | 160,713 | 6,173,929 | — | 6,334,642 | |||||
South Africa | — | 5,036,750 | — | 5,036,750 | |||||
South Korea | — | 15,523,079 | — | 15,523,079 | |||||
Spain | — | 1,403,230 | — | 1,403,230 | |||||
Sweden | 568,829 | 8,691,601 | — | 9,260,430 | |||||
Switzerland | — | 20,438,829 | — | 20,438,829 | |||||
Taiwan | 3,701,140 | 11,849,512 | — | 15,550,652 | |||||
United Arab Emirates | — | 597,642 | — | 597,642 | |||||
United States | 12,085,832 | — | — | 12,085,832 | |||||
Uruguay | 518,006 | — | — | 518,006 | |||||
Total Common Stocks | 90,017,578 | 317,023,942 | — | 407,041,520 | |||||
Exchange-Traded Funds | 315,777,269 | — | — | 315,777,269 | |||||
Preferred Stocks* | 1,230,970 | — | — | 1,230,970 | |||||
Money Market Fund | 11,267,627 | — | — | 11,267,627 | |||||
Total Investments in Securities | $ | 418,293,444 | $ | 317,023,942 | $ | — | $ | 735,317,386 |
* See Schedule of Investments for additional detailed categorizations.
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND
Investments | Principal Amount | Value | |||
CORPORATE BONDS - 19.1% | |||||
BASIC MATERIALS - 0.4% | |||||
Air Products and Chemicals, Inc., 4.80%, 3/3/33 | $ | 1,500,000 | $ | 1,513,487 | |
Albemarle Corp., 5.05%, 6/1/32 | 94,000 | 91,011 | |||
Albemarle Corp., 5.65%, 6/1/52 | 78,000 | 74,223 | |||
Celanese US Holdings LLC, 5.90%, 7/5/24 | 145,000 | 144,692 | |||
CF Industries, Inc., 5.38%, 3/15/44 | 153,000 | 139,316 | |||
Eastman Chemical Co., 5.75%, 3/8/33 | 99,000 | 98,880 | |||
Ecolab, Inc., 2.70%, 12/15/51 | 147,000 | 97,442 | |||
Ecolab, Inc., 5.25%, 1/15/28 | 92,000 | 93,449 | |||
FMC Corp., 5.15%, 5/18/26 | 46,000 | 45,253 | |||
Georgia-Pacific LLC, 0.95%, 5/15/26 (a) | 547,000 | 483,570 | |||
LYB International Finance III LLC, 4.20%, 5/1/50 | 205,000 | 156,353 | |||
Newmont Corp., 2.25%, 10/1/30 | 775,000 | 634,951 | |||
Nucor Corp., 4.30%, 5/23/27 | 104,000 | 100,865 | |||
RPM International, Inc., 2.95%, 1/15/32 | 49,000 | 38,762 | |||
RPM International, Inc., 4.55%, 3/1/29 | 187,000 | 175,183 | |||
SASOL Financing USA LLC, 5.88%, 3/27/24 | 200,000 | 197,328 | |||
Westlake Chemical Corp., 3.38%, 8/15/61 | 167,000 | 101,501 | |||
Total Basic Materials | 4,186,266 | ||||
COMMUNICATIONS - 1.0% | |||||
Amazon.com, Inc., 3.30%, 4/13/27 | 121,000 | 115,232 | |||
Amazon.com, Inc., 3.60%, 4/13/32 | 45,000 | 41,956 | |||
Amazon.com, Inc., 4.10%, 4/13/62 | 204,000 | 175,635 | |||
Amazon.com, Inc., 4.65%, 12/1/29 | 79,000 | 79,200 | |||
AT&T, Inc., 3.50%, 9/15/53 | 1,305,000 | 923,830 | |||
AT&T, Inc., 3.65%, 9/15/59 | 28,000 | 19,494 | |||
AT&T, Inc., 3.85%, 6/1/60 | 52,000 | 37,649 | |||
AT&T, Inc., 5.40%, 2/15/34 | 136,000 | 136,234 | |||
AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 151,000 | 138,815 | |||
AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 342,000 | 301,879 | |||
AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 134,000 | 125,764 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 79,000 | 53,436 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42 | 430,000 | 287,626 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | $ | 578,000 | $ | 436,100 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | 51,000 | 30,846 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | 38,000 | 32,372 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400,000 | 330,622 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 597,000 | 581,887 | |||
Comcast Corp., 4.00%, 3/1/48 | 252,000 | 210,004 | |||
Comcast Corp., 4.15%, 10/15/28 | 120,000 | 116,265 | |||
Comcast Corp., 4.25%, 10/15/30 | 90,000 | 86,669 | |||
Comcast Corp., 4.60%, 10/15/38 | 87,000 | 81,012 | |||
Comcast Corp., 5.25%, 11/7/25 | 48,000 | 48,259 | |||
Comcast Corp., 5.50%, 5/15/64 | 302,000 | 306,251 | |||
Corning, Inc., 5.45%, 11/15/79 | 277,000 | 250,205 | |||
Cox Communications, Inc., 2.60%, 6/15/31 (a) | 625,000 | 510,150 | |||
Cox Communications, Inc., 5.45%, 9/15/28 (a) | 89,000 | 88,920 | |||
CSC Holdings LLC, 5.50%, 4/15/27 (a) | 250,000 | 207,997 | |||
Discovery Communications LLC, 5.30%, 5/15/49 | 97,000 | 80,381 | |||
Expedia Group, Inc., 2.95%, 3/15/31 | 73,000 | 61,514 | |||
Paramount Global, 4.38%, 3/15/43 | 379,000 | 267,379 | |||
Paramount Global, 4.60%, 1/15/45 | 44,000 | 31,193 | |||
Paramount Global, Senior Bond, 5.85%, 9/1/43 | 37,000 | 31,531 | |||
Sprint LLC, 7.88%, 9/15/23 | 275,000 | 275,664 | |||
T-Mobile USA, Inc., 3.00%, 2/15/41 | 875,000 | 639,720 | |||
T-Mobile USA, Inc., 3.60%, 11/15/60 | 86,000 | 60,358 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
COMMUNICATIONS (continued) | |||||
T-Mobile USA, Inc., 3.88%, 4/15/30 | $ | 150,000 | $ | 138,190 | |
T-Mobile USA, Inc., 4.38%, 4/15/40 | 475,000 | 419,469 | |||
T-Mobile USA, Inc., 5.65%, 1/15/53 | 37,000 | 37,570 | |||
Time Warner Cable LLC, 6.55%, 5/1/37 | 4,000 | 3,835 | |||
Verizon Communications, Inc., 1.50%, 9/18/30 | 1,000,000 | 790,301 | |||
Verizon Communications, Inc., 1.68%, 10/30/30 | 25,000 | 19,737 | |||
Verizon Communications, Inc., 2.55%, 3/21/31 | 710,000 | 592,802 | |||
Verizon Communications, Inc., 2.85%, 9/3/41 | 114,000 | 81,080 | |||
Verizon Communications, Inc., 3.00%, 11/20/60 | 184,000 | 114,933 | |||
Verizon Communications, Inc., 3.40%, 3/22/41 | 99,000 | 76,409 | |||
Verizon Communications, Inc., 3.88%, 3/1/52 | 99,000 | 78,038 | |||
Verizon Communications, Inc., 5.05%, 5/9/33 | 121,000 | 119,654 | |||
Verizon Communications, Inc., 5.88%, 3/20/26 (SOFR + 0.790%)(b) | 1,000,000 | 1,001,198 | |||
Total Communications | 10,675,265 | ||||
CONSUMER, CYCLICAL - 1.4% | |||||
Advance Auto Parts, Inc., 5.90%, 3/9/26 | 24,000 | 23,736 | |||
Caesars Entertainment, Inc., 7.00%, 2/15/30 (a) | 150,000 | 150,636 | |||
Daimler Truck Finance North America LLC, 5.13%, 1/19/28 (a) | 159,000 | 157,566 | |||
Daimler Truck Finance North America LLC, 5.20%, 1/17/25 (a) | 153,000 | 151,769 | |||
Dana, Inc., 5.38%, 11/15/27 | 75,000 | 71,045 | |||
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 375,748 | 339,066 | |||
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150,000 | 146,126 | |||
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 1,166,277 | 1,005,234 | |||
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 410,309 | 361,207 | |||
Delta Air Lines Pass Through Trust, Series AA, 3.20%, 10/25/25 | 1,000,000 | 979,878 | |||
Ford Motor Co., 5.29%, 12/8/46 | 400,000 | 329,357 | |||
Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100,000 | 76,881 | |||
Gap, Inc. (The), 3.63%, 10/1/29 (a) | 50,000 | 35,330 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, CYCLICAL (continued) | |||||
Gap, Inc. (The), 3.88%, 10/1/31 (a) | $ | 150,000 | $ | 102,678 | |
General Motors Co., 5.40%, 10/15/29 | 110,000 | 107,256 | |||
General Motors Co., Senior Bond, 6.25%, 10/2/43 | 205,000 | 200,470 | |||
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 95,000 | 75,772 | |||
General Motors Financial Co., Inc., 5.80%, 6/23/28 | 91,000 | 90,653 | |||
Harley-Davidson Financial Services, Inc., Series CO, 6.50%, 3/10/28 (a) | 146,000 | 146,045 | |||
Hyatt Hotels Corp., 5.75%, 1/30/27 | 1,186,000 | 1,182,956 | |||
Hyundai Capital America, 5.80%, 6/26/25 (a) | 66,000 | 65,873 | |||
Lowe's Cos., Inc., 2.80%, 9/15/41 | 1,250,000 | 884,059 | |||
Lowe's Cos., Inc., 4.45%, 4/1/62 | 68,000 | 54,598 | |||
Lowe's Cos., Inc., 5.15%, 7/1/33 | 1,625,000 | 1,624,412 | |||
Lowe's Cos., Inc., 5.75%, 7/1/53 | 1,150,000 | 1,171,800 | |||
Marriott International, Inc., 4.90%, 4/15/29 | 45,000 | 43,782 | |||
Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 761,000 | 657,274 | |||
Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 281,000 | 236,264 | |||
McDonald's Corp., 3.50%, 7/1/27 | 103,000 | 98,054 | |||
McDonald's Corp., 3.63%, 9/1/49 | 156,000 | 123,025 | |||
Mercedes-Benz Finance North America LLC, 4.80%, 3/30/28 (a) | 150,000 | 148,007 | |||
Mercedes-Benz Finance North America LLC, 5.38%, 11/26/25 (a) | 151,000 | 150,994 | |||
O'Reilly Automotive, Inc., Senior Note, 3.60%, 9/1/27 | 100,000 | 94,625 | |||
Ritchie Bros Holdings, Inc., 6.75%, 3/15/28 (a) | 25,000 | 25,198 | |||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200,000 | 197,250 | |||
Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500,000 | 465,867 | |||
Stellantis Finance US, Inc., 2.69%, 9/15/31 (a) | 385,000 | 307,648 | |||
Taylor Morrison Communities, Inc., 5.13%, 8/1/30 (a) | 100,000 | 92,330 | |||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 3/1/24 (a) | 150,000 | 148,875 | |||
United Airlines, Inc., 4.38%, 4/15/26 (a) | 185,000 | 175,770 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, CYCLICAL (continued) | |||||
United Airlines, Inc., 4.63%, 4/15/29 (a) | $ | 35,000 | $ | 31,891 | |
Walmart, Inc., 1.80%, 9/22/31 | 1,175,000 | 975,589 | |||
Warnermedia Holdings, Inc., 3.64%, 3/15/25 | 89,000 | 85,843 | |||
Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 447,000 | 376,762 | |||
Warnermedia Holdings, Inc., 5.14%, 3/15/52 | 253,000 | 206,005 | |||
Warnermedia Holdings, Inc., 5.39%, 3/15/62 | 123,000 | 100,241 | |||
Warnermedia Holdings, Inc., 6.41%, 3/15/26 | 135,000 | 135,112 | |||
William Carter Co. (The), 5.63%, 3/15/27 (a) | 250,000 | 242,582 | |||
Wolverine World Wide, Inc., 4.00%, 8/15/29 (a) | 150,000 | 119,437 | |||
ZF North America Capital, Inc., 6.88%, 4/14/28 (a) | 300,000 | 303,805 | |||
Total Consumer, Cyclical | 15,076,633 | ||||
CONSUMER, NON-CYCLICAL - 3.4% | |||||
AbbVie, Inc., 4.05%, 11/21/39 | 174,000 | 151,495 | |||
AbbVie, Inc., 4.25%, 11/21/49 | 482,000 | 416,028 | |||
AbbVie, Inc., 4.55%, 3/15/35 | 380,000 | 361,864 | |||
AbbVie, Inc., 4.75%, 3/15/45 | 150,000 | 137,153 | |||
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200,000 | 190,019 | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 3/15/29 (a) | 175,000 | 151,487 | |||
AmerisourceBergen Corp., 3.45%, 12/15/27 | 46,000 | 43,067 | |||
AmerisourceBergen Corp., 4.25%, 3/1/45 | 25,000 | 20,626 | |||
AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47 | 76,000 | 64,863 | |||
Amgen, Inc., 2.80%, 8/15/41 | 610,000 | 430,992 | |||
Amgen, Inc., 4.40%, 5/1/45 | 37,000 | 32,046 | |||
Amgen, Inc., 5.25%, 3/2/33 | 1,145,000 | 1,146,460 | |||
Amgen, Inc., 5.65%, 3/2/53 | 111,000 | 112,410 | |||
Amgen, Inc., 5.75%, 3/2/63 | 74,000 | 75,068 | |||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 120,000 | 116,714 | |||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 252,000 | 240,859 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 287,000 | 266,408 | |||
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200,000 | 206,950 | |||
Ascension Health, 2.53%, 11/15/29 | 630,000 | 541,788 | |||
Ascension Health, 3.11%, 11/15/39 | 120,000 | 93,822 | |||
Astrazeneca Finance LLC, 4.88%, 3/3/28 | 135,000 | 134,922 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Astrazeneca Finance LLC, 4.90%, 3/3/30 | $ | 147,000 | $ | 147,276 | |
BAT Capital Corp., 2.73%, 3/25/31 | 620,000 | 493,819 | |||
Becton Dickinson & Co., 4.69%, 2/13/28 | 135,000 | 133,167 | |||
Becton Dickinson and Co., 4.30%, 8/22/32 | 60,000 | 56,914 | |||
Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 164,000 | 149,011 | |||
Bristol-Myers Squibb Co., 3.90%, 2/20/28 | 152,000 | 147,566 | |||
Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40,000 | 36,470 | |||
Brown-Forman Corp., 4.75%, 4/15/33 | 64,000 | 64,240 | |||
Bush Foundation, 2.75%, 10/1/50 | 300,000 | 200,895 | |||
Cardinal Health, Inc., 4.50%, 11/15/44 | 150,000 | 122,353 | |||
Cigna Group (The), 2.40%, 3/15/30 | 430,000 | 365,337 | |||
Cigna Group (The), 3.40%, 3/15/50 | 217,000 | 158,576 | |||
Cigna Group (The), 3.88%, 10/15/47 | 56,000 | 44,181 | |||
Cigna Group (The), 4.38%, 10/15/28 | 190,000 | 183,721 | |||
Conagra Brands, Inc., 7.00%, 10/1/28 | 159,000 | 169,629 | |||
Conservation Fund A Nonprofit Corp. (The), Series 2019, 3.47%, 12/15/29 | 1,000,000 | 865,484 | |||
Constellation Brands, Inc., 4.35%, 5/9/27 | 67,000 | 65,333 | |||
CVS Health Corp., 5.13%, 7/20/45 | 261,000 | 241,459 | |||
CVS Health Corp., 6.00%, 6/1/63 | 61,000 | 62,770 | |||
CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 512,000 | 472,510 | |||
CVS Health Corp., Senior Bond, 5.05%, 3/25/48 | 1,000,000 | 921,743 | |||
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70,000 | 58,481 | |||
Elevance Health, Inc., 2.88%, 9/15/29 | 114,000 | 100,457 | |||
Elevance Health, Inc., 6.10%, 10/15/52 | 54,000 | 59,156 | |||
Eli Lilly & Co., 4.70%, 2/27/33 | 89,000 | 90,167 | |||
Eli Lilly & Co., 4.88%, 2/27/53 | 85,000 | 87,304 | |||
Eli Lilly & Co., 4.95%, 2/27/63 | 40,000 | 40,821 | |||
ERAC USA Finance LLC, 4.20%, 11/1/46 (a) | 325,000 | 272,598 | |||
Estee Lauder Cos., Inc. (The), 4.38%, 5/15/28 | 92,000 | 90,605 | |||
Ford Foundation (The), 2.82%, 6/1/70 | 161,000 | 99,552 | |||
General Mills, Inc., 4.95%, 3/29/33 | 1,114,000 | 1,104,049 | |||
General Mills, Inc., 5.24%, 11/18/25 | 63,000 | 63,008 | |||
Haleon US Capital LLC, 3.63%, 3/24/32 | 357,000 | 320,029 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
HCA, Inc., 3.38%, 3/15/29 (a) | $ | 57,000 | $ | 50,682 | |
HCA, Inc., 3.50%, 9/1/30 | 126,000 | 110,445 | |||
HCA, Inc., 3.50%, 7/15/51 | 145,000 | 100,317 | |||
HCA, Inc., 4.63%, 3/15/52 (a) | 162,000 | 133,123 | |||
HCA, Inc., 7.75%, 7/15/36 | 150,000 | 166,009 | |||
Hershey Co. (The), 4.25%, 5/4/28 | 47,000 | 46,502 | |||
Hormel Foods Corp., 0.65%, 6/3/24 | 147,000 | 140,573 | |||
Humana, Inc., 1.35%, 2/3/27 | 140,000 | 121,811 | |||
Humana, Inc., 5.50%, 3/15/53 | 37,000 | 36,850 | |||
Humana, Inc., 5.88%, 3/1/33 | 45,000 | 46,764 | |||
Kenvue, Inc., 5.05%, 3/22/53 (a) | 54,000 | 55,114 | |||
Keurig Dr Pepper, Inc., 4.42%, 12/15/46 | 685,000 | 588,123 | |||
Kraft Heinz Foods Co., 4.38%, 6/1/46 | 499,000 | 424,077 | |||
Kraft Heinz Foods Co., 4.88%, 10/1/49 | 78,000 | 71,172 | |||
Kroger Co. (The), 3.88%, 10/15/46 | 37,000 | 28,419 | |||
Lamb Weston Holdings, Inc., 4.13%, 1/31/30 (a) | 75,000 | 67,029 | |||
Lamb Weston Holdings, Inc., 4.38%, 1/31/32 (a) | 225,000 | 200,987 | |||
Mars, Inc., 4.65%, 4/20/31 (a) | 1,094,000 | 1,086,317 | |||
Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75,000 | 57,672 | |||
Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150,000 | 139,880 | |||
Mather Foundation, Series 2021, 2.68%, 10/1/31 | 1,000,000 | 830,125 | |||
McCormick & Co., Inc., 4.95%, 4/15/33 | 51,000 | 50,060 | |||
Medline Borrower L.P., 3.88%, 4/1/29 (a) | 175,000 | 152,086 | |||
Merck & Co., Inc., 2.15%, 12/10/31 | 1,150,000 | 952,821 | |||
Merck & Co., Inc., 2.75%, 12/10/51 | 625,000 | 431,084 | |||
Merck & Co., Inc., 5.15%, 5/17/63 | 114,000 | 116,436 | |||
Mylan, Inc., 5.20%, 4/15/48 | 290,000 | 225,947 | |||
Mylan, Inc., 5.40%, 11/29/43 | 180,000 | 150,347 | |||
NBM US Holdings, Inc., 6.63%, 8/6/29 (a) | 800,000 | 732,532 | |||
Nestle Holdings, Inc., 3.50%, 9/24/25 (a) | 547,000 | 526,990 | |||
Nestle Holdings, Inc., 4.85%, 3/14/33 (a) | 1,000,000 | 1,020,603 | |||
Nestle Holdings, Inc., 4.95%, 3/14/30 (a) | 900,000 | 912,264 | |||
Nestle Holdings, Inc., 5.25%, 3/13/26 (a) | 153,000 | 154,137 | |||
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 (a) | 275,000 | 244,071 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Orlando Health Obligated Group, 4.09%, 10/1/48 | $ | 50,000 | $ | 41,078 | |
PepsiCo, Inc., 2.25%, 3/19/25 | 131,000 | 124,975 | |||
PepsiCo, Inc., 2.88%, 10/15/49 | 1,000,000 | 750,997 | |||
PepsiCo, Inc., 3.60%, 2/18/28 | 81,000 | 77,945 | |||
PepsiCo, Inc., 3.90%, 7/18/32 | 92,000 | 88,448 | |||
PepsiCo, Inc., 4.00%, 3/5/42 | 37,000 | 33,182 | |||
Philip Morris International, Inc., 5.13%, 2/15/30 | 1,285,000 | 1,270,534 | |||
Philip Morris International, Inc., 5.38%, 2/15/33 | 200,000 | 199,559 | |||
Philip Morris International, Inc., 5.63%, 11/17/29 | 480,000 | 489,088 | |||
Pilgrim's Pride Corp., 5.88%, 9/30/27 (a) | 300,000 | 296,401 | |||
President & Fellows of Harvard College, 5.63%, 10/1/38 | 515,000 | 564,764 | |||
President & Fellows of Harvard College, 3.62%, 10/1/37 | 50,000 | 43,674 | |||
President & Fellows of Harvard College, 6.50%, 1/15/39 (a) | 105,000 | 124,888 | |||
Procter & Gamble Co. (The), 1.20%, 10/29/30 | 1,150,000 | 927,218 | |||
Procter & Gamble Co. (The), 3.95%, 1/26/28 | 139,000 | 136,516 | |||
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110,000 | 92,608 | |||
Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50 | 52,000 | 33,485 | |||
Roche Holdings, Inc., 2.13%, 3/10/25 (a) | 803,000 | 762,863 | |||
S&P Global, Inc., 2.70%, 3/1/29 | 130,000 | 117,005 | |||
Smithfield Foods, Inc., 4.25%, 2/1/27 (a) | 129,000 | 118,879 | |||
Smithfield Foods, Inc., 5.20%, 4/1/29 (a) | 162,000 | 149,286 | |||
Stanford Health Care, 3.03%, 8/15/51 | 1,000,000 | 694,804 | |||
Sutter Health, 4.09%, 8/15/48 | 125,000 | 103,326 | |||
Sutter Health, 5.16%, 8/15/33 | 409,000 | 408,035 | |||
Sysco Corp., 4.45%, 3/15/48 | 290,000 | 248,062 | |||
Sysco Corp., 4.50%, 4/1/46 | 165,000 | 139,891 | |||
Sysco Corp., 5.95%, 4/1/30 | 38,000 | 39,779 | |||
Sysco Corp., 6.60%, 4/1/50 | 95,000 | 108,286 | |||
Tenet Healthcare Corp., 4.38%, 1/15/30 | 25,000 | 22,560 | |||
Trustees of Boston College, 3.13%, 7/1/52 | 169,000 | 125,096 | |||
Trustees of Princeton University (The), 2.52%, 7/1/50 | 90,000 | 61,781 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Trustees of Princeton University (The), 5.70%, 3/1/39 | $ | 495,000 | $ | 556,364 | |
Unilever Capital Corp., 2.13%, 9/6/29 | 675,000 | 582,366 | |||
United Rentals North America, Inc., 3.75%, 1/15/32 | 50,000 | 42,348 | |||
United Rentals North America, Inc., 3.88%, 2/15/31 | 62,000 | 53,680 | |||
United Rentals North America, Inc., 5.25%, 1/15/30 | 70,000 | 66,817 | |||
UnitedHealth Group, Inc., 1.25%, 1/15/26 | 234,000 | 213,777 | |||
UnitedHealth Group, Inc., 4.75%, 5/15/52 | 160,000 | 151,784 | |||
UnitedHealth Group, Inc., 4.95%, 5/15/62 | 52,000 | 49,991 | |||
UnitedHealth Group, Inc., 5.05%, 4/15/53 | 1,550,000 | 1,540,618 | |||
UnitedHealth Group, Inc., 5.15%, 10/15/25 | 127,000 | 127,352 | |||
UnitedHealth Group, Inc., 5.25%, 2/15/28 | 97,000 | 98,894 | |||
UnitedHealth Group, Inc., 6.05%, 2/15/63 | 97,000 | 109,685 | |||
University of Chicago (The), 0, 2.76%, 4/1/45 | 100,000 | 74,717 | |||
Vector Group Ltd., 5.75%, 2/1/29 (a) | 250,000 | 217,523 | |||
Viatris, Inc., 3.85%, 6/22/40 | 156,000 | 107,803 | |||
Viatris, Inc., 4.00%, 6/22/50 | 309,000 | 204,354 | |||
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1,300,000 | 924,295 | |||
Zoetis, Inc., 5.40%, 11/14/25 | 46,000 | 46,141 | |||
Zoetis, Inc., 5.60%, 11/16/32 | 678,000 | 708,714 | |||
Total Consumer, Non-cyclical | 36,867,327 | ||||
ENERGY - 1.7% | |||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26 (a) | 175,000 | 177,482 | |||
Apache Corp., 5.35%, 7/1/49 | 301,000 | 234,028 | |||
Boardwalk Pipelines L.P., 3.60%, 9/1/32 | 73,000 | 61,975 | |||
BP Capital Markets America, Inc., 2.77%, 11/10/50 | 1,000,000 | 661,431 | |||
BP Capital Markets America, Inc., 3.00%, 2/24/50 | 140,000 | 97,566 | |||
BP Capital Markets America, Inc., 3.54%, 4/6/27 | 264,000 | 252,051 | |||
BP Capital Markets America, Inc., 4.81%, 2/13/33 | 1,000,000 | 985,467 | |||
BP Capital Markets America, Inc., 4.89%, 9/11/33 | 1,213,000 | 1,200,475 | |||
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200,000 | 203,584 | |||
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205,000 | 188,683 | |||
Cheniere Energy Partners L.P., 5.95%, 6/30/33 (a) | 500,000 | 501,455 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Chevron Corp., 1.55%, 5/11/25 | $ | 152,000 | $ | 142,428 | |
Chevron USA, Inc., 4.20%, 10/15/49 | 52,000 | 43,732 | |||
Colonial Enterprises, Inc., 3.25%, 5/15/30 (a) | 510,000 | 454,475 | |||
ConocoPhillips Co., 5.30%, 5/15/53 | 1,038,000 | 1,055,812 | |||
Continental Resources, Inc., 3.80%, 6/1/24 | 775,000 | 759,657 | |||
DCP Midstream Operating L.P., 5.13%, 5/15/29 | 320,000 | 313,038 | |||
DCP Midstream Operating L.P., 6.75%, 9/15/37 (a) | 550,000 | 583,704 | |||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 80,000 | 72,010 | |||
Diamondback Energy, Inc., 4.40%, 3/24/51 | 151,000 | 119,452 | |||
Diamondback Energy, Inc., 6.25%, 3/15/53 | 150,000 | 151,734 | |||
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200,000 | 192,119 | |||
Energy Transfer L.P., 4.90%, 3/15/35 | 157,000 | 143,900 | |||
Energy Transfer L.P., 4.95%, 6/15/28 | 115,000 | 111,547 | |||
Energy Transfer L.P., 5.00%, 5/15/50 | 505,000 | 426,504 | |||
Energy Transfer L.P., 5.30%, 4/15/47 | 110,000 | 95,675 | |||
Energy Transfer L.P., 5.75%, 2/15/33 | 64,000 | 64,419 | |||
Energy Transfer L.P., 6.13%, 12/15/45 | 20,000 | 19,001 | |||
Energy Transfer L.P., Senior Note, 4.95%, 5/15/28 | 165,000 | 159,638 | |||
Enterprise Products Operating LLC, 3.70%, 1/31/51 | 37,000 | 28,306 | |||
Enterprise Products Operating LLC, 4.85%, 8/15/42 | 200,000 | 183,367 | |||
Enterprise Products Operating LLC, 5.35%, 1/31/33 | 46,000 | 46,778 | |||
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)(b) | 121,000 | 105,809 | |||
EQT Corp., 3.63%, 5/15/31 (a) | 38,000 | 32,684 | |||
Florida Gas Transmission Co. LLC, 2.30%, 10/1/31 (a) | 355,000 | 282,342 | |||
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a) | 113,000 | 112,044 | |||
Gray Oak Pipeline LLC, 3.45%, 10/15/27 (a) | 173,000 | 154,602 | |||
Halliburton Co., 4.75%, 8/1/43 | 107,000 | 93,663 | |||
Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 152,000 | 143,130 | |||
Helmerich & Payne, Inc., 2.90%, 9/29/31 | 375,000 | 302,273 | |||
Hess Corp., 6.00%, 1/15/40 | 46,000 | 45,913 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 4/15/30 (a) | $ | 100,000 | $ | 91,057 | |
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 4/15/32 (a) | 100,000 | 89,137 | |||
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 48,000 | 47,857 | |||
MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 225,000 | 203,894 | |||
Murray Energy Corp., Secured Note, 12.00%, 4/15/24 (a)(c) | 180,991 | 0 | |||
Occidental Petroleum Corp., 4.40%, 4/15/46 | 239,000 | 184,572 | |||
ONEOK Partners L.P., 6.65%, 10/1/36 | 186,000 | 190,899 | |||
ONEOK, Inc., 3.10%, 3/15/30 | 610,000 | 523,833 | |||
ONEOK, Inc., 4.50%, 3/15/50 | 250,000 | 190,862 | |||
ONEOK, Inc., 4.95%, 7/13/47 | 150,000 | 123,608 | |||
ONEOK, Inc., 5.20%, 7/15/48 | 300,000 | 255,740 | |||
Ovintiv, Inc., 6.25%, 7/15/33 | 59,000 | 58,193 | |||
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231,000 | 247,725 | |||
Petroleos Mexicanos, 6.50%, 3/13/27 | 200,000 | 177,945 | |||
Petroleos Mexicanos, 6.75%, 9/21/47 | 335,000 | 210,354 | |||
Pioneer Natural Resources Co., 5.10%, 3/29/26 | 1,144,000 | 1,137,137 | |||
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 159,000 | 159,504 | |||
Sabine Pass Liquefaction LLC, 5.90%, 9/15/37 (a) | 63,000 | 63,903 | |||
Sanchez Energy Corp., 7.75%, 6/15/21 (c) | 150,000 | 0 | |||
Sanchez Energy Corp., 6.13%, 1/15/23 | 100,000 | 0 | |||
Schlumberger Holdings Corp., 3.90%, 5/17/28 (a) | 92,000 | 86,684 | |||
Southwestern Energy Co., 4.75%, 2/1/32 | 125,000 | 110,167 | |||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 (a) | 175,000 | 154,175 | |||
Targa Resources Corp., 6.50%, 2/15/53 | 560,000 | 571,889 | |||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 180,000 | 178,696 | |||
Topaz Solar Farms LLC, 4.88%, 9/30/39 (a) | 316,851 | 289,919 | |||
Topaz Solar Farms LLC, 5.75%, 9/30/39 (a) | 982,741 | 963,632 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
ENERGY (continued) | |||||
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | $ | 230,000 | $ | 177,359 | |
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350,000 | 336,716 | |||
Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29 (a) | 25,000 | 21,840 | |||
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 (a) | 25,000 | 21,499 | |||
Western Midstream Operating L.P., 5.30%, 3/1/48 | 10,000 | 8,347 | |||
Williams Cos., Inc. (The), 5.75%, 6/24/44 | 322,000 | 313,705 | |||
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200,000 | 174,520 | |||
Total Energy | 18,369,321 | ||||
FINANCIAL - 6.1% | |||||
Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 | 135,000 | 125,258 | |||
American Tower Trust #1, 5.49%, 3/15/28 (a) | 1,400,000 | 1,401,133 | |||
Americo Life, Inc., 3.45%, 4/15/31 (a) | 110,000 | 84,407 | |||
Athene Global Funding, 1.73%, 10/2/26 (a) | 237,000 | 204,285 | |||
Bank of America Corp., 0.98%, 9/25/25 (0.98% fixed rate until 9/25/24; 0.91% + SOFR thereafter)(b) | 32,000 | 30,065 | |||
Bank of America Corp., 2.46%, 10/22/25 (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)(b) | 496,000 | 473,582 | |||
Bank of America Corp., 2.57%, 10/20/32 (2.57% fixed rate until 10/20/31; 1.21% + SOFR thereafter)(b) | 530,000 | 431,685 | |||
Bank of America Corp., 3.19%, 7/23/30 (3.19% fixed rate until 7/23/29; 1.18% + 3 month USD LIBOR thereafter)(b) | 45,000 | 39,663 | |||
Bank of America Corp., 3.31%, 4/22/42 (3.31% fixed rate until 4/22/41; 1.58% + SOFR thereafter)(b) | 153,000 | 116,578 | |||
Bank of America Corp., 3.38%, 4/2/26 (3.38% fixed rate until 4/02/25; 1.33% + SOFR thereafter)(b) | 106,000 | 101,602 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Bank of America Corp., 3.85%, 3/8/37 (3.85% fixed rate until 3/08/32; 2.00% + 5 year CMT thereafter)(b) | $ | 335,000 | $ | 286,467 | |
Bank of America Corp., 4.08%, 4/23/40 (4.08% fixed rate until 4/23/39; 1.32% + 3 month USD LIBOR thereafter)(b) | 73,000 | 62,704 | |||
Bank of America Corp., 4.45%, 3/3/26 | 1,525,000 | 1,482,188 | |||
Bank of America Corp., 4.57%, 4/27/33 (4.57% fixed rate until 4/27/32; 1.83% + SOFR thereafter)(b) | 70,000 | 65,817 | |||
Bank of America Corp., 5.29%, 4/25/34 (5.29% fixed rate until 4/25/33; 1.89% + SOFR thereafter)(b) | 745,000 | 738,076 | |||
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)(b) | 1,367,000 | 1,292,562 | |||
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)(b)(d) | 290,000 | 281,387 | |||
Bank of America Corp., Series N, 2.65%, 3/11/32 (2.65% fixed rate until 3/11/31; 1.22% + SOFR thereafter)(b) | 1,675,000 | 1,387,297 | |||
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 496,000 | 471,187 | |||
BankUnited, Inc., 4.88%, 11/17/25 | 459,000 | 423,943 | |||
BankUnited, Inc., 5.13%, 6/11/30 | 168,000 | 128,338 | |||
Blackstone Secured Lending Fund, 2.85%, 9/30/28 | 1,300,000 | 1,065,320 | |||
BOC Aviation USA Corp., 1.63%, 4/29/24 (a) | 200,000 | 192,966 | |||
Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500,000 | 482,606 | |||
Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625,000 | 563,354 | |||
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500,000 | 459,700 | |||
Broadstone Net Lease LLC, 2.60%, 9/15/31 | 515,000 | 369,013 | |||
Cantor Fitzgerald L.P., 4.50%, 4/14/27 (a) | 1,225,000 | 1,144,143 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Citigroup, Inc., 1.12%, 1/28/27 (1.12% fixed rate until 01/28/26; .77% + SOFR thereafter)(b) | $ | 820,000 | $ | 730,980 | |
Citigroup, Inc., 2.56%, 5/1/32 (2.56% fixed rate until 5/01/31; 1.17% + SOFR thereafter)(b) | 300,000 | 244,958 | |||
Citigroup, Inc., 2.57%, 6/3/31 (2.57% fixed rate until 6/03/30; 2.11% + SOFR thereafter)(b) | 58,000 | 48,390 | |||
Citigroup, Inc., 2.90%, 11/3/42 (2.90% fixed rate until 11/03/41; 1.38% + SOFR thereafter)(b) | 51,000 | 36,108 | |||
Citigroup, Inc., 2.98%, 11/5/30 (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)(b) | 160,000 | 138,651 | |||
Citigroup, Inc., 5.61%, 9/29/26 (5.61% fixed rate until 9/29/25; 1.55% + SOFR thereafter)(b) | 153,000 | 152,792 | |||
Citigroup, Inc., 5.88%, 2/22/33 | 302,000 | 305,866 | |||
Citigroup, Inc., 6.17%, 5/25/34 (b) | 55,000 | 55,479 | |||
Citigroup, Inc., Junior Subordinated Bond, Series V, 4.70%, 1/30/25 (4.70% fixed rate until 1/30/25; 3.23% + SOFR thereafter)(b)(d) | 55,000 | 47,240 | |||
Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)(b) | 5,000 | 4,674 | |||
Citigroup, Inc., Senior Bond, 4.08%, 4/23/29 (4.08% fixed rate until 4/23/28; 1.19% + 3 month USD LIBOR thereafter)(b) | 700,000 | 658,939 | |||
Citigroup, Inc., Series U, 5.00%, 9/12/24 (3.81% fixed rate until 9/12/24; 5.00% + SOFR thereafter)(b)(d) | 225,000 | 210,024 | |||
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 218,000 | 224,004 | |||
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1,637,000 | 1,563,054 | |||
Citizens Financial Group, Inc., 2.64%, 9/30/32 | 363,000 | 256,573 | |||
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1,000,000 | 838,141 | |||
Corporate Office Properties L.P., 2.90%, 12/1/33 | 68,000 | 47,053 | |||
Crown Castle, Inc., 5.00%, 1/11/28 | 91,000 | 89,304 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Crown Castle, Inc., 5.20%, 2/15/49 | $ | 44,000 | $ | 40,811 | |
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 (a) | 970,000 | 866,195 | |||
Equitable Financial Life Global Funding, 1.30%, 7/12/26 (a) | 138,000 | 120,293 | |||
Everest Reinsurance Holding, Inc., 3.13%, 10/15/52 | 590,000 | 389,876 | |||
F&G Annuities & Life, Inc., 7.40%, 1/13/28 (a) | 94,000 | 93,879 | |||
F&G Global Funding, 0.90%, 9/20/24 (a) | 184,000 | 171,093 | |||
F&G Global Funding, 2.30%, 4/11/27 (a) | 160,000 | 141,353 | |||
Federal Realty OP LP, 1.25%, 2/15/26 | 1,150,000 | 1,026,729 | |||
First Horizon Bank, 5.75%, 5/1/30 | 250,000 | 217,107 | |||
GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/41 (a) | 940,000 | 736,032 | |||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150,000 | 146,837 | |||
Goldman Sachs Group, Inc., 5.70%, 11/1/24 | 146,000 | 145,755 | |||
Goldman Sachs Group, Inc. (The), 1.54%, 9/10/27 (1.54% fixed rate until 9/10/26; 0.82% + SOFR thereafter)(b) | 188,000 | 165,234 | |||
Goldman Sachs Group, Inc. (The), 2.38%, 7/21/32 (2.38% fixed rate until 7/21/31; 1.25% + SOFR thereafter)(b) | 120,000 | 96,120 | |||
Goldman Sachs Group, Inc. (The), 2.62%, 4/22/32 (2.62% fixed rate until 4/22/31; 1.28% + SOFR thereafter)(b) | 770,000 | 631,492 | |||
Goldman Sachs Group, Inc. (The), 3.21%, 4/22/42 (3.21% fixed rate until 4/22/41; 1.51% + SOFR thereafter)(b) | 132,000 | 97,524 | |||
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)(b) | 925,000 | 858,662 | |||
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)(b) | 1,408,000 | 1,329,843 | |||
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 390,000 | 419,462 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 (a) | $ | 1,000,000 | $ | 784,539 | |
HNA 2015 LLC, 2.37%, 9/18/27 | 234,738 | 219,844 | |||
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | 96,000 | 81,322 | |||
Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31 | 850,000 | 668,236 | |||
Intercontinental Exchange, Inc., 4.95%, 6/15/52 | 138,000 | 131,397 | |||
Intercontinental Exchange, Inc., 5.20%, 6/15/62 | 92,000 | 91,316 | |||
JPMorgan Chase & Co., 2.01%, 3/13/26 (2.01% fixed rate until 3/13/25; 1.59% + 3 month USD LIBOR thereafter)(b) | 604,000 | 567,283 | |||
JPMorgan Chase & Co., 2.07%, 6/1/29 (2.07% fixed rate until 6/01/28; 1.02% + SOFR thereafter)(b) | 119,000 | 102,058 | |||
JPMorgan Chase & Co., 2.53%, 11/19/41 (2.53% fixed rate until 1/19/40; 1.51% + 3 month USD LIBOR thereafter)(b) | 575,000 | 395,523 | |||
JPMorgan Chase & Co., 2.55%, 11/8/32 (2.55% fixed rate until 11/08/31; 1.18% + SOFR thereafter)(b) | 646,000 | 529,283 | |||
JPMorgan Chase & Co., 2.58%, 4/22/32 (2.58% fixed rate until 4/22/31; 1.25% + 3 month USD LIBOR thereafter)(b) | 405,000 | 336,400 | |||
JPMorgan Chase & Co., 2.74%, 10/15/30 (2.74% fixed rate until 10/15/29; 1.51% + SOFR thereafter)(b) | 2,250,000 | 1,938,201 | |||
JPMorgan Chase & Co., 3.54%, 5/1/28 (3.54% fixed rate until 5/01/27; 1.64% + 3 month USD LIBOR thereafter)(b) | 154,000 | 143,966 | |||
JPMorgan Chase & Co., 3.78%, 2/1/28 (3.78% fixed rate until 2/1/27; 1.34% + 3 month USD LIBOR thereafter)(b) | 300,000 | 285,372 | |||
JPMorgan Chase & Co., 4.91%, 7/25/33 (4.91% fixed rate until 7/25/32; 2.08% + SOFR thereafter)(b) | 73,000 | 71,334 | |||
JPMorgan Chase & Co., Junior Subordinated Bond, Series HH, 4.60%, 2/1/25 (4.60% fixed rate until 2/01/25; 3.13% +3 month USD LIBOR thereafter)(b)(d) | 165,000 | 153,863 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
JPMorgan Chase & Co., Junior Subordinated Bond, Series II, 4.00%, 4/1/25 (4.00% fixed rate until 4/01/25; 2.75% + 3 month USD LIBOR thereafter)(b)(d) | $ | 975,000 | $ | 890,526 | |
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)(b)(d) | 129,000 | 128,097 | |||
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)(b) | 1,240,000 | 1,167,402 | |||
KeyBank NA, 5.85%, 11/15/27 | 250,000 | 235,418 | |||
Kimco Realty OP LLC, 2.25%, 12/1/31 | 1,100,000 | 856,048 | |||
Kimco Realty OP LLC, 4.60%, 2/1/33 | 135,000 | 124,828 | |||
Liberty Mutual Group, Inc., 3.95%, 5/15/60 (a) | 85,000 | 60,119 | |||
Liberty Mutual Group, Inc., 3.95%, 10/15/50 (a) | 120,000 | 87,761 | |||
Liberty Mutual Group, Inc., 4.57%, 2/1/29 (a) | 700,000 | 660,147 | |||
Low Income Investment Fund, 3.39%, 7/1/26 | 1,000,000 | 939,542 | |||
LPL Holdings, Inc., 4.38%, 5/15/31 (a) | 325,000 | 280,789 | |||
Macquarie Group Ltd., Senior Bond, 3.76%, 11/28/28 (3.76% fixed rate until 11/28/27; 1.37% + 3 month USD LIBOR thereafter)(a)(b) | 8,000 | 7,310 | |||
Mastercard, Inc., 1.90%, 3/15/31 | 1,000,000 | 831,150 | |||
Morgan Stanley, 1.16%, 10/21/25 (1.16% fixed rate until 10/21/24; 0.56% + SOFR thereafter)(b) | 92,000 | 85,986 | |||
Morgan Stanley, 1.51%, 7/20/27 (1.51% fixed rate until 7/20/26; 0.86% + SOFR thereafter)(b) | 246,000 | 217,948 | |||
Morgan Stanley, 2.24%, 7/21/32 (2.24% fixed rate until 7/21/31; 1.18% + SOFR thereafter)(b) | 210,000 | 166,905 | |||
Morgan Stanley, 2.48%, 9/16/36 (2.48% fixed rate until 9/16/31; 1.36% + SOFR thereafter)(b) | 32,000 | 24,280 | |||
Morgan Stanley, 2.94%, 1/21/33 (2.94% fixed rate until 1/21/32; 1.29% + SOFR thereafter)(b) | 2,450,000 | 2,036,508 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Morgan Stanley, 3.22%, 4/22/42 (3.22% fixed rate until 4/22/41; 1.49% + SOFR thereafter)(b) | $ | 132,000 | $ | 100,096 | |
Morgan Stanley, 3.62%, 4/1/31 (3.62% fixed rate until 4/01/30; 3.12% + SOFR thereafter)(b) | 46,000 | 41,450 | |||
Morgan Stanley, 3.95%, 4/23/27 | 950,000 | 899,491 | |||
Morgan Stanley, 4.43%, 1/23/30 (4.43% fixed rate until 1/23/29; 1.63% + 3 month USD LIBOR thereafter)(b) | 440,000 | 418,632 | |||
Morgan Stanley, 4.68%, 7/17/26 (4.68% fixed rate until 7/17/25; 1.67% + SOFR thereafter)(b) | 62,000 | 60,840 | |||
Morgan Stanley, 5.30%, 4/20/37 (5.30% fixed rate until 4/20/32; 2.62% + SOFR thereafter)(b) | 168,000 | 158,961 | |||
Morgan Stanley, Senior Bond, 3.59%, 7/22/28 (b) | 405,000 | 373,689 | |||
Morgan Stanley, Senior Bond, 3.77%, 1/24/29 (3.77% fixed rate until 1/24/28; 1.14% + 3 month USD LIBOR thereafter)(b) | 1,155,000 | 1,078,280 | |||
Morgan Stanley Direct Lending Fund, 4.50%, 2/11/27 | 1,310,000 | 1,231,719 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | 200,000 | 137,804 | |||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/27 | 150,000 | 126,198 | |||
Nasdaq, Inc., 5.95%, 8/15/53 | 37,000 | 37,884 | |||
Nasdaq, Inc., 6.10%, 6/28/63 | 44,000 | 44,992 | |||
National Community Renaissance Of California, 3.27%, 12/1/32 | 1,000,000 | 830,848 | |||
National Health Investors, Inc., 3.00%, 2/1/31 | 100,000 | 76,728 | |||
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)(b) | 165,000 | 153,831 | |||
New York Life Global Funding, 4.85%, 1/9/28 (a) | 65,000 | 64,386 | |||
Nuveen Finance LLC, 4.13%, 11/1/24 (a) | 400,000 | 388,400 | |||
OFS Capital Corp., 4.75%, 2/10/26 | 1,300,000 | 1,137,458 | |||
Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 169,000 | 125,506 | |||
Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 96,000 | 76,146 | |||
OneMain Finance Corp., 3.88%, 9/15/28 | 100,000 | 81,750 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
OneMain Finance Corp., 8.25%, 10/1/23 | $ | 125,000 | $ | 125,469 | |
OWL Rock Core Income Corp., 7.75%, 9/16/27 (a) | 1,375,000 | 1,368,040 | |||
Preservation Of Affordable Housing, Inc., 4.48%, 12/1/32 | 1,000,000 | 952,869 | |||
Principal Life Global Funding II, 0.50%, 1/8/24 (a) | 109,000 | 106,036 | |||
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | 500,000 | 391,365 | |||
Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)(b) | 70,000 | 67,570 | |||
Realty Income Corp., 3.25%, 1/15/31 | 285,000 | 249,101 | |||
Regency Centers L.P., 3.75%, 6/15/24 | 500,000 | 485,455 | |||
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 259,000 | 279,861 | |||
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500,000 | 467,846 | |||
SBA Tower Trust, 6.60%, 1/15/28 (a) | 1,000,000 | 1,016,146 | |||
SBL Holdings, Inc., 5.00%, 2/18/31 (a) | 124,000 | 96,029 | |||
Sculptor Alternative Solutions LLC, 6.00%, 5/15/37 (a) | 1,720,000 | 1,421,924 | |||
Security Benefit Global Funding, 1.25%, 5/17/24 (a) | 84,000 | 79,630 | |||
Signature Bank, 4.00%, 10/15/30 (3 month AMBOR + 3.890%) | 150,000 | 2,625 | |||
State Street Corp., 5.16%, 5/18/34 (b) | 1,000,000 | 994,016 | |||
Sun Communities Operating L.P., 5.70%, 1/15/33 | 285,000 | 277,590 | |||
Synchrony Financial, 4.50%, 7/23/25 | 708,000 | 667,452 | |||
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 (a) | 210,000 | 145,231 | |||
Thirax 2 LLC, 2.32%, 1/22/34 | 908,273 | 805,607 | |||
Truist Financial Corp., 4.26%, 7/28/26 (4.26% fixed rate until 7/28/25; 1.46% + SOFR thereafter)(b) | 118,000 | 113,412 | |||
Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 353,000 | 340,826 | |||
U.S. Bancorp, 2.49%, 11/3/36 (2.49% fixed rate until 11/03/31; 0.95% + 5 year CMT thereafter)(b) | 195,000 | 142,640 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
USAA Capital Corp., 2.13%, 5/1/30 (a) | $ | 1,000,000 | $ | 831,754 | |
USAA Capital Corp., 3.38%, 5/1/25 (a) | 150,000 | 144,060 | |||
Valley National Bancorp, 3.00%, 6/15/31 (3.00% fixed rate until 6/15/26; 2.36% + 3 month USD LIBOR thereafter)(b) | 231,000 | 182,130 | |||
Visa, Inc., 1.90%, 4/15/27 | 1,000,000 | 911,684 | |||
Vornado Realty L.P., 2.15%, 6/1/26 | 78,000 | 66,076 | |||
Wells Fargo & Co., 2.57%, 2/11/31 (2.58% fixed rate until 2/11/30; 1.26% + 3 month USD LIBOR thereafter)(b) | 670,000 | 567,282 | |||
Wells Fargo & Co., 3.07%, 4/30/41 (3.07% fixed rate until 4/30/40; 2.53% + SOFR thereafter)(b) | 814,000 | 598,710 | |||
Wells Fargo & Co., 4.30%, 7/22/27 | 830,000 | 796,209 | |||
Wells Fargo & Co., 4.54%, 8/15/26 (4.54% fixed rate until 8/15/25; 1.56% + SOFR thereafter)(b) | 850,000 | 830,527 | |||
Wells Fargo & Co., 5.39%, 4/24/34 (5.39% fixed rate until 4/24/33; 2.02% + SOFR thereafter)(b) | 435,000 | 432,222 | |||
Wells Fargo & Co., 5.61%, 1/15/44 | 84,000 | 80,641 | |||
Weyerhaeuser Co., 4.00%, 3/9/52 | 64,000 | 51,073 | |||
Weyerhaeuser Co., 4.75%, 5/15/26 | 132,000 | 129,659 | |||
Willis North America, Inc., 4.65%, 6/15/27 | 181,000 | 175,790 | |||
WR Berkley Corp., 4.00%, 5/12/50 | 160,000 | 125,961 | |||
Zions Bancorp NA, 3.25%, 10/29/29 | 271,000 | 198,904 | |||
Total Financial | 66,917,065 | ||||
INDUSTRIAL - 1.0% | |||||
AECOM, 5.13%, 3/15/27 | 100,000 | 96,757 | |||
Agilent Technologies, Inc., 2.30%, 3/12/31 | 180,000 | 147,303 | |||
Amcor Finance USA, Inc., 5.63%, 5/26/33 | 88,000 | 86,930 | |||
Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 62,000 | 50,784 | |||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 89,000 | 85,982 | |||
Amsted Industries, Inc., 5.63%, 7/1/27 (a) | 200,000 | 193,438 | |||
Ball Corp., 3.13%, 9/15/31 | 100,000 | 82,257 | |||
Ball Corp., 6.00%, 6/15/29 | 275,000 | 272,937 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Berry Global, Inc., 1.57%, 1/15/26 | $ | 1,010,000 | $ | 910,753 | |
Boeing Co. (The), 2.20%, 2/4/26 | 1,150,000 | 1,055,479 | |||
Boeing Co. (The), 3.38%, 6/15/46 | 79,000 | 55,367 | |||
Boeing Co. (The), 3.63%, 3/1/48 | 565,000 | 400,910 | |||
Boeing Co. (The), 5.15%, 5/1/30 | 48,000 | 47,537 | |||
Boeing Co. (The), 5.93%, 5/1/60 | 159,000 | 157,472 | |||
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 27,000 | 24,529 | |||
Burlington Northern Santa Fe LLC, 4.45%, 1/15/53 | 67,000 | 61,305 | |||
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54 | 119,000 | 121,369 | |||
Carlisle Cos., Inc., 2.20%, 3/1/32 | 382,000 | 301,436 | |||
Carrier Global Corp., 3.38%, 4/5/40 | 180,000 | 138,182 | |||
Caterpillar Financial Services Corp., 1.70%, 1/8/27 | 89,000 | 80,326 | |||
Caterpillar Financial Services Corp., 3.60%, 8/12/27 | 47,000 | 45,243 | |||
Caterpillar Financial Services Corp., 4.35%, 5/15/26 | 36,000 | 35,439 | |||
Caterpillar Financial Services Corp., 4.80%, 1/6/26 | 109,000 | 108,762 | |||
Caterpillar Financial Services Corp., 5.40%, 3/10/25 | 135,000 | 135,237 | |||
CNH Industrial Capital LLC, 5.45%, 10/14/25 | 47,000 | 46,675 | |||
CSX Corp., 4.50%, 11/15/52 | 110,000 | 99,353 | |||
FedEx Corp. Pass-Through Trust, 1.88%, 8/20/35 | 58,910 | 48,056 | |||
Flowserve Corp., 2.80%, 1/15/32 | 245,000 | 195,224 | |||
GATX Corp., Senior Note, 3.25%, 9/15/26 | 107,000 | 98,734 | |||
Honeywell International, Inc., 1.75%, 9/1/31 | 119,000 | 95,408 | |||
Honeywell International, Inc., 4.25%, 1/15/29 | 96,000 | 93,437 | |||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 8,000 | 7,894 | |||
Jabil, Inc., 5.45%, 2/1/29 | 45,000 | 44,653 | |||
Jacobs Engineering Group, Inc., 5.90%, 3/1/33 | 49,000 | 48,073 | |||
John Deere Capital Corp., 3.40%, 6/6/25 | 232,000 | 224,641 | |||
John Deere Capital Corp., 1.30%, 10/13/26 | 92,000 | 81,662 | |||
John Deere Capital Corp., 4.75%, 1/20/28 | 137,000 | 136,886 | |||
John Deere Capital Corp., 4.95%, 6/6/25 | 87,000 | 86,832 | |||
Lockheed Martin Corp., 4.45%, 5/15/28 | 103,000 | 101,529 | |||
Nature Conservancy (The), 6.38%, 2/1/24 (3 month USD LIBOR + 1.08%)(b) | 520,000 | 521,130 | |||
Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300,000 | 235,284 | |||
Northrop Grumman Corp., 4.95%, 3/15/53 | 60,000 | 58,452 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (a) | $ | 585,000 | $ | 592,312 | |
Parker-Hannifin Corp., 4.25%, 9/15/27 | 125,000 | 121,197 | |||
Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.70%, 2/1/28 (a) | 47,000 | 46,380 | |||
Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.20%, 6/15/30 (a) | 58,000 | 58,303 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 (a) | 246,000 | 226,735 | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.40%, 7/1/27 (a) | 108,000 | 101,936 | |||
Raytheon Technologies Corp., 5.38%, 2/27/53 | 79,000 | 82,033 | |||
Republic Services, Inc., 5.00%, 4/1/34 | 1,109,000 | 1,106,509 | |||
Ryder System, Inc., 5.25%, 6/1/28 | 88,000 | 86,888 | |||
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 2/1/28 (a) | 25,000 | 24,816 | |||
Sonoco Products Co., 1.80%, 2/1/25 | 406,000 | 378,993 | |||
Standard Industries, Inc., 4.38%, 7/15/30 (a) | 175,000 | 151,567 | |||
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 (a) | 125,000 | 116,405 | |||
Stanley Black & Decker, Inc., 4.00%, 3/15/60 (4.00% fixed rate until 3/15/25; 2.66% + 5 year CMT thereafter)(b) | 309,000 | 235,886 | |||
Tote Shipholdings LLC, 3.40%, 10/16/40 | 946,000 | 876,891 | |||
Trimble, Inc., 6.10%, 3/15/33 | 63,000 | 63,833 | |||
Trimble, Inc., Senior Note, 4.90%, 6/15/28 | 62,000 | 60,511 | |||
Union Pacific Corp., 2.97%, 9/16/62 | 225,000 | 146,501 | |||
Vontier Corp., 2.95%, 4/1/31 | 7,000 | 5,596 | |||
Waste Management, Inc., 4.63%, 2/15/30 | 44,000 | 43,350 | |||
Total Industrial | 11,446,299 | ||||
TECHNOLOGY - 0.9% | |||||
Apple, Inc., 1.40%, 8/5/28 | 240,000 | 207,154 | |||
Apple, Inc., 2.65%, 5/11/50 | 106,000 | 73,788 | |||
Apple, Inc., 2.70%, 8/5/51 | 75,000 | 52,241 | |||
Apple, Inc., 2.80%, 2/8/61 | 10,000 | 6,756 | |||
Apple, Inc., 3.95%, 8/8/52 | 95,000 | 83,728 | |||
Apple, Inc., 4.10%, 8/8/62 | 27,000 | 23,634 | |||
Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500,000 | 473,460 | |||
Broadcom, Inc., 2.45%, 2/15/31 (a) | 198,000 | 161,034 | |||
Broadcom, Inc., 3.14%, 11/15/35 (a) | 194,000 | 148,807 | |||
Broadcom, Inc., 3.19%, 11/15/36 (a) | 202,000 | 152,662 | |||
Broadcom, Inc., 3.42%, 4/15/33 (a) | 809,000 | 676,533 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
TECHNOLOGY (continued) | |||||
Broadcom, Inc., 4.93%, 5/15/37 (a) | $ | 224,000 | $ | 202,721 | |
CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | 315,000 | 282,832 | |||
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350,000 | 347,701 | |||
Dell International LLC/EMC Corp., 3.38%, 12/15/41 (a) | 165,000 | 116,355 | |||
Dell International LLC/EMC Corp., 8.10%, 7/15/36 | 108,000 | 126,356 | |||
Fidelity National Information Services, Inc., 5.63%, 7/15/52 | 92,000 | 86,720 | |||
Fiserv, Inc., 4.40%, 7/1/49 | 166,000 | 140,265 | |||
Foundry JV Holdco LLC, 5.88%, 1/25/34 (a) | 200,000 | 199,209 | |||
Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 200,000 | 182,165 | |||
Hewlett Packard Enterprise Co., 5.25%, 7/1/28 | 177,000 | 175,298 | |||
Intel Corp., 4.15%, 8/5/32 | 1,000,000 | 950,213 | |||
Intel Corp., 5.20%, 2/10/33 | 184,000 | 185,744 | |||
Intel Corp., 5.63%, 2/10/43 | 95,000 | 96,473 | |||
Intel Corp., 5.90%, 2/10/63 | 52,000 | 53,701 | |||
KLA Corp., 4.95%, 7/15/52 | 114,000 | 112,245 | |||
Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 22,000 | 16,507 | |||
Leidos, Inc., 4.38%, 5/15/30 | 119,000 | 109,258 | |||
Leidos, Inc., 5.75%, 3/15/33 | 68,000 | 67,554 | |||
Oracle Corp., 2.30%, 3/25/28 | 244,000 | 215,320 | |||
Oracle Corp., 4.00%, 11/15/47 | 108,000 | 83,148 | |||
Oracle Corp., 4.90%, 2/6/33 | 72,000 | 69,891 | |||
Oracle Corp., 5.55%, 2/6/53 | 36,000 | 34,860 | |||
Oracle Corp., 6.25%, 11/9/32 | 2,120,000 | 2,250,363 | |||
Oracle Corp., Senior Bond, 3.80%, 11/15/37 | 296,000 | 242,011 | |||
QUALCOMM, Inc., 6.00%, 5/20/53 | 52,000 | 58,204 | |||
Texas Instruments, Inc., 4.60%, 2/15/28 | 90,000 | 90,163 | |||
Texas Instruments, Inc., 5.00%, 3/14/53 | 74,000 | 74,969 | |||
Texas Instruments, Inc., 5.05%, 5/18/63 | 1,200,000 | 1,202,379 | |||
Total Technology | 9,832,422 | ||||
UTILITIES - 3.2% | |||||
AEP Transmission Co. LLC, 4.25%, 9/15/48 | 425,000 | 365,195 | |||
AES Corp. (The), 2.45%, 1/15/31 | 190,000 | 153,574 | |||
AES Corp.(The), 5.45%, 6/1/28 | 1,092,000 | 1,072,275 | |||
Alabama Power Co., 3.75%, 3/1/45 | 170,000 | 133,610 | |||
Alexander Funding Trust, 1.84%, 11/15/23 (a) | 555,000 | 542,831 | |||
American Electric Power Co., Inc., 5.63%, 3/1/33 | 130,000 | 132,166 | |||
American Electric Power Co., Inc., 5.70%, 8/15/25 | 108,000 | 107,270 | |||
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 93,000 | 85,914 | |||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225,000 | 211,635 | |||
Arizona Public Service Co., 3.75%, 5/15/46 | 500,000 | 369,601 | |||
Arizona Public Service Co., 6.35%, 12/15/32 | 630,000 | 668,336 | |||
Atmos Energy Corp., 5.75%, 10/15/52 | 99,000 | 104,780 | |||
Avangrid, Inc., 3.20%, 4/15/25 | 378,000 | 359,366 | |||
Baltimore Gas and Electric Co., 5.40%, 6/1/53 | 71,000 | 72,129 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Calpine Corp., 3.75%, 3/1/31 (a) | $ | 450,000 | $ | 364,546 | |
CMS Energy Corp., 4.75%, 6/1/50 (4.75% fixed rate until 6/01/30; 4.12% + 5 year CMT thereafter)(b) | 117,000 | 100,588 | |||
Commonwealth Edison Co., 3.70%, 8/15/28 | 320,000 | 301,922 | |||
Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105,000 | 88,396 | |||
Consolidated Edison Co. of New York, Inc., 4.45%, 3/15/44 | 55,000 | 48,275 | |||
Consolidated Edison Co. of New York, Inc., Series 20B, Senior Bond, 3.95%, 4/1/50 | 90,000 | 73,545 | |||
Credit Agricole SA, 5.40%, 1/15/54 | 37,000 | 37,697 | |||
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)(b) | 55,000 | 52,619 | |||
Dominion Energy, Inc., Series C, 3.38%, 4/1/30 | 230,000 | 205,724 | |||
DTE Electric Co., 3.95%, 3/1/49 | 258,000 | 211,988 | |||
DTE Electric Co., Series A, 1.90%, 4/1/28 | 1,000,000 | 874,882 | |||
DTE Energy Co., 4.88%, 6/1/28 | 135,000 | 132,048 | |||
Duke Energy Carolinas LLC, 3.55%, 3/15/52 | 52,000 | 39,628 | |||
Duke Energy Florida LLC, 2.50%, 12/1/29 | 1,000,000 | 863,349 | |||
Duke Energy Florida LLC, 3.80%, 7/15/28 | 550,000 | 523,359 | |||
Duke Energy Florida LLC, 4.20%, 7/15/48 | 50,000 | 42,589 | |||
Duke Energy Florida LLC, 5.95%, 11/15/52 | 51,000 | 55,552 | |||
Duke Energy Indiana LLC, 2.75%, 4/1/50 | 930,000 | 593,916 | |||
Duke Energy Ohio, Inc., 5.65%, 4/1/53 | 37,000 | 37,921 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Emera US Finance L.P., 3.55%, 6/15/26 | $ | 225,000 | $ | 212,751 | |
Emera US Finance L.P., 4.75%, 6/15/46 | 190,000 | 154,128 | |||
Entergy Mississippi LLC, 3.50%, 6/1/51 | 41,000 | 30,078 | |||
Entergy Texas, Inc., 4.50%, 3/30/39 | 424,000 | 380,933 | |||
Entergy Texas, Inc., 5.00%, 9/15/52 | 40,000 | 37,365 | |||
Essential Utilities, Inc., 3.35%, 4/15/50 | 101,000 | 70,196 | |||
Exelon Corp., 5.60%, 3/15/53 | 88,000 | 88,662 | |||
Florida Power & Light Co., 2.88%, 12/4/51 | 570,000 | 393,998 | |||
Georgia Power Co., Series A, 3.25%, 3/15/51 | 175,000 | 123,312 | |||
Indiana Michigan Power Co., 5.63%, 4/1/53 | 42,000 | 43,098 | |||
Interstate Power & Light Co., 3.50%, 9/30/49 | 92,000 | 66,907 | |||
ITC Holdings Corp., 4.95%, 9/22/27 (a) | 450,000 | 442,966 | |||
Jersey Central Power & Light Co., 2.75%, 3/1/32 (a) | 62,000 | 51,139 | |||
KeySpan Gas East Corp., 5.99%, 3/6/33 (a) | 118,000 | 118,916 | |||
Liberty Utilities Finance GP 1, 2.05%, 9/15/30 (a) | 1,138,000 | 884,126 | |||
Metropolitan Edison Co., 5.20%, 4/1/28 (a) | 157,000 | 155,401 | |||
MidAmerican Energy Co., 3.10%, 5/1/27 | 624,000 | 582,846 | |||
National Fuel Gas Co., 5.50%, 1/15/26 | 1,225,000 | 1,207,563 | |||
National Fuel Gas Co., 5.50%, 10/1/26 | 1,175,000 | 1,145,663 | |||
National Rural Utilities Cooperative Finance Corp., 1.88%, 2/7/25 | 78,000 | 73,640 | |||
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 543,000 | 522,150 | |||
National Rural Utilities Cooperative Finance Corp., 4.15%, 12/15/32 | 1,000,000 | 926,880 | |||
National Rural Utilities Cooperative Finance Corp., 4.80%, 3/15/28 | 55,000 | 54,374 | |||
New York State Electric & Gas Corp., 2.15%, 10/1/31 (a) | 1,225,000 | 956,515 | |||
NextEra Energy Capital Holdings, Inc., 6.05%, 3/1/25 | 253,000 | 253,951 | |||
NiSource, Inc., 5.25%, 3/30/28 | 140,000 | 139,889 | |||
NiSource, Inc., 5.40%, 6/30/33 | 58,000 | 58,039 | |||
Northwest Natural Gas Co., 3.08%, 12/1/51 | 1,000,000 | 665,982 | |||
Ohio Edison Co., 5.50%, 1/15/33 (a) | 930,000 | 931,312 | |||
Ohio Power Co., 5.00%, 6/1/33 | 53,000 | 51,995 | |||
Oklahoma Gas and Electric Co., 5.60%, 4/1/53 | 37,000 | 37,514 |
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | $ | 720,000 | $ | 679,867 | |
Oncor Electric Delivery Co. LLC, 4.15%, 6/1/32 | 98,000 | 93,036 | |||
Pacific Gas & Electric Co., 4.95%, 6/8/25 | 57,000 | 55,248 | |||
Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107,000 | 72,869 | |||
Pacific Gas and Electric Co., 4.30%, 3/15/45 | 223,000 | 159,106 | |||
Pacific Gas and Electric Co., 4.95%, 7/1/50 | 320,000 | 251,331 | |||
Pacific Gas and Electric Co., 6.70%, 4/1/53 | 975,000 | 957,192 | |||
PacifiCorp, 2.90%, 6/15/52 | 748,000 | 466,116 | |||
PacifiCorp, 4.13%, 1/15/49 | 935,000 | 724,667 | |||
PacifiCorp, 5.50%, 5/15/54 | 1,309,000 | 1,228,106 | |||
PacifiCorp., 5.35%, 12/1/53 | 1,150,000 | 1,050,533 | |||
PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85,000 | 73,131 | |||
Public Service Co. of Colorado, 2.70%, 1/15/51 | 274,000 | 173,407 | |||
Public Service Co. of Colorado, 3.70%, 6/15/28 | 577,000 | 547,516 | |||
Public Service Co. of Colorado, 4.10%, 6/15/48 | 244,000 | 200,418 | |||
Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31 | 207,000 | 167,255 | |||
Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420,000 | 280,655 | |||
Public Service Electric & Gas Co., 5.13%, 3/15/53 | 800,000 | 806,141 | |||
San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51 | 1,375,000 | 930,345 | |||
SCE Recovery Funding LLC, Senior Secured Bond, Series A-2, 2.94%, 11/15/44 | 1,627,000 | 1,319,158 | |||
Southern California Edison Co., 5.85%, 11/1/27 | 770,000 | 787,385 | |||
Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110,000 | 89,225 | |||
Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75,000 | 62,442 | |||
Southern Co. (The), 4.48%, 8/1/24 (e) | 116,000 | 113,881 | |||
Southwestern Electric Power Co., 5.30%, 4/1/33 | 58,000 | 57,246 | |||
Southwestern Public Service Co., 3.75%, 6/15/49 | 360,000 | 275,883 | |||
Spire Missouri, Inc., 4.80%, 2/15/33 | 63,000 | 61,963 | |||
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 (a) | 405,400 | 396,899 | |||
Union Electric Co., 2.95%, 6/15/27 | 43,000 | 40,015 | |||
Union Electric Co., 3.90%, 4/1/52 | 1,155,000 | 941,924 | |||
Vistra Corp., 7.00%, 12/15/26 (7.00% fixed rate until 12/15/26; 5.74% + 5 year CMT thereafter)(a)(b)(d) | 1,000,000 | 872,500 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
CORPORATE BONDS (continued) | |||||
UTILITIES (continued) | |||||
Vistra Operations Co. LLC, 3.55%, 7/15/24 (a) | $ | 305,000 | $ | 294,571 | |
Vistra Operations Co. LLC, 5.00%, 7/31/27 (a) | 100,000 | 93,602 | |||
Wisconsin Power and Light Co., 4.95%, 4/1/33 | 46,000 | 45,495 | |||
Wisconsin Public Service Corp., 2.85%, 12/1/51 | 510,000 | 336,189 | |||
Total Utilities | 34,594,832 | ||||
TOTAL CORPORATE BONDS (Cost: $229,469,413) | 207,965,430 | ||||
U.S. GOVERNMENT AGENCIES - 16.5% | |||||
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | 1,050,000 | 1,042,652 | |||
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 417,342 | 322,786 | |||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 94,970 | 86,173 | |||
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 2,360,334 | 1,941,355 | |||
Federal Home Loan Mortgage Corp., 2.00%, 10/1/51 | 475,377 | 388,310 | |||
Federal Home Loan Mortgage Corp., 2.00%, 1/1/52 | 46,839 | 38,629 | |||
Federal Home Loan Mortgage Corp., 2.00%, 3/1/52 | 1,810,487 | 1,485,005 | |||
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 50,900 | 48,219 | |||
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 9,829,829 | 8,387,006 | |||
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 281,927 | 242,207 | |||
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 2,483,167 | 2,117,154 | |||
Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 338,769 | 290,299 | |||
Federal Home Loan Mortgage Corp., 2.50%, 2/1/52 | 1,584,307 | 1,354,396 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 144,690 | 136,374 | |||
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 225,492 | 207,916 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 460,213 | 415,940 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | $ | 195,103 | $ | 176,319 | |
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 664,938 | 595,660 | |||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 239,200 | 214,159 | |||
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 60,194 | 53,468 | |||
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 342,691 | 304,225 | |||
Federal Home Loan Mortgage Corp., 3.00%, 4/1/51 | 2,829,693 | 2,496,157 | |||
Federal Home Loan Mortgage Corp., 3.00%, 1/1/52 | 1,345,697 | 1,196,040 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 57,441 | 53,848 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | 284,327 | 266,508 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 126,047 | 117,786 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 177,937 | 166,228 | |||
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 115,911 | 107,923 | |||
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | 145,732 | 134,754 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 135,051 | 124,781 | |||
Federal Home Loan Mortgage Corp., 3.50%, 11/1/51 | 452,732 | 416,786 | |||
Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 29,011 | 26,442 | |||
Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 2,349,408 | 2,142,579 | |||
Federal Home Loan Mortgage Corp., 3.50%, 6/1/52 | 1,482,128 | 1,353,408 | |||
Federal Home Loan Mortgage Corp., 4.00%, 11/1/37 | 1,515,954 | 1,464,140 | |||
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 87,721 | 84,438 | |||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 155,908 | 150,072 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued | |||||
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | $ | 3,393 | $ | 3,257 | |
Federal Home Loan Mortgage Corp., 4.00%, 4/1/52 | 553,620 | 519,957 | |||
Federal Home Loan Mortgage Corp., 4.00%, 8/1/52 | 4,477,266 | 4,203,603 | |||
Federal Home Loan Mortgage Corp., 4.00%, 9/1/52 | 3,364,198 | 3,157,525 | |||
Federal Home Loan Mortgage Corp., 4.50%, 11/1/37 | 483,410 | 474,139 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 24,923 | 24,672 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 197,394 | 193,799 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 44,415 | 43,399 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 46,370 | 45,556 | |||
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 106,089 | 104,229 | |||
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 116,974 | 114,953 | |||
Federal Home Loan Mortgage Corp., 4.50%, 6/1/52 | 371,280 | 357,007 | |||
Federal Home Loan Mortgage Corp., 4.50%, 7/1/52 | 354,949 | 341,320 | |||
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 107,952 | 108,851 | |||
Federal Home Loan Mortgage Corp., 5.00%, 7/1/52 | 1,968,561 | 1,930,151 | |||
Federal Home Loan Mortgage Corp., 5.00%, 9/1/52 | 2,865,167 | 2,809,536 | |||
Federal National Mortgage Association, 0.00%, 3/17/31 | 260,000 | 186,658 | |||
Federal National Mortgage Association, 0.63%, 4/22/25 | 1,000,000 | 924,816 | |||
Federal National Mortgage Association, 0.88%, 8/5/30 | 1,265,000 | 1,016,856 | |||
Federal National Mortgage Association, 1.50%, 10/1/50 | 386,857 | 299,583 | |||
Federal National Mortgage Association, 1.50%, 12/1/50 | 1,764,915 | 1,365,039 | |||
Federal National Mortgage Association, 1.50%, 7/1/51 | 596,145 | 461,036 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 2.00%, 5/1/36 | $ | 480,330 | $ | 425,815 | |
Federal National Mortgage Association, 2.00%, 12/1/36 | 1,519,732 | 1,347,250 | |||
Federal National Mortgage Association, 2.00%, 12/1/40 | 483,845 | 414,709 | |||
Federal National Mortgage Association, 2.00%, 2/1/41 | 405,589 | 346,285 | |||
Federal National Mortgage Association, 2.00%, 5/1/41 | 814,160 | 693,033 | |||
Federal National Mortgage Association, 2.00%, 9/1/50 | 2,986,386 | 2,456,806 | |||
Federal National Mortgage Association, 2.00%, 10/1/50 | 1,510,151 | 1,243,382 | |||
Federal National Mortgage Association, 2.00%, 11/1/50 | 382,724 | 314,795 | |||
Federal National Mortgage Association, 2.00%, 1/1/51 | 394,535 | 324,446 | |||
Federal National Mortgage Association, 2.00%, 2/1/51 | 430,049 | 352,476 | |||
Federal National Mortgage Association, 2.00%, 4/1/51 | 1,778,937 | 1,456,549 | |||
Federal National Mortgage Association, 2.00%, 5/1/51 | 6,259,644 | 5,125,637 | |||
Federal National Mortgage Association, 2.00%, 6/1/51 | 4,419,107 | 3,614,857 | |||
Federal National Mortgage Association, 2.00%, 11/1/51 | 545,477 | 445,563 | |||
Federal National Mortgage Association, 2.50%, 4/1/31 | 325,901 | 302,041 | |||
Federal National Mortgage Association, 2.50%, 7/1/32 | 244,178 | 225,670 | |||
Federal National Mortgage Association, 2.50%, 8/1/32 | 261,664 | 241,818 | |||
Federal National Mortgage Association, 2.50%, 9/1/32 | 255,510 | 236,141 | |||
Federal National Mortgage Association, 2.50%, 7/1/35 | 950,390 | 878,352 | |||
Federal National Mortgage Association, 2.50%, 5/1/43 | 196,161 | 169,342 | |||
Federal National Mortgage Association, 2.50%, 8/1/46 | 467,869 | 402,446 | |||
Federal National Mortgage Association, 2.50%, 9/1/46 | 39,650 | 34,106 | |||
Federal National Mortgage Association, 2.50%, 10/1/46 | 117,009 | 100,224 | |||
Federal National Mortgage Association, 2.50%, 8/1/50 | 593,125 | 506,098 | |||
Federal National Mortgage Association, 2.50%, 10/1/50 | 304,632 | 259,936 | |||
Federal National Mortgage Association, 2.50%, 2/1/51 | 213,590 | 183,843 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 1,528,584 | 1,302,880 | |||
Federal National Mortgage Association, 2.50%, 4/1/51 | 342,666 | 294,388 | |||
Federal National Mortgage Association, 2.50%, 8/1/51 | 941,954 | 801,051 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 2.50%, 9/1/51 | $ | 1,819,154 | $ | 1,547,039 | |
Federal National Mortgage Association, 2.50%, 2/1/52 | 920,529 | 786,765 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 697,866 | 596,592 | |||
Federal National Mortgage Association, 2.50%, 2/1/52 | 2,260,527 | 1,929,675 | |||
Federal National Mortgage Association, 2.50%, 3/1/52 | 252,706 | 215,986 | |||
Federal National Mortgage Association, 2.63%, 9/6/24 | 1,000,000 | 970,356 | |||
Federal National Mortgage Association, 3.00%, 5/1/30 | 103,279 | 98,390 | |||
Federal National Mortgage Association, 3.00%, 5/1/32 | 341,571 | 321,477 | |||
Federal National Mortgage Association, 3.00%, 10/1/32 | 260,067 | 244,785 | |||
Federal National Mortgage Association, 3.00%, 5/1/40 | 205,830 | 187,328 | |||
Federal National Mortgage Association, 3.00%, 5/1/43 | 332,489 | 300,143 | |||
Federal National Mortgage Association, 3.00%, 9/1/46 | 111,623 | 99,912 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 201,191 | 180,688 | |||
Federal National Mortgage Association, 3.00%, 11/1/46 | 171,319 | 153,332 | |||
Federal National Mortgage Association, 3.00%, 1/1/47 | 201,334 | 180,365 | |||
Federal National Mortgage Association, 3.00%, 2/1/47 | 1,017,712 | 918,792 | |||
Federal National Mortgage Association, 3.00%, 12/1/49 | 321,478 | 285,517 | |||
Federal National Mortgage Association, 3.00%, 2/1/50 | 805,910 | 715,592 | |||
Federal National Mortgage Association, 3.00%, 7/1/50 | 4,061,835 | 3,623,022 | |||
Federal National Mortgage Association, 3.00%, 9/1/51 | 317,789 | 282,681 | |||
Federal National Mortgage Association, 3.00%, 3/1/52 | 467,847 | 413,726 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 468,630 | 413,588 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 637,061 | 564,052 | |||
Federal National Mortgage Association, 3.00%, 4/1/52 | 106,192 | 93,907 | |||
Federal National Mortgage Association, 3.50%, 12/1/30 | 27,203 | 26,066 | |||
Federal National Mortgage Association, 3.50%, 1/1/35 | 103,908 | 99,054 | |||
Federal National Mortgage Association, 3.50%, 6/1/37 | 903,987 | 860,152 | |||
Federal National Mortgage Association, 3.50%, 5/1/40 | 70,162 | 65,838 | |||
Federal National Mortgage Association, 3.50%, 1/1/41 | 171,522 | 160,646 | |||
Federal National Mortgage Association, 3.50%, 8/1/42 | 133,245 | 124,752 | |||
Federal National Mortgage Association, 3.50%, 11/1/42 | 219,673 | 205,545 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 3.50%, 8/1/43 | $ | 98,605 | $ | 91,968 | |
Federal National Mortgage Association, 3.50%, 1/1/45 | 10,625 | 9,934 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 212,576 | 197,819 | |||
Federal National Mortgage Association, 3.50%, 12/1/45 | 156,387 | 145,448 | |||
Federal National Mortgage Association, 3.50%, 8/1/46 | 172,814 | 160,718 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 81,317 | 75,471 | |||
Federal National Mortgage Association, 3.50%, 12/1/46 | 96,300 | 90,162 | |||
Federal National Mortgage Association, 3.50%, 1/1/47 | 93,658 | 86,606 | |||
Federal National Mortgage Association, 3.50%, 4/1/47 | 280,790 | 259,080 | |||
Federal National Mortgage Association, 3.50%, 9/1/47 | 127,584 | 117,970 | |||
Federal National Mortgage Association, 3.50%, 11/1/47 | 39,419 | 36,380 | |||
Federal National Mortgage Association, 3.50%, 11/1/47 | 4,713 | 4,395 | |||
Federal National Mortgage Association, 3.50%, 6/1/48 | 145,717 | 134,485 | |||
Federal National Mortgage Association, 3.50%, 6/1/48 | 141,314 | 130,419 | |||
Federal National Mortgage Association, 3.50%, 11/1/48 | 194,802 | 179,786 | |||
Federal National Mortgage Association, 3.50%, 3/1/49 | 167,604 | 154,685 | |||
Federal National Mortgage Association, 3.50%, 6/1/49 | 68,853 | 63,545 | |||
Federal National Mortgage Association, 3.50%, 4/1/50 | 1,078,942 | 986,702 | |||
Federal National Mortgage Association, 3.50%, 2/1/52 | 917,901 | 843,527 | |||
Federal National Mortgage Association, 3.50%, 3/1/52 | 1,495,338 | 1,364,278 | |||
Federal National Mortgage Association, 3.50%, 5/1/52 | 505,674 | 460,901 | |||
Federal National Mortgage Association, 3.50%, 5/1/52 | 1,419,880 | 1,294,151 | |||
Federal National Mortgage Association, 3.50%, 7/1/52 | 2,451,056 | 2,234,018 | |||
Federal National Mortgage Association, 4.00%, 11/1/37 | 1,017,190 | 981,762 | |||
Federal National Mortgage Association, 4.00%, 9/1/40 | 127,153 | 122,256 | |||
Federal National Mortgage Association, 4.00%, 3/1/41 | 230,002 | 221,144 | |||
Federal National Mortgage Association, 4.00%, 9/1/42 | 24,961 | 23,927 | |||
Federal National Mortgage Association, 4.00%, 5/1/44 | 2,428,523 | 2,325,127 | |||
Federal National Mortgage Association, 4.00%, 1/1/45 | 9,905 | 9,494 | |||
Federal National Mortgage Association, 4.00%, 12/1/45 | 259,741 | 248,180 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 4.00%, 7/1/46 | $ | 215,615 | $ | 205,817 | |
Federal National Mortgage Association, 4.00%, 3/1/47 | 118,284 | 112,240 | |||
Federal National Mortgage Association, 4.00%, 9/1/47 | 148,012 | 141,484 | |||
Federal National Mortgage Association, 4.00%, 10/1/47 | 68,737 | 65,556 | |||
Federal National Mortgage Association, 4.00%, 12/1/47 | 92,063 | 88,002 | |||
Federal National Mortgage Association, 4.00%, 1/1/48 | 193,793 | 184,765 | |||
Federal National Mortgage Association, 4.00%, 4/1/48 | 67,938 | 64,859 | |||
Federal National Mortgage Association, 4.00%, 3/1/49 | 1,202,616 | 1,143,965 | |||
Federal National Mortgage Association, 4.00%, 4/1/52 | 454,505 | 430,973 | |||
Federal National Mortgage Association, 4.00%, 5/1/52 | 1,571,300 | 1,475,426 | |||
Federal National Mortgage Association, 4.00%, 6/1/52 | 459,999 | 431,931 | |||
Federal National Mortgage Association, 4.00%, 7/1/52 | 1,185,422 | 1,113,089 | |||
Federal National Mortgage Association, 4.00%, 8/1/52 | 2,695,521 | 2,530,208 | |||
Federal National Mortgage Association, 4.00%, 9/1/52 | 2,458,263 | 2,307,244 | |||
Federal National Mortgage Association, 4.00%, 10/1/52 | 3,809,346 | 3,575,721 | |||
Federal National Mortgage Association, 4.50%, 9/1/40 | 122,899 | 121,046 | |||
Federal National Mortgage Association, 4.50%, 2/1/41 | 240,724 | 237,719 | |||
Federal National Mortgage Association, 4.50%, 9/1/42 | 2,129 | 2,089 | |||
Federal National Mortgage Association, 4.50%, 12/1/43 | 12,500 | 12,256 | |||
Federal National Mortgage Association, 4.50%, 7/1/46 | 87,103 | 85,477 | |||
Federal National Mortgage Association, 4.50%, 11/1/47 | 38,690 | 37,967 | |||
Federal National Mortgage Association, 4.50%, 1/1/48 | 111,267 | 109,215 | |||
Federal National Mortgage Association, 4.50%, 2/1/48 | 19,726 | 19,362 | |||
Federal National Mortgage Association, 4.50%, 3/1/48 | 67,345 | 66,088 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 80,959 | 79,447 | |||
Federal National Mortgage Association, 4.50%, 5/1/48 | 58,050 | 56,948 | |||
Federal National Mortgage Association, 4.50%, 6/1/52 | 179,784 | 172,881 | |||
Federal National Mortgage Association, 4.50%, 6/1/52 | 2,729,668 | 2,624,947 | |||
Federal National Mortgage Association, 4.50%, 7/1/52 | 155,269 | 149,320 | |||
Federal National Mortgage Association, 4.50%, 8/1/52 | 3,144,164 | 3,023,456 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Federal National Mortgage Association, 4.50%, 9/1/52 | $ | 9,631,158 | $ | 9,261,156 | |
Federal National Mortgage Association, 4.50%, 11/1/52 | 226,547 | 217,832 | |||
Federal National Mortgage Association, 4.50%, 12/1/52 | 1,584,769 | 1,523,809 | |||
Federal National Mortgage Association, 4.50%, 3/1/53 | 983,698 | 945,846 | |||
Federal National Mortgage Association, 5.00%, 9/1/40 | 94,497 | 95,174 | |||
Federal National Mortgage Association, 5.00%, 2/1/41 | 73,681 | 74,209 | |||
Federal National Mortgage Association, 5.00%, 7/1/44 | 179,076 | 181,370 | |||
Federal National Mortgage Association, 5.00%, 5/1/48 | 42,121 | 41,980 | |||
Federal National Mortgage Association, 5.00%, 8/1/48 | 17,562 | 17,486 | |||
Federal National Mortgage Association, 5.00%, 7/1/52 | 796,891 | 781,444 | |||
Federal National Mortgage Association, 5.00%, 8/1/52 | 1,207,574 | 1,184,486 | |||
Federal National Mortgage Association, 5.00%, 9/1/52 | 197,367 | 193,535 | |||
Federal National Mortgage Association, 5.00%, 10/1/52 | 5,170,628 | 5,068,878 | |||
Federal National Mortgage Association, 5.50%, 2/1/42 | 39,153 | 40,066 | |||
Federal National Mortgage Association, 5.50%, 12/1/52 | 953,487 | 951,694 | |||
Federal National Mortgage Association, 5.50%, 2/1/53 | 1,025,903 | 1,021,002 | |||
Federal National Mortgage Association, Series 2017-51, Class CP, CMO, REMIC, 3.00%, 2/25/47 | 312,728 | 281,336 | |||
Government National Mortgage Association, 2.00%, 3/20/51 | 373,989 | 315,477 | |||
Government National Mortgage Association, 2.00%, 7/20/51 | 456,409 | 384,870 | |||
Government National Mortgage Association, 2.00%, 10/20/51 | 192,914 | 162,393 | |||
Government National Mortgage Association, 2.50%, 12/20/46 | 78,816 | 69,138 | |||
Government National Mortgage Association, 2.50%, 10/20/50 | 1,295,815 | 1,102,742 | |||
Government National Mortgage Association, 2.50%, 5/20/51 | 4,535,642 | 3,940,772 | |||
Government National Mortgage Association, 2.50%, 8/20/51 | 335,769 | 291,146 | |||
Government National Mortgage Association, 2.50%, 11/20/51 | 437,467 | 378,763 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 2.50%, 12/20/51 | $ | 2,218,887 | $ | 1,922,009 | |
Government National Mortgage Association, 2.50%, 5/20/52 | 1,398,554 | 1,211,192 | |||
Government National Mortgage Association, 3.00%, 12/20/42 | 177,970 | 162,586 | |||
Government National Mortgage Association, 3.00%, 12/20/45 | 54,651 | 49,856 | |||
Government National Mortgage Association, 3.00%, 9/20/46 | 80,127 | 72,847 | |||
Government National Mortgage Association, 3.00%, 10/20/46 | 166,904 | 151,418 | |||
Government National Mortgage Association, 3.00%, 2/20/47 | 193,904 | 175,908 | |||
Government National Mortgage Association, 3.00%, 4/20/47 | 131,230 | 119,011 | |||
Government National Mortgage Association, 3.00%, 12/20/47 | 58,996 | 53,351 | |||
Government National Mortgage Association, 3.00%, 1/20/48 | 122,230 | 110,735 | |||
Government National Mortgage Association, 3.00%, 9/20/49 | 95,105 | 85,810 | |||
Government National Mortgage Association, 3.00%, 12/20/49 | 190,137 | 171,140 | |||
Government National Mortgage Association, 3.00%, 1/20/50 | 440,516 | 397,449 | |||
Government National Mortgage Association, 3.00%, 4/15/50 | 186,930 | 167,415 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 268,270 | 240,930 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 359,556 | 322,903 | |||
Government National Mortgage Association, 3.00%, 8/20/50 | 225,424 | 202,313 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 151,835 | 136,127 | |||
Government National Mortgage Association, 3.00%, 10/20/50 | 240,586 | 215,545 | |||
Government National Mortgage Association, 3.00%, 7/20/51 | 256,510 | 230,291 | |||
Government National Mortgage Association, 3.00%, 12/20/51 | 487,163 | 436,188 | |||
Government National Mortgage Association, 3.00%, 5/20/52 | 3,884,962 | 3,474,091 | |||
Government National Mortgage Association, 3.50%, 2/20/42 | 146,846 | 138,138 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 3.50%, 7/20/42 | $ | 214,214 | $ | 201,645 | |
Government National Mortgage Association, 3.50%, 11/20/42 | 96,953 | 91,366 | |||
Government National Mortgage Association, 3.50%, 8/20/45 | 37,577 | 35,230 | |||
Government National Mortgage Association, 3.50%, 9/20/45 | 37,389 | 35,017 | |||
Government National Mortgage Association, 3.50%, 4/20/46 | 53,597 | 50,198 | |||
Government National Mortgage Association, 3.50%, 12/20/46 | 304,212 | 284,911 | |||
Government National Mortgage Association, 3.50%, 11/20/47 | 100,944 | 94,418 | |||
Government National Mortgage Association, 3.50%, 1/20/48 | 103,870 | 97,343 | |||
Government National Mortgage Association, 3.50%, 11/20/48 | 415,189 | 387,694 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 145,452 | 135,177 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 148,258 | 138,313 | |||
Government National Mortgage Association, 3.50%, 8/20/50 | 186,399 | 173,172 | |||
Government National Mortgage Association, 3.50%, 10/20/50 | 63,989 | 59,448 | |||
Government National Mortgage Association, 3.50%, 1/20/52 | 932,283 | 860,389 | |||
Government National Mortgage Association, 3.50%, 7/20/52 | 1,885,620 | 1,740,118 | |||
Government National Mortgage Association, 3.50%, 12/20/52 | 2,616,059 | 2,414,200 | |||
Government National Mortgage Association, 4.00%, 11/20/40 | 72,226 | 70,129 | |||
Government National Mortgage Association, 4.00%, 2/20/46 | 149,863 | 144,118 | |||
Government National Mortgage Association, 4.00%, 3/20/46 | 56,670 | 54,499 | |||
Government National Mortgage Association, 4.00%, 5/20/47 | 81,833 | 78,546 | |||
Government National Mortgage Association, 4.00%, 8/20/47 | 42,155 | 40,461 | |||
Government National Mortgage Association, 4.00%, 9/20/47 | 635,408 | 611,448 | |||
Government National Mortgage Association, 4.00%, 9/20/52 | 3,153,545 | 2,983,722 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT AGENCIES (continued) | |||||
Government National Mortgage Association, 4.50%, 9/20/39 | $ | 74,167 | $ | 73,649 | |
Government National Mortgage Association, 4.50%, 7/20/41 | 42,692 | 42,394 | |||
Government National Mortgage Association, 4.50%, 2/20/47 | 26,093 | 25,771 | |||
Government National Mortgage Association, 4.50%, 8/20/47 | 40,186 | 39,424 | |||
Government National Mortgage Association, 4.50%, 1/20/48 | 126,492 | 123,901 | |||
Government National Mortgage Association, 4.50%, 3/20/48 | 25,245 | 24,732 | |||
Government National Mortgage Association, 4.50%, 7/20/48 | 50,766 | 49,513 | |||
Government National Mortgage Association, 4.50%, 6/20/49 | 140,806 | 136,881 | |||
Government National Mortgage Association, 4.50%, 12/20/52 | 1,725,745 | 1,665,678 | |||
Government National Mortgage Association, 5.00%, 7/20/45 | 107,109 | 108,108 | |||
Government National Mortgage Association, 5.00%, 11/20/52 | 661,515 | 650,627 | |||
Tennessee Valley Authority, 1.50%, 9/15/31 | 145,000 | 117,180 | |||
United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27 | 1,000,000 | 931,849 | |||
United States International Development Finance Corp., 3.43%, 6/1/33 | 941,662 | 871,756 | |||
United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | 1,000,000 | 880,297 | |||
United States International Development Finance Corp., Series 3, 1.05%, 10/15/29 | 749,469 | 652,326 | |||
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $190,867,178) | 179,675,127 | ||||
ASSET-BACKED SECURITIES - 12.9% | |||||
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 (a) | 1,620,000 | 1,508,844 | |||
ACC Trust, Series 2022-1, Class A, ABS, 1.19%, 9/20/24 (a) | 211,380 | 210,173 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
ACHV ABS TRUST, Series 2023-1PL, Class B, ABS, 6.80%, 3/18/30 (a) | $ | 1,700,000 | $ | 1,690,768 | |
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 (a) | 1,238,834 | 1,167,219 | |||
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.35%, 10/15/47 (a) | 1,000,000 | 989,519 | |||
American Express Credit Account Master Trust, Series 2022-2, Class A, ABS, 3.39%, 5/15/27 | 1,000,000 | 965,059 | |||
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | 2,464 | 2,461 | |||
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 91,535 | 91,147 | |||
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | 275,651 | 273,004 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300,000 | 274,116 | |||
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27 | 300,000 | 270,864 | |||
AMSR Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39 (a) | 100,000 | 90,120 | |||
Anchorage Capital CLO 17 Ltd., Series 2021-17A, Class A1, ABS, (3 month USD LIBOR + 1.170%), 6.43%, 7/15/34 (a)(b) | 2,000,000 | 1,954,736 | |||
Antares CLO Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 7.80%, 7/20/31 (a)(b) | 1,940,000 | 1,885,940 | |||
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 6.37%, 7/26/31 (3 month USD LIBOR + 1.10%)(a)(b) | 1,000,000 | 986,428 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 (a) | 200,000 | 198,093 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 (a) | 400,000 | 388,113 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26 (a) | 500,000 | 472,093 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 (a) | $ | 300,000 | $ | 278,960 | |
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 (a) | 800,000 | 702,710 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28 (a) | 900,000 | 778,387 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, ABS, 3.83%, 8/21/28 (a) | 1,000,000 | 927,275 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class A, ABS, 5.20%, 10/20/27 (a) | 500,000 | 488,813 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2023-3A, Class ASeries 2023-3A, Class A, 5.44%, 2/22/28 (a) | 1,700,000 | 1,673,006 | |||
Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class A, 5.49%, 6/20/29 (a) | 2,000,000 | 1,967,432 | |||
Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.120%), 6.37%, 1/20/32 (a)(b) | 1,000,000 | 987,941 | |||
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 6.45%, 7/20/34 (a)(b) | 1,000,000 | 984,375 | |||
BHG Securitization Trust, Series 2022-C, Class B, ABS, 5.93%, 10/17/35 (a) | 1,690,000 | 1,646,117 | |||
Blue Stream Issuer LLC, Series 2023-1PL, Class A2, 5.40%, 5/20/53 (a) | 1,300,000 | 1,237,355 | |||
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 (a) | 53,577 | 50,619 | |||
Business Jet Securities LLC, Series 2022-1A, Class B, ABS, 5.19%, 6/15/37 (a) | 727,013 | 676,282 | |||
California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.500%), 7.76%, 7/16/32 (a)(b) | 1,840,000 | 1,759,380 | |||
Capital Automotive REIT, Series 2020-1A, Class A1, ABS, 3.35%, 3/15/52 (a) | 1,102,000 | 959,419 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Carlyle U.S. CLO Ltd., Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 6.37%, 7/20/34 (a)(b) | $ | 1,500,000 | $ | 1,478,551 | |
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400,000 | 366,450 | |||
CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200,000 | 182,867 | |||
CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27 | 190,000 | 170,836 | |||
CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27 | 200,000 | 179,108 | |||
CarMax Auto Owner Trust, Series 2022-1, Class C, ABS, 2.20%, 11/15/27 | 300,000 | 274,110 | |||
CarMax Auto Owner Trust, Series 2022-1, Class D, ABS, 2.47%, 7/17/28 | 100,000 | 90,302 | |||
CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50 (a) | 540,000 | 502,315 | |||
CarVal CLO VII-C Ltd., (SOFR + 2.20%), 6.88%, 1/20/35 (a)(b) | 2,000,000 | 2,000,850 | |||
CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 6.43%, 7/20/34 (a)(b) | 1,750,000 | 1,709,424 | |||
CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 (a) | 350,786 | 313,297 | |||
CF Hippolyta Issuer LLC, Series 2022-1A, Class A1, ABS, 5.97%, 8/15/62 (a) | 488,565 | 475,861 | |||
CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 (a) | 510,000 | 496,220 | |||
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | 600,000 | 571,500 | |||
CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, ABS, 2.57%, 7/20/51 (a) | 2,398,668 | 1,800,369 | |||
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 (a) | 30,537 | 28,779 | |||
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 (a) | 195,163 | 165,603 | |||
Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31 (a) | 830,000 | 753,248 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 8.66%, 4/25/29 (a)(b) | $ | 1,300,000 | $ | 1,248,914 | |
DigitalBridge Issuer LLC, Series 2021-1A, Class A2, 3.93%, 9/25/51 (a) | 1,020,000 | 932,028 | |||
Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 6.45%, 7/15/34 (a)(b) | 1,000,000 | 978,023 | |||
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 6.25%, 5/25/37 (1 month USD LIBOR + 1.10%)(a)(b) | 4,584 | 4,528 | |||
Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51 (a) | 1,700,000 | 1,482,528 | |||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 (a) | 300,000 | 288,270 | |||
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 (a) | 300,000 | 296,145 | |||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, ABS, 2.04%, 8/15/31 (a) | 800,000 | 752,883 | |||
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 (a) | 200,000 | 180,601 | |||
Ford Credit Auto Owner Trust, Series 2021-1, Class A, ABS, 1.37%, 10/17/33 (a) | 3,000,000 | 2,678,262 | |||
Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 (a) | 120,000 | 106,708 | |||
Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34 (a) | 100,000 | 88,195 | |||
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600,000 | 544,322 | |||
FREED ABS Trust, Series 2022-2CP, Class A, ABS, 3.03%, 5/18/29 (a) | 12,677 | 12,660 | |||
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 (a) | 806,137 | 716,040 | |||
Global SC Finance VII Srl, Series 2020-2A, Class��A, 2.26%, 11/19/40 (a) | 210,145 | 186,946 | |||
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 (a) | 175,117 | 155,590 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34 (a) | $ | 100,000 | $ | 86,531 | |
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 (a) | 800,000 | 747,999 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 (a) | 312,311 | 239,589 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48 (a) | 1,233,937 | 945,222 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, ABS, 2.70%, 1/20/49 (a) | 889,222 | 711,193 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2022-3CS, Class A, ABS, 4.95%, 7/20/49 (a) | 943,316 | 865,004 | |||
GoodLeap Sustainable Home Solutions Trust, Series 2022-4CS, Class B, 5.55%, 11/20/54 (a) | 500,000 | 430,775 | |||
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 (a) | 287,745 | 260,971 | |||
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 (a) | 128,952 | 112,593 | |||
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 (a) | 470,029 | 381,931 | |||
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 (a) | 400,000 | 348,540 | |||
Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, ABS, 1.99%, 6/25/26 (a) | 2,890,000 | 2,681,082 | |||
Hertz Vehicle Financing III LLC, Series 2023-2A, Class C, ABS, 7.13%, 9/25/29 (a) | 900,000 | 892,908 | |||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 (a) | 400,000 | 374,737 | |||
Hertz Vehicle Financing LLC, Series 2022-2A, Class A, ABS, 2.33%, 6/26/28 (a) | 1,100,000 | 966,269 | |||
Home Equity Asset Trust, Series 2003-1, Class M1, 6.65%, 6/25/33 (1 month USD LIBOR + 1.50%)(b) | 2,663 | 2,595 | |||
Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41 (a) | 359,227 | 304,455 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.200%), 6.45%, 10/20/34 (a)(b) | $ | 1,125,000 | $ | 1,099,688 | |
KKR Static CLO 2 Ltd., Series 2022-2A, Class A1, 6.74%, 10/20/31 (SOFR + 2.220%)(a)(b) | 3,000,000 | 3,002,325 | |||
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 (a) | 29,743 | 28,726 | |||
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1,039,243 | 1,009,687 | |||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 (a) | 655,816 | 488,890 | |||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 (a) | 365,270 | 264,673 | |||
Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 6.41%, 7/20/34 (a)(b) | 1,000,000 | 981,771 | |||
Mariner Finance Issuance Trust, Series 2021-AA, Class A, ABS, 1.86%, 3/20/36 (a) | 1,710,000 | 1,501,320 | |||
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 (a) | 476,750 | 449,637 | |||
Midocean Credit CLO IX, Series 2018-9A, Class A1, 6.40%, 7/20/31 (3 month USD LIBOR + 1.15%)(a)(b) | 500,000 | 493,672 | |||
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 (a) | 14,959 | 14,895 | |||
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 (a) | 300,000 | 290,853 | |||
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 (a) | 300,000 | 276,126 | |||
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 (a) | 2,200,000 | 2,064,856 | |||
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 (a) | 475,391 | 407,047 | |||
Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46 (a) | 538,431 | 439,818 | |||
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 (a) | 611,117 | 477,064 | |||
Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52 (a) | 1,268,681 | 1,004,599 | |||
Mosaic Solar Loan Trust, Series 2021-3A, Class C, ABS, 1.77%, 6/20/52 (a) | 400,000 | 320,046 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Mosaic Solar Loan Trust, Series 2022-3A, Class A, 6.10%, 6/20/53 (a) | $ | 873,076 | $ | 870,994 | |
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 6.38%, 7/15/31 (3 month USD LIBOR + 1.12%)(a)(b) | 1,000,000 | 984,759 | |||
Mountain View CLO XVI Ltd., Series 2022-1A, Class A, 6.55%, 10/15/32 (SOFR + 2.50%)(a)(b) | 2,500,000 | 2,500,165 | |||
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 (a) | 379,723 | 353,844 | |||
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 (a) | 762,219 | 711,023 | |||
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 (a) | 18,411 | 18,071 | |||
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (a) | 102,114 | 96,499 | |||
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 (a) | 145,034 | 131,452 | |||
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 (a) | 116,317 | 104,417 | |||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61 (a) | 1,730,000 | 1,440,632 | |||
Newtek Small Business Loan Trust, Series 2018-1, Class A ( PRIME - 0.550%), 7.70%, 2/25/44 (1 month USD LIBOR + 1.70%)(1 month USD LIBOR + 1.70%) (1 month USD LIBOR + 1.70%)(a)(b) | 236,696 | 233,630 | |||
Newtek Small Business Loan Trust, Series 2018-1, Class B ( PRIME + 0.750%), 9.00%, 2/25/44 (1 month USD LIBOR + 3.00%)(a)(b) | 113,910 | 112,907 | |||
NFAS2 LLC, Series 2022-1, Class A, ABS, 6.86%, 9/15/28 (a) | 830,000 | 814,395 | |||
NMEF Funding LLC, Series 2022-B, Class B, 7.12%, 6/15/29 (a) | 1,340,000 | 1,336,643 | |||
Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 6.72%, 6/20/34 (a)(b) | 2,000,000 | 1,968,738 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 (a) | $ | 510,000 | $ | 503,218 | |
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 8.60%, 1/20/31 (a)(b) | 1,620,000 | 1,560,410 | |||
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 6.52%, 10/13/31 (a)(b) | 1,474,373 | 1,454,766 | |||
OCP CLO Ltd., Series 2015-9A, Class A1R2, (SOFR + 1.250%), 6.24%, 1/15/33 (a)(b) | 1,000,000 | 979,170 | |||
OFSI BSL XII Ltd., Series 2023-12A, Class A1, ABS, (SOFR + 2.370%), 7.36%, 1/20/35 (a)(b) | 2,000,000 | 2,003,282 | |||
OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 (a) | 2,050,000 | 1,925,435 | |||
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 (a) | 900,000 | 866,149 | |||
OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28 (a) | 600,000 | 542,678 | |||
OneMain Direct Auto Receivables Trust, Series 2021-1A, Class C, 1.42%, 7/14/28 (a) | 500,000 | 444,967 | |||
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 (a) | 33,008 | 32,880 | |||
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 (a) | 600,000 | 535,362 | |||
OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 5.83%, 6/16/36 (a)(b) | 600,000 | 584,261 | |||
OneMain Financial Issuance Trust, Series 2022-3A, Class A, 5.94%, 5/15/34 (a) | 1,350,000 | 1,343,014 | |||
Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 (a) | 1,290,000 | 1,173,369 | |||
Oxford Finance Funding Trust, Series 2023-1A, Class A2, ABS, 6.72%, 2/15/31 (a) | 2,700,000 | 2,640,004 | |||
Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, ABS, 5.17%, 2/15/28 (a) | 1,140,000 | 1,124,297 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.530%), 5.67%, 5/25/70 (a)(b) | $ | 341,575 | $ | 330,553 | |
PFS Financing Corp., Series 2022-D, Class A, ABS, 4.27%, 8/15/27 (a) | 2,350,000 | 2,275,544 | |||
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A ( PRIME - 0.500%), 7.75%, 12/27/44 (a)(b) | 159,149 | 152,491 | |||
Regatta VII Funding Ltd., Series 2016-4A, Class A1R2, ABS, (3 month USD LIBOR + 1.150%), 6.66%, 6/20/34 (a)(b) | 1,500,000 | 1,473,421 | |||
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 (a) | 320,000 | 307,750 | |||
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 (a) | 1,870,000 | 1,729,492 | |||
Renew Financial, Series 2018-1, Class A, 3.95%, 9/20/53 (a) | 166,509 | 145,638 | |||
Renew Financial, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 (a) | 677,452 | 533,813 | |||
Republic Finance Issuance Trust, Series 2020-A, Class A, ABS, 2.47%, 11/20/30 (a) | 1,010,000 | 970,262 | |||
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 (a) | 600,000 | 561,633 | |||
Romark WM-R Ltd., Series 2018-1A, Class A1, ABS, (3 month USD LIBOR + 1.030%), 6.28%, 4/20/31 (a)(b) | 1,731,831 | 1,715,407 | |||
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 (a) | 740,000 | 699,278 | |||
Sabey Data Center Issuer LLC, Series 2022-1, Class A2, ABS, 5.00%, 6/20/47 (a) | 600,000 | 549,807 | |||
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 44,005 | 43,830 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 182,329 | 179,798 | |||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 500,000 | 472,519 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27 | $ | 395,799 | $ | 387,678 | |
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27 | 600,000 | 576,726 | |||
Santander Drive Auto Receivables Trust, Series 2023-1, Class C, ABS, 5.09%, 5/15/30 | 200,000 | 194,770 | |||
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class B, 5.71%, 1/22/30 (a) | 100,000 | 99,987 | |||
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class C, 5.97%, 2/20/31 (a) | 100,000 | 99,731 | |||
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 (a) | 61,715 | 58,919 | |||
Sofi Professional Loan Program LLC, Series��2019-C, Class A2FX, 2.37%, 11/16/48 (a) | 133,234 | 122,626 | |||
SoFi Professional Loan Program LLC, Series 2020-A, Class A2FX, 2.54%, 5/15/46 (a) | 239,831 | 220,708 | |||
SoFi Professional Loan Program LLC, Series 2020-C, Class AFX, 1.95%, 2/15/46 (a) | 125,109 | 112,057 | |||
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 (a) | 998,464 | 896,573 | |||
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, ABS, 2.12%, 6/20/51 (a) | 1,138,500 | 958,049 | |||
STWD Ltd, Series 2019-FL1, Class B (SOFR30A + 1.714%), 6.82%, 7/15/38 (a)(b) | 470,000 | 447,289 | |||
STWD Ltd, Series 2019-FL1, Class C (SOFR30A + 2.064%), 7.17%, 7/15/38 (a)(b) | 280,000 | 262,521 | |||
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 (a) | 1,620,000 | 1,446,402 | |||
Summit Issuer LLC, Series 2023-1A, Class A2, ABS, 5.60%, 2/20/53 (a) | 1,000,000 | 958,614 | |||
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 (a) | 223,709 | 209,431 | |||
Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57 (a) | 1,185,726 | 946,537 |
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, ABS, 4.75%, 7/30/57 (a) | $ | 938,275 | $ | 833,816 | |
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 (a) | 346,816 | 306,354 | |||
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 (a) | 570,756 | 562,395 | |||
TCW CLO Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.180%), 6.48%, 10/29/34 (a)(b) | 750,000 | 732,338 | |||
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 (a) | 690,194 | 684,614 | |||
Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25 (a) | 1,200,000 | 1,157,146 | |||
TH MSR issuer Trust, Series 2019-FT1, Class A, 7.95%, 6/25/24 (1 month USD LIBOR + 2.80%)(a)(b) | 450,000 | 432,311 | |||
Tikehau U.S. CLO IV Ltd., Series 2023-1PL, Class A1, 7.47%, 7/15/34 (a)(b) | 1,500,000 | 1,500,331 | |||
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 (a) | 137,893 | 119,799 | |||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 (a) | 300,000 | 276,968 | |||
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 6.71%, 7/20/32 (3 month USD LIBOR + 1.46%)(a)(b) | 500,000 | 495,486 | |||
TSTAT Ltd., Series 2022-2A, Class A1, 6.88%, 1/20/31 (SOFR + 2.370%)(a)(b) | 2,000,000 | 2,001,750 | |||
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 (a) | 812,608 | 783,013 | |||
VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31 (a) | 637,625 | 576,524 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 (a) | 224,208 | 198,894 | |||
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 (a) | 577,791 | 528,772 | |||
Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 (a) | 452,500 | 418,937 | |||
Westlake Automobile Receivables Trust, Series 2023-1A, Class C, ABS, 5.74%, 8/15/28 (a) | 1,600,000 | 1,578,893 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
ASSET-BACKED SECURITIES (continued) | |||||
Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, Class a, 5.80%, 4/18/38 (a) | $ | 1,100,000 | $ | 1,094,468 | |
Wind River CLO Ltd., Series 2016-KRA, Class A3, ABS, (3 month USD LIBOR + 1.210%), 6.47%, 10/15/34 (a)(b) | 750,000 | 734,267 | |||
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 79,306 | 78,689 | |||
World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27 | 100,000 | 90,595 | |||
Zais CLO 9 Ltd., Series 2018-2A, Class A, 6.45%, 7/20/31 (3 month USD LIBOR + 1.20%)(a)(b) | 963,200 | 948,688 | |||
TOTAL ASSET-BACKED SECURITIES (Cost: $148,766,116) | 141,383,521 | ||||
U.S. GOVERNMENT OBLIGATIONS - 11.2% | |||||
U.S. Treasury Bonds, 1.25%, 5/15/50 | 1,835,000 | 1,031,829 | |||
U.S. Treasury Bonds, 1.75%, 8/15/41 | 433,000 | 304,199 | |||
U.S. Treasury Bonds, 1.88%, 2/15/41 | 350,000 | 254,174 | |||
U.S. Treasury Bonds, 2.00%, 2/15/50 | 390,000 | 267,348 | |||
U.S. Treasury Bonds, 2.00%, 8/15/51 | 62,000 | 42,264 | |||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 5,390,000 | 4,151,142 | |||
U.S. Treasury Bonds, 2.25%, 8/15/49 | 7,845,000 | 5,699,576 | |||
U.S. Treasury Bonds, 2.25%, 2/15/52 | 960,000 | 693,750 | |||
U.S. Treasury Bonds, 2.38%, 11/15/49 | 990,000 | 739,213 | |||
U.S. Treasury Bonds, 2.38%, 5/15/51 | 184,000 | 136,800 | |||
U.S. Treasury Bonds, 2.75%, 8/15/47 | 4,675,000 | 3,760,453 | |||
U.S. Treasury Bonds, 2.88%, 5/15/43 | 4,650,000 | 3,889,471 | |||
U.S. Treasury Bonds, 3.00%, 2/15/49 | 2,915,000 | 2,465,111 | |||
U.S. Treasury Bonds, 3.63%, 2/15/53 | 12,757,000 | 12,242,733 | |||
U.S. Treasury Bonds, 3.88%, 5/15/43 | 7,940,000 | 7,747,703 | |||
U.S. Treasury Bonds, 4.00%, 11/15/42 | 200,000 | 198,719 | |||
U.S. Treasury Bonds, 4.00%, 11/15/52 | 184,000 | 189,002 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44 | 205,000 | 86,138 |
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT OBLIGATIONS (continued) | |||||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44 | $ | 975,000 | $ | 405,534 | |
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45 | 265,000 | 108,174 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/40 | 1,280,000 | 629,615 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/41 | 1,005,000 | 484,853 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41 | 6,840,000 | 3,264,105 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/41 | 205,000 | 96,471 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42 | 90,000 | 41,373 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42 | 80,000 | 36,440 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/42 | 820,000 | 365,641 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43 | 315,000 | 139,048 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43 | 480,000 | 207,061 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/43 | 485,000 | 207,544 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44 | 1,020,000 | 431,949 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/44 | 490,000 | 202,189 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45 | 560,000 | 222,262 | |||
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46 | 405,000 | 159,346 | |||
U.S. Treasury Inflation-Indexed Notes, 0.63%, 1/15/24 | 812,450 | 798,676 | |||
U.S. Treasury Notes, 0.38%, 7/15/23 | 1,629,188 | 1,628,042 | |||
U.S. Treasury Notes, 0.50%, 10/31/27 | 2,755,000 | 2,351,436 | |||
U.S. Treasury Notes, 0.63%, 11/30/27 | 250,000 | 214,111 | |||
U.S. Treasury Notes, 1.13%, 8/31/28 | 1,000,000 | 861,602 | |||
U.S. Treasury Notes, 1.88%, 2/15/32 | 177,000 | 151,612 | |||
U.S. Treasury Notes, 2.38%, 2/15/42 | 9,270,000 | 7,217,202 | |||
U.S. Treasury Notes, 2.50%, 4/30/24 | 180,000 | 175,704 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
U.S. GOVERNMENT OBLIGATIONS (continued) | |||||
U.S. Treasury Notes, 2.75%, 8/15/32 | $ | 362,000 | $ | 331,866 | |
U.S. Treasury Notes, 2.75%, 11/15/42 | 525,000 | 431,833 | |||
U.S. Treasury Notes, 2.88%, 4/30/29 | 4,260,000 | 3,994,748 | |||
U.S. Treasury Notes, 2.88%, 5/15/32 | 67,000 | 62,122 | |||
U.S. Treasury Notes, 3.38%, 5/15/33 | 18,944,000 | 18,269,120 | |||
U.S. Treasury Notes, 3.63%, 5/31/28 | 3,521,000 | 3,443,978 | |||
U.S. Treasury Notes, 3.63%, 3/31/30 | 200,000 | 195,641 | |||
U.S. Treasury Notes, 3.75%, 5/31/30 | 41,000 | 40,430 | |||
U.S. Treasury Notes, 3.75%, 6/30/30 | 1,998,000 | 1,971,464 | |||
U.S. Treasury Notes, 3.88%, 9/30/29 | 51,000 | 50,498 | |||
U.S. Treasury Notes, 4.00%, 6/30/28 | 3,416,000 | 3,397,319 | |||
U.S. Treasury Notes, 4.00%, 10/31/29 | 320,000 | 319,162 | |||
U.S. Treasury Notes, 4.13%, 6/15/26 | 3,614,000 | 3,577,578 | |||
U.S. Treasury Notes, 4.13%, 9/30/27 | 253,000 | 251,587 | |||
U.S. Treasury Notes, 4.13%, 10/31/27 | 320,000 | 318,325 | |||
U.S. Treasury Notes, 4.13%, 11/15/32 | 204,000 | 208,462 | |||
U.S. Treasury Notes, 4.25%, 5/31/25 | 1,993,000 | 1,967,932 | |||
U.S. Treasury Notes, 4.38%, 10/31/24 | 17,260,000 | 17,051,666 | |||
U.S. Treasury Notes, 4.63%, 6/30/25 | 1,916,000 | 1,907,243 | |||
U.S. Treasury Notes, 4.63%, 3/15/26 | 46,000 | 46,050 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $128,327,030) | 122,136,639 | ||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.3% | |||||
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 7.44%, 4/15/34 (a)(b) | 1,000,000 | 761,845 | |||
Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66 (a)(b) | 100,000 | 66,731 | |||
BANK, Series 2018-5YR2, Class A3, 6.66%, 6/15/28 | 3,000,000 | 3,092,704 | |||
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 570,710 | 538,329 | |||
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500,000 | 423,738 | |||
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1,200,000 | 950,642 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | $ | 500,000 | $ | 383,581 | |
BANK5, Series 2023-5A, Class A3, 6.26%, 4/15/56 (b) | 2,100,000 | 2,135,374 | |||
Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 6.27%, 6/25/31 (a)(b) | 264,028 | 262,630 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.000%), 6.07%, 9/25/31 (a)(b) | 196,344 | 195,063 | |||
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 6.82%, 3/25/31 (a)(b) | 47,944 | 47,981 | |||
Bellemeade Re Ltd., Series 2022-1, Class M1A, CMO, (SOFR30A + 1.750%), 6.82%, 1/26/32 (a)(b) | 760,000 | 758,020 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 4.03%, 3/15/62 (a)(b) | 250,000 | 172,429 | |||
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850,000 | 761,025 | |||
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1,200,000 | 951,268 | |||
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | 1,300,000 | 1,016,154 | |||
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500,000 | 393,366 | |||
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 (a) | 1,500,000 | 1,414,027 | |||
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | 550,000 | 462,528 | |||
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600,000 | 478,310 | |||
Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1,200,000 | 993,176 | |||
Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | 800,000 | 636,529 | |||
Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54 | 3,000,000 | 2,385,382 | |||
Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54 | 1,200,000 | 964,341 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Benchmark Mortgage Trust, Series 2028-B4, Class M1A, CMO, (SOFR30A + 1.750%)4, Class A3, 3.89%, 7/15/51 | $ | 500,000 | $ | 486,048 | |
BMO Mortgage Trust, Series 2022-C1, Class 360B, 4.07%, 2/17/55 (a)(b) | 1,000,000 | 740,664 | |||
BMO Mortgage Trust, Series 2022-C3, Class A5, 5.31%, 9/15/54 | 1,000,000 | 997,670 | |||
BX Commercial Mortgage Trust, Series 2022-AHP, Class AS, (SOFR30A + 1.490%), 6.64%, 1/17/39 (a)(b) | 1,000,000 | 977,812 | |||
BX Commercial Mortgage Trust, Series 2022-AHP, Class C (SOFR30A + 2.090%), 7.24%, 1/17/39 (a)(b) | 1,000,000 | 962,618 | |||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800,000 | 679,404 | |||
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 (b) | 500,000 | 402,366 | |||
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900,000 | 758,844 | |||
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 (a) | 250,000 | 201,019 | |||
Century Plaza Towers, Series 2019-CPT, Class E, 3.10%, 11/13/39 (a)(b) | 488,000 | 300,339 | |||
CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 (a)(b) | 832,410 | 774,128 | |||
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 93,125 | 89,732 | |||
Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.87%, 11/10/31 (a)(b) | 1,000,000 | 928,500 | |||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | 114,286 | 103,988 | |||
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750,000 | 699,693 | |||
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | 280,000 | 239,408 | |||
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.44%, 8/10/46 (a)(b) | 500,000 | 466,299 | |||
COMM Mortgage Trust, Series 2014-UBS2, Class A5, 3.96%, 3/10/47 | 2,855,500 | 2,815,098 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
COMM Mortgage Trust, Series 2015-LC23, Class A2, 3.22%, 10/10/48 | $ | 109,027 | $ | 101,451 | |
COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/39 (a) | 1,000,000 | 810,055 | |||
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, CMO, (SOFR30A + 1.900%), 6.97%, 12/25/41 (a)(b) | 400,000 | 389,752 | |||
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, (SOFR30A + 3.500%), 8.57%, 3/25/42 (a)(b) | 445,000 | 454,159 | |||
Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, (SOFR30A + 3.100%), 8.17%, 3/25/42 (a)(b) | 315,000 | 318,109 | |||
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, CMO, (SOFR30A + 3.000%), 8.07%, 4/25/42 (a)(b) | 120,000 | 119,551 | |||
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M2, CMO, (SOFR30A + 3.850%), 8.92%, 5/25/42 (a)(b) | 625,000 | 643,738 | |||
Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M2, CMO, (SOFR30a + 4.650%), 9.72%, 6/25/42 (a)(b) | 505,000 | 533,976 | |||
Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M2, CMO, (SOFR30A + 3.600%), 8.67%, 7/25/42 (a)(b) | 160,000 | 163,398 | |||
Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M2, CMO, (SOFR30A + 4.750%), 9.82%, 9/25/42 (a)(b) | 230,000 | 242,354 | |||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M2, CMO, (SOFR30A + 3.750%), 8.82%, 12/25/42 (a)(b) | 1,260,000 | 1,291,458 | |||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | 115,952 | 111,364 | |||
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700,000 | 650,858 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | $ | 1,192,942 | $ | 985,738 | |
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 (a)(b) | 122,035 | 113,931 | |||
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 (a)(b) | 128,824 | 124,616 | |||
Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 6.62%, 4/25/34 (a)(b) | 719,714 | 719,835 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 7.17%, 10/25/33 (a)(b) | 625,000 | 613,056 | |||
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A + 1.650%), 6.72%, 1/25/34 (a)(b) | 43,745 | 43,674 | |||
Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A + 0.850%), 5.92%, 9/25/41 (a)(b) | 1,237,723 | 1,200,656 | |||
Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31 | 764,291 | 655,153 | |||
Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, CMO, REMIC, (SOFR30A + 1.000%), 6.07%, 1/25/42 (a)(b) | 322,030 | 316,430 | |||
Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1B, CMO, REMIC, (SOFR30A + 2.900%), 7.97%, 4/25/42 (a)(b) | 495,000 | 494,228 | |||
Federal Home Loan Mortgage Corp., Series 2022-DNA4, Class M1B, CMO, REMIC, (SOFR30A + 3.350%), 8.42%, 5/25/42 (a)(b) | 735,000 | 743,269 | |||
Federal Home Loan Mortgage Corp., Series 2022-HQA2, Class M1B, CMO, (SOFR30A + 4.000%), 9.07%, 7/25/42 (a)(b) | 45,000 | 46,350 | |||
Federal Home Loan Mortgage Corp., Series 2022-ML13, Class ACA, 2.88%, 7/25/36 | 985,812 | 862,046 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal Home Loan Mortgage Corp., Series 2022-ML14, Class A, 3.65%, 11/25/38 (a)(b) | $ | 997,580 | $ | 890,835 | |
Federal Home Loan Mortgage Corp., Series 2022-P013, Class A2, 2.85%, 2/25/32 (b) | 1,000,000 | 854,722 | |||
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 351,402 | 344,025 | |||
Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1,167,284 | 1,054,694 | |||
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 1.53%, 10/15/48 (1 month USD LIBOR + 9.84%)(b) | 72,716 | 65,637 | |||
Federal Home Loan Mortgage Corp., Series 5021, Class SB, CMO, IO, REMIC, (SOFR30A + 3.550%), 0.03%, 10/25/50 (b)(f) | 946,794 | 28,113 | |||
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 (f) | 453,624 | 54,124 | |||
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.47%, 7/25/28 (b) | 11,088 | 10,973 | |||
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.41%, 6/25/28 (b) | 453,658 | 428,662 | |||
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 356,041 | 325,353 | |||
Federal National Mortgage Association, Series 2020-24, Class SP, CMO, IO, REMIC, (1 month USD LIBOR + 6.050%), 0.90%, 4/25/50 (b)(f) | 258,182 | 28,655 | |||
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 (f) | 353,994 | 48,327 | |||
Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 (f) | 566,610 | 79,830 | |||
Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51 (f) | 231,607 | 28,816 | |||
Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.29%, 1/25/31 (b) | 1,000,000 | 794,047 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Federal National Mortgage Association, Series 2022-51, Class PS, 0.88%, 8/25/52 (SOFR30A + 5.950%)(b)(f) | $ | 646,141 | $ | 37,111 | |
Federal National Mortgage Association, Series M068, Class A, 3.15%, 10/15/36 | 987,133 | 847,401 | |||
Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 (a)(b) | 208,471 | 160,563 | |||
Freddie Mac REMICS, Series 5160, Class ZG, CMO, REMIC, 3.00%, 9/25/50 | 69,364 | 48,899 | |||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, CMO, REMIC (SOFR30A + 4.500%), 9.57%, 6/25/42 (a)(b) | 670,000 | 703,500 | |||
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 (e) | 148,805 | 136,227 | |||
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 141,615 | 135,769 | |||
Government National Mortgage Association, Series 2018-146, Class Z, CMO, REMIC, 3.50%, 10/20/48 | 1,177,149 | 1,053,782 | |||
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 (f) | 35,156 | 4,481 | |||
Government National Mortgage Association, Series 2021-165, Class ST, CMO, IO, REMIC, (1 month USD LIBOR + 3.360%), 0.02%, 1/20/50 (b)(f) | 152,164 | 48 | |||
Government National Mortgage Association, Series 2021-209, Class Z, CMO, REMIC, 3.00%, 11/20/51 | 608,438 | 444,995 | |||
Government National Mortgage Association, Series 2022-124, Class QZ, CMO, (SOFR30A + 1.750%), 4.00%, 7/20/52 | 124,474 | 102,676 | |||
Government National Mortgage Association, Series 2022-126, Class CS, CMO, IO, (SOFR30A + 3.760%), 0.37%, 7/20/52 (b)(f) | 1,427,416 | 21,655 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Government National Mortgage Association, Series 2022-133, Class SA, 0.12%, 7/20/52 (SOFR30A + 3.950%)(b)(f) | $ | 550,056 | $ | 9,668 | |
Government National Mortgage Association, Series 2022-148, Class DS, CMO, REMIC, IO, 0.21%, 8/20/52 (SOFR30A + 3.600%)(b)(f) | 557,216 | 8,791 | |||
Government National Mortgage Association, Series 2022-180, Class Z, 5.00%, 10/20/52 | 3,101,471 | 2,930,922 | |||
Government National Mortgage Association, Series 2022-46, Class S, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 (b)(f) | 391,696 | 5,608 | |||
Government National Mortgage Association, Series 2022-51, Class SC, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 (b)(f) | 1,198,740 | 15,732 | |||
Government National Mortgage Association, Series 2022-66, Class SB, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 (b)(f) | 402,747 | 6,825 | |||
Government National Mortgage Association, Series 2022-68, Class SP, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 (b)(f) | 315,887 | 4,929 | |||
Government National Mortgage Association, Series 2022-7, Class SB, CMO, REMIC,IO, 0.36%, 4/20/52 (SOFR30A + 3.750%)(b)(f) | 733,445 | 11,291 | |||
Government National Mortgage Association, Series 2022-78, Class MS, CMO, IO, (SOFR30A + 3.600%), 0.21%, 4/20/52 (b)(f) | 1,050,818 | 13,952 | |||
Government National Mortgage Association, Series 2022-93, Class GS, CMO, IO, (SOFR30A + 3.650%), 0.26%, 5/20/52 (b)(f) | 238,984 | 2,821 | |||
GS Mortgage Securities Corportation Trust, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 6.34%, 10/15/36 (a)(b) | 1,720,000 | 1,590,095 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
GS Mortgage Securities Corportation Trust, Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 5.86%, 11/21/35 (a)(b) | $ | 296,924 | $ | 282,206 | |
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1,034,712 | 979,292 | |||
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 4.08%, 11/10/49 (b) | 500,000 | 402,951 | |||
GS Mortgage Securities Trust, Series 2018-GS10, Class A3, 4.26%, 7/10/51 (b) | 800,000 | 770,705 | |||
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1,000,000 | 880,911 | |||
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/10/52 | 1,100,000 | 935,695 | |||
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1,400,000 | 1,132,136 | |||
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | 1,100,000 | 863,104 | |||
GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 1,400,000 | 1,125,105 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 (a)(b) | 336,505 | 259,595 | |||
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A36, CMO, 3.00%, 9/25/52 (a)(b) | 92,274 | 74,017 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52 (a)(b) | 198,768 | 153,090 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51 (a)(b) | 78,718 | 60,628 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 (a)(b) | 242,392 | 188,204 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52 (a)(b) | 388,749 | 299,413 | |||
GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52 (a)(b) | 186,409 | 143,571 | |||
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A36, CMO, 3.00%, 10/25/52 (a)(b) | 264,019 | 211,783 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
GS Mortgage-Backed Securities Trust, Series 2023-PJ1, Class A24, CMO, 3.50%, 2/25/53 (a)(b) | $ | 313,743 | $ | 264,218 | |
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 5.78%, 8/19/45 (1 month USD LIBOR + 0.62%)(b) | 27,854 | 25,433 | |||
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.63%, 8/5/34 (a)(b) | 900,000 | 678,169 | |||
INTOWN Mortgage Trust, Series 2022-STAY, Class C, (SOFR30A + 3.685%), 8.83%, 8/15/39 (a)(b) | 1,000,000 | 995,925 | |||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | 1,071,000 | 989,718 | |||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 6.44%, 9/15/29 (1 month USD LIBOR + 1.00%)(a)(b) | 344,251 | 318,891 | |||
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 (a)(b) | 6,774 | 5,948 | |||
JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.36%, 10/26/48 (a)(b) | 44,855 | 42,775 | |||
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 (a)(b) | 31,409 | 26,862 | |||
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.90%, 4/25/46 (1 month USD LIBOR + 0.75%)(a)(b) | 16,922 | 16,243 | |||
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 (a)(b) | 1,506 | 1,379 | |||
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 (a)(b) | 1,440 | 1,313 | |||
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 (a)(b) | 3,896 | 3,569 | |||
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 6.09%, 10/25/49 (1 month USD LIBOR + 0.950%)(a)(b) | 13,733 | 13,237 | |||
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.83%, 6/25/50 (a)(b) | 32,473 | 27,293 | |||
JP Morgan Mortgage Trust, Series 2020-10, Class A15, 2.50%, 12/25/51 (a)(b) | 86,276 | 66,450 | |||
JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52 (a)(b) | 180,426 | 138,963 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
JP Morgan Mortgage Trust, Series 2021-14, Class A15, 2.50%, 5/25/52 (a)(b) | $ | 113,158 | $ | 87,154 | |
JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52 (a)(b) | 377,664 | 290,875 | |||
JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 (a)(b) | 157,662 | 121,628 | |||
JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 (a)(b) | 116,198 | 89,640 | |||
JP Morgan Mortgage Trust, Series 2022-2, Class A25, 3.00%, 8/25/52 (a)(b) | 91,355 | 73,508 | |||
JP Morgan Mortgage Trust, Series 2022-3, Class A25, 3.00%, 8/25/52 (a)(b) | 409,631 | 328,585 | |||
JP Morgan Mortgage Trust, Series 2022-4, Class A17A, CMO, 3.00%, 10/25/52 (a)(b) | 278,176 | 223,834 | |||
JP Morgan Mortgage Trust, Series 2022-6, Class A17A, CMO, 3.00%, 11/25/52 (a)(b) | 232,017 | 186,692 | |||
JP Morgan Mortgage Trust, Series 2022-7, Class 1A17, 3.00%, 12/25/52 (a)(b) | 132,688 | 106,768 | |||
JP Morgan Mortgage Trust, Series 2022-LTV1, Class A1, 3.25%, 7/25/52 (a)(b) | 135,146 | 112,522 | |||
JP Morgan Mortgage Trust, Series 2022-LTV2, Class A6, CMO, 3.50%, 9/25/52 (a)(b) | 281,830 | 236,241 | |||
JP Morgan Trust, Series 2015-1, Class B1, CMO, 6.19%, 12/25/44 (a)(b) | 68,857 | 65,108 | |||
JP Morgan Trust, Series 2023-1, Class A15B, CMO, 5.50%, 6/25/53 (a)(b) | 138,108 | 129,301 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 4.03%, 11/15/47 (a)(b) | 470,000 | 304,712 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 243,100 | 233,795 | |||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 75,444 | 71,369 | |||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | 996,813 | 960,030 | |||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 (a) | 1,000,000 | 853,088 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Manhattan West Mortgage Trust, Series 2020-1MW, Class C, 2.41%, 9/10/39 (a)(b) | $ | 500,000 | $ | 412,313 | |
MFA Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 (a)(b) | 508,556 | 446,121 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 5.05%, 11/15/46 (b) | 375,000 | 362,561 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 163,962 | 155,806 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 237,229 | 220,645 | |||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 (a) | 400,000 | 278,267 | |||
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 48,095 | 46,180 | |||
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 7.09%, 5/15/36 (1 month USD LIBOR + 1.650%)(a)(b) | 786,189 | 762,578 | |||
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1,000,000 | 878,032 | |||
Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.51%, 4/5/42 (a)(b) | 1,000,000 | 754,327 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51 (a)(b) | 151,015 | 116,311 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51 (a)(b) | 127,840 | 109,122 | |||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51 (a)(b) | 140,126 | 107,924 | |||
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 (a) | 48,232 | 45,661 | |||
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C (SOFR30A + 2.394%), 7.54%, 3/15/39 (a)(b) | 1,090,000 | 1,060,121 | |||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (SOFR30A + 2.829%), 7.98%, 7/15/36 (a)(b) | 1,000,000 | 867,096 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 9.48%, 7/15/36 (1 month USD LIBOR + 4.250%)(a)(b) | $ | 750,000 | $ | 549,173 | |
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.90%, 1/25/48 (1 month USD LIBOR + 0.75%)(a)(b) | 42,228 | 40,919 | |||
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 (a)(b) | 100,000 | 78,810 | |||
OAKST Commercial Mortgage Trust, Series 2023-NLP, Class A, 6.30%, 3/15/40 (a)(b) | 1,400,000 | 1,393,093 | |||
Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.600%), 6.67%, 4/25/34 (a)(b) | 863,530 | 860,577 | |||
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 5.80%, 6/25/57 (a)(b) | 14,133 | 13,342 | |||
OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51 (a)(b) | 256,865 | 197,836 | |||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 (a) | 1,400,000 | 1,136,624 | |||
One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/32 (a) | 1,000,000 | 924,292 | |||
One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32 (a) | 1,000,000 | 893,572 | |||
One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, 2/10/32 (a) | 1,000,000 | 823,572 | |||
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 8.08%, 2/27/24 (a)(b) | 475,585 | 464,476 | |||
RCKT Mortgage Trust, Series 2021-4, Class A21, 2.50%, 9/25/51 (a)(b) | 317,380 | 244,445 | |||
RCKT Mortgage Trust, Series 2022-2, Class A22, 2.50%, 2/25/52 (a)(b) | 408,991 | 316,424 | |||
RCKT Mortgage Trust, Series 2022-3, Class A21, CMO, 3.00%, 5/25/52 (a)(b) | 151,606 | 121,989 | |||
RCKT Mortgage Trust, Series 2022-4, Class A22, 3.50%, 6/25/52 (a)(b) | 233,580 | 195,249 |
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 6.24%, 2/7/52 (a)(b) | $ | 78,984 | $ | 78,891 | |
SCOTT Trust, Series 2023-SFS, Class A, 5.91%, 3/15/40 (a) | 1,550,000 | 1,538,712 | |||
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 241,017 | 225,065 | |||
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 (a)(b) | 9,670 | 8,627 | |||
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 (a)(b) | 50,972 | 42,114 | |||
Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 (a)(b) | 87,150 | 67,231 | |||
Starwood Mortgage Trust, Series 2021-LIH, Class AS, (1 month USD LIBOR + 1.257%), 6.45%, 11/15/36 (a)(b) | 1,000,000 | 977,287 | |||
Starwood Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 7.15%, 11/15/36 (a)(b) | 1,075,000 | 1,040,505 | |||
Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68 (a)(b) | 402,037 | 371,836 | |||
Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 12/25/61 (a)(b) | 626,591 | 569,400 | |||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | 546,616 | 502,226 | |||
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | 148,558 | 135,958 | |||
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 283,208 | 260,880 | |||
UBS Commercial Mortgage Trust, Series 2018-C1, Class A3, 4.31%, 6/15/51 | 500,000 | 480,298 | |||
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1,210,000 | 1,121,904 | |||
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 (a) | 41,197 | 38,331 | |||
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 3.87%, 3/10/46 (a)(b) | 225,000 | 138,872 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |||||
Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 (a)(b) | $ | 100,000 | $ | 86,804 | |
Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66 (a)(b) | 116,316 | 94,389 | |||
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 (a) | 600,000 | 551,097 | |||
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | 950,000 | 860,621 | |||
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 6.93%, 2/15/37 (1 month USD LIBOR +1.740%)(a)(b) | 1,295,000 | 1,245,365 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 (a)(b) | 2,128 | 1,982 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51 (a)(b) | 310,320 | 239,007 | |||
Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A18, CMO, 2.50%, 12/25/51 (a)(b) | 98,888 | 76,163 | |||
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.18%, 5/15/45 (a)(b) | 225,000 | 202,518 | |||
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 5.00%, 12/15/46 (b) | 350,000 | 328,968 | |||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $113,060,540) | 101,968,713 | ||||
FOREIGN CORPORATE BONDS - 4.8% | |||||
BASIC MATERIALS - 0.1% | |||||
FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32 (a) | 500,000 | 476,498 | |||
NOVA Chemicals Corp., 4.88%, 6/1/24 (a) | 200,000 | 195,396 | |||
Nutrien Ltd., 5.80%, 3/27/53 | 74,000 | 74,249 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
BASIC MATERIALS (continued) | |||||
Nutrien Ltd., 5.95%, 11/7/25 | $ | 66,000 | $ | 66,395 | |
South32 Treasury Ltd., 4.35%, 4/14/32 (a) | 160,000 | 140,241 | |||
Total Basic Materials | 952,779 | ||||
COMMUNICATIONS - 0.0% (g) | |||||
NTT Finance Corp., 1.16%, 4/3/26 (a) | 203,000 | 181,679 | |||
Telefonica Emisiones S.A., 4.90%, 3/6/48 | 150,000 | 125,191 | |||
Vodafone Group PLC, 4.38%, 2/19/43 | 62,000 | 52,067 | |||
Vodafone Group PLC, 5.63%, 2/10/53 | 37,000 | 36,272 | |||
Vodafone Group PLC, 5.75%, 2/10/63 | 74,000 | 71,555 | |||
Total Communications | 466,764 | ||||
CONSUMER, CYCLICAL - 0.1% | |||||
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 (a) | 125,000 | 114,272 | |||
Falabella S.A., 4.38%, 1/27/25 (a) | 400,000 | 388,060 | |||
Total Consumer, Cyclical | 502,332 | ||||
CONSUMER, NON-CYCLICAL - 0.7% | |||||
Bacardi Ltd., 4.45%, 5/15/25 (a) | 880,000 | 856,393 | |||
BAT International Finance PLC, 4.45%, 3/16/28 | 740,000 | 698,493 | |||
CSL Finance PLC, 4.75%, 4/27/52 (a) | 68,000 | 63,322 | |||
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 2/1/28 (a) | 1,290,000 | 1,238,746 | |||
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | 758,000 | 755,144 | |||
Pfizer Investment Enterprises Pte. Ltd., 5.11%, 5/19/43 | 74,000 | 74,168 | |||
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | 1,010,000 | 1,050,078 | |||
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 5/19/63 | 147,000 | 148,756 | |||
Royalty Pharma PLC, 2.15%, 9/2/31 | 166,000 | 130,123 | |||
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 | 190,000 | 178,401 | |||
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 442,000 | 331,651 | |||
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1,000,000 | 831,051 | |||
Triton Container International Ltd., 1.15%, 6/7/24 (a) | 1,000,000 | 948,316 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
CONSUMER, NON-CYCLICAL (continued) | |||||
Triton Container International Ltd., 3.15%, 6/15/31 (a) | $ | 482,000 | $ | 370,846 | |
Triton Container International Ltd./TAL International Container Corp., 3.25%, 3/15/32 | 95,000 | 74,358 | |||
Total Consumer, Non-cyclical | 7,749,846 | ||||
ENERGY - 0.9% | |||||
Aker BP ASA, 3.10%, 7/15/31 (a) | 900,000 | 744,771 | |||
Aker BP ASA, 4.00%, 1/15/31 (a) | 500,000 | 444,654 | |||
Aker BP ASA, 6.00%, 6/13/33 (a) | 1,150,000 | 1,150,408 | |||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (a) | 475,000 | 399,000 | |||
BP Capital Markets PLC, 4.88%, 3/22/30 (4.88% fixed rate until 6/22/30; 4.40% + 5 year CMT thereafter)(b)(d) | 49,000 | 44,541 | |||
Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 310,000 | 301,041 | |||
Cenovus Energy, Inc., 2.65%, 1/15/32 | 500,000 | 403,608 | |||
Cenovus Energy, Inc., 3.75%, 2/15/52 | 90,000 | 63,693 | |||
Ecopetrol S.A., 8.63%, 1/19/29 | 525,000 | 526,207 | |||
EIG Pearl Holdings Sarl, 3.55%, 8/31/36 (a) | 350,000 | 297,938 | |||
Equinor ASA, 3.25%, 11/18/49 | 1,000,000 | 750,624 | |||
Greensaif Pipelines Bidco Sarl, 6.13%, 2/23/38 (a) | 200,000 | 204,284 | |||
Greensaif Pipelines Bidco Sarl, 6.51%, 2/23/42 (a) | 200,000 | 207,908 | |||
India Cleantech Energy, 4.70%, 8/10/26 (a) | 823,950 | 719,226 | |||
Petroleos Mexicanos, 6.35%, 2/12/48 | 23,000 | 13,911 | |||
Petroleos Mexicanos, 6.49%, 1/23/27 | 262,000 | 232,828 | |||
QatarEnergy, 2.25%, 7/12/31 (a) | 200,000 | 167,674 | |||
Sweihan PV Power Co. PJSC, 3.63%, 1/31/49 (a) | 973,580 | 783,911 | |||
Teck Resources Ltd., 3.90%, 7/15/30 | 1,000,000 | 909,669 | |||
Total Capital International S.A., 3.13%, 5/29/50 | 375,000 | 272,329 | |||
UEP Penonome II S.A., 6.50%, 10/1/38 (a) | 925,710 | 693,942 | |||
Total Energy | 9,332,167 | ||||
FINANCIAL - 2.6% | |||||
ABN AMRO Bank N.V., 2.47%, 12/13/29 (2.47% fixed rate until 12/13/28; 1.10% + 1 year CMT thereafter)(a)(b) | 1,000,000 | 837,065 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | $ | 150,000 | $ | 133,973 | |
Athene Holding Ltd., 3.45%, 5/15/52 | 51,000 | 31,023 | |||
Banco Santander S.A., 3.89%, 5/24/24 | 200,000 | 196,082 | |||
Bank of Montreal, 3.70%, 6/7/25 | 57,000 | 55,025 | |||
Bank of Nova Scotia (The), 4.59%, 5/4/37 (4.59% fixed rate until 5/04/32; 2.05% + 5 year CMT thereafter)(b) | 240,000 | 206,809 | |||
Barclays PLC, 3.56%, 9/23/35 (3.56% fixed rate until 9/23/30; 2.90% + 5 year CMT thereafter)(b) | 400,000 | 316,524 | |||
Barclays PLC, 5.83%, 5/9/27 (5.83% fixed rate until 5/09/26; 2.21% + SOFR thereafter)(b) | 1,430,000 | 1,410,557 | |||
BB Blue Financing DAC, Series A1, 4.40%, 9/20/37 | 1,000,000 | 998,121 | |||
BB Blue Financing DAC, Series A2, 4.40%, 9/20/29 | 1,000,000 | 982,018 | |||
BNP Paribas S.A., 1.32%, 1/13/27 (1.32% fixed rate until 1/13/26; 1.00% + SOFR thereafter)(a)(b) | 730,000 | 647,350 | |||
BNP Paribas S.A., 1.68%, 6/30/27 (1.68% fixed rate until 6/30/26; 0.91% + SOFR thereafter)(a)(b) | 646,000 | 569,414 | |||
Cooperatieve Rabobank UA, 1.00%, 9/24/26 (1.00% fixed rate until 9/24/25; 0.73% + 1 year CMT thereafter)(a)(b) | 261,000 | 233,139 | |||
Credit Agricole S.A., 1.91%, 6/16/26 (1.91% fixed rate until 6/16/25; 1.68% + SOFR thereafter)(a)(b) | 250,000 | 230,130 | |||
Credit Agricole SA, 5.59%, 7/5/26 (a) | 250,000 | 249,634 | |||
Credit Suisse AG, 7.50%, 2/15/28 | 250,000 | 265,553 | |||
Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)(a)(b) | 201,000 | 190,814 | |||
Deutsche Bank AG, 2.31%, 11/16/27 (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter)(b) | 180,000 | 154,681 | |||
Deutsche Bank AG, 2.55%, 1/7/28 (2.55% fixed rate until 1/07/27; 1.32% + SOFR thereafter)(b) | 150,000 | 130,066 | |||
Deutsche Bank AG, (SOFR + 1.219%), 6.31%, 11/16/27 (b) | 240,000 | 220,990 | |||
Enstar Group Ltd., 3.10%, 9/1/31 | 35,000 | 27,446 | |||
Enstar Group Ltd., 4.95%, 6/1/29 | 366,000 | 340,827 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Fairfax Financial Holdings Ltd., 5.63%, 8/16/32 | $ | 500,000 | $ | 482,991 | |
Federation des Caisses Desjardins du Quebec, 5.70%, 3/14/28 (a) | 1,075,000 | 1,073,733 | |||
GPS Blue Financing DAC, 5.65%, 11/9/41 (a) | 1,000,000 | 1,034,790 | |||
HSBC Holdings PLC, 2.25%, 11/22/27 (2.25% fixed rate until 11/22/26; 1.10% + SOFR thereafter)(b) | 400,000 | 354,924 | |||
HSBC Holdings PLC, 5.40%, 8/11/33 (5.40% fixed rate until 8/11/32; 2.87% + SOFR thereafter)(b) | 1,100,000 | 1,075,432 | |||
HSBC Holdings PLC, 6.16%, 3/9/29 (6.16% fixed rate until 3/09/28; 1.97% + SOFR thereafter)(b) | 1,400,000 | 1,411,914 | |||
HSBC Holdings PLC, 8.11%, 11/3/33 (8.11% fixed rate until 11/03/32; 4.25% + SOFR thereafter)(b) | 200,000 | 222,022 | |||
ING Groep N.V., 1.40%, 7/1/26 (1.40% fixed rate un til 7/01/25; 1.10% + 1 year CMT thereafter)(a)(b) | 1,000,000 | 910,467 | |||
ING Groep N.V., 4.02%, 3/28/28 (4.02% fixed rate until 3/28/27; 1.83% + SOFR thereafter)(b) | 1,000,000 | 938,203 | |||
Intesa Sanpaolo SpA, 4.95%, 6/1/42 (4.95% fixed rate until 6/01/41; 2.75% + 1 year CMT thereafter)(a)(b) | 700,000 | 461,005 | |||
Intesa Sanpaolo SpA, 7.78%, 6/20/54 (a)(b) | 200,000 | 199,249 | |||
Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 (a) | 600,000 | 521,114 | |||
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1,000,000 | 799,113 | |||
Lloyds Banking Group PLC, 5.87%, 3/6/29 (5.87% fixed rate until 3/06/28; 1.70% + 1 year CMT thereafter)(b) | 1,300,000 | 1,289,018 | |||
Mitsubishi UFJ Financial Group, Inc., 4.79%, 7/18/25 (4.79% fixed rate until 7/18/24; 1.70% + 1 year CMT thereafter)(b) | 400,000 | 394,257 | |||
Mitsubishi UFJ Financial Group, Inc., 5.24%, 4/19/29 (5.24% fixed rate until 4/19/28; 1.70% + 1 year CMT thereafter)(b) | 655,000 | 644,350 | |||
Mizuho Financial Group, Inc., 2.56%, 9/13/25 (2.56% fixed rate until 9/13/24; 1.37% + 3 month USD LIBOR thereafter)(b) | 281,000 | 268,279 | |||
Mizuho Financial Group, Inc., 5.78%, 7/6/29 (b) | 292,000 | 292,720 |
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
FINANCIAL (continued) | |||||
Natwest Group PLC, 5.08%, 1/27/30 (5.01% fixed rate until 1/27/29; 1.905% + 3 month USD LIBOR thereafter)(b) | $ | 210,000 | $ | 200,297 | |
Nederlandse Waterschapsbank N.V., Series 144A, 2.38%, 3/24/26 (a) | 500,000 | 469,407 | |||
Nomura Holdings, Inc., 2.61%, 7/14/31 | 200,000 | 158,687 | |||
Prudential Funding Asia PLC, 3.13%, 4/14/30 | 56,000 | 49,151 | |||
Societe Generale S.A., 2.80%, 1/19/28 (2.80% fixed rate until 1/19/27; 1.30% + 1 year CMT thereafter)(a)(b) | 795,000 | 704,139 | |||
Societe Generale S.A., 3.88%, 3/28/24 (a) | 350,000 | 342,484 | |||
State Bank of India, 4.38%, 1/24/24 (a) | 205,000 | 203,093 | |||
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/9/26 (a) | 245,000 | 245,875 | |||
Swedbank AB, 1.54%, 11/16/26 (a) | 213,000 | 186,605 | |||
UBS Group AG, 1.49%, 8/10/27 (1.49% fixed rate until 8/10/26; 0.85% + 1 year CMT thereafter)(a)(b) | 1,075,000 | 923,243 | |||
UBS Group AG, 3.09%, 5/14/32 (3.09% fixed rate until 5/14/31; 1.73% + SOFR thereafter)(a)(b) | 285,000 | 230,544 | |||
UniCredit SpA, 2.57%, 9/22/26 (2.57% fixed rate until 9/22/25; 2.30% + 1 year CMT thereafter)(a)(b) | 1,000,000 | 902,624 | |||
UniCredit SpA, 5.86%, 6/19/32 (5.86% fixed rate until 6/19/27; 3.70% + USD 5 year Mid-Market Swap Rate thereafter)(a)(b) | 200,000 | 181,834 | |||
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 5.97%, 6/26/24 (b) | 209,700 | 209,762 | |||
WLB Asset II B Pte Ltd., 3.95%, 12/10/24 (a) | 1,000,000 | 943,422 | |||
WLB Asset II C Pte Ltd., 3.90%, 12/23/25 (a) | 1,000,000 | 907,360 | |||
WLB Asset II D Pte. Ltd., 6.50%, 12/21/26 (a) | 1,000,000 | 945,834 | |||
WLB Asset II Pte Ltd., 4.00%, 1/14/24 (a) | 250,000 | 245,204 | |||
Total Financial | 28,850,387 | ||||
INDUSTRIAL - 0.2% | |||||
Canadian Pacific Railway Co., 1.35%, 12/2/24 | 191,000 | 179,458 | |||
Canadian Pacific Railway Co., 4.70%, 5/1/48 | 70,000 | 63,561 | |||
Cemex SAB de CV, 9.13%, 3/14/28 (9.13% fixed rate until 6/14/28; 4.91% + 5 year CMT thereafter)(a)(b)(d) | 625,000 | 632,967 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
FOREIGN CORPORATE BONDS (continued) | |||||
INDUSTRIAL (continued) | |||||
Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | $ | 138,000 | $ | 135,930 | |
Embraer Overseas Ltd., 5.70%, 9/16/23 (a) | 135,000 | 134,595 | |||
Masonite International Corp., 3.50%, 2/15/30 (a) | 125,000 | 104,999 | |||
Mexico City Airport Trust, 3.88%, 4/30/28 (a) | 200,000 | 188,623 | |||
Mexico City Airport Trust, 5.50%, 7/31/47 (a) | 200,000 | 174,809 | |||
nVent Finance Sarl, 2.75%, 11/15/31 | 254,000 | 202,173 | |||
Trane Technologies Financing Ltd., 5.25%, 3/3/33 | 45,000 | 45,559 | |||
Waste Connections, Inc., 2.20%, 1/15/32 | 193,000 | 155,649 | |||
Waste Connections, Inc., 4.25%, 12/1/28 | 68,000 | 65,422 | |||
Total Industrial | 2,083,745 | ||||
UTILITIES - 0.2% | |||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 (a) | 200,000 | 177,620 | |||
Alfa Desarrollo SpA, 4.55%, 9/27/51 (a) | 199,014 | 146,026 | |||
Comision Federal de Electricidad, 4.69%, 5/15/29 (a) | 400,000 | 359,144 | |||
Consorcio Transmantaro S.A., 4.70%, 4/16/34 (a) | 430,000 | 398,190 | |||
Electricite de France S.A., 5.70%, 5/23/28 (a) | 210,000 | 209,683 | |||
Sociedad de Transmision Austral S.A., 4.00%, 1/27/32 (a) | 1,000,000 | 855,720 | |||
Total Utilities | 2,146,383 | ||||
TOTAL FOREIGN CORPORATE BONDS | 52,084,403 | ||||
MUNICIPAL BONDS - 1.9% | |||||
ALASKA - 0.1% | |||||
City of Fort Wayne, Revenue Bond, 7.50%, 10/1/52 | 1,510,000 | 1,582,711 | |||
CALIFORNIA - 0.6% | |||||
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 | 150,000 | 177,641 | |||
California Health Facilities Financing Authority,Revenue Bonds, 4.35%, 6/1/41 | 250,000 | 230,143 |
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS (continued) | |||||
CALIFORNIA (continued) | |||||
Chula Vista Municipal Financing Authority, Revenue Bonds, Series A, 4.28%, 12/1/48 | $ | 1,000,000 | $ | 847,463 | |
City & County of San Francisco Community Facilities District No., Series B, 3.48%, 9/1/50 | 1,000,000 | 727,599 | |||
City of Los Angeles CA, General Obligation, Series A, 3.50%, 9/1/37 | 315,000 | 268,369 | |||
City of Los Angeles CA, General Obligation, Series A, 5.00%, 9/1/42 | 1,000,000 | 972,731 | |||
City of San Francisco CA Public Utilities Commission Water Revenue, Series A, 3.30%, 11/1/39 | 1,230,000 | 1,012,744 | |||
Los Angeles Community College District, 2.11%, 8/1/32 | 770,000 | 628,291 | |||
State of California, General Obligation, 4.60%, 4/1/38 | 500,000 | 479,305 | |||
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 | 275,000 | 334,521 | |||
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 | 500,000 | 407,111 | |||
Total California | 6,085,918 | ||||
CONNECTICUT - 0.1% | |||||
Connecticut Green Bank, 2.90%, 11/15/35 | 1,000,000 | 830,263 | |||
DISTRICT OF COLUMBIA - 0.2% | |||||
District of Columbia, Revenue Bonds, Series B, 3.85%, 2/28/25 | 1,750,000 | 1,692,027 | |||
FLORIDA - 0.1% | |||||
Florida Development Finance Corp., AMT, 7.25%, 7/1/57 (a)(b) | 1,000,000 | 1,017,091 | |||
HAWAII - 0.1% | |||||
State of Hawaii Department of Business Economic Development & Tourism, Series 2014-A, Class A2, ABS, 3.24%, 1/1/31 | 1,072,517 | 1,026,766 | |||
ILLINOIS - 0.0% (g) | |||||
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 | 500,000 | 461,070 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS (continued) | |||||
INDIANA - 0.0% (g) | |||||
City of Fort Wayne, Revenue Bond, Revenue Bonds, Series A-2, 10.75%, 12/1/29 | $ | 234,358 | $ | 24 | |
Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51 | 215,000 | 164,623 | |||
Total Indiana | 164,647 | ||||
MASSACHUSETTS - 0.1% | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Series 226, 5.56%, 12/1/52 | 950,000 | 946,563 | |||
MICHIGAN - 0.2% | |||||
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | 650,000 | 594,990 | |||
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940,000 | 759,070 | |||
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1,330,000 | 1,100,218 | |||
Total Michigan | 2,454,278 | ||||
MINNESOTA - 0.0% (g) | |||||
University of Minnesota, Revenue Bonds, 4.05%, 4/1/52 | 380,000 | 335,527 | |||
NEW JERSEY - 0.1% | |||||
Morris County Improvement Authority, Class A, 1.05%, 6/15/26 | 200,000 | 179,004 | |||
New Jersey Economic Development Authority, Series A, 4.93%, 3/1/25 | 750,000 | 740,411 | |||
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300,000 | 375,765 | |||
Total New Jersey | 1,295,180 | ||||
NEW YORK - 0.2% | |||||
Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series A, 1.88%, 7/25/37 | 971,946 | 735,795 | |||
Metropolitan Transportation Authority, Series C2, 5.18%, 11/15/49 | 1,000,000 | 910,823 | |||
Total New York | 1,646,618 |
Investments | Principal Amount | Value | |||
MUNICIPAL BONDS (continued) | |||||
OREGON - 0.0% (g) | |||||
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 (a)(c) | $ | 500,000 | $ | 2,500 | |
SOUTH DAKOTA - 0.0% (g) | |||||
South Dakota Housing Development Authority, Series E, 5.46%, 5/1/53 | 300,000 | 298,170 | |||
TEXAS - 0.0% (g) | |||||
Texas Private Activity Bond Surface Transportation Corp., Series B, 3.92%, 12/31/49 | 80,000 | 64,808 | |||
WISCONSIN - 0.1% | |||||
County of Fond Du Lac, Revenue Bond, (BAM CNTY GTD), 5.57%, 11/1/51 (a) | 1,000,000 | 948,499 | |||
TOTAL MUNICIPAL BONDS | 20,852,636 | ||||
SUPRANATIONAL BONDS - 1.6% | |||||
Arab Petroleum Invstment Corp., 1.48%, 10/6/26 (a) | 1,200,000 | 1,076,100 | |||
Asian Development Bank, 3.13%, 9/26/28 | 1,500,000 | 1,418,238 | |||
Central American Bank for Economic Integration, 5.00%, 2/9/26 (a) | 500,000 | 494,298 | |||
Council Of Europe Development Bank, 3.00%, 6/16/25 | 1,000,000 | 962,133 | |||
European Investment Bank, 0.63%, 10/21/27 | 700,000 | 599,952 | |||
European Investment Bank, 0.75%, 9/23/30 | 1,000,000 | 796,902 | |||
European Investment Bank, 2.38%, 5/24/27 | 500,000 | 463,369 | |||
European Investment Bank, 2.50%, 10/15/24 | 1,000,000 | 964,985 | |||
European Investment Bank, 3.25%, 11/15/27 | 1,110,000 | 1,065,590 | |||
European Investment Bank, 3.75%, 2/14/33 | 1,000,000 | 984,661 | |||
Inter-American Development Bank, 1.13%, 7/20/28 | 344,000 | 294,767 | |||
Inter-American Investment Corp., 2.63%, 4/22/25 | 1,000,000 | 954,791 | |||
International Bank for Reconstruction & Development, 0.00%, 3/31/27 | 1,000,000 | 897,100 | |||
International Bank for Reconstruction & Development, 0.00%, 3/31/28 | 1,000,000 | 978,890 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
SUPRANATIONAL BONDS (continued) | |||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | $ | 322,000 | $ | 276,465 | |
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 608,000 | 585,938 | |||
International Finance Corp., (SOFR + 0.090%), 5.18%, 4/3/24 (b) | 1,348,000 | 1,348,010 | |||
Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30 | 1,000,000 | 794,465 | |||
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 805,000 | 720,036 | |||
Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 6.09%, 2/12/24 (b) | 800,000 | 804,242 | |||
OPEC Fund for International Development (The), 4.50%, 1/26/26 (a) | 900,000 | 883,698 | |||
TOTAL SUPRANATIONAL BONDS | 17,364,630 | ||||
FOREIGN GOVERNMENT AGENCIES - 1.2% | |||||
CANADA - 0.9% | |||||
CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 (a) | 1,000,000 | 896,882 | |||
Export Development Canada, 3.38%, 8/26/25 | 1,000,000 | 970,056 | |||
Export Development Canada, 3.88%, 2/14/28 | 1,800,000 | 1,767,403 | |||
Hydro-Quebec, Series IO, 8.05%, 7/7/24 | 1,000,000 | 1,021,365 | |||
OMERS Finance Trust, Series 144A, 3.50%, 4/19/32 (a) | 1,000,000 | 916,480 | |||
OMERS Finance Trust, Series 144A, 4.00%, 4/19/52 (a) | 1,000,000 | 830,457 | |||
Province of British Columbia, 4.20%, 7/6/33 | 1,085,000 | 1,080,256 | |||
Province of Quebec Canada, 1.90%, 4/21/31 | 1,000,000 | 842,946 | |||
Province of Quebec Canada, 2.75%, 4/12/27 | 1,000,000 | 934,169 | |||
Total Canada | 9,260,014 | ||||
JAPAN - 0.0% (g) | |||||
Development Bank of Japan, Inc., Series 144A, 1.75%, 2/18/25 (a) | 226,000 | 212,888 | |||
NETHERLANDS - 0.2% | |||||
BNG Bank N.V., 3.50%, 5/19/28 (a) | 1,000,000 | 961,731 |
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT AGENCIES (continued) | |||||
NETHERLANDS - 0.2% | |||||
Nederlandse Waterschapsbank N.V., 4.00%, 6/1/28 (a) | $ | 1,500,000 | $ | 1,475,752 | |
Total Netherlands | 2,437,483 | ||||
NORWAY - 0.0% (g) | |||||
Kommunalbanken A/S, Series 144A, 2.13%, 2/11/25 (a) | 500,000 | 475,875 | |||
POLAND - 0.0% (g) | |||||
Bank Gospodarstwa Krajowego, 5.38%, 5/22/33 (a) | 225,000 | 223,662 | |||
SOUTH KOREA - 0.1% | |||||
Korea Hydro & Nuclear Power Co., Ltd., Series 144A, 3.75%, 7/25/23 (a) | 200,000 | 199,740 | |||
Korea National Oil Corp., 4.75%, 4/3/26 (a) | 200,000 | 196,053 | |||
Korea National Oil Corp., 4.88%, 4/3/28 (a) | 205,000 | 202,979 | |||
Total South Korea | 598,772 | ||||
TOTAL FOREIGN GOVERNMENT AGENCIES | 13,208,694 | ||||
FOREIGN GOVERNMENT OBLIGATIONS - 0.3% | |||||
BERMUDA - 0.0% (g) | |||||
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 (a) | 200,000 | 166,702 | |||
CANADA - 0.1% | |||||
Canada Government International Bond, 2.88%, 4/28/25 | 1,100,000 | 1,059,149 | |||
INDONESIA - 0.0% (g) | |||||
Indonesia Government International Bond, 3.50%, 1/11/28 | 280,000 | 263,805 | |||
ITALY - 0.1% | |||||
Republic of Italy Government International Bond, 4.00%, 10/17/49 | 1,000,000 | 770,630 | |||
MEXICO - 0.0% (g) | |||||
Mexico Government International Bond, 4.28%, 8/14/41 | 260,000 | 213,893 | |||
PANAMA - 0.0% (g) | |||||
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100,000 | 106,896 | |||
PERU - 0.0% (g) | |||||
Peruvian Government International Bond, 2.78%, 1/23/31 | 107,000 | 91,470 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (continued)
Investments | Principal Amount | Value | |||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | |||||
QATAR - 0.0% (g) | |||||
Qatar Government International Bond, Series 144A, 4.50%, 4/23/28 (a) | $ | 200,000 | $ | 200,040 | |
ROMANIA - 0.0% (g) | |||||
Romanian Government International Bond, Series 144A, 6.00%, 5/25/34 (a) | 60,000 | 59,410 | |||
SERBIA - 0.1% | |||||
Serbia International Bond, Series 144A, 2.13%, 12/1/30 (a) | 370,000 | 283,840 | |||
UNITED ARAB EMIRATES - 0.0% (g) | |||||
Abu Dhabi Government International Bond, Series 144A, 3.13%, 10/11/27 (a) | 250,000 | 236,755 | |||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS | 3,452,590 | ||||
BANK LOANS - 0.2% | |||||
Industrial - 0.1% | |||||
Liberty Tire Recycling Holdco LLC, 2021 Term Loan, 9.72%, 5/5/28 (b) (Cost: $981,110) | 987,437 | 868,945 | |||
UTILITIES - 0.1% | |||||
Constellation Renewables LLC, 2020 Term Loan, 8.03%, 12/15/27 (b) (Cost: $866,674) | 869,947 | 863,535 | |||
TOTAL BANK LOANS | 1,732,480 |
Investments | Shares | Value | |||
PREFERRED STOCK - 0.1% | |||||
Financial - 0.1% | |||||
Gladstone Investment Corp., 4.88%, 11/1/28 (Cost: $1,830,000) | 73,200 | $ | 1,628,700 | ||
EXCHANGE-TRADED FUND - 11.8% | |||||
iShares Core U.S. Aggregate Bond ETF (Cost: $129,559,496) | 1,319,580 | 129,252,861 | |||
MUTUAL FUNDS - 7.8% | |||||
BrandywineGLOBAL High Yield Fund | 4,379,420 | 42,348,992 |
Investments | Shares | Value | |||
PREFERRED STOCK (continued) | |||||
MUTUAL FUNDS (continued) | |||||
MainStay MacKay High Yield Corporate Bond Fund | 8,472,998 | $ | 42,364,991 | ||
TOTAL MUTUAL FUNDS | 84,713,983 | ||||
COMMON STOCKS - 0.0% (g) | |||||
ENERGY EQUIPMENT & SERVICES - 0.0% (g) | |||||
Canvas Energy, Inc.(h) | 952 | 0 | |||
FINANCIAL SERVICES - 0.0% (g) | |||||
Bruin Blocker LLC(h) | 4,367 | 0 | |||
TOTAL COMMON STOCKS | 0 | ||||
SHORT-TERM INVESTMENTS - 1.6% | |||||
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 4.94%(i) (Cost: $17,031,190) | 17,031,190 | 17,031,190 | |||
TOTAL INVESTMENTS - 100.3% | 1,094,451,597 | ||||
OTHER ASSETS AND LIABILITIES, NET - (0.3)% | (2,997,945 | ) | |||
NET ASSETS - 100.0% | $ | 1,091,453,652 |
(a) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At June 30, 2023, the value of these securities was $261,965,991, representing 24.0% of net assets. |
(b) | 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. |
(c) | Security is currently in default. |
(d) | Perpetual floating rate security. Date shown reflects the next reset date. |
(e) | Step Bond – Coupon rate increases or decreases in increments to maturity. Rate shown as of June 30, 2023. Maturity date shown is the final maturity. |
(f) | Interest only security. |
(g) | Amount is less than 0.05%. |
(h) | Non-income producing security. |
(i) | The rate shown is the annualized seven-day yield at June 30, 2023. |
ABS | Asset Backed Securities |
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury Indexes |
ETF | Exchange Traded Fund |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Fund Rate |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
June 30, 2023
PFM MULTI-MANAGER FIXED-INCOME FUND (concluded)
Futures contracts open at June 30, 2023: | |||||||||
Description | Type | Contracts | Expiration Date | Notional Amount | Value / Net Unrealized Appreciation (Depreciation) | ||||
CONTRACTS PURCHASED - 4.4% | |||||||||
U.S. Treasury 2-Year Notes | Long | 11,800,000 | 09/29/2023 | $ | 11,997,281 | $ | (183,784) | ||
U.S. Treasury 10-Year Notes | Long | 8,900,000 | 09/20/2023 | 9,991,641 | (111,173) | ||||
U.S. Treasury 5-Year Notes | Long | 21,200,000 | 09/29/2023 | 22,703,875 | (433,989) | ||||
U.S. Treasury Ultra Bonds | Long | 2,500,000 | 09/20/2023 | 3,405,469 | 18,672 | ||||
Total | $ | 48,098,266 | $ | (710,274) | |||||
CONTRACTS SOLD - (0.7)% | |||||||||
U.S. Treasury Long-Term Bonds | Short | (6,200,000) | 09/20/2023 | $ | (7,868,188 | ) | $ | 34,949 |
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds* | $ | — | $ | 207,965,430 | $ | — | $ | 207,965,430 | ||||||||
U.S. Government Agencies | — | 179,675,127 | — | 179,675,127 | ||||||||||||
Asset-Backed Securities | — | 141,383,521 | — | 141,383,521 | ||||||||||||
Exchange-Traded Fund | 129,252,861 | — | — | 129,252,861 | ||||||||||||
U.S. Government Obligations | — | 122,136,639 | — | 122,136,639 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 101,968,713 | — | 101,968,713 | ||||||||||||
Mutual Funds | 84,713,983 | — | — | 84,713,983 | ||||||||||||
Foreign Corporate Bonds* | — | 52,084,403 | — | 52,084,403 | ||||||||||||
Municipal Bonds* | — | 20,852,636 | — | 20,852,636 | ||||||||||||
Supranational Bonds | — | 17,364,630 | — | 17,364,630 | ||||||||||||
Foreign Government Agencies* | — | 13,208,694 | — | 13,208,694 | ||||||||||||
Foreign Government Obligations* | — | 3,452,590 | — | 3,452,590 | ||||||||||||
Bank Loans* | — | 1,732,480 | — | 1,732,480 | ||||||||||||
Preferred Stock* | 1,628,700 | — | — | 1,628,700 | ||||||||||||
Common Stocks* | — | — | — | — | ||||||||||||
Money Market Fund | 17,031,190 | — | — | 17,031,190 | ||||||||||||
Total Investments in Securities | $ | 232,626,734 | $ | 861,824,863 | $ | — | $ | 1,094,451,597 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | 53,621 | $ | — | $ | — | $ | 53,621 | ||||||||
Liabilities: Other Financial Instruments | ||||||||||||||||
Futures Contracts(a) | $ | (728,946 | ) | $ | — | $ | — | $ | (728,946 | ) |
(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, 2023 (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, 2023, 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, 2023, 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 designated the Adviser, PFM Asset Management LLC (“PFMAM” or, the “Adviser”), as the Funds’ valuation designee under Rule 2a-5 of the 1940 Act and as such the Adviser performs day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee (“VC”) to serve as its formal oversight body for the valuation of each Fund’s portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Adviser’s valuation policies and procedures. Among other things, these procedures allow the Adviser to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Adviser may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close 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 Adviser may value foreign securities using fair value prices based on third-party vendor modeling tools.
Equity Securities
Equity securities, including restricted securities and preferred stocks, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (“ADRs”), futures contracts, Exchange-Traded Funds (“ETFs”) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board.
Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.
Debt Securities
Debt securities, including restricted securities, are valued based on evaluated prices received from third-party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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.