# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001752724-23-045963
**Filing Date:** 2023-2
**Character Count:** 362470
**Document Hash:** 106a1fbd8a27fd505b9ea3af9800eb9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045963.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045963

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 23681508

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101

## Series and Classes Contracts Data

### PFM Multi-Manager Domestic Equity Fund (Series ID: S000059561)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195098 | Institutional Class |  |

## Nport-Ex

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 37.0%** |  |  |
| **COMMUNICATION SERVICES - 1.5%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 99410 | $8769945 |
| Cogent Communications Holdings, Inc. | 50825 | 2901091 |
| Spok Holdings, Inc. | 5066 | 41491 |
| Telephone & Data Systems, Inc. | 35793 | 375469 |
| Walt Disney Co. (The)<sup>(a)</sup> | 7514 | 652816 |
| Yelp, Inc.<sup>(a)</sup> | 20118 | 550026 |
| **Total Communication Services** |  | **13290838** |
| **CONSUMER DISCRETIONARY - 3.0%** |  |  |
| Aaron's Co., Inc. (The) | 15761 | 188344 |
| Academy Sports & Outdoors, Inc. | 1018 | 53486 |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 5443 | 193227 |
| Advance Auto Parts, Inc. | 5450 | 801313 |
| Amazon.com, Inc.<sup>(a)</sup> | 86808 | 7291872 |
| Bath & Body Works, Inc. | 10000 | 421400 |
| Cavco Industries, Inc.<sup>(a)</sup> | 2435 | 550919 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 12570 | 445481 |
| Dillard's, Inc., Class A | 649 | 209757 |
| Dollar General Corp. | 25033 | 6164376 |
| General Motors Co. | 27923 | 939330 |
| GoPro, Inc., Class A<sup>(a)</sup> | 26636 | 132647 |
| Group 1 Automotive, Inc. | 2104 | 379498 |
| Haverty Furniture Cos., Inc. | 7810 | 233519 |
| Home Depot, Inc. (The) | 4174 | 1318400 |
| Leslie's, Inc.<sup>(a)</sup> | 36775 | 449023 |
| Luminar Technologies, Inc.<sup>(a)</sup> | 123990 | 613750 |
| Marriott International, Inc., Class A | 5444 | 810557 |
| MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 4885 | 126375 |
| Monarch Casino & Resort, Inc.<sup>(a)</sup> | 2948 | 226672 |
| Movado Group, Inc. | 6048 | 195048 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1140 | 962194 |
| Oxford Industries, Inc. | 5475 | 510160 |
| Perdoceo Education Corp.<sup>(a)</sup> | 32890 | 457171 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 6850 | 539780 |
| SeaWorld Entertainment, Inc.<sup>(a)</sup> | 4679 | 250373 |
| Sleep Number Corp.<sup>(a)</sup> | 6905 | 179392 |
| Sonos, Inc.<sup>(a)</sup> | 23387 | 395240 |
| Tractor Supply Co. | 2300 | 517431 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1100 | 515977 |
| Unifi, Inc.<sup>(a)</sup> | 6691 | 57610 |
| Universal Electronics, Inc.<sup>(a)</sup> | 3749 | 78017 |
| **Total Consumer Discretionary** |  | **26208339** |
| **CONSUMER STAPLES - 3.3%** |  |  |
| Beiersdorf AG, ADR | 60739 | 1388494 |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 950 | 313044 |
| Calavo Growers, Inc. | 20012 | 588353 |
| Church & Dwight Co., Inc. | 1800 | 145098 |
| Clorox Co. (The) | 44190 | 6201183 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CONSUMER STAPLES (continued)** |  |  |
| Costco Wholesale Corp. | 2651 | $1210181 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 22403 | 1402204 |
| Estee Lauder Cos., Inc. (The), Class A | 2994 | 742841 |
| Fresh Del Monte Produce, Inc. | 7962 | 208525 |
| Freshpet, Inc.<sup>(a)</sup> | 9250 | 488122 |
| Henkel AG & Co. KGaA, ADR | 223940 | 3612152 |
| Hormel Foods Corp. | 8900 | 405395 |
| JM Smucker Co. (The) | 3500 | 554610 |
| Kimberly-Clark Corp. | 24325 | 3302119 |
| Lamb Weston Holdings, Inc. | 4200 | 375312 |
| McCormick & Co., Inc., NVDR | 62305 | 5164461 |
| Medifast, Inc. | 2538 | 292758 |
| Mission Produce, Inc.<sup>(a)</sup> | 36067 | 419099 |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 736 | 6124 |
| PepsiCo, Inc. | 2941 | 531321 |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 5222 | 277810 |
| Vector Group Ltd. | 44543 | 528280 |
| **Total Consumer Staples** |  | **28157486** |
| **ENERGY - 0.8%** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 13700 | 424563 |
| CONSOL Energy, Inc. | 2211 | 143715 |
| Halliburton Co. | 16265 | 640028 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 415305 | 2641340 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 23523 | 546910 |
| Patterson-UTI Energy, Inc. | 27377 | 461029 |
| Phillips 66 | 8965 | 933077 |
| ProPetro Holding Corp.<sup>(a)</sup> | 30767 | 319054 |
| REX American Resources Corp.<sup>(a)</sup> | 8095 | 257907 |
| RPC, Inc. | 24160 | 214782 |
| US Silica Holdings, Inc.<sup>(a)</sup> | 6379 | 79737 |
| W&T Offshore, Inc.<sup>(a)</sup> | 10647 | 59410 |
| World Fuel Services Corp. | 11561 | 315962 |
| **Total Energy** |  | **7037514** |
| **FINANCIALS - 5.3%** |  |  |
| American Equity Investment Life Holding Co. | 14962 | 682566 |
| Ameriprise Financial, Inc. | 4904 | 1526959 |
| AMERISAFE, Inc. | 2021 | 105031 |
| Aon PLC, Class A | 11490 | 3448609 |
| Arthur J Gallagher & Co. | 2300 | 433642 |
| Banc of California, Inc. | 21171 | 337254 |
| Bank of America Corp. | 38553 | 1276875 |
| BankUnited, Inc. | 17386 | 590602 |
| Banner Corp. | 9746 | 615947 |
| BCB Bancorp, Inc. | 1686 | 30331 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 7080 | 2187012 |
| Berkshire Hills Bancorp, Inc. | 13213 | 395069 |
| Blucora, Inc.<sup>(a)</sup> | 26238 | 669856 |
| Charles Schwab Corp. (The) | 7932 | 660418 |
| Chubb Ltd. | 7507 | 1656044 |
| Cullen/Frost Bankers, Inc. | 2250 | 300825 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 9092 | 257667 |
| Employers Holdings, Inc. | 11438 | 493321 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FINANCIALS (continued)** |  |  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 7025 | $336779 |
| Enova International, Inc.<sup>(a)</sup> | 4728 | 181413 |
| Everest Re Group Ltd. | 4443 | 1471833 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 24099 | 196407 |
| FactSet Research Systems, Inc. | 895 | 359083 |
| First BanCorp | 48226 | 613435 |
| First Business Financial Services, Inc. | 20 | 731 |
| First Commonwealth Financial Corp. | 10039 | 140245 |
| FS Bancorp, Inc. | 1173 | 39225 |
| Green Dot Corp., Class A<sup>(a)</sup> | 11552 | 182753 |
| Hanmi Financial Corp. | 4895 | 121151 |
| Hartford Financial Services Group, Inc. (The) | 5840 | 442847 |
| HCI Group, Inc. | 836 | 33097 |
| HomeStreet, Inc. | 3539 | 97606 |
| Independent Bank Corp. | 9806 | 827921 |
| Intercontinental Exchange, Inc. | 58663 | 6018237 |
| Investar Holding Corp. | 954 | 20540 |
| Jackson Financial, Inc., Class A | 6775 | 235702 |
| James River Group Holdings Ltd. | 8731 | 182565 |
| JPMorgan Chase & Co. | 12374 | 1659353 |
| LendingTree, Inc.<sup>(a)</sup> | 10757 | 229447 |
| MetLife, Inc. | 2893 | 209366 |
| National Bank Holdings Corp., Class A | 8956 | 376779 |
| NBT Bancorp, Inc. | 1305 | 56663 |
| Northern Trust Corp. | 50029 | 4427066 |
| Northfield Bancorp, Inc. | 1951 | 30689 |
| Northrim BanCorp, Inc. | 1733 | 94570 |
| OFG Bancorp | 6766 | 186471 |
| Pathward Financial, Inc. | 9561 | 411601 |
| Preferred Bank | 4719 | 352132 |
| ProAssurance Corp. | 16458 | 287521 |
| PROG Holdings, Inc.<sup>(a)</sup> | 24308 | 410562 |
| Prosperity Bancshares, Inc. | 6150 | 446982 |
| Reinsurance Group of America, Inc. | 9284 | 1319164 |
| S&T Bancorp, Inc. | 9833 | 336092 |
| Selectquote, Inc.<sup>(a)</sup> | 12400 | 8332 |
| Stellar Bancorp, Inc. | 6895 | 203127 |
| Stewart Information Services Corp. | 2094 | 89477 |
| StoneX Group, Inc.<sup>(a)</sup> | 4796 | 457059 |
| SVB Financial Group<sup>(a)</sup> | 2150 | 494801 |
| Towne Bank | 33769 | 1041436 |
| Tradeweb Markets, Inc. Class A, Class A | 14400 | 934992 |
| Travelers Cos., Inc. (The) | 18615 | 3490126 |
| UMB Financial Corp. | 2665 | 222581 |
| United Fire Group, Inc. | 4630 | 126677 |
| Universal Insurance Holdings, Inc. | 13103 | 138761 |
| Valley National Bancorp | 42743 | 483423 |
| Veritex Holdings, Inc. | 4326 | 121474 |
| Western New England Bancorp, Inc. | 931 | 8807 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FINANCIALS (continued)** |  |  |
| World Acceptance Corp.<sup>(a)</sup> | 2253 | $148563 |
| **Total Financials** |  | **45973692** |
| **HEALTH CARE - 7.1%** |  |  |
| Abbott Laboratories | 12912 | 1417608 |
| Abcam PLC, ADR<sup>(a)</sup> | 12725 | 198001 |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 16007 | 254831 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 88484 | 676018 |
| Align Technology, Inc.<sup>(a)</sup> | 1850 | 390165 |
| Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 29069 | 512777 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 2681 | 275660 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 2895 | 81118 |
| Baxter International, Inc. | 66535 | 3391289 |
| Becton Dickinson and Co. | 7255 | 1844946 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 750 | 315368 |
| Bio-Techne Corp. | 19500 | 1616160 |
| Bristol-Myers Squibb Co. | 15695 | 1129255 |
| Catalent, Inc.<sup>(a)</sup> | 15568 | 700716 |
| Chemed Corp. | 4470 | 2281622 |
| Cigna Corp. | 5538 | 1834961 |
| Codexis, Inc.<sup>(a)</sup> | 11096 | 51707 |
| Computer Programs & Systems, Inc.<sup>(a)</sup> | 3673 | 99979 |
| Cooper Cos., Inc. (The) | 1700 | 562139 |
| Danaher Corp. | 18625 | 4943447 |
| Deciphera Pharmaceuticals, Inc.<sup>(a)</sup> | 10046 | 164654 |
| DENTSPLY SIRONA, Inc. | 147656 | 4701367 |
| DexCom, Inc.<sup>(a)</sup> | 6150 | 696426 |
| Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 2359 | 68954 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 10250 | 764753 |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 23344 | 275693 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 7660 | 356343 |
| Exelixis, Inc.<sup>(a)</sup> | 8137 | 130517 |
| FibroGen, Inc.<sup>(a)</sup> | 6568 | 105219 |
| Glaukos Corp.<sup>(a)</sup> | 8085 | 353153 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 8903 | 661226 |
| Guardant Health, Inc.<sup>(a)</sup> | 19480 | 529856 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 9997 | 550835 |
| Health Catalyst, Inc.<sup>(a)</sup> | 10662 | 113337 |
| HealthStream, Inc.<sup>(a)</sup> | 9790 | 243184 |
| ICU Medical, Inc.<sup>(a)</sup> | 20826 | 3279678 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 750 | 305970 |
| Inogen, Inc.<sup>(a)</sup> | 12369 | 243793 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 9250 | 518648 |
| Intercept Pharmaceuticals, Inc.<sup>(a)</sup> | 10072 | 124591 |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 7984 | 155928 |
| Johnson & Johnson | 17230 | 3043679 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **HEALTH CARE (continued)** |  |  |
| Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 25566 | $86924 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 9485 | 669831 |
| Nektar Therapeutics<sup>(a)</sup> | 35331 | 79848 |
| NextGen Healthcare, Inc.<sup>(a)</sup> | 24848 | 466645 |
| NuVasive, Inc.<sup>(a)</sup> | 5824 | 240182 |
| OraSure Technologies, Inc.<sup>(a)</sup> | 34040 | 164073 |
| Orthofix Medical, Inc.<sup>(a)</sup> | 12300 | 252519 |
| Repligen Corp.<sup>(a)</sup> | 1200 | 203172 |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 133100 | 199650 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 2302 | 298293 |
| Semler Scientific, Inc.<sup>(a)</sup> | 2243 | 74019 |
| Smith & Nephew PLC, ADR | 152668 | 4105243 |
| STERIS PLC | 3900 | 720291 |
| Surmodics, Inc.<sup>(a)</sup> | 1838 | 62713 |
| Tabula Rasa HealthCare, Inc.<sup>(a)</sup> | 971 | 4806 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 6080 | 273296 |
| Teleflex, Inc. | 2546 | 635558 |
| Thermo Fisher Scientific, Inc. | 2221 | 1223082 |
| Universal Health Services, Inc., Class B | 26129 | 3681315 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 36218 | 267651 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 3350 | 540623 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 11490 | 3318082 |
| Waters Corp.<sup>(a)</sup> | 2600 | 890708 |
| West Pharmaceutical Services, Inc. | 1350 | 317723 |
| Zimmer Biomet Holdings, Inc. | 22319 | 2845672 |
| Zimvie, Inc.<sup>(a)</sup> | 14840 | 138606 |
| **Total Health Care** |  | **61726096** |
| **INDUSTRIALS - 4.6%** |  |  |
| 3M Co. | 30799 | 3693416 |
| Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | 38898 | 2175565 |
| American Woodmark Corp.<sup>(a)</sup> | 719 | 35130 |
| AMETEK, Inc. | 20891 | 2918891 |
| Apogee Enterprises, Inc. | 11894 | 528807 |
| ArcBest Corp. | 7574 | 530483 |
| Astec Industries, Inc. | 7899 | 321173 |
| Boise Cascade Co. | 9385 | 644468 |
| Chart Industries, Inc.<sup>(a)</sup> | 3940 | 454006 |
| Comfort Systems USA, Inc. | 5924 | 681734 |
| CoreCivic, Inc.<sup>(a)</sup> | 3447 | 39847 |
| CoStar Group, Inc.<sup>(a)</sup> | 6350 | 490728 |
| Encore Wire Corp. | 5307 | 730031 |
| Forrester Research, Inc.<sup>(a)</sup> | 3856 | 137891 |
| Fortive Corp. | 18400 | 1182200 |
| Generac Holdings, Inc.<sup>(a)</sup> | 4400 | 442904 |
| GMS, Inc.<sup>(a)</sup> | 9837 | 489883 |
| Graco, Inc. | 21353 | 1436203 |
| Heartland Express, Inc. | 2252 | 34546 |
| Heidrick & Struggles International, Inc. | 7938 | 222026 |
| Honeywell International, Inc. | 5444 | 1166649 |
| Hub Group, Inc., Class A<sup>(a)</sup> | 6108 | 485525 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INDUSTRIALS (continued)** |  |  |
| Hyster-Yale Materials Handling, Inc. | 4663 | $118021 |
| IDEX Corp. | 3350 | 764905 |
| Kelly Services, Inc., Class A | 6465 | 109259 |
| Knorr-Bremse AG, ADR | 155332 | 2106302 |
| Lindsay Corp. | 2432 | 396051 |
| Lyft, Inc., Class A<sup>(a)</sup> | 21862 | 240919 |
| Matthews International Corp., Class A | 3911 | 119051 |
| Moog, Inc., Class A | 1361 | 119441 |
| Mueller Water Products, Inc., Class A | 232638 | 2503185 |
| MYR Group, Inc.<sup>(a)</sup> | 6167 | 567796 |
| Nordson Corp. | 3450 | 820134 |
| Norfolk Southern Corp. | 7025 | 1731100 |
| NOW, Inc.<sup>(a)</sup> | 16876 | 214325 |
| PGT Innovations, Inc.<sup>(a)</sup> | 12420 | 223063 |
| Powell Industries, Inc. | 2151 | 75672 |
| Quanex Building Products Corp. | 12163 | 288020 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 18182 | 299094 |
| Resources Connection, Inc. | 9576 | 176007 |
| REV Group, Inc. | 4721 | 59579 |
| Rockwell Automation, Inc. | 3600 | 927252 |
| Saia, Inc.<sup>(a)</sup> | 9255 | 1940588 |
| Spirit AeroSystems Holdings, Inc., Class A | 16911 | 500566 |
| Titan International, Inc.<sup>(a)</sup> | 14400 | 220608 |
| Toro Co. (The) | 8800 | 996160 |
| Trane Technologies PLC | 6212 | 1044175 |
| TrueBlue, Inc.<sup>(a)</sup> | 8625 | 168877 |
| Union Pacific Corp. | 14255 | 2951783 |
| Verisk Analytics, Inc. | 2450 | 432229 |
| Wabash National Corp. | 22785 | 514941 |
| Werner Enterprises, Inc. | 10181 | 409887 |
| **Total Industrials** |  | **39881096** |
| **INFORMATION TECHNOLOGY - 6.4%** |  |  |
| 8x8, Inc.<sup>(a)</sup> | 89340 | 385949 |
| Accenture PLC, Class A | 4340 | 1158086 |
| Agilysys, Inc.<sup>(a)</sup> | 4239 | 335474 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 8050 | 678615 |
| Amphenol Corp., Class A | 40803 | 3106740 |
| ANSYS, Inc.<sup>(a)</sup> | 1050 | 253670 |
| Apple, Inc. | 27486 | 3571256 |
| Applied Materials, Inc. | 16908 | 1646501 |
| Arlo Technologies, Inc.<sup>(a)</sup> | 28240 | 99122 |
| Arteris, Inc.<sup>(a)</sup> | 1522 | 6545 |
| Asana, Inc., Class A<sup>(a)</sup> | 12950 | 178322 |
| Autodesk, Inc.<sup>(a)</sup> | 1700 | 317679 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 6385 | 506714 |
| Benchmark Electronics, Inc. | 2559 | 68300 |
| Broadcom, Inc. | 3170 | 1772442 |
| Cerence, Inc.<sup>(a)</sup> | 15829 | 293311 |
| CEVA, Inc.<sup>(a)</sup> | 6233 | 159440 |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 13887 | 102069 |
| Comtech Telecommunications Corp. | 8157 | 99026 |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 4744 | 255037 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INFORMATION TECHNOLOGY (continued)** |  |  |
| CSG Systems International, Inc. | 10568 | $604490 |
| Daktronics, Inc.<sup>(a)</sup> | 626 | 1765 |
| Entegris, Inc. | 21930 | 1438389 |
| Everbridge, Inc.<sup>(a)</sup> | 1787 | 52859 |
| Extreme Networks, Inc.<sup>(a)</sup> | 33366 | 610932 |
| FARO Technologies, Inc.<sup>(a)</sup> | 8508 | 250220 |
| Harmonic, Inc.<sup>(a)</sup> | 35079 | 459535 |
| Impinj, Inc.<sup>(a)</sup> | 445 | 48585 |
| Itron, Inc.<sup>(a)</sup> | 7828 | 396488 |
| Jack Henry & Associates, Inc. | 10155 | 1782812 |
| Lam Research Corp. | 2131 | 895659 |
| Microchip Technology, Inc. | 6924 | 486411 |
| Microsoft Corp. | 37676 | 9036458 |
| Momentive Global, Inc.<sup>(a)</sup> | 19243 | 134701 |
| Monolithic Power Systems, Inc. | 3810 | 1347254 |
| Motorola Solutions, Inc. | 17230 | 4440343 |
| NETGEAR, Inc.<sup>(a)</sup> | 7120 | 128943 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 19668 | 512351 |
| NVIDIA Corp. | 17021 | 2487449 |
| Okta, Inc.<sup>(a)</sup> | 8800 | 601304 |
| OneSpan, Inc.<sup>(a)</sup> | 14437 | 161550 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 30700 | 197094 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 4500 | 627930 |
| Photronics, Inc.<sup>(a)</sup> | 18542 | 312062 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 28195 | 754498 |
| Rambus, Inc.<sup>(a)</sup> | 17030 | 610015 |
| salesforce.com, Inc.<sup>(a)</sup> | 26050 | 3453970 |
| Sanmina Corp.<sup>(a)</sup> | 6390 | 366083 |
| ScanSource, Inc.<sup>(a)</sup> | 8460 | 247201 |
| ServiceNow, Inc.<sup>(a)</sup> | 2073 | 804884 |
| SMART Global Holdings, Inc.<sup>(a)</sup> | 21920 | 326170 |
| Synopsys, Inc.<sup>(a)</sup> | 1300 | 415077 |
| Toast, Inc., Class A<sup>(a)</sup> | 24950 | 449849 |
| Unisys Corp.<sup>(a)</sup> | 8490 | 43384 |
| VeriSign, Inc.<sup>(a)</sup> | 11605 | 2384131 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 56230 | 590977 |
| Visa, Inc., Class A | 5488 | 1140187 |
| Workday, Inc., Class A<sup>(a)</sup> | 5950 | 995614 |
| Xerox Holdings Cop. | 28054 | 409588 |
| Zscaler, Inc.<sup>(a)</sup> | 4750 | 531525 |
| **Total Information Technology** |  | **55533035** |
| **MATERIALS - 2.0%** |  |  |
| AdvanSix, Inc. | 9540 | 362711 |
| American Vanguard Corp. | 9982 | 216709 |
| AptarGroup, Inc. | 19420 | 2135812 |
| Avery Dennison Corp. | 6939 | 1255959 |
| Clearwater Paper Corp.<sup>(a)</sup> | 1838 | 69495 |
| Compass Minerals International, Inc. | 12504 | 512664 |
| Ecolab, Inc. | 2928 | 426200 |
| Ecovyst, Inc.<sup>(a)</sup> | 5100 | 45186 |
| Mercer International, Inc. | 22801 | 265404 |
| O-I Glass, Inc.<sup>(a)</sup> | 37499 | 621358 |
| Sherwin-Williams Co. (The) | 22165 | 5260419 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **MATERIALS (continued)** |  |  |
| Sylvamo Corp. | 4328 | $210297 |
| Trinseo PLC | 14921 | 338856 |
| Warrior Met Coal, Inc. | 16229 | 562173 |
| Wheaton Precious Metals Corp. | 138840 | 5425867 |
| **Total Materials** |  | **17709110** |
| **REAL ESTATE - 1.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3566 | 519459 |
| Armada Hoffler Properties, Inc. | 8702 | 100073 |
| Chatham Lodging Trust | 19954 | 244835 |
| DiamondRock Hospitality Co. | 59100 | 484029 |
| Equity Commonwealth | 83141 | 2076031 |
| Healthcare Realty Trust, Inc. | 158817 | 3060404 |
| Healthpeak Properties, Inc. | 34760 | 871433 |
| Hersha Hospitality Trust | 15289 | 130262 |
| Industrial Logistics Properties Trust | 30019 | 98162 |
| Marcus & Millichap, Inc. | 3282 | 113065 |
| Prologis, Inc. | 23332 | 2630216 |
| Sunstone Hotel Investors, Inc. | 19463 | 188013 |
| Xenia Hotels & Resorts, Inc. | 21670 | 285611 |
| **Total Real Estate** |  | **10801593** |
| **UTILITIES - 1.7%** |  |  |
| American Water Works Co., Inc. | 12154 | 1852513 |
| Avista Corp. | 11024 | 488804 |
| California Water Service Group | 13696 | 830525 |
| NextEra Energy, Inc. | 83038 | 6941977 |
| Northwest Natural Holding Co. | 7798 | 371107 |
| Portland General Electric Co. | 22197 | 1087653 |
| SJW Group | 26438 | 2146501 |
| United Utilities Group PLC, ADR | 34289 | 809220 |
| **Total Utilities** |  | **14528300** |
| **TOTAL COMMON STOCKS** <br> (Cost: $344,586,843)  |  | **320847099** |
| **EXCHANGE-TRADED FUND - 61.3%** |  |  |
| Vanguard Total Stock Market ETF <br> (Cost: $510,004,984) | 2774737 | **530501967** |
| **SHORT-TERM INVESTMENTS - 1.7%** |  |  |
| State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(b)</sup><br> (Cost: $14,510,480) | 14510480 | **14510480** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (concluded)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost: $869,102,307)  | $**865859546** |
| **OTHER ASSETS AND LIABILITIES, NET - 0.0%** | **412948** |
| **NET ASSETS - 100.0%** | $**866272494** |

---

(a) Non-income producing security.

(b) The rate shown is the annualized
 seven-day yield at December 31, 2022.

ADR American Depositary Receipt <br> ETF Exchange Traded Fund <br> NVDR Non-Voting Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $320847099 | $— | $— | $320847099 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 530501967 |  |  | 530501967 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 14510480 |  |  | 14510480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $865859546 | $— | $— | $865859546 |

---

*\* See Schedule of Investments for additional detailed categorizations.*

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 62.6%** |  |  |
| **AUSTRALIA - 3.3%** |  |  |
| Allkem Ltd.<sup>(a)</sup> | 67627 | $513752 |
| ANZ Group Holdings Ltd. | 138573 | 2232261 |
| Aristocrat Leisure Ltd. | 46373 | 957661 |
| Australian Clinical Labs Ltd. | 5244 | 10633 |
| Australian Vintage Ltd. | 2853 | 1175 |
| Beach Energy Ltd. | 305873 | 333020 |
| BHP Group Ltd. | 93405 | 2891933 |
| BlueScope Steel Ltd. | 45419 | 517705 |
| ClearView Wealth Ltd. | 32954 | 10407 |
| Cochlear Ltd. | 1284 | 178277 |
| Computershare Ltd. | 86589 | 1544739 |
| Cooper Energy Ltd.<sup>(a)</sup> | 599850 | 75574 |
| CSL Ltd. | 10090 | 1967457 |
| CSR Ltd. | 3805 | 12147 |
| DGL Group Ltd.<sup>(a)</sup> | 46778 | 44884 |
| IGO Ltd. | 91936 | 835548 |
| Iluka Resources Ltd. | 10352 | 66681 |
| Incitec Pivot Ltd. | 423163 | 1069001 |
| JB Hi-Fi Ltd. | 36303 | 1035660 |
| Macmahon Holdings Ltd. | 136065 | 13435 |
| Michael Hill International Ltd. | 19877 | 14823 |
| Mineral Resources Ltd. | 9359 | 492318 |
| MMA Offshore Ltd.<sup>(a)</sup> | 20255 | 13171 |
| Myer Holdings Ltd. | 170752 | 78984 |
| New Hope Corp. Ltd. | 128534 | 554757 |
| Nufarm Ltd. | 4508 | 18701 |
| OceanaGold Corp.<sup>(a)</sup> | 39000 | 74313 |
| OFX Group Ltd.<sup>(a)</sup> | 13042 | 21172 |
| Perseus Mining Ltd. | 20649 | 28980 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | 236955 | 603810 |
| Qantas Airways Ltd.<sup>(a)</sup> | 279393 | 1124910 |
| Ridley Corp. Ltd. | 41209 | 55425 |
| Santos Ltd. | 279807 | 1372024 |
| Sierra Rutile Holdings Ltd.<sup>(a)</sup> | 10352 | 1579 |
| South32 Ltd. | 479088 | 1296852 |
| Terracom Ltd. | 309798 | 195463 |
| Wagners Holding Co., Ltd.<sup>(a)</sup> | 12951 | 6887 |
| Whitehaven Coal Ltd. | 277752 | 1780737 |
| WiseTech Global Ltd. | 23650 | 815543 |
| Zimplats Holdings Ltd. | 1092 | 19119 |
| **Total Australia** |  | **22881518** |
| **AUSTRIA - 0.7%** |  |  |
| ANDRITZ AG | 11012 | 629470 |
| BAWAG Group AG<sup>(a)(b)</sup> | 27988 | 1488141 |
| Erste Group Bank AG | 57000 | 1817593 |
| OMV AG | 15886 | 820293 |
| Palfinger AG | 2340 | 59385 |
| Raiffeisen Bank International AG<sup>(a)</sup> | 10337 | 169849 |
| Zumtobel Group AG | 6704 | 48806 |
| **Total Austria** |  | **5033537** |
| **BELGIUM - 0.2%** |  |  |
| Ascencio | 620 | 34867 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **BELGIUM (continued)** |  |  |
| EVS Broadcast Equipment S.A. | 1170 | $27830 |
| Melexis N.V. | 2723 | 237116 |
| Solvay S.A. | 11843 | 1200412 |
| **Total Belgium** |  | **1500225** |
| **BRAZIL - 0.7%** |  |  |
| 3R Petroleum Oleo E Gas S.A.<sup>(a)</sup> | 19941 | 143432 |
| Boa Vista Servicos S.A. | 147640 | 202736 |
| CCR S.A. | 59567 | 122008 |
| Dexco S.A. | 67470 | 86448 |
| Energisa S.A., (Unit) | 23010 | 192387 |
| Itau Unibanco Holding S.A., ADR | 178564 | 841036 |
| Lojas Renner S.A. | 55607 | 209467 |
| Petro Rio S.A.<sup>(a)</sup> | 43563 | 308375 |
| Petroleo Brasileiro S.A., ADR | 21546 | 229465 |
| Raia Drogasil S.A. | 113490 | 510220 |
| Rede D'Or Sao Luiz S.A.<sup>(b)</sup> | 24758 | 138535 |
| TIM S.A. | 79738 | 186561 |
| Vale S.A., ADR | 85486 | 1450697 |
| WEG S.A. | 43132 | 314145 |
| XP, Inc., Class A<sup>(a)</sup> | 9205 | 141205 |
| YDUQS Participacoes SA | 28773 | 55411 |
| **Total Brazil** |  | **5132128** |
| **BRITAIN - 6.7%** |  |  |
| AG Barr PLC | 7292 | 46904 |
| AJ Bell PLC | 54788 | 237528 |
| Alliance Pharma PLC | 46959 | 30073 |
| Anglo American PLC | 28877 | 1129457 |
| Aptitude Software Group PLC | 3430 | 14563 |
| Ashtead Group PLC | 62400 | 3564706 |
| AstraZeneca PLC | 28698 | 3894760 |
| Auto Trader Group PLC<sup>(b)</sup> | 45969 | 286859 |
| Baltic Classifieds Group PLC | 173178 | 293857 |
| BP PLC | 276387 | 1607255 |
| BP PLC, ADR | 51983 | 1815766 |
| Centrica PLC | 18974 | 22096 |
| Cerillion PLC | 4539 | 66514 |
| Coca-Cola Europacific Partners PLC | 74131 | 4100927 |
| FDM Group Holdings PLC | 15117 | 136725 |
| Ferguson PLC | 10010 | 1264695 |
| Greggs PLC | 2313 | 65283 |
| GSK PLC | 139282 | 2422087 |
| GSK PLC, ADR | 61479 | 2160372 |
| Gulf Keystone Petroleum Ltd. | 25883 | 62891 |
| Haleon PLC<sup>(a)</sup> | 763300 | 3053111 |
| Hargreaves Services PLC | 3646 | 17389 |
| Howden Joinery Group PLC | 101406 | 689182 |
| HSBC Holdings PLC | 290955 | 1814532 |
| Imperial Brands PLC | 92000 | 2298581 |
| IntegraFin Holdings PLC | 63311 | 231370 |
| Keystone Law Group PLC | 2569 | 13667 |
| Linde PLC<sup>(a)</sup> | 3830 | 1252299 |
| Man Group PLC | 284266 | 734544 |
| ME Group International PLC | 16630 | 23168 |
| Moneysupermarket.com Group PLC | 26965 | 62678 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **BRITAIN (continued)** |  |  |
| Mortgage Advice Bureau Holdings Ltd. | 17173 | $110723 |
| NatWest Group PLC | 367570 | 1173334 |
| Norcros PLC | 4661 | 10142 |
| Numis Corp. PLC | 18579 | 42889 |
| Prudential PLC | 46792 | 633219 |
| QinetiQ Group PLC | 5105 | 22055 |
| RELX PLC | 84772 | 2348675 |
| Rentokil Initial PLC | 418100 | 2569762 |
| Rightmove PLC | 49709 | 307755 |
| ScS Group PLC | 4004 | 7790 |
| Standard Chartered PLC | 190466 | 1429585 |
| TORM PLC, Class A | 6937 | 197929 |
| Unilever PLC | 45100 | 2263181 |
| Unilever PLC | 29024 | 1464231 |
| Victorian Plumbing Group PLC<sup>(a)</sup> | 77529 | 72256 |
| **Total Britain** |  | **46067365** |
| **CANADA - 2.9%** |  |  |
| AirBoss of America Corp. | 9692 | 53256 |
| Birchcliff Energy Ltd. | 34800 | 242366 |
| Bonterra Energy Corp.<sup>(a)</sup> | 6450 | 32202 |
| Brookfield Asset Management Ltd., Class A<sup>(a)</sup> | 22850 | 654280 |
| Brookfield Corp. | 91400 | 2874307 |
| CAE, Inc.<sup>(a)</sup> | 8299 | 160525 |
| Cameco Corp. | 93000 | 2107954 |
| Canadian Pacific Railway Ltd. | 35310 | 2633773 |
| Canadian Utilities Ltd., Class A | 6000 | 162408 |
| Canfor Corp.<sup>(a)</sup> | 3200 | 50363 |
| Canfor Pulp Products, Inc.<sup>(a)</sup> | 2940 | 8989 |
| Cardinal Energy Ltd. | 10800 | 60780 |
| CES Energy Solutions Corp. | 10400 | 21199 |
| Cogeco, Inc. | 500 | 23475 |
| Computer Modelling Group Ltd. | 16822 | 72432 |
| Crescent Point Energy Corp. | 91917 | 655774 |
| Crew Energy, Inc.<sup>(a)</sup> | 25300 | 105199 |
| DRI Healthcare Trust, UNIT | 3108 | 18111 |
| E-L Financial Corp. Ltd. | 45 | 29313 |
| Enerplus Corp. | 36643 | 646800 |
| Guardian Capital Group Ltd., Class A | 1100 | 31546 |
| iA Financial Corp., Inc. | 400 | 23418 |
| Lucara Diamond Corp.<sup>(a)</sup> | 48000 | 17725 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 3900 | 1249482 |
| Magna International, Inc. | 45700 | 2567166 |
| Martinrea International, Inc. | 16079 | 133715 |
| MEG Energy Corp.<sup>(a)</sup> | 32100 | 446887 |
| Melcor Developments Ltd. | 2000 | 15731 |
| MTY Food Group, Inc. | 214 | 9020 |
| Mullen Group Ltd. | 40066 | 430547 |
| NuVista Energy Ltd.<sup>(a)</sup> | 58500 | 539202 |
| Obsidian Energy Ltd.<sup>(a)</sup> | 1847 | 12250 |
| Parex Resources, Inc. | 20400 | 303589 |
| Pason Systems, Inc. | 9550 | 112428 |
| Peyto Exploration & Development Corp. | 14160 | 145051 |
| PHX Energy Services Corp. | 5600 | 32136 |
| Pine Cliff Energy Ltd. | 70000 | 87371 |
| Precision Drilling Corp.<sup>(a)</sup> | 4500 | 344679 |
| ShawCor Ltd.<sup>(a)</sup> | 25600 | 259781 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CANADA (continued)** |  |  |
| Stelco Holdings, Inc. | 14400 | $471031 |
| Thomson Reuters Corp. | 10050 | 1146472 |
| Tourmaline Oil Corp. | 13700 | 691273 |
| Transcontinental, Inc., Class A | 3485 | 39329 |
| Uni-Select, Inc.<sup>(a)</sup> | 1500 | 47459 |
| **Total Canada** |  | **19770794** |
| **CHILE - 0.1%** |  |  |
| Banco de Chile | 1866759 | 193663 |
| Banco Santander Chile, ADR | 19408 | 307423 |
| Falabella SA | 38278 | 74458 |
| **Total Chile** |  | **575544** |
| **CHINA - 3.8%** |  |  |
| Alibaba Group Holding Ltd.<sup>(a)</sup> | 128016 | 1413446 |
| Anhui Gujing Distillery Co., Ltd., Class B | 11700 | 187153 |
| Baidu, Inc., Class A<sup>(a)</sup> | 29416 | 422806 |
| Centre Testing International Group Co., Ltd., Class A | 70800 | 227175 |
| China Pacific Insurance Group Co., Ltd., Class H | 217600 | 480513 |
| Contemporary Amperex Technology Co., Ltd., Class A | 8704 | 492833 |
| ENN Energy Holdings Ltd. | 41900 | 584539 |
| H World Group Ltd., ADR | 16139 | 684616 |
| Haitian International Holdings Ltd. | 91314 | 244222 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 77500 | 332733 |
| JD.com, Inc., Class A | 59281 | 1666409 |
| Kinetic Development Group Ltd. | 878000 | 67271 |
| Li Ning Co., Ltd. | 146000 | 1252862 |
| LONGi Green Energy Technology Co., Ltd., Class A | 133864 | 814149 |
| Meituan, Class B<sup>(a)(b)</sup> | 97900 | 2164704 |
| Midea Group Co., Ltd., Class A | 149300 | 1109005 |
| Modern Land China Co., Ltd.<sup>(a)</sup> | 430000 | 5895 |
| Natural Food International Holding Ltd.<sup>(a)</sup> | 208000 | 12628 |
| NetEase, Inc. | 106500 | 1552402 |
| PICC Property & Casualty Co., Ltd., Class H | 494000 | 467585 |
| Ping An Insurance Group Co. of China Ltd., Class H | 284000 | 1874454 |
| Satellite Chemical Co., Ltd., Class A | 210669 | 469151 |
| SF Holding Co., Ltd., Class A | 87900 | 730624 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 82687 | 826983 |
| Shenzhou International Group Holdings Ltd. | 40800 | 459116 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CHINA (continued)** |  |  |
| Sieyuan Electric Co., Ltd., Class A | 41600 | $228264 |
| Tencent Holdings Ltd. | 83600 | 3553184 |
| Trip.com Group Ltd.<sup>(a)</sup> | 20950 | 728081 |
| Wuliangye Yibin Co., Ltd., Class A | 13900 | 359907 |
| Wuxi Biologics Cayman, Inc.<sup>(b)</sup> | 48500 | 372338 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 100985 | 584997 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 124284 | 722821 |
| Yum China Holdings, Inc. | 8805 | 481193 |
| Yum China Holdings, Inc. | 5850 | 326485 |
| Zhejiang Supor Co., Ltd., Class A | 28361 | 201815 |
| ZTO Express Cayman, Inc., ADR | 5934 | 159447 |
| **Total China** |  | **26261806** |
| **DENMARK - 2.2%** |  |  |
| AP Moller - Maersk A/S, Class B | 562 | 1262288 |
| Carlsberg A/S, Class B | 12502 | 1654971 |
| DSV A/S | 5780 | 916743 |
| Genmab A/S<sup>(a)</sup> | 3841 | 1626961 |
| Novo Nordisk A/S, Class B | 64999 | 8800861 |
| Pandora A/S | 10230 | 721757 |
| Skjern Bank | 547 | 9589 |
| **Total Denmark** |  | **14993170** |
| **EGYPT - 0.0% **<sup>(c)</sup>** |  |  |
| Commercial International Bank Egypt SAE, GDR | 98027 | **117044** |
| **FINLAND - 0.5%** |  |  |
| Alma Media Oyj | 1354 | 13585 |
| Digia Oyj | 375 | 2292 |
| Enento Group Oyj<sup>(a)(b)</sup> | 8142 | 186651 |
| Kesko Oyj, Class A | 1720 | 37497 |
| Kesko Oyj, Class B | 7116 | 157467 |
| Orion Oyj, Class B | 11582 | 634846 |
| Ponsse Oyj | 144 | 3905 |
| Sampo Oyj, Class A | 43994 | 2300371 |
| Scanfil Oyj | 303 | 2138 |
| **Total Finland** |  | **3338752** |
| **FRANCE - 5.1%** |  |  |
| ABC arbitrage | 2489 | 17186 |
| Alten S.A. | 3737 | 469258 |
| Amundi S.A.<sup>(b)</sup> | 32100 | 1823942 |
| AXA S.A. | 3080 | 85842 |
| Bilendi<sup>(a)</sup> | 409 | 8973 |
| CBo Territoria | 4714 | 18219 |
| Cie Generale des Etablissements Michelin SCA | 86500 | 2405296 |
| Dassault Aviation S.A. | 4022 | 682408 |
| Dassault Systemes SE | 86500 | 3119802 |
| Derichebourg S.A. | 2407 | 14309 |
| Eiffage S.A. | 14636 | 1443193 |
| Engie S.A. | 128193 | 1836242 |
| Hermes International | 921 | 1421232 |
| Infotel S.A. | 299 | 17665 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FRANCE (continued)** |  |  |
| Jacquet Metal S.A. | 2930 | $52419 |
| LVMH Moet Hennessy Louis Vuitton SE | 9754 | 7085744 |
| Pernod Ricard S.A. | 14801 | 2909278 |
| Publicis Groupe S.A. | 13021 | 826844 |
| Quadient S.A. | 2557 | 37807 |
| Rexel S.A.<sup>(a)</sup> | 66642 | 1320644 |
| Safran S.A. | 19100 | 2386797 |
| Schneider Electric SE | 14160 | 1991454 |
| Societe pour l'Informatique Industrielle | 1585 | 77033 |
| Sodexo S.A. | 1117 | 106855 |
| Sopra Steria Group SACA | 1507 | 227417 |
| Thales S.A. | 12199 | 1559476 |
| TotalEnergies SE | 47900 | 2989686 |
| **Total France** |  | **34935021** |
| **GERMANY - 3.2%** |  |  |
| Bastei Luebbe AG | 1032 | 4890 |
| Bayer AG | 21987 | 1135243 |
| Brockhaus Technologies AG<sup>(a)(b)</sup> | 2957 | 71318 |
| Carl Zeiss Meditec AG | 6432 | 811809 |
| Deutsche Bank AG | 85268 | 966471 |
| Deutsche Boerse AG | 9120 | 1573572 |
| Deutsche Telekom AG | 96524 | 1925313 |
| Deutz AG | 39178 | 169641 |
| Duerr AG | 10233 | 345310 |
| GEA Group AG | 11501 | 469796 |
| Hypoport SE<sup>(a)</sup> | 1373 | 143178 |
| Krones AG | 336 | 37760 |
| KSB SE & Co. KGaA | 32 | 13673 |
| Merck KGaA | 13048 | 2526878 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 11200 | 3641835 |
| Nemetschek SE | 41300 | 2109440 |
| New Work SE | 939 | 152798 |
| Rational AG | 351 | 208030 |
| RWE AG | 26004 | 1156314 |
| Siemens AG | 10378 | 1440390 |
| Surteco Group SE | 892 | 18232 |
| Symrise AG | 20500 | 2230246 |
| Talanx AG<sup>(a)</sup> | 691 | 32782 |
| Wacker Chemie AG | 3706 | 473675 |
| **Total Germany** |  | **21658594** |
| **GREECE - 0.1%** |  |  |
| Alpha Services and Holdings SA<sup>(a)</sup> | 101424 | 108217 |
| Eurobank Ergasias Services and Holdings SA<sup>(a)</sup> | 189084 | 213449 |
| Hellenic Telecommunications Organization S.A. | 16065 | 250900 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **GREECE (continued)** |  |  |
| National Bank of Greece S.A.<sup>(a)</sup> | 53828 | $215274 |
| **Total Greece** |  | **787840** |
| **HONG KONG - 1.9%** |  |  |
| AIA Group Ltd. | 670700 | 7389105 |
| APT Satellite Holdings Ltd. | 94000 | 25334 |
| Chen Hsong Holdings | 44000 | 10117 |
| China Mengniu Dairy Co., Ltd.<sup>(a)</sup> | 197000 | 886107 |
| China Resources Land Ltd. | 62000 | 281603 |
| Dah Sing Financial Holdings Ltd. | 18400 | 42434 |
| Hang Lung Properties Ltd. | 153000 | 297061 |
| Hutchison Port Holdings Trust, (Unit) | 183300 | 35496 |
| Kerry Logistics Network Ltd. | 188538 | 339439 |
| Luk Fook Holdings International Ltd. | 24000 | 71322 |
| Orient Overseas International Ltd. | 26500 | 477876 |
| PC Partner Group Ltd. | 54000 | 34182 |
| Pico Far East Holdings Ltd. | 264607 | 43734 |
| Singamas Container Holdings Ltd. | 306000 | 28533 |
| SITC International Holdings Co., Ltd. | 311000 | 686485 |
| Stella International Holdings Ltd. | 52500 | 49371 |
| Swire Pacific Ltd., Class A | 189500 | 1662000 |
| VSTECS Holdings Ltd. | 320000 | 184505 |
| VTech Holdings Ltd. | 34200 | 219743 |
| **Total Hong Kong** |  | **12764447** |
| **HUNGARY - 0.1%** |  |  |
| OTP Bank Nyrt | 6527 | 176484 |
| Richter Gedeon Nyrt | 13195 | 293151 |
| **Total Hungary** |  | **469635** |
| **ICELAND - 0.0%**<sup>(c)</sup>** |  |  |
| Marel HF<sup>(b)</sup> | 23443 | **80785** |
| **INDIA - 1.8%** |  |  |
| Axis Bank Ltd., GDR | 9970 | 566296 |
| Cipla Ltd., GDR | 32913 | 427869 |
| HDFC Bank Ltd., ADR | 54470 | 3726293 |
| Hindalco Industries Ltd., GDR<sup>(b)</sup> | 43139 | 127260 |
| ICICI Bank Ltd., ADR | 153927 | 3369462 |
| Infosys Ltd., ADR | 79106 | 1424699 |
| Mahindra & Mahindra Ltd., GDR | 19802 | 298020 |
| Reliance Industries Ltd., GDR<sup>(b)</sup> | 29996 | 1847706 |
| Reliance Industries Ltd., GDR<sup>(b)</sup> | 7407 | 455530 |
| **Total India** |  | **12243135** |
| **INDONESIA - 0.1%** |  |  |
| Bank Mandiri Persero Tbk PT | 640500 | 407039 |
| Bank Rakyat Indonesia Persero Tbk PT | 1317069 | 417526 |
| Bumitama Agri Ltd. | 60200 | 26444 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INDONESIA (continued)** |  |  |
| Sarana Menara Nusantara Tbk PT | 2018762 | $142492 |
| **Total Indonesia** |  | **993501** |
| **IRELAND - 2.1%** |  |  |
| Accenture PLC, Class A | 23550 | 6284082 |
| Bank of Ireland Group PLC | 220079 | 2086723 |
| Experian PLC | 133520 | 4545498 |
| ICON PLC<sup>(a)</sup> | 9190 | 1785158 |
| **Total Ireland** |  | **14701461** |
| **ISRAEL - 0.6%** |  |  |
| Bank Hapoalim BM | 105263 | 949614 |
| Bank Leumi Le-Israel BM | 115795 | 965242 |
| Carasso Motors Ltd. | 19550 | 112733 |
| Castro Model Ltd. | 620 | 8114 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 12152 | 1533096 |
| Dor Alon Energy in Israel 1988 Ltd. | 322 | 8508 |
| Ilex Medical Ltd. | 608 | 16572 |
| Israel Corp. Ltd. (The) | 61 | 21513 |
| Max Stock Ltd. | 49351 | 82479 |
| Oil Refineries Ltd. | 259630 | 90908 |
| Zvi Sarfati & Sons Investments & Constructions 1992 Ltd | 4066 | 28454 |
| **Total Israel** |  | **3817233** |
| **ITALY - 0.9%** |  |  |
| Assicurazioni Generali SpA | 39635 | 703893 |
| Banca Mediolanum SpA | 29300 | 244775 |
| Cembre SpA | 578 | 18984 |
| Equita Group SpA | 3663 | 14296 |
| Ferrari N.V. | 14000 | 2995383 |
| Gruppo MutuiOnline SpA | 6959 | 196353 |
| Iveco Group N.V.<sup>(a)</sup> | 40682 | 241518 |
| Leonardo SpA | 9404 | 81062 |
| Orsero SpA | 8728 | 124371 |
| Prysmian SpA | 35360 | 1308996 |
| Recordati Industria Chimica e Farmaceutica SpA | 12712 | 528403 |
| **Total Italy** |  | **6458034** |
| **JAPAN - 7.4%** |  |  |
| Ajis Co., Ltd. | 1000 | 16728 |
| Alps Alpine Co., Ltd. | 101300 | 923334 |
| Alps Logistics Co., Ltd. | 2700 | 23548 |
| Amiyaki Tei Co., Ltd. | 1200 | 26460 |
| Anritsu Corp. | 26100 | 253177 |
| Argo Graphics, Inc. | 1000 | 28021 |
| Asahi Kogyosha Co., Ltd. | 1400 | 21899 |
| ASAHI YUKIZAI Corp. | 900 | 18993 |
| Asia Air Survey Co., Ltd. | 3500 | 20636 |
| Atled Corp. | 5100 | 55947 |
| Axial Retailing, Inc. | 1000 | 25822 |
| Bourbon Corp. | 800 | 13029 |
| Brother Industries Ltd. | 36000 | 544756 |
| Chiba Bank Ltd. (The) | 259000 | 1898172 |
| Chiba Kogyo Bank Ltd. (The) | 12800 | 44288 |
| Chino Corp. | 2000 | 26681 |
| Creek & River Co., Ltd. | 1800 | 26663 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Dai-Ichi Cutter Kogyo KK | 2800 | $22660 |
| Dai-ichi Life Holdings, Inc. | 9900 | 224814 |
| Daihatsu Diesel Manufacturing Co., Ltd. | 12100 | 46767 |
| Daiichi Jitsugyo Co., Ltd. | 800 | 26729 |
| Daiken Corp. | 3500 | 55483 |
| Daito Trust Construction Co., Ltd. | 12900 | 1325805 |
| Daiwa House Industry Co., Ltd. | 35800 | 821463 |
| Ebara Foods Industry, Inc. | 1400 | 32265 |
| Ebara Jitsugyo Co., Ltd. | 900 | 15078 |
| Eizo Corp. | 2700 | 70553 |
| Elecom Co., Ltd. | 3800 | 39070 |
| en Japan, Inc. | 200 | 3653 |
| FANUC Corp. | 13900 | 2074462 |
| Freee KK<sup>(a)</sup> | 4300 | 95858 |
| Fukuyama Transporting Co., Ltd. | 600 | 13861 |
| Funai Soken Holdings, Inc. | 1700 | 35167 |
| Gecoss Corp. | 5600 | 35535 |
| Glory Ltd. | 2800 | 46434 |
| Hamakyorex Co., Ltd. | 1100 | 26124 |
| Heiwa Corp. | 25300 | 477017 |
| Himacs Ltd. | 200 | 2201 |
| Hirose Electric Co., Ltd. | 900 | 112579 |
| Hito Communications Holdings, Inc. | 2800 | 32395 |
| Hokuriku Electrical Construction Co., Ltd. | 3500 | 17553 |
| Hoosiers Holdings Co., Ltd. | 2800 | 15795 |
| Horiba Ltd. | 7900 | 344747 |
| IBJ, Inc. | 3700 | 27614 |
| Ichimasa Kamaboko Co., Ltd. | 5400 | 29253 |
| Ichinen Holdings Co., Ltd. | 2000 | 18970 |
| ID Holdings Corp. | 3400 | 24186 |
| IwaiCosmo Holdings, Inc. | 9000 | 88571 |
| Iwaki Co., Ltd. | 1700 | 15929 |
| Izumi Co., Ltd. | 4400 | 99465 |
| JAC Recruitment Co., Ltd. | 1800 | 33050 |
| Japan Aviation Electronics Industry Ltd. | 1800 | 28913 |
| Japan Post Insurance Co., Ltd. | 78600 | 1383275 |
| Japan System Techniques Co., Ltd. | 2200 | 28571 |
| Japan Tobacco, Inc. | 5700 | 115254 |
| Jichodo Co., Ltd. | 400 | 19756 |
| JINS Holdings, Inc. | 4000 | 139964 |
| JK Holdings Co., Ltd. | 2100 | 16380 |
| Justsystems Corp. | 10700 | 229527 |
| Kakiyasu Honten Co., Ltd. | 900 | 14282 |
| Kanamoto Co., Ltd. | 6400 | 110350 |
| Kawada Technologies, Inc. | 900 | 22356 |
| KDDI Corp. | 88400 | 2671812 |
| Kenko Mayonnaise Co., Ltd. | 4500 | 46803 |
| Keyence Corp. | 7500 | 2936285 |
| Koatsu Gas Kogyo Co., Ltd. | 3200 | 15489 |
| Kokuyo Co., Ltd. | 3900 | 55215 |
| Kubota Corp. | 115400 | 1589674 |
| Kuriyama Holdings Corp. | 5400 | 34059 |
| Kyokuto Kaihatsu Kogyo Co., Ltd. | 3600 | 39572 |
| Kyokuto Securities Co., Ltd. | 7500 | 32706 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Kyosan Electric Manufacturing Co., Ltd. | 8600 | $26116 |
| Lasertec Corp. | 7500 | 1245768 |
| M&A Research Institute, Inc.<sup>(a)</sup> | 4100 | 195753 |
| Makiya Co., Ltd. | 1100 | 5850 |
| MarkLines Co., Ltd. | 11800 | 229897 |
| Maruzen Showa Unyu Co., Ltd. | 900 | 20807 |
| Matching Service Japan Co., Ltd. | 3200 | 24468 |
| Mazda Motor Corp. | 3200 | 24189 |
| Medical Data Vision Co., Ltd. | 3900 | 26670 |
| Medikit Co., Ltd. | 900 | 17630 |
| MEIJI Holdings Co., Ltd. | 2700 | 138646 |
| Meiko Network Japan Co., Ltd. | 11000 | 51988 |
| Meisei Industrial Co., Ltd. | 7100 | 42138 |
| Meitec Corp. | 13300 | 240158 |
| Mercari, Inc.<sup>(a)</sup> | 10500 | 215772 |
| Mito Securities Co., Ltd. | 30100 | 48554 |
| Mitsubishi Electric Corp. | 83400 | 825584 |
| Mitsubishi Heavy Industries Ltd. | 5300 | 209738 |
| Mitsubishi Paper Mills Ltd.<sup>(a)</sup> | 6100 | 13086 |
| Mitsubishi Shokuhin Co., Ltd. | 2100 | 49575 |
| MORESCO Corp. | 1400 | 12430 |
| Morito Co., Ltd. | 4900 | 27460 |
| MS&AD Insurance Group Holdings, Inc. | 9700 | 310458 |
| Nanyo Corp. | 1300 | 18997 |
| NEC Corp. | 20300 | 710245 |
| NEOJAPAN, Inc. | 1600 | 12128 |
| Nextage Co., Ltd. | 69800 | 1346749 |
| Nidec Corp. | 27600 | 1437325 |
| Nihon Chouzai Co., Ltd. | 2100 | 19427 |
| Nihon M&A Center Holdings, Inc. | 51800 | 642521 |
| Nihon Trim Co., Ltd. | 2500 | 51399 |
| Nippon Hume Corp. | 3000 | 14741 |
| Nippon Telegraph & Telephone Corp. | 41000 | 1170307 |
| Nippon Thompson Co., Ltd. | 10500 | 41265 |
| Nissin Corp. | 1100 | 17593 |
| Nitto Kogyo Corp. | 3300 | 59052 |
| Nohmi Bosai Ltd. | 3700 | 44280 |
| NTT Data Intramart Corp. | 800 | 10730 |
| OBIC Business Consultants Co., Ltd. | 5300 | 173372 |
| Okabe Co., Ltd. | 4700 | 24883 |
| Olympus Corp. | 54800 | 968628 |
| Ono Pharmaceutical Co., Ltd. | 8700 | 203516 |
| Oracle Corp. Japan | 1500 | 97596 |
| Osaki Electric Co., Ltd. | 4500 | 17847 |
| Otsuka Holdings Co., Ltd. | 77500 | 2523094 |
| Pan Pacific International Holdings Corp. | 168400 | 3126092 |
| Qol Holdings Co., Ltd. | 1300 | 11506 |
| Recruit Holdings Co., Ltd. | 3700 | 117674 |
| Ricoh Co., Ltd. | 36000 | 276130 |
| Ryohin Keikaku Co., Ltd. | 25200 | 297311 |
| Sanken Electric Co., Ltd. | 1000 | 48978 |
| Sato Holdings Corp. | 4500 | 64365 |
| Secom Co., Ltd. | 7600 | 433545 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Seika Corp. | 2100 | $24792 |
| Seiko Epson Corp. | 15400 | 223533 |
| Sekisui Kasei Co., Ltd. | 5300 | 15594 |
| Shibusawa Warehouse Co., Ltd. (The) | 1900 | 29939 |
| Shibuya Corp. | 3600 | 62406 |
| Shinnihonseiyaku Co., Ltd. | 1500 | 15684 |
| Shofu, Inc. | 2000 | 34721 |
| SIGMAXYZ Holdings, Inc. | 9000 | 87312 |
| Sinko Industries Ltd. | 2300 | 25266 |
| SMK Corp. | 1300 | 22720 |
| SMS Co., Ltd. | 9900 | 252915 |
| Sojitz Corp. | 8000 | 152042 |
| Solasto Corp. | 6400 | 34784 |
| Sompo Holdings, Inc. | 32300 | 1434209 |
| Sony Corp. | 68600 | 5231155 |
| Space Co., Ltd. | 2100 | 13978 |
| ST Corp. | 2500 | 28706 |
| Step Co., Ltd. | 1200 | 16363 |
| Sumitomo Mitsui Construction Co., Ltd. | 19600 | 62264 |
| Suzuken Co., Ltd. | 4700 | 127310 |
| T&D Holdings, Inc. | 44200 | 636155 |
| Taisho Pharmaceutical Holdings Co., Ltd. | 8400 | 370762 |
| Takara & Co., Ltd. | 1300 | 20262 |
| Tayca Corp. | 2700 | 23937 |
| TechMatrix Corp. | 3000 | 41394 |
| Techno Medica Co., Ltd. | 1900 | 25015 |
| TechnoPro Holdings, Inc. | 37400 | 988773 |
| Temairazu, Inc. | 400 | 15092 |
| Toell Co., Ltd. | 4000 | 22696 |
| Toho Holdings Co., Ltd. | 5600 | 93493 |
| Tokio Marine Holdings, Inc. | 70500 | 1509163 |
| Tokuyama Corp. | 16700 | 226609 |
| Tokyo Rakutenchi Co., Ltd. | 700 | 21693 |
| Tokyo Seimitsu Co., Ltd. | 9100 | 295655 |
| Tokyotokeiba Co., Ltd. | 1800 | 51896 |
| Topcon Corp. | 2800 | 32118 |
| Toyo Machinery & Metal Co., Ltd. | 5200 | 21743 |
| Transcosmos, Inc. | 1700 | 42147 |
| Tsubakimoto Kogyo Co., Ltd. | 700 | 20534 |
| Ushio, Inc. | 7600 | 93107 |
| USS Co., Ltd. | 20000 | 316953 |
| VINX Corp. | 1800 | 20317 |
| Warabeya Nichiyo Holdings Co., Ltd. | 13700 | 190968 |
| Wowow, Inc. | 5000 | 48181 |
| Xebio Holdings Co., Ltd. | 10400 | 72569 |
| Yushin Precision Equipment Co., Ltd. | 5900 | 29900 |
| **Total Japan** |  | **50960359** |
| **MALAYSIA - 0.1%** |  |  |
| CIMB Group Holdings Bhd | 278592 | 366969 |
| Heineken Malaysia Bhd | 24602 | 140761 |
| **Total Malaysia** |  | **507730** |
| **MEXICO - 0.6%** |  |  |
| Corp. Moctezuma S.A.B. de C.V., Series | 57896 | 163410 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **MEXICO (continued)** |  |  |
| Fomento Economico Mexicano S.A.B. de C.V., ADR | 12224 | $954939 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | 107193 | 771444 |
| Grupo Mexico S.A.B. de C.V., Series B | 391983 | 1381943 |
| Wal-Mart de Mexico S.A.B. de C.V. | 300540 | 1062335 |
| **Total Mexico** |  | **4334071** |
| **NETHERLANDS - 3.0%** |  |  |
| Adyen N.V.<sup>(a)(b)</sup> | 1200 | 1660579 |
| Akzo Nobel N.V. | 29300 | 1955073 |
| ASM International N.V. | 4650 | 1177198 |
| ASML Holding N.V. | 3294 | 1783052 |
| ASML Holding N.V. | 2980 | 1628272 |
| Heineken N.V. | 28000 | 2630643 |
| Koninklijke DSM N.V. | 20400 | 2500948 |
| Nedap N.V. | 288 | 16943 |
| NN Group N.V. | 38400 | 1568307 |
| OCI N.V. | 19547 | 697525 |
| QIAGEN N.V.<sup>(a)</sup> | 18271 | 919552 |
| QIAGEN N.V.<sup>(a)</sup> | 23615 | 1177680 |
| Universal Music Group N.V. | 64303 | 1552221 |
| Wolters Kluwer N.V. | 15590 | 1628517 |
| **Total Netherlands** |  | **20896510** |
| **NEW ZEALAND - 0.1%** |  |  |
| Channel Infrastructure NZ Ltd.<sup>(a)</sup> | 101742 | 92233 |
| Eroad Ltd.<sup>(a)</sup> | 4854 | 2893 |
| Mainfreight Ltd. | 4633 | 197406 |
| NZME Ltd. | 15540 | 11526 |
| Rakon Ltd.<sup>(a)</sup> | 19302 | 12517 |
| Scales Corp. Ltd. | 9331 | 24285 |
| SKY Network Television Ltd. | 23673 | 34568 |
| Spark New Zealand Ltd. | 17056 | 58463 |
| **Total New Zealand** |  | **433891** |
| **NORWAY - 0.09%** |  |  |
| Aker BP ASA | 27042 | 842929 |
| Belships ASA | 3699 | 5381 |
| Bouvet ASA | 35723 | 217281 |
| DNB Bank ASA | 28100 | 556328 |
| Equinor ASA | 44344 | 1590548 |
| Gjensidige Forsikring ASA | 1848 | 36265 |
| Kongsberg Gruppen ASA | 5470 | 232153 |
| Norsk Hydro ASA | 169353 | 1268372 |
| SpareBank 1 Nord Norge | 3671 | 35976 |
| Sparebanken More | 4060 | 34895 |
| Wallenius Wilhelmsen ASA | 17371 | 172156 |
| Western Bulk Chartering AS | 4034 | 15057 |
| Wilh Wilhelmsen Holding ASA, Class B | 958 | 25623 |
| Wilson ASA | 2215 | 14596 |
| Yara International ASA | 27501 | 1209163 |
| **Total Norway** |  | **6256723** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **PERU - 0.4%** |  |  |
| Credicorp Ltd. | 23265 | $**3156130** |
| **POLAND - 0.1%** |  |  |
| Allegro.eu S.A.<sup>(a)(b)</sup> | 26497 | 152625 |
| Bank Polska Kasa Opieki S.A. | 9684 | 191844 |
| Grupa Pracuj S.A. | 18330 | 171180 |
| Powszechny Zaklad Ubezpieczen S.A. | 41127 | 333132 |
| **Total Poland** |  | **848781** |
| **PORTUGAL - 0.0%**<sup>(c)</sup>** |  |  |
| Altri SGPS S.A. | 9011 | 48238 |
| REN - Redes Energeticas Nacionais,SGPS, S.A. | 20545 | 55501 |
| **Total Portugal** |  | **103739** |
| **RUSSIA - 0.0%**<sup>(c)</sup>** |  |  |
| HeadHunter Group PLC, ADR | 39294 | 393 |
| Yandex N.V., Class A<sup>(a)</sup> | 8610 | 0 |
| **Total Russia** |  | **393** |
| **SINGAPORE - 1.5%** |  |  |
| BRC Asia Ltd. | 18500 | 25009 |
| DBS Group Holdings Ltd. | 264100 | 6686065 |
| Delfi Ltd. | 35400 | 20429 |
| Great Eastern Holdings Ltd. | 900 | 12433 |
| Golden Agri-Resources Ltd. | 902800 | 168332 |
| Haw Par Corp. Ltd. | 32800 | 234560 |
| HRnetgroup Ltd. | 101100 | 59236 |
| IGG, Inc.<sup>(a)</sup> | 42000 | 15452 |
| Jardine Cycle & Carriage Ltd. | 40100 | 856758 |
| Keppel Corp. Ltd. | 193100 | 1047490 |
| Raffles Medical Group Ltd. | 16900 | 17673 |
| Samudera Shipping Line Ltd. | 81500 | 51155 |
| Sembcorp Industries Ltd. | 71700 | 180516 |
| Singapore Technologies Engineering Ltd. | 434500 | 1087457 |
| **Total Singapore** |  | **10462565** |
| **SOUTH AFRICA - 0.05%** |  |  |
| Aspen Pharmacare Holdings Ltd. | 38860 | 312152 |
| AVI Ltd. | 34332 | 151274 |
| Capitec Bank Holdings Ltd. | 3301 | 361080 |
| FirstRand Ltd. | 173302 | 632979 |
| Foschini Group Ltd. (The) | 8622 | 51423 |
| Gold Fields Ltd. | 58351 | 603917 |
| MTN Group Ltd. | 50481 | 378137 |
| Naspers Ltd., Class N | 3817 | 629235 |
| Shoprite Holdings Ltd. | 32210 | 428512 |
| **Total South Africa** |  | **3548709** |
| **SOUTH KOREA - 2.1%** |  |  |
| Kia Motors Corp. | 4666 | 220073 |
| Korea Zinc Co., Ltd. | 919 | 412298 |
| LG Chem Ltd. | 2095 | 1002186 |
| LG Energy Solution Ltd.<sup>(a)</sup> | 2743 | 950420 |
| LG H&H Co Ltd | 570 | 327979 |
| LG Uplus Corp. | 36849 | 323139 |
| S-1 Corp. | 3681 | 173096 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **SOUTH KOREA (continued)** |  |  |
| Samsung Electro-Mechanics Co., Ltd. | 1411 | $147037 |
| Samsung Electronics Co., Ltd. | 100539 | 4433578 |
| Samsung Electronics Co., Ltd., GDR | 1930 | 2145292 |
| Samsung Fire & Marine Insurance Co., Ltd. | 2439 | 386659 |
| Samsung SDI Co., Ltd.<sup>(a)</sup> | 2234 | 1052668 |
| SK Hynix, Inc. | 32154 | 1935410 |
| SK Innovation Co., Ltd.<sup>(a)</sup> | 2659 | 326983 |
| SK Telecom Co., Ltd. | 8803 | 329343 |
| **Total South Korea** |  | **14166161** |
| **SPAIN - 0.5%** |  |  |
| Corp. ACCIONA Energias Renovables S.A. | 2261 | 87382 |
| Iberdrola S.A. | 112017 | 1310319 |
| Industria de Diseno Textil S.A. | 69942 | 1862426 |
| Naturhouse Health SAU | 7581 | 12820 |
| **Total Spain** |  | **3272947** |
| **SWEDEN - 0.8%** |  |  |
| Assa Abloy AB, Class B | 86400 | 1858975 |
| Atlas Copco AB, Class A | 84580 | 1001373 |
| B3 Consulting Group AB | 8679 | 130881 |
| BTS Group AB, Class B | 3300 | 92112 |
| Evolution AB<sup>(b)</sup> | 18040 | 1761855 |
| FM Mattsson Mora Group AB | 2861 | 16609 |
| New Wave Group AB, Class B | 9514 | 188962 |
| Nordnet AB publ | 8953 | 130188 |
| Ratos AB, Class A | 1209 | 5060 |
| SkiStar AB | 2301 | 24531 |
| VNV Global AB<sup>(a)</sup> | 8596 | 21527 |
| **Total Sweden** |  | **5232073** |
| **SWITZERLAND - 4.0%** |  |  |
| Alcon, Inc. | 69130 | 4748158 |
| Burkhalter Holding AG | 263 | 21800 |
| Coca-Cola HBC AG<sup>(a)</sup> | 15974 | 381285 |
| dormakaba Holding AG | 997 | 366366 |
| Glencore PLC | 281706 | 1883704 |
| Kuehne + Nagel International AG | 4196 | 975083 |
| Lonza Group AG | 1900 | 935138 |
| Mobilezone Holding AG | 5837 | 96594 |
| Nestle S.A. | 18407 | 2125741 |
| Novartis AG | 66810 | 6051737 |
| Roche Holding AG | 13318 | 4185339 |
| Sika AG | 7710 | 1860341 |
| Sonova Holding AG | 4599 | 1094273 |
| STMicroelectronics N.V. | 599 | 21307 |
| Swatch Group AG (The) | 4598 | 1305353 |
| UBS Group AG | 83633 | 1558884 |
| **Total Switzerland** |  | **27611103** |
| **TAIWAN - 1.6%** |  |  |
| Accton Technology Corp. | 31000 | 236262 |
| ASE Technology Holding Co., Ltd. | 204000 | 622680 |
| Cathay Financial Holding Co., Ltd. | 292037 | 379852 |
| Chunghwa Telecom Co., Ltd. | 109000 | 400644 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **TAIWAN (continued)** |  |  |
| CTBC Financial Holding Co., Ltd. | 744000 | 534730 |
| Hon Hai Precision Industry Co., Ltd. | 343000 | 1114366 |
| Kerry TJ Logistics Co., Ltd. | 87000 | 106964 |
| Lumax International Corp. Ltd. | 24900 | 55778 |
| MediaTek, Inc. | 16000 | 324993 |
| Nien Made Enterprise Co., Ltd. | 60000 | 574601 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 304000 | 4430693 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 28466 | 2120432 |
| Uni-President Enterprises Corp. | 169000 | 366082 |
| **Total Taiwan** |  | **11268077** |
| **THAILAND - 0.1%** |  |  |
| Kasikornbank PCL, NVDR | 209000 | **890068** |
| **UNITED ARAB EMIRATES - 0.1%** |  |  |
| Emaar Properties PJSC | 340476 | 541955 |
| First Abu Dhabi Bank PJSC | 55458 | 257938 |
| **Total United Arab Emirates** |  | **799893** |
| **UNITED STATES - 1.5%** |  |  |
| Aon PLC, Class A | 8110 | 2434136 |
| Atlassian Corp., Class A<sup>(a)</sup> | 11636 | 1497321 |
| EPAM Systems, Inc.<sup>(a)</sup> | 4650 | 1523991 |
| Hamilton Thorne Ltd.<sup>(a)</sup> | 9700 | 11677 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 880 | 1271996 |
| ResMed, Inc. | 5410 | 1125983 |
| STERIS PLC | 8690 | 1604956 |
| Waste Connections, Inc. | 7750 | 1027340 |
| **Total United States** |  | **10497400** |
| **URUGUAY - 0.1%** | **URUGUAY - 0.1%** | **URUGUAY - 0.1%** |
| Globant S.A.<sup>(a)</sup> | 1056 | 177577 |
| MercadoLibre, Inc.<sup>(a)</sup> | 244 | 206483 |
| **Total Uruguay** |  | **384060** |
| **TOTAL COMMON STOCKS**<br> (Cost: $448,022,233) |  | **430212952** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGrE-TRADED FUNDS - 35.8%** |  |  |
| iShares Core MSCI Total International Stock ETF | 4188015 | $242402308 |
| iShares MSCI India ETF | 59768 | 2494716 |
| iShares MSCI Saudi Arabia ETF | 26933 | 1015913 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost: $277,358,504) |  | **245912937** |
| **PREFERRED STOCK - 0.1%** |  |  |
| **Brazil - 0.1%** |  |  |
| Banco Bradesco S.A.<br> (Cost: $392,057) | 138306 | **401065** |
| **SHORT-TERM INVESTMENTS - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(d)</sup><br> (Cost $8,013,814) | 8013814 | **8013814** |
| **TOTAL INVESTMENTS - 99.7%**<br> (Cost: $733,786,608) |  | **684540768** |
| **OTHER ASSETS AND LIABILITIES, NET - 0.3%** | **OTHER ASSETS AND LIABILITIES, NET - 0.3%** | **2109715** |
| **NET ASSETS - 100.0%** |  | $**686650483** |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At December 31, 2022, the value of these securities was $12,951,561, representing 1.9% of net assets. |
| (c) | Amount is less than 0.05%. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| 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)**

December 31, 2022

**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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $2306574 | $20574944 | $— | $22881518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 5033537 |  | 5033537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 1500225 |  | 1500225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 2662403 | 2469724 |  | 5132127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Britain | 8077065 | 37990300 |  | 46067365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 19770794 |  |  | 19770794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 575544 |  |  | 575544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 2048078 | 24213728 |  | 26261806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 14993171 |  | 14993171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 117044 |  |  | 117044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 3338752 |  | 3338752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 34935021 |  | 34935021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 21658594 |  | 21658594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 787840 |  | 787840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 12764447 |  | 12764447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 469635 |  | 469635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iceland |  | 80785 |  | 80785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 10395429 | 1847706 |  | 12243135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 993501 |  | 993501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 8069240 | 6632221 |  | 14701461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 1533096 | 2284137 |  | 3817233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 6458034 |  | 6458034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 50960359 |  | 50960359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 507730 |  | 507730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 4334071 |  |  | 4334071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 2805952 | 18090558 |  | 20896510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 433891 |  | 433891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 6256723 |  | 6256723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 3156130 |  |  | 3156130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 848781 |  | 848781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 103739 |  | 103739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  | 393 |  | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 10462565 |  | 10462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 3548709 |  | 3548709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 14166161 |  | 14166161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3272947 |  | 3272947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 5232073 |  | 5232073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 21306 | 27589797 |  | 27611103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2120432 | 9147645 |  | 11268077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 890068 |  |  | 890068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 799893 |  | 799893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 10497400 |  |  | 10497400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 384060 |  |  | 384060 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks | 79764686 | 350448266 |  | 430212952 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 245912937 |  |  | 245912937 |
| &nbsp;&nbsp;&nbsp;Preferred Stock\* |  | 401065 |  | 401065 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 8013814 |  |  | 8013814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $333691437 | $350849331 | $— | $684540768 |

---

\* See Schedule of Investments for additional detailed categorizations.

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS - 18.1%** |  |  |
| **BASIC MATERIALS - 0.3%** |  |  |
| Albemarle Corp., 4.65%, 6/1/27 | $137000 | $133599 |
| Albemarle Corp., 5.65%, 6/1/52 | 78000 | 70969 |
| Cabot Corp., 5.00%, 6/30/32 | 112000 | 103555 |
| Celanese US Holdings LLC, 5.90%, 7/5/24 | 145000 | 144953 |
| CF Industries, Inc., 5.38%, 3/15/44 | 153000 | 137458 |
| Ecolab, Inc., 2.70%, 12/15/51 | 147000 | 91435 |
| Ecolab, Inc., 5.25%, 1/15/28 | 137000 | 139584 |
| Georgia-Pacific LLC, 0.95%, 5/15/26 <sup>(a)</sup> | 613000 | 536882 |
| Inversiones CMPC S.A., 3.00%, 4/6/31 <sup>(a)</sup> | 200000 | 167407 |
| LYB International Finance III LLC, 4.20%, 5/1/50 | 205000 | 151569 |
| Newmont Corp., 2.25%, 10/1/30 | 775000 | 622898 |
| Nucor Corp., 3.13%, 4/1/32 | 56000 | 47467 |
| Nucor Corp., 4.30%, 5/23/27 | 104000 | 101455 |
| RPM International, Inc., 2.95%, 1/15/32 | 49000 | 38608 |
| RPM International, Inc., 4.55%, 3/1/29 | 234000 | 216603 |
| SASOL Financing USA LLC, 5.88%, 3/27/24 | 200000 | 195518 |
| Westlake Chemical Corp., 3.38%, 8/15/61 | 167000 | 98483 |
| **Total Basic Materials** |  | **2998443** |
| **COMMUNICATIONS - 1.1%** |  |  |
| Amazon.com, Inc., 3.30%, 4/13/27 | 121000 | 114829 |
| Amazon.com, Inc., 4.10%, 4/13/62 | 249000 | 205477 |
| Amazon.com, Inc., 4.65%, 12/1/29 | 79000 | 78409 |
| AT&T, Inc., 3.50%, 9/15/53 | 1305000 | 880792 |
| AT&T, Inc., 3.65%, 9/15/59 | 28000 | 18741 |
| AT&T, Inc., 3.85%, 6/1/60 | 52000 | 36076 |
| AT&T, Inc., 4.30%, 2/15/30 | 25000 | 23540 |
| AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 151000 | 137266 |
| AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 342000 | 289132 |
| AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 188000 | 172791 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 79000 | 51476 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42 | 430000 | 275525 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | 51000 | 29496 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | 578000 | 419598 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | 38000 | 31637 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400000 | 313777 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 597000 | 581947 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **COMMUNICATIONS (continued)** |  |  |
| Comcast Corp., 4.00%, 3/1/48 | $252000 | $202058 |
| Comcast Corp., 4.15%, 10/15/28 | 120000 | 115074 |
| Comcast Corp., 4.25%, 10/15/30 | 90000 | 86099 |
| Comcast Corp., 4.60%, 10/15/38 | 87000 | 80374 |
| Comcast Corp., 5.25%, 11/7/25 | 48000 | 48629 |
| Corning, Inc., 5.45%, 11/15/79 | 277000 | 239068 |
| Cox Communications, Inc., 2.60%, 6/15/31 <sup>(a)</sup> | 625000 | 497722 |
| CSC Holdings LLC, 5.50%, 4/15/27 <sup>(a)</sup> | 250000 | 209719 |
| Discovery Communications LLC, 5.30%, 5/15/49 | 97000 | 73341 |
| Expedia Group, Inc., 2.95%, 3/15/31 | 73000 | 58702 |
| Meta Platforms, Inc., 4.45%, 8/15/52 | 63000 | 50063 |
| Meta Platforms, Inc., 4.65%, 8/15/62 | 65000 | 52152 |
| Paramount Global, Senior Bond, 5.85%, 9/1/43 | 37000 | 30724 |
| Sprint Corp., 7.88%, 9/15/23 | 275000 | 278846 |
| T-Mobile USA, Inc., 3.00%, 2/15/41 | 875000 | 617421 |
| T-Mobile USA, Inc., 3.60%, 11/15/60 | 86000 | 56783 |
| T-Mobile USA, Inc., 3.88%, 4/15/30 | 150000 | 135872 |
| T-Mobile USA, Inc., 4.38%, 4/15/40 | 475000 | 405365 |
| Time Warner Cable LLC, 6.55%, 5/1/37 | 4000 | 3808 |
| Verizon Communications, Inc., 1.50%, 9/18/30 | 1000000 | 777434 |
| Verizon Communications, Inc., 2.55%, 3/21/31 | 710000 | 583875 |
| Verizon Communications, Inc., 2.85%, 9/3/41 | 114000 | 78455 |
| Verizon Communications, Inc., 3.00%, 11/20/60 | 184000 | 109558 |
| Verizon Communications, Inc., 3.40%, 3/22/41 | 1399000 | 1051911 |
| Verizon Communications, Inc., 3.88%, 3/1/52 | 99000 | 75077 |
| Verizon Communications, Inc., 5.11%, 3/20/26 (SOFR + 0.790%)<sup>(b)</sup> | 1000000 | 974808 |
| Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34 | 168000 | 154267 |
| ViacomCBS, Inc., 4.38%, 3/15/43 | 423000 | 291280 |
| **Total Communications** |  | **10998994** |
| **CONSUMER, CYCLICAL - 1.1%** |  |  |
| Dana, Inc., 5.38%, 11/15/27 | 75000 | 69571 |
| Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 387977 | 342123 |
| Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150000 | 143305 |
| Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 1238564 | 1051759 |
| Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 425258 | 362130 |
| Ford Motor Co., 5.29%, 12/8/46 | 400000 | 304806 |
| Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100000 | 71779 |
| Gap, Inc. (The), 3.63%, 10/1/29 <sup>(a)</sup> | 50000 | 35270 |
| Gap, Inc. (The), 3.88%, 10/1/31 <sup>(a)</sup> | 150000 | 104642 |
| General Motors Co., 5.40%, 10/15/29 | 138000 | 131693 |
| General Motors Co., 5.60%, 10/15/32 | 1000000 | 928996 |
| General Motors Co., Senior Bond, 6.25%, 10/2/43 | 205000 | 189528 |
| General Motors Financial Co., Inc., 2.70%, 6/10/31 | 95000 | 72787 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, CYCLICAL (continued)** |  |  |
| Lowe's Cos., Inc., 2.80%, 9/15/41 | $1250000 | $850627 |
| Lowe's Cos., Inc., 3.10%, 5/3/27 | 47000 | 43757 |
| Lowe's Cos., Inc., 4.45%, 4/1/62 | 68000 | 52863 |
| Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 761000 | 633048 |
| Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 281000 | 227549 |
| McDonald's Corp., 3.50%, 7/1/27 | 103000 | 97703 |
| McDonald's Corp., 3.63%, 9/1/49 | 156000 | 117349 |
| Mercedes-Benz Finance North America LLC, 5.38%, 11/26/25 | 151000 | 151817 |
| O'Reilly Automotive, Inc., Senior Note, 3.60%, 9/1/27 | 100000 | 94244 |
| PACCAR Financial Corp., 4.95%, 10/3/25 | 57000 | 57253 |
| Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200000 | 192659 |
| Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500000 | 463068 |
| Stellantis Finance US, Inc., 2.69%, 9/15/31 <sup>(a)</sup> | 385000 | 293756 |
| Taylor Morrison Communities, Inc., 5.13%, 8/1/30 <sup>(a)</sup> | 150000 | 129935 |
| Taylor Morrison Communities, Inc., 5.63%, 3/1/24 <sup>(a)</sup> | 150000 | 148875 |
| Toyota Motor Credit Corp., 1.90%, 4/6/28 | 219000 | 190416 |
| Toyota Motor Credit Corp., 5.45%, 11/10/27 | 191000 | 195278 |
| United Airlines, Inc., 4.38%, 4/15/26 <sup>(a)</sup> | 185000 | 171481 |
| United Airlines, Inc., 4.63%, 4/15/29 <sup>(a)</sup> | 35000 | 30474 |
| Walmart, Inc., 1.80%, 9/22/31 | 1175000 | 956236 |
| Warnermedia Holdings, Inc., 3.64%, 3/15/25 <sup>(a)</sup> | 89000 | 84636 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 <sup>(a)</sup> | 493000 | 377186 |
| Warnermedia Holdings, Inc., 5.14%, 3/15/52 <sup>(a)</sup> | 290000 | 210820 |
| Warnermedia Holdings, Inc., 5.39%, 3/15/62 <sup>(a)</sup> | 153000 | 111692 |
| William Carter Co. (The), 5.63%, 3/15/27 <sup>(a)</sup> | 250000 | 239805 |
| Wolverine World Wide, Inc., 4.00%, 8/15/29 <sup>(a)</sup> | 150000 | 113634 |
| **Total Consumer, Cyclical** |  | **10044550** |
| **CONSUMER, NON-CYCLICAL - 2.8%** |  |  |
| AbbVie, Inc., 4.05%, 11/21/39 | 149000 | 127536 |
| AbbVie, Inc., 4.25%, 11/21/49 | 631000 | 523658 |
| AbbVie, Inc., 4.55%, 3/15/35 | 380000 | 355330 |
| AbbVie, Inc., 4.75%, 3/15/45 | 150000 | 134707 |
| AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200000 | 185261 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 3/15/29 <sup>(a)</sup> | $200000 | $167798 |
| AmerisourceBergen Corp., 3.45%, 12/15/27 | 46000 | 42978 |
| AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47 | 101000 | 83799 |
| Amgen, Inc., 2.80%, 8/15/41 | 610000 | 422614 |
| Amgen, Inc., 4.88%, 3/1/53 | 68000 | 60307 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 120000 | 113333 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 446000 | 405448 |
| Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 494000 | 429262 |
| Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200000 | 199562 |
| Ascension Health, 2.53%, 11/15/29 | 630000 | 539978 |
| Ascension Health, 3.11%, 11/15/39 | 120000 | 92182 |
| BAT Capital Corp., 2.73%, 3/25/31 | 620000 | 483735 |
| Becton Dickinson and Co., 4.30%, 8/22/32 | 60000 | 56161 |
| Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 164000 | 147367 |
| Bristol-Myers Squibb Co., 3.90%, 2/20/28 | 152000 | 146353 |
| Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40000 | 35591 |
| Bush Foundation, 2.75%, 10/1/50 | 300000 | 194843 |
| Cardinal Health, Inc., 4.50%, 11/15/44 | 150000 | 119519 |
| Cigna Corp., 2.40%, 3/15/30 | 430000 | 360222 |
| Cigna Corp., 3.40%, 3/15/50 | 217000 | 153795 |
| Cigna Corp., 3.88%, 10/15/47 | 56000 | 43414 |
| Cigna Corp., 4.38%, 10/15/28 | 190000 | 183242 |
| Conagra Brands, Inc., 7.00%, 10/1/28 | 159000 | 169517 |
| Conservation Fund A Nonprofit Corp. (The), Series 2019, 3.47%, 12/15/29 | 1000000 | 859784 |
| Constellation Brands, Inc., 4.35%, 5/9/27 | 67000 | 65243 |
| CVS Health Corp., 5.13%, 7/20/45 | 261000 | 237877 |
| CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 512000 | 466398 |
| Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70000 | 57577 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br>Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| Elevance Health, Inc., 2.88%, 9/15/29 | $114000 | $100158 |
| Elevance Health, Inc., 6.10%, 10/15/52 | 54000 | 57568 |
| ERAC USA Finance LLC, 4.20%, 11/1/46 <sup>(a)</sup> | 325000 | 252346 |
| Ford Foundation (The), 2.82%, 6/1/70 | 851000 | 496371 |
| GE HealthCare Technologies, Inc., 5.65%, 11/15/27 | 134000 | 135568 |
| General Mills, Inc., 5.24%, 11/18/25 | 63000 | 63157 |
| Gilead Sciences, Inc., 2.60%, 10/1/40 | 1075000 | 750018 |
| Gilead Sciences, Inc., 2.80%, 10/1/50 | 1000000 | 639335 |
| GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 3/24/52 | 250000 | 194978 |
| HCA, Inc., 3.50%, 9/1/30 | 126000 | 108672 |
| HCA, Inc., 3.50%, 7/15/51 | 145000 | 93027 |
| HCA, Inc., 4.63%, 3/15/52 <sup>(a)</sup> | 162000 | 126084 |
| HCA, Inc., 5.88%, 2/15/26 | 58000 | 58366 |
| HCA, Inc., 7.75%, 7/15/36 | 150000 | 163199 |
| Hormel Foods Corp., 0.65%, 6/3/24 | 147000 | 138428 |
| Humana, Inc., 1.35%, 2/3/27 | 140000 | 121043 |
| Humana, Inc., 5.88%, 3/1/33 | 45000 | 46454 |
| Kraft Heinz Foods Co., 4.38%, 6/1/46 | 234000 | 190149 |
| Kraft Heinz Foods Co., 4.88%, 10/1/49 | 273000 | 236976 |
| Lamb Weston Holdings, Inc., 4.13%, 1/31/30 <sup>(a)</sup> | 75000 | 66240 |
| Lamb Weston Holdings, Inc., 4.38%, 1/31/32 <sup>(a)</sup> | 225000 | 196582 |
| Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75000 | 53922 |
| Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150000 | 127703 |
| Mather Foundation, Series 2021, 2.68%, 10/1/31 | 750000 | 613312 |
| Merck & Co., Inc., 2.15%, 12/10/31 | 1150000 | 939083 |
| Merck & Co., Inc., 2.75%, 12/10/51 | 625000 | 417587 |
| Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29 <sup>(a)</sup> | 175000 | 141043 |
| Mylan, Inc., 3.13%, 1/15/23 <sup>(a)</sup> | 480000 | 479631 |
| Mylan, Inc., 5.20%, 4/15/48 | 275000 | 204787 |
| Mylan, Inc., 5.40%, 11/29/43 | 180000 | 142486 |
| NBM US Holdings, Inc., 6.63%, 8/6/29 <sup>(a)</sup> | 800000 | 772624 |
| Nestle Holdings, Inc., 3.50%, 9/24/25 <sup>(a)</sup> | 547000 | 530601 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 <sup>(a)</sup> | 275000 | 243485 |
| Orlando Health Obligated Group, 4.09%, 10/1/48 | 50000 | 39345 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| PepsiCo, Inc., 2.25%, 3/19/25 | $131000 | $124694 |
| PepsiCo, Inc., 2.88%, 10/15/49 | 1000000 | 714440 |
| PepsiCo, Inc., 3.60%, 2/18/28 | 81000 | 77551 |
| PepsiCo, Inc., 3.90%, 7/18/32 | 92000 | 86746 |
| PepsiCo, Inc., 4.20%, 7/18/52 | 25000 | 22760 |
| Philip Morris International, Inc., 5.63%, 11/17/29 | 480000 | 486950 |
| Philip Morris International, Inc., 5.75%, 11/17/32 | 200000 | 203885 |
| Pilgrim's Pride Corp., 5.88%, 9/30/27 <sup>(a)</sup> | 300000 | 290993 |
| President & Fellows of Harvard College, 5.63%, 10/1/38 | 515000 | 551131 |
| President & Fellows of Harvard College, 3.62%, 10/1/37 | 50000 | 42852 |
| President & Fellows of Harvard College, 6.50%, 1/15/39 <sup>(a)</sup> | 105000 | 123224 |
| Procter & Gamble Co. (The), 1.20%, 10/29/30 | 1150000 | 902305 |
| Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110000 | 93086 |
| Roche Holdings, Inc., 2.13%, 3/10/25 <sup>(a)</sup> | 803000 | 760232 |
| S&P Global, Inc., 2.70%, 3/1/29 <sup>(a)</sup> | 177000 | 155799 |
| Smithfield Foods, Inc., 4.25%, 2/1/27 <sup>(a)</sup> | 129000 | 118777 |
| Smithfield Foods, Inc., 5.20%, 4/1/29 <sup>(a)</sup> | 162000 | 147987 |
| Stanford Health Care, 3.03%, 8/15/51 | 1000000 | 657309 |
| Sutter Health, 4.09%, 8/15/48 | 125000 | 101068 |
| Sysco Corp., 4.45%, 3/15/48 | 290000 | 237758 |
| Sysco Corp., 4.50%, 4/1/46 | 165000 | 138249 |
| Sysco Corp., 5.95%, 4/1/30 | 38000 | 39328 |
| Sysco Corp., 6.60%, 4/1/50 | 95000 | 103541 |
| Tenet Healthcare Corp., 4.38%, 1/15/30 <sup>(a)</sup> | 25000 | 21639 |
| Tenet Healthcare Corp., 4.63%, 7/15/24 | 123000 | 119957 |
| Tenet Healthcare Corp., 6.13%, 6/15/30 <sup>(a)</sup> | 75000 | 71460 |
| Trustees of Boston College, 3.13%, 7/1/52 | 169000 | 117133 |
| Trustees of Princeton University (The), 2.52%, 7/1/50 | 90000 | 59884 |
| Trustees of Princeton University (The), 5.70%, 3/1/39 | 495000 | 535652 |
| Unilever Capital Corp., 2.13%, 9/6/29 | 675000 | 571271 |
| United Rentals North America, Inc., 3.75%, 1/15/32 | 50000 | 40791 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| United Rentals North America, Inc., 3.88%, 2/15/31 | $62000 | $51974 |
| United Rentals North America, Inc., 5.25%, 1/15/30 | 70000 | 65771 |
| UnitedHealth Group, Inc., 1.25%, 1/15/26 | 234000 | 212059 |
| UnitedHealth Group, Inc., 4.95%, 5/15/62 | 52000 | 48666 |
| UnitedHealth Group, Inc., 5.15%, 10/15/25 | 127000 | 128448 |
| UnitedHealth Group, Inc., 5.25%, 2/15/28 | 97000 | 99156 |
| UnitedHealth Group, Inc., 6.05%, 2/15/63 | 97000 | 105258 |
| University of Chicago (The), 0, 2.76%, 4/1/45 | 100000 | 74757 |
| Vector Group Ltd., 5.75%, 2/1/29 <sup>(a)</sup> | 250000 | 216765 |
| Viatris, Inc., 3.85%, 6/22/40 | 156000 | 104598 |
| Viatris, Inc., 4.00%, 6/22/50 | 309000 | 190387 |
| Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1300000 | 885666 |
| Zoetis, Inc., 5.40%, 11/14/25 | 46000 | 46919 |
| Zoetis, Inc., 5.60%, 11/16/32 | 678000 | 702833 |
| **Total Consumer, Non-cyclical** |  | **27256428** |
| **ENERGY - 1.3%** |  |  |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26 <sup>(a)</sup> | 175000 | 177147 |
| Boardwalk Pipelines L.P., 3.60%, 9/1/32 | 73000 | 60407 |
| BP Capital Markets America, Inc., 2.77%, 11/10/50 | 1000000 | 638417 |
| BP Capital Markets America, Inc., 3.00%, 2/24/50 | 140000 | 93376 |
| BP Capital Markets America, Inc., 3.54%, 4/6/27 | 330000 | 313617 |
| Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200000 | 197864 |
| Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205000 | 186748 |
| Chevron Corp., 1.55%, 5/11/25 | 152000 | 141399 |
| Chevron USA, Inc., 4.20%, 10/15/49 | 52000 | 43079 |
| Colonial Enterprises, Inc., 3.25%, 5/15/30 <sup>(a)</sup> | 510000 | 441514 |
| Continental Resources, Inc., 3.80%, 6/1/24 | 775000 | 753631 |
| DCP Midstream Operating L.P., 5.13%, 5/15/29 | 320000 | 308395 |
| DCP Midstream Operating L.P., 6.75%, 9/15/37 <sup>(a)</sup> | 550000 | 554393 |
| Diamondback Energy, Inc., 3.50%, 12/1/29 | 80000 | 70186 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **ENERGY (continued)** |  |  |
| Diamondback Energy, Inc., 4.40%, 3/24/51 | $151000 | $115029 |
| Diamondback Energy, Inc., 6.25%, 3/15/53 | 150000 | 144953 |
| Duke Energy Carolinas LLC, 3.55%, 3/15/52 | 52000 | 38835 |
| Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200000 | 190472 |
| Energy Transfer L.P., 4.90%, 3/15/35 | 157000 | 139808 |
| Energy Transfer L.P., 4.95%, 6/15/28 | 115000 | 111203 |
| Energy Transfer L.P., 5.00%, 5/15/50 | 505000 | 403460 |
| Energy Transfer L.P., 5.30%, 4/15/47 | 110000 | 91519 |
| Energy Transfer L.P., 5.75%, 2/15/33 | 64000 | 62615 |
| Energy Transfer L.P., 6.13%, 12/15/45 | 20000 | 18505 |
| Energy Transfer L.P., Senior Note, 4.95%, 5/15/28 | 165000 | 158258 |
| EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45 | 4000 | 3031 |
| Enterprise Products Operating LLC, 3.20%, 2/15/52 | 81000 | 53075 |
| Enterprise Products Operating LLC, 4.85%, 8/15/42 | 200000 | 176668 |
| 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)<sup>(b)</sup> | 121000 | 97324 |
| EQT Corp., 3.63%, 5/15/31 <sup>(a)</sup> | 38000 | 32203 |
| Florida Gas Transmission Co. LLC, 2.30%, 10/1/31 <sup>(a)</sup> | 355000 | 270994 |
| Gray Oak Pipeline LLC, 2.00%, 9/15/23 <sup>(a)</sup> | 113000 | 109923 |
| Gray Oak Pipeline LLC, 3.45%, 10/15/27 <sup>(a)</sup> | 173000 | 152997 |
| Halliburton Co., 4.75%, 8/1/43 | 107000 | 91267 |
| Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 115000 | 106388 |
| Helmerich & Payne, Inc., 2.90%, 9/29/31 | 375000 | 304359 |
| Hess Corp., 6.00%, 1/15/40 | 46000 | 45057 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 4/15/30 <sup>(a)</sup> | 100000 | 88928 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 4/15/32 <sup>(a)</sup> | 100000 | 86292 |
| Marathon Oil Corp., 6.80%, 3/15/32 | 126000 | 129626 |
| Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 48000 | 47702 |
| MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 225000 | 197750 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **ENERGY (continued)** |  |  |
| Murray Energy Corp., Secured Note, 12.00%, 4/15/24 <sup>(a)(c)</sup> | $180991 | $0 |
| ONEOK Partners L.P., 6.65%, 10/1/36 | 186000 | 186137 |
| ONEOK, Inc., 3.10%, 3/15/30 | 1810000 | 1516797 |
| ONEOK, Inc., 4.50%, 3/15/50 | 250000 | 186154 |
| ONEOK, Inc., 4.95%, 7/13/47 | 150000 | 120814 |
| ONEOK, Inc., 5.20%, 7/15/48 | 300000 | 249892 |
| Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231000 | 245873 |
| Petroleos Mexicanos, 6.50%, 3/13/27 | 200000 | 182416 |
| Petroleos Mexicanos, 6.75%, 9/21/47 | 335000 | 213730 |
| Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 137000 | 134787 |
| Sabine Pass Liquefaction LLC, 5.90%, 9/15/37 | 63000 | 63044 |
| Sanchez Energy Corp., 6.13%, 1/15/23 <sup>(c)</sup> | 100000 | 0 |
| Sanchez Energy Corp., 7.75%, 6/15/21 <sup>(c)</sup> | 150000 | 0 |
| Schlumberger Holdings Corp., 3.90%, 5/17/28 <sup>(a)</sup> | 92000 | 85715 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 <sup>(a)</sup> | 175000 | 151328 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | 64000 | 53849 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 231000 | 232464 |
| Topaz Solar Farms LLC, 4.88%, 9/30/39 <sup>(a)</sup> | 323362 | 285367 |
| Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | 230000 | 174890 |
| Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350000 | 339353 |
| Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29 <sup>(a)</sup> | 25000 | 21875 |
| Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 <sup>(a)</sup> | 25000 | 21300 |
| Western Midstream Operating L.P., 5.30%, 3/1/48 | 10000 | 8222 |
| Williams Cos., Inc. (The), 5.75%, 6/24/44 | 322000 | 306567 |
| Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200000 | 170057 |
| **Total Energy** |  | **12399045** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL - 6.8%** |  |  |
| Americo Life, Inc., 3.45%, 4/15/31 <sup>(a)</sup> | $110000 | $83651 |
| Athene Global Funding, 1.73%, 10/2/26 <sup>(a)</sup> | 237000 | 203473 |
| Bank of America Corp., 2.46%, 10/22/25 (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 496000 | 468649 |
| Bank of America Corp., 3.19%, 7/23/30 (3.19% fixed rate until 7/23/29; 1.18% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 45000 | 38704 |
| Bank of America Corp., 4.08%, 4/23/40 (4.08% fixed rate until 4/23/39; 1.32% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 73000 | 60697 |
| Bank of America Corp., 4.45%, 3/3/26 | 1525000 | 1494296 |
| Bank of America Corp., (5 year CMT + 2.000%), 3.85%, 3/8/37 <sup>(b)</sup> | 320000 | 264979 |
| Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25 <sup>(b)</sup> | 32000 | 29452 |
| Bank of America Corp., (SOFR + 1.210%), 2.57%, 10/20/32 <sup>(b)</sup> | 530000 | 415097 |
| Bank of America Corp., (SOFR + 1.330%), 3.38%, 4/2/26 <sup>(b)</sup> | 106000 | 101234 |
| Bank of America Corp., (SOFR + 1.580%), 3.31%, 4/22/42 <sup>(b)</sup> | 153000 | 112170 |
| Bank of America Corp., (SOFR + 1.830%), 4.57%, 4/27/33 <sup>(b)</sup> | 70000 | 64029 |
| 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)<sup>(b)</sup> | 1367000 | 1275570 |
| 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)<sup>(b)(d)</sup> | 290000 | 268415 |
| Bank of America Corp., Series N, (SOFR + 1.220%), 2.65%, 3/11/32 <sup>(b)</sup> | 1675000 | 1340714 |
| Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 540000 | 512190 |
| BankUnited, Inc., 4.88%, 11/17/25 | 459000 | 451849 |
| BankUnited, Inc., 5.13%, 6/11/30 | 218000 | 201944 |
| Blackstone Secured Lending Fund, 2.85%, 9/30/28 | 1300000 | 1009354 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| BOC Aviation USA Corp., 1.63%, 4/29/24 <sup>(a)</sup> | $200000 | $189835 |
| Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500000 | 484603 |
| Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625000 | 546753 |
| Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500000 | 457293 |
| Broadstone Net Lease LLC, 2.60%, 9/15/31 | 515000 | 385920 |
| Cantor Fitzgerald L.P., 4.50%, 4/14/27 <sup>(a)</sup> | 1225000 | 1134738 |
| Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)<sup>(b)</sup> | 820000 | 714618 |
| Citigroup, Inc., 5.88%, 2/22/33 | 302000 | 299380 |
| Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32 (SOFR + 1.379%)<sup>(b)</sup> | 300000 | 236839 |
| Citigroup, Inc., (SOFR + 1.379%), 2.90%, 11/3/42 <sup>(b)</sup> | 51000 | 35194 |
| Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30 <sup>(b)</sup> | 160000 | 134532 |
| Citigroup, Inc., (SOFR + 1.546%), 5.61%, 9/29/26 | 153000 | 153654 |
| Citigroup, Inc., (SOFR + 2.107%), 2.57%, 6/3/31 <sup>(b)</sup> | 58000 | 46910 |
| Citigroup, Inc., Junior Subordinated Bond, Series V, 4.70%, 1/30/25 (SOFR + 3.234%)<sup>(b)(d)</sup> | 55000 | 45716 |
| Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 51000 | 46838 |
| Citigroup, Inc., Senior Bond, 4.08%, 4/23/29 (4.08% fixed rate until 4/23/28; 1.19% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 700000 | 644116 |
| Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)<sup>(b)(d)</sup> | 225000 | 200253 |
| Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 218000 | 217812 |
| Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1637000 | 1560729 |
| Citizens Financial Group, Inc., 2.64%, 9/30/32 | 363000 | 269437 |
| Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1000000 | 845170 |
| Corporate Office Properties L.P., 2.90%, 12/1/33 | 68000 | 48230 |
| Crown Castle, Inc., 5.20%, 2/15/49 | 44000 | 39551 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 <sup>(a)</sup> | $970000 | $874262 |
| Equitable Financial Life Global Funding, 1.30%, 7/12/26 <sup>(a)</sup> | 138000 | 119422 |
| Everest Reinsurance Holding, Inc., 3.13%, 10/15/52 | 590000 | 368271 |
| F&G Global Funding, 0.90%, 9/20/24 <sup>(a)</sup> | 184000 | 168136 |
| F&G Global Funding, 2.30%, 4/11/27 <sup>(a)</sup> | 282000 | 247879 |
| Federal Realty Investment Trust, 1.25%, 2/15/26 | 1150000 | 1012834 |
| First Horizon Bank, 5.75%, 5/1/30 | 250000 | 242351 |
| FS KKR Capital Corp., 4.13%, 2/1/25 | 1550000 | 1457193 |
| GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/41 <sup>(a)</sup> | 940000 | 726965 |
| GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150000 | 147160 |
| Goldman Sachs Group, Inc., 5.70%, 11/1/24 | 146000 | 147738 |
| Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 379000 | 355268 |
| 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)<sup>(b)</sup> | 925000 | 844918 |
| Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27 <sup>(b)</sup> | 188000 | 162174 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.248%), 2.38%, 7/21/32 <sup>(b)</sup> | 120000 | 93109 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32 <sup>(b)</sup> | 770000 | 614068 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42 <sup>(b)</sup> | 132000 | 95080 |
| 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)<sup>(b)</sup> | 1135000 | 1057386 |
| Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 390000 | 416139 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 <sup>(a)</sup> | 1000000 | 734816 |
| HNA 2015 LLC, 2.37%, 9/18/27 | 260978 | 244226 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | $96000 | $79226 |
| Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31 | 850000 | 650220 |
| Intercontinental Exchange, Inc., 4.95%, 6/15/52 | 138000 | 127858 |
| Intercontinental Exchange, Inc., 5.20%, 6/15/62 | 92000 | 87497 |
| JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)<sup>(b)</sup> | 604000 | 559036 |
| JPMorgan Chase & Co., 2.74%, 10/15/30 (2.74% fixed rate until 10/15/29; 1.51% + SOFR thereafter)<sup>(b)</sup> | 2250000 | 1886886 |
| JPMorgan Chase & Co., 3.78%, 2/1/28 (3.78% fixed rate until 2/1/27; 1.34% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 300000 | 280289 |
| JPMorgan Chase & Co., (3 month USD LIBOR + 1.380%), 3.54%, 5/1/28 | 154000 | 141713 |
| JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29 <sup>(b)</sup> | 119000 | 99387 |
| JPMorgan Chase & Co., (SOFR + 1.180%), 2.55%, 11/8/32 <sup>(b)</sup> | 646000 | 510618 |
| JPMorgan Chase & Co., (SOFR + 1.250%), 2.58%, 4/22/32 <sup>(b)</sup> | 405000 | 324421 |
| JPMorgan Chase & Co., (SOFR + 1.510%), 2.53%, 11/19/41 <sup>(b)</sup> | 575000 | 375923 |
| JPMorgan Chase & Co., (SOFR + 2.080%), 4.91%, 7/25/33 <sup>(b)</sup> | 125000 | 119016 |
| JPMorgan Chase & Co., (SOFR + 2.580%), 5.72%, 9/14/33 <sup>(b)</sup> | 215000 | 209851 |
| JPMorgan Chase & Co., Junior Subordinated Bond, Series HH, 4.60%, 2/1/25 (SOFR + 3.125%)<sup>(b)(d)</sup> | 165000 | 145406 |
| JPMorgan Chase & Co., Junior Subordinated Bond, Series II, 4.00%, 4/1/25 (SOFR + 2.745%)<sup>(b)(d)</sup> | 975000 | 834844 |
| 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)<sup>(b)(d)</sup> | 129000 | 125354 |
| 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)<sup>(b)</sup> | 1240000 | 1147169 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| KeyBank NA, 5.85%, 11/15/27 | $250000 | $258045 |
| Kimco Realty Corp., 2.25%, 12/1/31 | 1100000 | 844506 |
| Kimco Realty Corp., 4.60%, 2/1/33 | 135000 | 123460 |
| Liberty Mutual Group, Inc., 3.95%, 5/15/60 <sup>(a)</sup> | 85000 | 55669 |
| Liberty Mutual Group, Inc., 3.95%, 10/15/50 <sup>(a)</sup> | 120000 | 83709 |
| Liberty Mutual Group, Inc., 4.57%, 2/1/29 <sup>(a)</sup> | 700000 | 654303 |
| Low Income Investment Fund, 3.39%, 7/1/26 | 1000000 | 943172 |
| LPL Holdings, Inc., 4.38%, 5/15/31 <sup>(a)</sup> | 325000 | 276299 |
| 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)<sup>(a)(b)</sup> | 8000 | 7315 |
| Mastercard, Inc., 1.90%, 3/15/31 | 1000000 | 812316 |
| Morgan Stanley, 3.62%, 4/1/31 (SOFR + 3.120%)<sup>(b)</sup> | 46000 | 40158 |
| Morgan Stanley, 3.63%, 1/20/27 | 405000 | 381921 |
| Morgan Stanley, 3.95%, 4/23/27 | 950000 | 897173 |
| Morgan Stanley, 4.43%, 1/23/30 (4.43% fixed rate until 1/23/29; 1.63% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 440000 | 409510 |
| Morgan Stanley, 6.34%, 10/18/33 | 38000 | 39817 |
| Morgan Stanley, (SOFR + 0.560%), 1.16%, 10/21/25 <sup>(b)</sup> | 92000 | 84687 |
| Morgan Stanley, (SOFR + 0.858%), 1.51%, 7/20/27 <sup>(b)</sup> | 246000 | 213476 |
| Morgan Stanley, (SOFR + 1.178%), 2.24%, 7/21/32 <sup>(b)</sup> | 210000 | 161111 |
| Morgan Stanley, (SOFR + 1.290%), 2.94%, 1/21/33 <sup>(b)</sup> | 2450000 | 1981997 |
| Morgan Stanley, (SOFR + 1.360%), 2.48%, 9/16/36 <sup>(b)</sup> | 32000 | 23204 |
| Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42 <sup>(b)</sup> | 132000 | 97677 |
| Morgan Stanley, (SOFR + 1.669%), 4.68%, 7/17/26 <sup>(b)</sup> | 62000 | 60937 |
| Morgan Stanley, (SOFR + 2.620%), 5.30%, 4/20/37 <sup>(b)</sup> | 168000 | 153612 |
| Morgan Stanley, Senior Bond, 3.77%, 1/24/29 (3.77% fixed rate until 1/24/28; 1.14% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 1155000 | 1057696 |
| Morgan Stanley Direct Lending Fund, 4.50%, 2/11/27 | 1310000 | 1209757 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | $200000 | $137097 |
| MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/27 | 150000 | 126080 |
| National Community Renaissance Of California, 3.27%, 12/1/32 | 1000000 | 798877 |
| National Health Investors, Inc., 3.00%, 2/1/31 | 100000 | 72091 |
| 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)<sup>(b)</sup> | 165000 | 159842 |
| Nuveen Finance LLC, 4.13%, 11/1/24 <sup>(a)</sup> | 400000 | 389357 |
| OFS Capital Corp., 4.75%, 2/10/26 | 1300000 | 1120881 |
| Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 169000 | 122183 |
| Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 96000 | 74000 |
| OneMain Finance Corp., 6.63%, 1/15/28 | 225000 | 207187 |
| OneMain Finance Corp., 8.25%, 10/1/23 | 125000 | 125617 |
| OWL Rock Core Income Corp., 7.75%, 9/16/27 <sup>(a)</sup> | 1375000 | 1370551 |
| Preservation Of Affordable Housing, Inc., 4.48%, 12/1/32 | 1000000 | 906162 |
| Principal Life Global Funding II, 0.50%, 1/8/24 <sup>(a)</sup> | 109000 | 104117 |
| Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | 500000 | 386795 |
| Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 70000 | 66850 |
| Prudential Financial, Inc., Junior Subordinated Bond, 5.63%, 6/15/43 (5.63% fixed rate until 6/15/23; 3.92% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 201000 | 197483 |
| Realty Income Corp., 3.25%, 1/15/31 | 285000 | 247142 |
| Regency Centers L.P., 3.75%, 6/15/24 | 500000 | 484909 |
| Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 259000 | 291341 |
| Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500000 | 467170 |
| SBA Tower Trust, 6.60%, 1/15/28 | 1000000 | 1001567 |
| SBL Holdings, Inc., 5.00%, 2/18/31 <sup>(a)</sup> | 124000 | 97516 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Sculptor Alternative Solutions LLC, 6.00%, 5/15/37 <sup>(a)</sup> | $1720000 | $1385460 |
| Security Benefit Global Funding, 1.25%, 5/17/24 <sup>(a)</sup> | 84000 | 78807 |
| Signature Bank, 4.00%, 10/15/30 <sup>(b)</sup> | 150000 | 136937 |
| SVB Financial Group, 2.10%, 5/15/28 | 1050000 | 868144 |
| SVB Financial Group, (SOFR + 1.713%), 4.35%, 4/29/28 <sup>(b)</sup> | 242000 | 228843 |
| Synchrony Financial, 4.50%, 7/23/25 | 708000 | 678660 |
| Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 <sup>(a)</sup> | 210000 | 145184 |
| Thirax 2 LLC, 2.32%, 1/22/34 | 945282 | 818203 |
| Truist Financial Corp., (SOFR + 1.456%), 4.26%, 7/28/26 <sup>(b)</sup> | 118000 | 115942 |
| Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 353000 | 345054 |
| U.S. Bancorp, (5 year CMT + 0.950%), 2.49%, 11/3/36 <sup>(b)</sup> | 195000 | 148389 |
| USAA Capital Corp., 2.13%, 5/1/30 <sup>(a)</sup> | 1000000 | 819394 |
| USAA Capital Corp., 3.38%, 5/1/25 <sup>(a)</sup> | 150000 | 144688 |
| Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31 <sup>(b)</sup> | 231000 | 203134 |
| Visa, Inc., 1.90%, 4/15/27 | 1000000 | 900575 |
| Vornado Realty L.P., 2.15%, 6/1/26 | 78000 | 65909 |
| Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)<sup>(b)</sup> | 814000 | 580618 |
| Wells Fargo & Co., 4.30%, 7/22/27 | 900000 | 866094 |
| Wells Fargo & Co., 5.61%, 1/15/44 | 84000 | 81438 |
| Wells Fargo & Co., (SOFR + 1.262%), 2.57%, 2/11/31 <sup>(b)</sup> | 670000 | 554804 |
| Wells Fargo & Co., (SOFR + 1.560%), 4.54%, 8/15/26 <sup>(b)</sup> | 850000 | 832965 |
| Wells Fargo & Co., (SOFR + 2.130%), 4.61%, 4/25/53 <sup>(b)</sup> | 96000 | 81284 |
| Weyerhaeuser Co., 4.00%, 3/9/52 | 64000 | 48294 |
| Willis North America, Inc., 4.65%, 6/15/27 | 225000 | 217333 |
| WR Berkley Corp., 4.00%, 5/12/50 | 160000 | 121063 |
| Zions Bancorp NA, 3.25%, 10/29/29 | 271000 | 221461 |
| **Total Financial** |  | **65483716** |
| **INDUSTRIAL - 0.9%** |  |  |
| AECOM, 5.13%, 3/15/27 | 125000 | 120312 |
| Agilent Technologies, Inc., 2.30%, 3/12/31 | 180000 | 145142 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **INDUSTRIAL (continued)** |  |  |
| Allegion US Holding Co., Inc., 5.41%, 7/1/32 | $101000 | $97800 |
| Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 62000 | 50373 |
| Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 180000 | 175219 |
| Amsted Industries, Inc., 5.63%, 7/1/27 <sup>(a)</sup> | 200000 | 189732 |
| Ball Corp., 3.13%, 9/15/31 | 100000 | 80313 |
| Berry Global, Inc., 1.57%, 1/15/26 | 1010000 | 899724 |
| Boeing Co. (The), 2.20%, 2/4/26 | 1150000 | 1044847 |
| Boeing Co. (The), 3.75%, 2/1/50 | 525000 | 360443 |
| Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 27000 | 24165 |
| Burlington Northern Santa Fe LLC, 4.45%, 1/15/53 | 67000 | 59514 |
| Carlisle Cos., Inc., 2.20%, 3/1/32 | 382000 | 290201 |
| Carrier Global Corp., 3.38%, 4/5/40 | 180000 | 136615 |
| Caterpillar Financial Services Corp., 1.70%, 1/8/27 | 125000 | 112005 |
| Caterpillar Financial Services Corp., 3.60%, 8/12/27 | 97000 | 92559 |
| CNH Industrial Capital LLC, 1.88%, 1/15/26 | 27000 | 24483 |
| CNH Industrial Capital LLC, 4.20%, 1/15/24 | 77000 | 75894 |
| CNH Industrial Capital LLC, 5.45%, 10/14/25 | 47000 | 47103 |
| CSX Corp., 4.50%, 11/15/52 | 110000 | 95492 |
| Flowserve Corp., 2.80%, 1/15/32 | 245000 | 183516 |
| GATX Corp., Senior Note, 3.25%, 9/15/26 | 107000 | 99212 |
| Honeywell International, Inc., 4.95%, 2/15/28 | 119000 | 120539 |
| Illinois Tool Works, Inc., 3.50%, 3/1/24 | 8000 | 7875 |
| John Deere Capital Corp., 3.40%, 6/6/25 | 326000 | 316259 |
| John Deere Capital Corp., 1.30%, 10/13/26 | 92000 | 81332 |
| Kansas City Southern, 4.70%, 5/1/48 | 70000 | 60249 |
| Lockheed Martin Corp., 5.70%, 11/15/54 | 215000 | 225269 |
| Nature Conservancy (The), 6.77%, 2/1/24 (3 month USD LIBOR + 1.08%)<sup>(b)</sup> | 520000 | 519520 |
| Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300000 | 248068 |
| Norfolk Southern Corp., 3.70%, 3/15/53 | 113000 | 84840 |
| Parker-Hannifin Corp., 4.25%, 9/15/27 | 125000 | 121274 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **INDUSTRIAL (continued)** |  |  |
| Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 <sup>(a)</sup> | $246000 | $225655 |
| Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.40%, 7/1/27 <sup>(a)</sup> | 108000 | 102486 |
| Sonoco Products Co., 1.80%, 2/1/25 | 406000 | 377274 |
| Standard Industries, Inc., 4.38%, 7/15/30 <sup>(a)</sup> | 175000 | 142612 |
| Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 <sup>(a)</sup> | 125000 | 112486 |
| Stanley Black & Decker, Inc., 2.30%, 2/24/25 | 63000 | 59599 |
| Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60 <sup>(b)</sup> | 309000 | 262980 |
| Tote Shipholdings LLC, 3.40%, 10/16/40 | 973000 | 867395 |
| Trimble, Inc., Senior Note, 4.90%, 6/15/28 | 62000 | 59447 |
| Union Pacific Corp., 2.97%, 9/16/62 | 225000 | 144526 |
| Vontier Corp., 2.95%, 4/1/31 | 89000 | 64309 |
| **Total Industrial** |  | **8608658** |
| **TECHNOLOGY - 0.9%** |  |  |
| Apple, Inc., 1.40%, 8/5/28 | 240000 | 203304 |
| Apple, Inc., 2.65%, 5/11/50 | 106000 | 70130 |
| Apple, Inc., 2.70%, 8/5/51 | 75000 | 49443 |
| Apple, Inc., 2.80%, 2/8/61 | 10000 | 6327 |
| Apple, Inc., 3.95%, 8/8/52 | 95000 | 80721 |
| Apple, Inc., 4.10%, 8/8/62 | 97000 | 80628 |
| Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500000 | 470859 |
| Broadcom, Inc., 2.45%, 2/15/31 <sup>(a)</sup> | 198000 | 155949 |
| Broadcom, Inc., 3.14%, 11/15/35 <sup>(a)</sup> | 194000 | 142642 |
| Broadcom, Inc., 3.19%, 11/15/36 <sup>(a)</sup> | 202000 | 145094 |
| Broadcom, Inc., 3.42%, 4/15/33 <sup>(a)</sup> | 809000 | 648582 |
| Broadcom, Inc., 4.93%, 5/15/37 <sup>(a)</sup> | 224000 | 195410 |
| CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | 315000 | 279663 |
| CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350000 | 349979 |
| Dell International LLC/EMC Corp., 3.38%, 12/15/41 <sup>(a)</sup> | 165000 | 110505 |
| Dell International LLC/EMC Corp., 8.10%, 7/15/36 | 108000 | 121027 |
| Fidelity National Information Services, Inc., 5.63%, 7/15/52 | 92000 | 84402 |
| Fiserv, Inc., 4.40%, 7/1/49 | 92000 | 74639 |
| Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 384000 | 344903 |
| Intel Corp., 4.15%, 8/5/32 | 1314000 | 1228538 |
| Intel Corp., 4.90%, 8/5/52 | 37000 | 32732 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **TECHNOLOGY (continued)** |  |  |
| KLA Corp., 4.95%, 7/15/52 | $114000 | $105878 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 | 61000 | 49769 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 22000 | 14662 |
| Leidos, Inc., 4.38%, 5/15/30 | 119000 | 107309 |
| Oracle Corp., 2.30%, 3/25/28 | 360000 | 311821 |
| Oracle Corp., 4.00%, 11/15/47 | 108000 | 78937 |
| Oracle Corp., 6.25%, 11/9/32 | 2120000 | 2218836 |
| Oracle Corp., Senior Bond, 3.80%, 11/15/37 | 296000 | 234370 |
| QUALCOMM, Inc., 6.00%, 5/20/53 | 52000 | 55228 |
| Texas Instruments, Inc., 4.10%, 8/16/52 | 45000 | 39949 |
| Texas Instruments, Inc., 4.60%, 2/15/28 | 90000 | 89877 |
| **Total Technology** |  | **8182113** |
| **UTILITIES - 2.9%** |  |  |
| AEP Transmission Co. LLC, 4.25%, 9/15/48 | 425000 | 354163 |
| AEP Transmission Co. LLC, Series M, 3.65%, 4/1/50 | 34000 | 25932 |
| Alabama Power Co., 3.75%, 3/1/45 | 170000 | 132074 |
| Alexander Funding Trust, 1.84%, 11/15/23 <sup>(a)</sup> | 555000 | 531663 |
| Ameren Illinois Co., 5.90%, 12/1/52 | 22000 | 23889 |
| American Electric Power Co., Inc., 5.75%, 11/1/27 | 54000 | 55428 |
| American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 93000 | 85395 |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225000 | 213685 |
| Arizona Public Service Co., 6.35%, 12/15/32 | 630000 | 662538 |
| Atmos Energy Corp., 5.75%, 10/15/52 | 99000 | 103339 |
| Avangrid, Inc., 3.20%, 4/15/25 | 378000 | 361229 |
| Brooklyn Union Gas Co. (The), 4.49%, 3/4/49 <sup>(a)</sup> | 1000000 | 763587 |
| Calpine Corp., 3.75%, 3/1/31 <sup>(a)</sup> | 450000 | 362320 |
| CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50 <sup>(b)</sup> | 117000 | 101200 |
| Commonwealth Edison Co., 3.70%, 8/15/28 | 320000 | 301100 |
| Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105000 | 87599 |
| Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61 | 65000 | 46324 |
| Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/52 | 40000 | 42822 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| Consolidated Edison Co. of New York, Inc., Series 20B, Senior Bond, 3.95%, 4/1/50 | $90000 | $70588 |
| Dominion Energy South Carolina, Inc., 5.10%, 6/1/65 | 24000 | 21830 |
| 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)<sup>(b)</sup> | 55000 | 51521 |
| Dominion Energy, Inc., Series C, 3.38%, 4/1/30 | 230000 | 202680 |
| DTE Electric Co., 3.95%, 3/1/49 | 258000 | 211415 |
| Duke Energy Florida LLC, 2.50%, 12/1/29 | 1000000 | 854616 |
| Duke Energy Florida LLC, 3.80%, 7/15/28 | 550000 | 522123 |
| Duke Energy Florida LLC, 4.20%, 7/15/48 | 50000 | 41906 |
| Duke Energy Florida LLC, 5.05%, 11/15/52 | 51000 | 54279 |
| Duke Energy Indiana LLC, 2.75%, 4/1/50 | 930000 | 583853 |
| Emera US Finance L.P., 3.55%, 6/15/26 | 400000 | 374680 |
| Emera US Finance L.P., 4.75%, 6/15/46 | 190000 | 146596 |
| Entergy Louisiana LLC, 4.75%, 9/15/52 | 40000 | 35891 |
| Entergy Mississippi LLC, 3.50%, 6/1/51 | 41000 | 29336 |
| Entergy Texas, Inc., 4.50%, 3/30/39 | 424000 | 367245 |
| Entergy Texas, Inc., 5.00%, 9/15/52 | 40000 | 36566 |
| Essential Utilities, Inc., 3.35%, 4/15/50 | 101000 | 68973 |
| Evergy Missouri West, Inc., 5.15%, 12/15/27 | 46000 | 45828 |
| Florida Power & Light Co., 2.88%, 12/4/51 | 570000 | 382267 |
| Georgia Power Co., Series A, 3.25%, 3/15/51 | 175000 | 120422 |
| Interstate Power & Light Co., 3.50%, 9/30/49 | 92000 | 65512 |
| Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23 <sup>(a)</sup> | 400000 | 401797 |
| ITC Holdings Corp., 4.95%, 9/22/27 <sup>(a)</sup> | 594000 | 585788 |
| Jersey Central Power & Light Co., 2.75%, 3/1/32 <sup>(a)</sup> | 62000 | 50067 |
| Liberty Utilities Finance GP 1, 2.05%, 9/15/30 <sup>(a)</sup> | 1138000 | 854901 |
| MidAmerican Energy Co., 3.10%, 5/1/27 | 624000 | 584201 |
| National Fuel Gas Co., 5.50%, 1/15/26 | 1225000 | 1218693 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| National Rural Utilities Cooperative Finance Corp., 1.88%, 2/7/25 | $78000 | $73146 |
| National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 543000 | 521150 |
| National Rural Utilities Cooperative Finance Corp., 4.15%, 12/15/32 | 1000000 | 923414 |
| National Rural Utilities Cooperative Finance Corp., 4.80%, 3/15/28 | 108000 | 107075 |
| New York State Electric & Gas Corp., 2.15%, 10/1/31 <sup>(a)</sup> | 1225000 | 954512 |
| Northwest Natural Gas Co., 3.08%, 12/1/51 | 1000000 | 619282 |
| Ohio Edison Co., 5.50%, 1/15/33 <sup>(a)</sup> | 930000 | 921059 |
| Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | 720000 | 679007 |
| Oncor Electric Delivery Co. LLC, 4.15%, 6/1/32 <sup>(a)</sup> | 125000 | 117935 |
| Pacific Gas & Electric Co., 4.95%, 6/8/25 | 57000 | 56120 |
| Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107000 | 72547 |
| Pacific Gas and Electric Co., 4.30%, 3/15/45 | 153000 | 108475 |
| PacifiCorp, 2.90%, 6/15/52 | 748000 | 488286 |
| PacifiCorp, 4.13%, 1/15/49 | 135000 | 110469 |
| PacifiCorp., 5.35%, 12/1/53 | 1825000 | 1806200 |
| PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85000 | 71124 |
| Public Service Co. of Colorado, 2.70%, 1/15/51 | 274000 | 176408 |
| Public Service Co. of Colorado, 3.70%, 6/15/28 | 102000 | 97060 |
| Public Service Co. of Colorado, 4.10%, 6/15/48 | 244000 | 202080 |
| Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31 | 207000 | 164839 |
| Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420000 | 271286 |
| San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51 | 1375000 | 928631 |
| SCE Recovery Funding LLC, Senior Secured Bond, Series A-2, 2.94%, 11/15/44 | 1627000 | 1272090 |
| Southern California Edison Co., 1.10%, 4/1/24 | 355000 | 337166 |
| Southern California Edison Co., 5.85%, 11/1/27 | 770000 | 792551 |
| Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110000 | 87777 |
| Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75000 | 61719 |
| Southern Co. (The), 4.48%, 8/1/24 | 116000 | 114547 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| Southwestern Public Service Co., 3.75%, 6/15/49 | $360000 | $275469 |
| Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 <sup>(a)</sup> | 405400 | 382441 |
| Union Electric Co., 2.95%, 6/15/27 | 148000 | 137776 |
| Union Electric Co., 3.90%, 4/1/52 | 1155000 | 930506 |
| Vistra Corp., (5 year CMT + 5.740%), 7.00%, 12/15/26 <sup>(a)(b)(d)</sup> | 1000000 | 909933 |
| Vistra Operations Co. LLC, 3.55%, 7/15/24 <sup>(a)</sup> | 305000 | 292514 |
| Vistra Operations Co. LLC, 5.00%, 7/31/27 <sup>(a)</sup> | 100000 | 92809 |
| Wisconsin Public Service Corp., 2.85%, 12/1/51 | 510000 | 326133 |
| **Total Utilities** |  | **27721397** |
| **TOTAL CORPORATE BONDS**<br> (Cost: $200,156,192) |  | 173693344 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES - 14.5%** |  |  |
| ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 <sup>(a)</sup> | $1620000 | $1475298 |
| ACC Trust, Series 2022-1, Class A, ABS, 1.19%, 9/20/24 <sup>(a)</sup> | 543267 | 538769 |
| Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 <sup>(a)</sup> | 1276302 | 1209918 |
| Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.35%, 10/15/47 | 1000000 | 976527 |
| American Express Credit Account Master Trust, Series 2022-2, Class A, ABS, 3.39%, 5/15/27 | 2750000 | 2669444 |
| Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | 53578 | 53266 |
| Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 252317 | 249813 |
| Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | 500000 | 491033 |
| AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25 | 190834 | 189516 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300000 | 272750 |
| AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27 | 300000 | 270121 |
| AMSR 2019-SFR1 Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39 <sup>(a)</sup> | 100000 | 87906 |
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, ABS, 5.30%, 6/21/28 <sup>(a)</sup> | 1940000 | 1918585 |
| Antares CLO Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 6.79%, 7/20/31 <sup>(a)(b)</sup> | 1940000 | 1830402 |
| Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 5.43%, 7/26/31 (3 month USD LIBOR + 1.10%)<sup>(a)(b)</sup> | 1000000 | 978920 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 <sup>(a)</sup> | 200000 | 196623 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 <sup>(a)</sup> | 400000 | 386471 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26 <sup>(a)</sup> | 500000 | 465354 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 <sup>(a)</sup> | 300000 | 277605 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 <sup>(a)</sup> | 800000 | 696525 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28 <sup>(a)</sup> | $900000 | $778760 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, ABS, 3.83%, 8/21/28 <sup>(a)</sup> | 1000000 | 951964 |
| Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.120%), 5.36%, 1/20/32 <sup>(a)(b)</sup> | 1000000 | 981209 |
| Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 5.44%, 7/20/34 <sup>(a)(b)</sup> | 1000000 | 974891 |
| BHG Securitization Trust, Series 2022-C, Class B, ABS, 5.93%, 10/17/35 <sup>(a)</sup> | 1690000 | 1660718 |
| Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 5.94%, 4/20/33 <sup>(a)(b)</sup> | 2000000 | 1906126 |
| Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 <sup>(a)</sup> | 85526 | 77901 |
| Business Jet Securities LLC, Series 2022-1A, Class B, ABS, 5.19%, 6/15/37 <sup>(a)</sup> | 786345 | 709597 |
| California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.500%), 6.58%, 7/16/32 <sup>(a)(b)</sup> | 1840000 | 1734198 |
| Capital Automotive REIT, Series 2020-1A, Class A1, ABS, 3.35%, 3/15/52 <sup>(a)</sup> | 1125200 | 982883 |
| Carlyle U.S. CLO Ltd., Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 5.36%, 7/20/34 <sup>(a)(b)</sup> | 1500000 | 1467929 |
| Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400000 | 361931 |
| CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200000 | 180776 |
| CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27 | 190000 | 168380 |
| CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27 | 200000 | 175933 |
| CarMax Auto Owner Trust, Series 2022-1, Class C, ABS, 2.20%, 11/15/27 | 300000 | 271887 |
| CarMax Auto Owner Trust, Series 2022-1, Class D, ABS, 2.47%, 7/17/28 | 100000 | 87027 |
| CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50 <sup>(a)</sup> | 540000 | 492317 |
| CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 5.42%, 7/20/34 <sup>(a)(b)</sup> | 1750000 | 1703930 |
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 <sup>(a)</sup> | 354238 | 309170 |
| CF Hippolyta Issuer LLC, Series 2022-1A, Class A1, ABS, 5.97%, 8/15/62 <sup>(a)</sup> | 493372 | 482141 |
| CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 <sup>(a)</sup> | 510000 | 491152 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | $600000 | $578835 |
| CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, ABS, 2.57%, 7/20/51 <sup>(a)</sup> | 2425102 | 1925480 |
| Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 <sup>(a)</sup> | 34111 | 32682 |
| Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 <sup>(a)</sup> | 213121 | 181444 |
| Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, ABS, 1.00%, 5/15/30 <sup>(a)</sup> | 1000000 | 955162 |
| Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31 <sup>(a)</sup> | 830000 | 753226 |
| Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 7.76%, 4/25/29 <sup>(a)(b)</sup> | 1300000 | 1227721 |
| DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51 <sup>(a)</sup> | 1020000 | 865850 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25 | 6788 | 6778 |
| Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 5.69%, 5/15/32 <sup>(a)(b)</sup> | 1510000 | 1478349 |
| Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 5.27%, 7/15/34 <sup>(a)(b)</sup> | 1000000 | 966469 |
| Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 5.49%, 5/25/37 (1 month USD LIBOR + 1.10%)<sup>(a)(b)</sup> | 5709 | 5609 |
| FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 <sup>(a)</sup> | 17226 | 17209 |
| Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51 <sup>(a)</sup> | 1700000 | 1482015 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 <sup>(a)</sup> | 300000 | 286562 |
| Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 <sup>(a)</sup> | 1000000 | 980444 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class B, ABS, 2.04%, 8/15/31 <sup>(a)</sup> | 800000 | 750428 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 <sup>(a)</sup> | $200000 | $179082 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 <sup>(a)</sup> | 120000 | 105935 |
| Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34 <sup>(a)</sup> | 100000 | 85938 |
| Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600000 | 539204 |
| FREED ABS Trust, Series 2022-2CP, Class A, ABS, 3.03%, 5/18/29 <sup>(a)</sup> | 392542 | 390120 |
| Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 <sup>(a)</sup> | 870152 | 770941 |
| Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40 <sup>(a)</sup> | 226409 | 201001 |
| Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 <sup>(a)</sup> | 188670 | 167281 |
| GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34 <sup>(a)</sup> | 100000 | 85154 |
| Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 <sup>(a)</sup> | 800000 | 732574 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 <sup>(a)</sup> | 326921 | 232436 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48 <sup>(a)</sup> | 1298424 | 942159 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, ABS, 2.70%, 1/20/49 <sup>(a)</sup> | 941646 | 721504 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-3CS, Class A, ABS, 4.95%, 7/20/49 <sup>(a)</sup> | 975853 | 903155 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-4CS, Class B, 5.55%, 11/20/54 | 500000 | 436366 |
| HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 <sup>(a)</sup> | 300536 | 285553 |
| HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 <sup>(a)</sup> | 133946 | 125220 |
| HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 <sup>(a)</sup> | 499819 | 437587 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 <sup>(a)</sup> | $400000 | $348142 |
| Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, ABS, 1.99%, 6/25/26 <sup>(a)</sup> | 2890000 | 2652736 |
| Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 <sup>(a)</sup> | 400000 | 369554 |
| Hertz Vehicle Financing LLC, Series 2022-2A, Class A, ABS, 2.33%, 6/26/28 <sup>(a)</sup> | 1100000 | 964180 |
| Home Equity Asset Trust, Series 2003-1, Class M1, 5.89%, 6/25/33 (1 month USD LIBOR + 1.50%)<sup>(b)</sup> | 2864 | 2798 |
| Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41 <sup>(a)</sup> | 368102 | 309852 |
| Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.200%), 5.44%, 10/20/34 <sup>(a)(b)</sup> | 1125000 | 1093407 |
| KKR Static CLO 2 Ltd., Series 2022-2A, Class A1, 6.74%, 10/20/31 | 3000000 | 2997012 |
| KVK CLO Ltd., Series 2016-1A, Class A1R2, ABS, (3 month USD LIBOR + 1.210%), 5.29%, 10/15/34 <sup>(a)(b)</sup> | 750000 | 726133 |
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 <sup>(a)</sup> | 38272 | 37184 |
| Lendmark Funding Trust, Series 2019-2A, Class A, ABS, 2.78%, 4/20/28 <sup>(a)</sup> | 609922 | 591910 |
| LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1069833 | 1054248 |
| Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 <sup>(a)</sup> | 687705 | 523011 |
| Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 <sup>(a)</sup> | 381696 | 279124 |
| Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 5.40%, 7/20/34 <sup>(a)(b)</sup> | 1000000 | 975833 |
| Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37 | 1660000 | 1648260 |
| MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 <sup>(a)</sup> | 548633 | 511348 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Midocean Credit CLO IX, Series 2018-9A, Class A1, 5.39%, 7/20/31 (3 month USD LIBOR + 1.15%)<sup>(a)(b)</sup> | $500000 | $489435 |
| MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 <sup>(a)</sup> | 100000 | 97082 |
| MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 <sup>(a)</sup> | 300000 | 289706 |
| MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 <sup>(a)</sup> | 300000 | 273847 |
| Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 <sup>(a)</sup> | 2200000 | 1986910 |
| Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 <sup>(a)</sup> | 512333 | 444737 |
| Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46 <sup>(a)</sup> | 576921 | 481267 |
| Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 <sup>(a)</sup> | 653298 | 493034 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52 <sup>(a)</sup> | 1363843 | 1075390 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class C, ABS, 1.77%, 6/20/52 <sup>(a)</sup> | 400000 | 336894 |
| Mosaic Solar Loan Trust, Series 2022-3A, Class A, 6.16%, 6/20/53 | 950000 | 947359 |
| Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 5.20%, 7/15/31 (3 month USD LIBOR + 1.12%)<sup>(a)(b)</sup> | 1000000 | 977215 |
| Mountain View CLO XVI Ltd., Series 2022-1A, Class A, 6.55%, 10/15/32 | 2500000 | 2492655 |
| NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 <sup>(a)</sup> | 384150 | 356150 |
| Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 <sup>(a)</sup> | 834283 | 780880 |
| Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 <sup>(a)</sup> | 28556 | 28009 |
| Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 <sup>(a)</sup> | 119944 | 113243 |
| Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 <sup>(a)</sup> | 161573 | 146675 |
| Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 <sup>(a)</sup> | 130464 | 117261 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61 <sup>(a)</sup> | $1730000 | $1421221 |
| Newtek Small Business Loan Trust, Series 2018-1, Class A (PRIME - 0.550%), 6.95%, 2/25/44 (1 month USD LIBOR + 1.70%)<sup>(a)(b)</sup> | 277359 | 272692 |
| Newtek Small Business Loan Trust, Series 2019-2, Class A (PRIME + 0.750%), 8.25%, 2/25/44 (1 month USD LIBOR + 3.00%)<sup>(a)(b)</sup> | 133479 | 131793 |
| NextGear Floorplan Master Owner Trust, Series 2022-1A, Class A2, ABS, 2.80%, 3/15/27 <sup>(a)</sup> | 1320000 | 1243097 |
| NFAS2 LLC, Series 2022-1, Class A, ABS, 6.86%, 9/15/28 <sup>(a)</sup> | 830000 | 820584 |
| NMEF Funding LLC, Series 2022-B, Class B, 7.12%, 6/15/29 | 1340000 | 1346818 |
| Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 5.96%, 6/20/34 <sup>(a)(b)</sup> | 2000000 | 1928696 |
| NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 <sup>(a)</sup> | 510000 | 491183 |
| NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 7.59%, 1/20/31 <sup>(a)(b)</sup> | 1620000 | 1493731 |
| Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 5.22%, 10/13/31 <sup>(a)(b)</sup> | 1474373 | 1440725 |
| OCP CLO Ltd., Series 2015-9A, Class A1R2, (SOFR + 1.250%), 5.11%, 1/15/33 <sup>(a)(b)</sup> | 1000000 | 979978 |
| OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 <sup>(a)</sup> | 2050000 | 1844137 |
| OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 <sup>(a)</sup> | 900000 | 863793 |
| OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28 <sup>(a)</sup> | 600000 | 522184 |
| OneMain Direct Auto Receivables Trust, Series 2021-1A, Class C, 1.42%, 7/14/28 | 500000 | 424662 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 <sup>(a)</sup> | $90018 | $89361 |
| OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 <sup>(a)</sup> | 600000 | 524142 |
| OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 4.57%, 6/16/36 <sup>(a)(b)</sup> | 600000 | 573284 |
| OneMain Financial Issuance Trust, Series 2022-3A, Class A, 5.94%, 5/15/34 | 1350000 | 1344011 |
| Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28 <sup>(a)</sup> | 1000000 | 931178 |
| Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 <sup>(a)</sup> | 1290000 | 1083011 |
| Oscar US Funding XIII LLC, Series 2021-2A, Class A3, ABS, 0.86%, 9/10/25 <sup>(a)</sup> | 1500000 | 1414421 |
| Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27 <sup>(a)</sup> | 249220 | 247249 |
| Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28 <sup>(a)</sup> | 359280 | 355309 |
| Palmer Square Loan Funding Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 7.06%, 11/25/28 <sup>(a)(b)</sup> | 730000 | 712892 |
| Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, ABS, 5.17%, 2/15/28 <sup>(a)</sup> | 1140000 | 1121412 |
| Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.530%), 4.92%, 5/25/70 <sup>(a)(b)</sup> | 382805 | 372569 |
| PFS Financing Corp., Series 2022-D, Class A, ABS, 4.27%, 8/15/27 <sup>(a)</sup> | 2350000 | 2291694 |
| ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A (PRIME - 0.500%), 7.00%, 12/27/44 <sup>(a)(b)</sup> | 205804 | 195183 |
| Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.150%), 5.90%, 6/20/34 <sup>(a)(b)</sup> | 1500000 | 1458297 |
| Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 <sup>(a)</sup> | 320000 | 297423 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 <sup>(a)</sup> | $1870000 | $1684564 |
| Renew, Series 2018-1, Class A, 3.95%, 9/20/53 <sup>(a)</sup> | 172657 | 158603 |
| Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 <sup>(a)</sup> | 710105 | 604559 |
| Republic Finance Issuance Trust, Series 2020-A, Class A, ABS, 2.47%, 11/20/30 <sup>(a)</sup> | 1010000 | 953628 |
| Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 <sup>(a)</sup> | 600000 | 549013 |
| Romark WM-R Ltd., Series 2018-1A, Class A1, ABS, (3 month USD LIBOR + 1.030%), 5.27%, 4/20/31 <sup>(a)</sup> | 1731831 | 1698978 |
| Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 <sup>(a)</sup> | 740000 | 689645 |
| Sabey Data Center Issuer LLC, Series 2022-1, Class A2, ABS, 5.00%, 6/20/47 <sup>(a)</sup> | 600000 | 550176 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26 | 177077 | 175488 |
| Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 188137 | 186243 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 300000 | 291836 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 500000 | 467471 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27 | 400000 | 384738 |
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27 | 600000 | 570309 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69%, 3/17/31 | 1610000 | 1641752 |
| Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 <sup>(a)</sup> | 73029 | 70582 |
| Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48 <sup>(a)</sup> | 153227 | 142285 |
| SoFi Professional Loan Program LLC, Series 2020-A, Class A2FX, 2.54%, 5/15/46 <sup>(a)</sup> | 276114 | 249860 |
| SoFi Professional Loan Program LLC, Series 2020-C, Class AFX, 1.95%, 2/15/46 <sup>(a)</sup> | 141065 | 126335 |
| Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44 <sup>(a)</sup> | 1221317 | 1191694 |
| Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 <sup>(a)</sup> | 1001089 | 896429 |
| Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, ABS, 2.12%, 6/20/51 <sup>(a)</sup> | 1141375 | 946817 |
| STWD Ltd., Series 2019-FL1, Class B (SOFR30A + 1.714%), 6.04%, 7/15/38 <sup>(a)(b)</sup> | 470000 | 441382 |
| STWD Ltd., Series 2019-FL1, Class C (SOFR30A + 2.064%), 6.39%, 7/15/38 <sup>(a)(b)</sup> | 280000 | 260379 |
| Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 <sup>(a)</sup> | 1620000 | 1418280 |
| Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 <sup>(a)</sup> | 226697 | 207596 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57 <sup>(a)</sup> | $1217900 | $949890 |
| Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, ABS, 4.75%, 7/30/57 <sup>(a)</sup> | 945831 | 865159 |
| Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 <sup>(a)</sup> | 363751 | 321745 |
| SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 <sup>(a)</sup> | 903266 | 885964 |
| TCW CLO Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.180%), 5.60%, 10/29/34 <sup>(a)(b)</sup> | 750000 | 731712 |
| Tesla Auto Lease Trust, Series 2020-A, Class D, ABS, 2.33%, 2/20/24 <sup>(a)</sup> | 800000 | 791461 |
| Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 <sup>(a)</sup> | 1000000 | 969422 |
| Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25 <sup>(a)</sup> | 1200000 | 1130660 |
| TH Msrissuer Trust, Series 2019-FT1, Class A, 7.19%, 6/25/24 (1 month USD LIBOR + 2.80%)<sup>(a)(b)</sup> | 450000 | 421037 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 <sup>(a)</sup> | 147267 | 130088 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 <sup>(a)</sup> | 300000 | 274450 |
| Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24 | 54350 | 54254 |
| Trimaran Cavu Ltd., Series 2019-1A, Class A1, 5.70%, 7/20/32 (3 month USD LIBOR + 1.46%)<sup>(a)(b)</sup> | 500000 | 491008 |
| TSTAT Ltd., Series 2022-2A, Class A1, 6.88%, 1/20/31 | 2000000 | 1993306 |
| Vantage Data Centers LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 <sup>(a)</sup> | 816833 | 776367 |
| VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31 <sup>(a)</sup> | 638760 | 578725 |
| Veros Auto Receivables Trust, Series 2022-1, Class A, ABS, 3.47%, 12/15/25 <sup>(a)</sup> | 518724 | 507733 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 <sup>(a)</sup> | 228786 | 202590 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 <sup>(a)</sup> | 633043 | 580708 |
| Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 <sup>(a)</sup> | 455000 | 418558 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class C, ABS, 4.85%, 9/15/27 <sup>(a)</sup> | 1350000 | 1312555 |
| World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25 | 176110 | 175169 |
| World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 100000 | 98846 |
| World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27 | 100000 | 91034 |
| Zais CLO 9 Ltd., Series 2018-2A, Class A, 5.44%, 7/20/31 (3 month USD LIBOR + 1.20%)<sup>(a)(b)</sup> | 970261 | 948043 |
| **TOTAL ASSET-BACKED SECURITIES**<br> (Cost: $148,222,771) |  | **139529476** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES - 18.1%** |  |  |
| Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | $1050000 | $1019428 |
| Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 429195 | 331589 |
| Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 103718 | 94457 |
| Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 2427395 | 1985286 |
| Federal Home Loan Mortgage Corp., 2.00%, 10/1/51 | 487523 | 397400 |
| Federal Home Loan Mortgage Corp., 2.00%, 1/1/52 | 48016 | 39616 |
| Federal Home Loan Mortgage Corp., 2.00%, 3/1/52 | 2136541 | 1750587 |
| Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 61925 | 58976 |
| Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 300012 | 257616 |
| Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 10174880 | 8664984 |
| Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 2564629 | 2178359 |
| Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 2212091 | 1877965 |
| Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 361291 | 308504 |
| Federal Home Loan Mortgage Corp., 2.50%, 11/1/51 | 1006565 | 854322 |
| Federal Home Loan Mortgage Corp., 2.50%, 12/1/51 | 1446277 | 1224310 |
| Federal Home Loan Mortgage Corp., 2.50%, 2/1/52 | 1636374 | 1395088 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 162384 | 155509 |
| Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 238039 | 221061 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 485515 | 442285 |
| Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | 203347 | 182855 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 691866 | 619076 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 249231 | 222615 |
| Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 62843 | 55612 |
| Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 356195 | 314985 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/51 | 2933936 | 2583059 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/52 | 1401146 | 1242162 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/52 | 72919 | 64320 |
| Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 60442 | 56637 |
| Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | 300301 | 281418 |
| Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 132357 | 123893 |
| Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 185084 | 173235 |
| Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 121815 | 113384 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | $152322 | $141300 |
| Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 136961 | 127013 |
| Federal Home Loan Mortgage Corp., 3.50%, 11/1/51 | 487577 | 449477 |
| Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 2421849 | 2202447 |
| Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 4126087 | 3752730 |
| Federal Home Loan Mortgage Corp., 3.50%, 6/1/52 | 1528736 | 1395258 |
| Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 91705 | 88167 |
| Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 3621 | 3474 |
| Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 166186 | 159776 |
| Federal Home Loan Mortgage Corp., 4.00%, 9/1/52 | 3438502 | 3225443 |
| Federal Home Loan Mortgage Corp., 4.50%, 11/1/37 | 530253 | 526764 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 209285 | 205663 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 26719 | 26477 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 46909 | 45869 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 48612 | 47690 |
| Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 111807 | 109799 |
| Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 124137 | 122730 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/52 | 377974 | 363822 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/52 | 366689 | 352967 |
| Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 110263 | 111782 |
| Federal Home Loan Mortgage Corp., 5.00%, 7/1/52 | 2039286 | 2011084 |
| Federal Home Loan Mortgage Corp., 5.00%, 9/1/52 | 2965977 | 2924959 |
| Federal National Mortgage Association, 0.63%, 4/22/25 | 1000000 | 918744 |
| Federal National Mortgage Association, 0.88%, 8/5/30 | 1615000 | 1281973 |
| Federal National Mortgage Association, 1.50%, 10/1/50 | 397919 | 307436 |
| Federal National Mortgage Association, 1.50%, 12/1/50 | 1811260 | 1399384 |
| Federal National Mortgage Association, 1.63%, 1/7/25 | 340000 | 321176 |
| Federal National Mortgage Association, 2.00%, 12/1/40 | 505324 | 430355 |
| Federal National Mortgage Association, 2.00%, 2/1/41 | 422766 | 360039 |
| Federal National Mortgage Association, 2.00%, 5/1/41 | 845840 | 720343 |
| Federal National Mortgage Association, 2.00%, 10/1/50 | 1555935 | 1275556 |
| Federal National Mortgage Association, 2.00%, 11/1/50 | 394091 | 322279 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 2.00%, 1/1/51 | $813564 | $669984 |
| Federal National Mortgage Association, 2.00%, 1/1/51 | 406786 | 332513 |
| Federal National Mortgage Association, 2.00%, 2/1/51 | 443205 | 361750 |
| Federal National Mortgage Association, 2.00%, 4/1/51 | 1829909 | 1494134 |
| Federal National Mortgage Association, 2.00%, 5/1/51 | 2400581 | 1959687 |
| Federal National Mortgage Association, 2.00%, 2/1/52 | 991974 | 812994 |
| Federal National Mortgage Association, 2.50%, 4/1/31 | 367730 | 343884 |
| Federal National Mortgage Association, 2.50%, 5/1/43 | 200747 | 173092 |
| Federal National Mortgage Association, 2.50%, 8/1/46 | 493745 | 425685 |
| Federal National Mortgage Association, 2.50%, 9/1/46 | 40677 | 35070 |
| Federal National Mortgage Association, 2.50%, 10/1/46 | 124089 | 106534 |
| Federal National Mortgage Association, 2.50%, 8/1/50 | 613580 | 522114 |
| Federal National Mortgage Association, 2.50%, 10/1/50 | 315027 | 268198 |
| Federal National Mortgage Association, 2.50%, 2/1/51 | 227801 | 196565 |
| Federal National Mortgage Association, 2.50%, 4/1/51 | 1578493 | 1340908 |
| Federal National Mortgage Association, 2.50%, 4/1/51 | 358172 | 307557 |
| Federal National Mortgage Association, 2.50%, 8/1/51 | 978589 | 830948 |
| Federal National Mortgage Association, 2.50%, 9/1/51 | 1877963 | 1594465 |
| Federal National Mortgage Association, 2.50%, 2/1/52 | 529371 | 451310 |
| Federal National Mortgage Association, 2.50%, 2/1/52 | 722344 | 615833 |
| Federal National Mortgage Association, 2.50%, 3/1/52 | 523216 | 446064 |
| Federal National Mortgage Association, 2.63%, 9/6/24 | 1000000 | 970149 |
| Federal National Mortgage Association, 3.00%, 5/1/30 | 113308 | 108402 |
| Federal National Mortgage Association, 3.00%, 5/1/32 | 368574 | 350722 |
| Federal National Mortgage Association, 3.00%, 10/1/32 | 285562 | 271750 |
| Federal National Mortgage Association, 3.00%, 9/1/37 | 2565 | 2421 |
| Federal National Mortgage Association, 3.00%, 5/1/40 | 215940 | 196042 |
| Federal National Mortgage Association, 3.00%, 5/1/43 | 348193 | 316815 |
| Federal National Mortgage Association, 3.00%, 9/1/46 | 118157 | 105796 |
| Federal National Mortgage Association, 3.00%, 11/1/46 | 209564 | 188158 |
| Federal National Mortgage Association, 3.00%, 11/1/46 | 178411 | 159636 |
| Federal National Mortgage Association, 3.00%, 1/1/47 | 209812 | 187349 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 3.00%, 2/1/47 | $1068425 | $972241 |
| Federal National Mortgage Association, 3.00%, 12/1/49 | 335837 | 297186 |
| Federal National Mortgage Association, 3.00%, 2/1/50 | 839632 | 742910 |
| Federal National Mortgage Association, 3.00%, 7/1/50 | 4225511 | 3763073 |
| Federal National Mortgage Association, 3.00%, 9/1/51 | 331790 | 295129 |
| Federal National Mortgage Association, 3.00%, 2/1/52 | 4135769 | 3630728 |
| Federal National Mortgage Association, 3.00%, 3/1/52 | 475643 | 419456 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 485511 | 427132 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 87896 | 77510 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 1528326 | 1347464 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 111993 | 98760 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 712687 | 628642 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 482069 | 425122 |
| Federal National Mortgage Association, 3.50%, 12/1/30 | 29919 | 29215 |
| Federal National Mortgage Association, 3.50%, 1/1/35 | 113468 | 109111 |
| Federal National Mortgage Association, 3.50%, 6/1/37 | 951651 | 910940 |
| Federal National Mortgage Association, 3.50%, 10/1/37 | 657525 | 629015 |
| Federal National Mortgage Association, 3.50%, 5/1/40 | 73726 | 68834 |
| Federal National Mortgage Association, 3.50%, 1/1/41 | 185068 | 173172 |
| Federal National Mortgage Association, 3.50%, 8/1/42 | 137747 | 128938 |
| Federal National Mortgage Association, 3.50%, 11/1/42 | 227103 | 212532 |
| Federal National Mortgage Association, 3.50%, 8/1/43 | 105263 | 98376 |
| Federal National Mortgage Association, 3.50%, 1/1/45 | 11116 | 10400 |
| Federal National Mortgage Association, 3.50%, 12/1/45 | 240063 | 223626 |
| Federal National Mortgage Association, 3.50%, 12/1/45 | 163779 | 152209 |
| Federal National Mortgage Association, 3.50%, 8/1/46 | 183248 | 170169 |
| Federal National Mortgage Association, 3.50%, 12/1/46 | 100475 | 94055 |
| Federal National Mortgage Association, 3.50%, 12/1/46 | 84500 | 78637 |
| Federal National Mortgage Association, 3.50%, 1/1/47 | 97271 | 90238 |
| Federal National Mortgage Association, 3.50%, 4/1/47 | 292938 | 270306 |
| Federal National Mortgage Association, 3.50%, 9/1/47 | 133416 | 123641 |
| Federal National Mortgage Association, 3.50%, 11/1/47 | 4966 | 4639 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 3.50%, 11/1/47 | $41295 | $38221 |
| Federal National Mortgage Association, 3.50%, 6/1/48 | 153762 | 142564 |
| Federal National Mortgage Association, 3.50%, 6/1/48 | 147278 | 136398 |
| Federal National Mortgage Association, 3.50%, 11/1/48 | 203819 | 188933 |
| Federal National Mortgage Association, 3.50%, 3/1/49 | 175434 | 162561 |
| Federal National Mortgage Association, 3.50%, 6/1/49 | 72021 | 66739 |
| Federal National Mortgage Association, 3.50%, 4/1/50 | 1091115 | 994667 |
| Federal National Mortgage Association, 3.50%, 2/1/52 | 961357 | 881773 |
| Federal National Mortgage Association, 3.50%, 3/1/52 | 1546161 | 1405337 |
| Federal National Mortgage Association, 3.50%, 5/1/52 | 515505 | 468490 |
| Federal National Mortgage Association, 3.50%, 5/1/52 | 494315 | 442694 |
| Federal National Mortgage Association, 3.50%, 7/1/52 | 2510258 | 2281608 |
| Federal National Mortgage Association, 3.50%, 9/1/52 | 4994456 | 4538478 |
| Federal National Mortgage Association, 4.00%, 11/1/37 | 1093134 | 1066860 |
| Federal National Mortgage Association, 4.00%, 9/1/40 | 132484 | 127231 |
| Federal National Mortgage Association, 4.00%, 3/1/41 | 241408 | 231839 |
| Federal National Mortgage Association, 4.00%, 9/1/42 | 26196 | 25099 |
| Federal National Mortgage Association, 4.00%, 1/1/45 | 10504 | 10036 |
| Federal National Mortgage Association, 4.00%, 12/1/45 | 265808 | 254602 |
| Federal National Mortgage Association, 4.00%, 7/1/46 | 225809 | 216102 |
| Federal National Mortgage Association, 4.00%, 3/1/47 | 123241 | 117197 |
| Federal National Mortgage Association, 4.00%, 9/1/47 | 155484 | 148422 |
| Federal National Mortgage Association, 4.00%, 10/1/47 | 73276 | 69926 |
| Federal National Mortgage Association, 4.00%, 12/1/47 | 96472 | 92270 |
| Federal National Mortgage Association, 4.00%, 1/1/48 | 203897 | 194606 |
| Federal National Mortgage Association, 4.00%, 4/1/48 | 71916 | 68754 |
| Federal National Mortgage Association, 4.00%, 3/1/49 | 1266398 | 1205959 |
| Federal National Mortgage Association, 4.00%, 4/1/52 | 476389 | 450764 |
| Federal National Mortgage Association, 4.00%, 5/1/52 | 1624340 | 1524369 |
| Federal National Mortgage Association, 4.00%, 6/1/52 | 473410 | 444077 |
| Federal National Mortgage Association, 4.00%, 7/1/52 | 1213638 | 1138815 |
| Federal National Mortgage Association, 4.00%, 9/1/52 | 2511315 | 2355706 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 4.00%, 10/1/52 | $7062706 | $6625085 |
| Federal National Mortgage Association, 4.50%, 9/1/40 | 132441 | 130913 |
| Federal National Mortgage Association, 4.50%, 2/1/41 | 260108 | 257852 |
| Federal National Mortgage Association, 4.50%, 9/1/42 | 2251 | 2211 |
| Federal National Mortgage Association, 4.50%, 12/1/43 | 13372 | 13122 |
| Federal National Mortgage Association, 4.50%, 7/1/46 | 93148 | 91505 |
| Federal National Mortgage Association, 4.50%, 11/1/47 | 39960 | 39280 |
| Federal National Mortgage Association, 4.50%, 1/1/48 | 115357 | 113589 |
| Federal National Mortgage Association, 4.50%, 2/1/48 | 20627 | 20335 |
| Federal National Mortgage Association, 4.50%, 3/1/48 | 71659 | 70313 |
| Federal National Mortgage Association, 4.50%, 3/1/48 | 83735 | 82499 |
| Federal National Mortgage Association, 4.50%, 5/1/48 | 89499 | 88279 |
| Federal National Mortgage Association, 4.50%, 5/1/48 | 60667 | 59841 |
| Federal National Mortgage Association, 4.50%, 6/1/52 | 187368 | 180331 |
| Federal National Mortgage Association, 4.50%, 6/1/52 | 2821324 | 2715903 |
| Federal National Mortgage Association, 4.50%, 7/1/52 | 160535 | 154545 |
| Federal National Mortgage Association, 4.50%, 8/1/52 | 1613906 | 1553558 |
| Federal National Mortgage Association, 4.50%, 9/1/52 | 9857478 | 9488621 |
| Federal National Mortgage Association, 5.00%, 9/1/40 | 99843 | 101104 |
| Federal National Mortgage Association, 5.00%, 2/1/41 | 79461 | 80465 |
| Federal National Mortgage Association, 5.00%, 7/1/44 | 191737 | 196116 |
| Federal National Mortgage Association, 5.00%, 5/1/48 | 44644 | 44740 |
| Federal National Mortgage Association, 5.00%, 8/1/48 | 18059 | 18177 |
| Federal National Mortgage Association, 5.00%, 7/1/52 | 822007 | 810639 |
| Federal National Mortgage Association, 5.00%, 8/1/52 | 1254049 | 1236707 |
| Federal National Mortgage Association, 5.00%, 9/1/52 | 203984 | 201164 |
| Federal National Mortgage Association, 5.00%, 10/1/52 | 5362798 | 5288634 |
| Federal National Mortgage Association, 5.50%, 2/1/42 | 42717 | 44203 |
| Federal National Mortgage Association, 5.50%, 12/1/52 | 995078 | 997749 |
| Federal National Mortgage Association, Series 2017-51, Class CP, CMO, REMIC, 3.00%, 2/25/47 | 336472 | 304720 |
| Government National Mortgage Association, 2.00%, 3/20/51 | 390392 | 328999 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 2.00%, 7/20/51 | $475062 | $398178 |
| Government National Mortgage Association, 2.00%, 10/20/51 | 200147 | 168194 |
| Government National Mortgage Association, 2.50%, 12/20/46 | 82967 | 73147 |
| Government National Mortgage Association, 2.50%, 10/20/50 | 1312086 | 1107318 |
| Government National Mortgage Association, 2.50%, 5/20/51 | 4737822 | 4119191 |
| Government National Mortgage Association, 2.50%, 8/20/51 | 349795 | 303815 |
| Government National Mortgage Association, 2.50%, 11/20/51 | 455344 | 394600 |
| Government National Mortgage Association, 2.50%, 12/20/51 | 2294038 | 1964871 |
| Government National Mortgage Association, 3.00%, 12/20/42 | 187340 | 171013 |
| Government National Mortgage Association, 3.00%, 12/20/45 | 57367 | 51991 |
| Government National Mortgage Association, 3.00%, 9/20/46 | 84476 | 76461 |
| Government National Mortgage Association, 3.00%, 10/20/46 | 175852 | 159065 |
| Government National Mortgage Association, 3.00%, 2/20/47 | 204203 | 183802 |
| Government National Mortgage Association, 3.00%, 4/20/47 | 137999 | 124410 |
| Government National Mortgage Association, 3.00%, 12/20/47 | 62321 | 56119 |
| Government National Mortgage Association, 3.00%, 1/20/48 | 128863 | 116447 |
| Government National Mortgage Association, 3.00%, 9/20/49 | 100463 | 90347 |
| Government National Mortgage Association, 3.00%, 12/20/49 | 200273 | 180101 |
| Government National Mortgage Association, 3.00%, 1/20/50 | 464447 | 417535 |
| Government National Mortgage Association, 3.00%, 4/15/50 | 189125 | 167987 |
| Government National Mortgage Association, 3.00%, 8/20/50 | 272070 | 243590 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 3.00%, 8/20/50 | $380888 | $340901 |
| Government National Mortgage Association, 3.00%, 8/20/50 | 228895 | 204742 |
| Government National Mortgage Association, 3.00%, 10/20/50 | 153617 | 137263 |
| Government National Mortgage Association, 3.00%, 10/20/50 | 243334 | 217278 |
| Government National Mortgage Association, 3.00%, 7/20/51 | 265077 | 237207 |
| Government National Mortgage Association, 3.00%, 12/20/51 | 508231 | 454117 |
| Government National Mortgage Association, 3.00%, 4/20/52 | 482669 | 430194 |
| Government National Mortgage Association, 3.00%, 5/20/52 | 2611367 | 2325242 |
| Government National Mortgage Association, 3.50%, 2/20/42 | 154622 | 145266 |
| Government National Mortgage Association, 3.50%, 7/20/42 | 225689 | 212636 |
| Government National Mortgage Association, 3.50%, 11/20/42 | 102072 | 96232 |
| Government National Mortgage Association, 3.50%, 8/20/45 | 39602 | 36971 |
| Government National Mortgage Association, 3.50%, 9/20/45 | 39356 | 36673 |
| Government National Mortgage Association, 3.50%, 4/20/46 | 56674 | 52856 |
| Government National Mortgage Association, 3.50%, 12/20/46 | 320502 | 298904 |
| Government National Mortgage Association, 3.50%, 11/20/47 | 106712 | 99346 |
| Government National Mortgage Association, 3.50%, 1/20/48 | 110202 | 102970 |
| Government National Mortgage Association, 3.50%, 11/20/48 | 438619 | 407907 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 154629 | 143087 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 149843 | 139190 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 188556 | 174481 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 3.50%, 10/20/50 | $65914 | $60976 |
| Government National Mortgage Association, 3.50%, 1/20/52 | 969572 | 890915 |
| Government National Mortgage Association, 3.50%, 7/20/52 | 382768 | 351708 |
| Government National Mortgage Association, 4.00%, 11/20/40 | 76297 | 73720 |
| Government National Mortgage Association, 4.00%, 2/20/46 | 157440 | 151437 |
| Government National Mortgage Association, 4.00%, 3/20/46 | 59794 | 57522 |
| Government National Mortgage Association, 4.00%, 5/20/47 | 86479 | 83024 |
| Government National Mortgage Association, 4.00%, 8/20/47 | 44390 | 42615 |
| Government National Mortgage Association, 4.00%, 9/20/47 | 672472 | 647286 |
| Government National Mortgage Association, 4.00%, 9/20/52 | 1733773 | 1617918 |
| Government National Mortgage Association, 4.50%, 9/20/39 | 78334 | 78180 |
| Government National Mortgage Association, 4.50%, 7/20/41 | 45007 | 44919 |
| Government National Mortgage Association, 4.50%, 2/20/47 | 27574 | 27413 |
| Government National Mortgage Association, 4.50%, 8/20/47 | 42475 | 41853 |
| Government National Mortgage Association, 4.50%, 1/20/48 | 136004 | 133902 |
| Government National Mortgage Association, 4.50%, 3/20/48 | 27013 | 26600 |
| Government National Mortgage Association, 4.50%, 7/20/48 | 53881 | 52815 |
| Government National Mortgage Association, 4.50%, 6/20/49 | 150480 | 147044 |
| Government National Mortgage Association, 4.50%, 12/20/52 | 1746626 | 1675004 |
| Government National Mortgage Association, 5.00%, 7/20/45 | 111631 | 113515 |
| Government National Mortgage Association, 5.00%, 11/20/52 | 428156 | 419314 |
| Tennessee Valley Authority, 1.50%, 9/15/31 | 145000 | 113776 |
| United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27 | 1000000 | 934034 |
| United States International Development Finance Corp., 3.43%, 6/1/33 | 975992 | 911332 |
| United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | 1000000 | 876479 |
| United States International Development Finance Corp., Series 3, 1.05%, 10/15/29 | 804191 | 701541 |
| **TOTAL U.S. GOVERNMENT AGENCIES**<br> (Cost: $179,737,284) |  | **167841287** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.0%** |  |
| Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 6.57%, 4/15/34 <sup>(a)(b)</sup> | $1000000 | $852073 |
| Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66 <sup>(a)(b)</sup> | 100000 | 64726 |
| BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 5.17%, 9/15/34 (1 month USD LIBOR + 0.85%)<sup>(a)(b)</sup> | 400000 | 392435 |
| BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 575000 | 545504 |
| BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500000 | 421126 |
| BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1200000 | 947807 |
| BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | 500000 | 391734 |
| Bellemeade Re Ltd., Series 2019-3A, Class M1B, 5.99%, 7/25/29 (1 month USD LIBOR + 1.60%)<sup>(a)(b)</sup> | 19543 | 19533 |
| Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 5.13%, 6/25/31 <sup>(a)(b)</sup> | 420521 | 416418 |
| Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.000%), 4.93%, 9/25/31 <sup>(a)(b)</sup> | 257343 | 254027 |
| Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 5.68%, 3/25/31 <sup>(a)(b)</sup> | 140326 | 139526 |
| Bellemeade Re Ltd., Series 2022-1, Class M1A, CMO, (SOFR30A + 1.750%), 5.68%, 1/26/32 <sup>(a)(b)</sup> | 760000 | 749798 |
| Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51 | 500000 | 486431 |
| Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 3/15/62 <sup>(a)(b)</sup> | 250000 | 182953 |
| Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850000 | 769165 |
| Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1200000 | 968873 |
| Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | 1300000 | 1047799 |
| Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500000 | 397641 |
| Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 <sup>(a)</sup> | 1500000 | 1394793 |
| Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | 550000 | 471135 |
| Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600000 | 495199 |
| Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1200000 | 1017153 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | $800000 | $659886 |
| Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54 | 3000000 | 2411566 |
| Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54 | 1200000 | 974327 |
| BMO Mortgage Trust, Series 2022-C1, Class 360B, 3.94%, 2/17/55 <sup>(a)(b)</sup> | 1000000 | 737555 |
| BMO MORTGAGE TRUST, Series 2022-C3, Class A5, 5.31%, 9/15/54 | 1000000 | 1006782 |
| BX Commercial Mortgage Trust, Series 2022-AHP, Class AS, (SOFR30A + 1.490%), 5.83%, 1/17/39 <sup>(a)</sup> | 1000000 | 953529 |
| BX Commercial Mortgage Trust, Series 2022-AHP, Class C (SOFR30A +2.090%), 6.43%, 1/17/39 <sup>(a)(b)</sup> | 1000000 | 947284 |
| BXMT Ltd., Series 2020-FL2, Class A, (SOFR30A + 1.014%), 5.34%, 2/15/38 <sup>(a)(b)</sup> | 645777 | 630653 |
| Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800000 | 673550 |
| CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 <sup>(b)</sup> | 500000 | 423224 |
| CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900000 | 769584 |
| Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 <sup>(a)</sup> | 250000 | 199258 |
| Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/39 <sup>(a)(b)</sup> | 488000 | 323867 |
| CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 <sup>(a)(b)</sup> | 835689 | 776498 |
| Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 93125 | 89498 |
| Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.78%, 11/10/31 <sup>(a)(b)</sup> | 1000000 | 962812 |
| Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | 114286 | 104557 |
| Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750000 | 704934 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | $280000 | $241097 |
| COMM Mortgage Trust, Series 2013-LC13, Class D, 5.25%, 8/10/46 <sup>(a)(b)</sup> | 500000 | 461898 |
| COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/39 <sup>(a)</sup> | 1000000 | 852365 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2, CMO, (SOFR30A + 1.550%), 5.48%, 10/25/41 <sup>(a)(b)</sup> | 30000 | 29237 |
| Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, CMO, (SOFR30A + 1.900%), 5.83%, 12/25/41 <sup>(a)(b)</sup> | 400000 | 379853 |
| Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, (SOFR30A + 3.750%), 7.43%, 3/25/42 <sup>(a)(b)</sup> | 435000 | 440446 |
| Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, (SOFR30A + 3.100%), 7.03%, 3/25/42 <sup>(a)(b)</sup> | 315000 | 313822 |
| Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, CMO, (SOFR30A + 3.000%), 6.93%, 4/25/42 <sup>(a)(b)</sup> | 120000 | 116160 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M2, CMO, (SOFR30A + 3.850%), 7.78%, 5/25/42 <sup>(a)(b)</sup> | 625000 | 637883 |
| Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M2, CMO, (SOFR30a + 4.650%), 8.59%, 6/25/42 <sup>(a)(b)</sup> | 445000 | 466393 |
| Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M2, CMO, (SOFR30A + 3.600%), 7.53%, 7/25/42 <sup>(a)(b)</sup> | 160000 | 158606 |
| Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M2, CMO, (SOFR30A + 4.750%), 8.69%, 9/25/42 <sup>(a)</sup> | 230000 | 234533 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | $115952 | $110150 |
| CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700000 | 654667 |
| CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | 1197347 | 997786 |
| CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 <sup>(a)(b)</sup> | 129011 | 120522 |
| CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 <sup>(a)(b)</sup> | 135700 | 128258 |
| Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 5.48%, 4/25/34 <sup>(a)(b)</sup> | 1280078 | 1272482 |
| Federal Home Loan Mortgage Corp., Series 2021-3, Class 3JI, 2.50%, 2/25/51 | 795780 | 106109 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA2, Class M2, CMO, (SOFR30A + 2.300%), 6.23%, 8/25/33 <sup>(a)(b)</sup> | 235000 | 232334 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 6.03%, 10/25/33 <sup>(a)(b)</sup> | 625000 | 612796 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A + 1.650%), 5.58%, 1/25/34 <sup>(a)(b)</sup> | 48666 | 47997 |
| Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A + 0.850%), 4.78%, 9/25/41 <sup>(a)(b)</sup> | 1364382 | 1302552 |
| Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31 | 800335 | 689599 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, CMO, REMIC, (SOFR30A + 1.000%), 4.93%, 1/25/42 <sup>(a)(b)</sup> | 354741 | 345633 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1B, CMO, REMIC, (SOFR30A + 2.900%), 6.83%, 4/25/42 <sup>(a)(b)</sup> | 495000 | 489126 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA4, Class M1B, CMO, REMIC, (SOFR30A + 3.350%), 7.28%, 5/25/42 <sup>(a)(b)</sup> | 735000 | 738902 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M1B, CMO, REMIC, (SOFR30A + 3.500%), 7.43%, 3/25/42 <sup>(a)(b)</sup> | $60000 | $59493 |
| Federal Home Loan Mortgage Corp., Series 2022-HQA2, Class M1B, CMO, (SOFR30A + 4.000%), 7.93%, 7/25/42 <sup>(a)</sup> | 45000 | 45333 |
| Federal Home Loan Mortgage Corp., Series 2022-ML13, Class ACA, 2.88%, 7/25/36 | 1000000 | 858857 |
| Federal Home Loan Mortgage Corp., Series 2022-ML14, Class A, 3.65%, 11/25/38 | 1000000 | 895900 |
| Federal Home Loan Mortgage Corp., Series 2022-P013, Class A2, 2.76%, 2/25/32 <sup>(b)</sup> | 1000000 | 867861 |
| Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 527154 | 511641 |
| Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1147063 | 1012301 |
| Federal Home Loan Mortgage Corp., Series 4835, Class AS, 2.93%, 10/15/48 (1 month USD LIBOR + 9.84%)<sup>(b)</sup> | 77008 | 69399 |
| Federal Home Loan Mortgage Corp., Series 5021, Class SB, CMO, IO, REMIC, (SOFR30A + 3.550%), 0.03%, 10/25/50 <sup>(b)(e)</sup> | 974558 | 33085 |
| Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 | 468390 | 54824 |
| Federal National Mortgage Association, 3.15%, 10/15/36 | 992323 | 848907 |
| Federal National Mortgage Association, Series 2018-M10, Class A1, 3.36%, 7/25/28 <sup>(b)</sup> | 19174 | 18938 |
| Federal National Mortgage Association, Series 2018-M8, Class A2, 3.30%, 6/25/28 <sup>(b)</sup> | 454237 | 431501 |
| Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 842807 | 748332 |
| Federal National Mortgage Association, Series 2020-24, Class SP, CMO, IO, REMIC, (1 month USD LIBOR + 6.050%), 1.66%, 4/25/50 <sup>(b)(e)</sup> | 269596 | 30358 |

---

 ****

 ****

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 | $364952 | $51234 |
| Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 | 591145 | 85152 |
| Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51 | 236145 | 31846 |
| Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.25%, 1/25/31 <sup>(b)</sup> | 1000000 | 783607 |
| Federal National Mortgage Association, Series 2022-51, Class PS, 2.02%, 8/25/52 | 665253 | 45342 |
| Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 <sup>(a)(b)</sup> | 213695 | 163251 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, CMO, REMIC (SOFR30A + 4.500%), 8.43%, 6/25/42 <sup>(a)(b)</sup> | 670000 | 700517 |
| GMSC, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 5.47%, 10/15/36 <sup>(a)(b)</sup> | 1720000 | 1592821 |
| Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 | 156698 | 140064 |
| Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 148939 | 144921 |
| Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 | 38404 | 5286 |
| Government National Mortgage Association, Series 2021-165, Class ST, CMO, IO, REMIC, (1 month USD LIBOR + 3.360%), 0.02%, 1/20/50 <sup>(b)(e)</sup> | 155653 | 51 |
| Government National Mortgage Association, Series 2021-177, Class SB, CMO, IO, (SOFR30A + 3.200%), 0.28%, 10/20/51 <sup>(b)(e)</sup> | 700194 | 11081 |
| Government National Mortgage Association, Series 2021-205, Class DS, CMO, IO, (SOFR30A + 3.200%), 0.28%, 11/20/51 <sup>(b)(e)</sup> | 6706317 | 106279 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Government National Mortgage Association, Series 2022-126, Class CS, CMO, IO, (SOFR30A + 3.760%), 0.37%, 7/20/52 <sup>(b)(e)</sup> | $1478938 | $15866 |
| Government National Mortgage Association, Series 2022-133, Class SA, 0.12%, 7/20/52 | 569910 | 9070 |
| Government National Mortgage Association, Series 2022-148, Class DS, CMO, REMIC, IO, 0.21%, 8/20/52 <sup>(e)</sup> | 571704 | 7330 |
| Government National Mortgage Association, Series 2022-180, Class Z, 5.00%, 10/20/52 | 3012552 | 2817521 |
| Government National Mortgage Association, Series 2022-46, Class S, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 <sup>(b)(e)</sup> | 416290 | 7047 |
| Government National Mortgage Association, Series 2022-51, Class SC, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 <sup>(b)(e)</sup> | 1275028 | 19742 |
| Government National Mortgage Association, Series 2022-66, Class SB, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 <sup>(b)(e)</sup> | 432429 | 8355 |
| Government National Mortgage Association, Series 2022-68, Class SP, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 <sup>(b)(e)</sup> | 336054 | 6086 |
| Government National Mortgage Association, Series 2022-7, Class MSB, CMO, REMIC,IO, 0.36%, 4/20/52 <sup>(e)</sup> | 779274 | 14004 |
| Government National Mortgage Association, Series 2022-78, Class MS, CMO, IO, (SOFR30A + 3.600%), 0.21%, 4/20/52 <sup>(b)(e)</sup> | 1108224 | 16372 |
| Government National Mortgage Association, Series 2022-93, Class GS, CMO, IO, (SOFR30A + 3.650%), 0.26%, 5/20/52 <sup>(b)(e)</sup> | 246684 | 3641 |
| Government National Mortgage Association, Series 222-124, Class QZ, 4.00%, 7/20/52 | 122013 | 102955 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 5.05%, 11/21/35 <sup>(a)(b)</sup> | $296924 | $276232 |
| GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51 <sup>(b)</sup> | 800000 | 778108 |
| GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1041598 | 982944 |
| GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.95%, 11/10/49 <sup>(b)</sup> | 500000 | 420980 |
| GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1000000 | 887156 |
| GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52 | 1100000 | 943654 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1400000 | 1143297 |
| GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | 1100000 | 862931 |
| GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 1400000 | 1112922 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50 <sup>(a)(b)</sup> | 19773 | 16625 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 <sup>(a)(b)</sup> | 85960 | 65669 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A36, CMO, 3.00%, 9/25/52 <sup>(a)(b)</sup> | 95158 | 75625 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52 <sup>(a)(b)</sup> | 204242 | 156030 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A8, CMO, 2.50%, 3/25/52 <sup>(a)(b)</sup> | 140319 | 120409 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51 <sup>(a)(b)</sup> | 80496 | 62391 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 <sup>(a)(b)</sup> | 249340 | 190482 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | 399018 | 304828 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | $192286 | $146896 |
| GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A36, CMO, 3.00%, 10/25/52 <sup>(a)(b)</sup> | 270278 | 214798 |
| HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 4.96%, 8/19/45 (1 month USD LIBOR + 0.62%)<sup>(b)</sup> | 30050 | 26922 |
| Home RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.250%), 5.18%, 1/25/34 <sup>(a)(b)</sup> | 102695 | 102364 |
| Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 8/5/34 <sup>(a)(b)</sup> | 900000 | 706299 |
| INTOWN Mortgage Trust, Series 2022-STAY, Class C, (SOFR30A + 3.685%), 8.02%, 8/15/39 <sup>(a)(b)</sup> | 1000000 | 979964 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | 1071000 | 990641 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 5.57%, 9/15/29 (1 month USD LIBOR + 1.00%)<sup>(a)(b)</sup> | 344251 | 333638 |
| JP Morgan Mortgage Trust, Series 2015-HB10, Class C10, 2.50%, 5/25/52 <sup>(a)(b)</sup> | 117186 | 89524 |
| JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 <sup>(a)(b)</sup> | 6997 | 6095 |
| JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.21%, 10/26/48 <sup>(a)(b)</sup> | 46658 | 43697 |
| JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 <sup>(a)(b)</sup> | 31808 | 26671 |
| JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.14%, 4/25/46 (1 month USD LIBOR + 0.75%)<sup>(a)(b)</sup> | 20841 | 19959 |
| JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 <sup>(a)(b)</sup> | 1639 | 1505 |
| JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 <sup>(a)(b)</sup> | 1526 | 1397 |
| JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 <sup>(a)(b)</sup> | 4508 | 4211 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 4.99%, 10/25/49 (1 month USD LIBOR + 0.950%)<sup>(a)(b)</sup> | $15502 | $15229 |
| JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.84%, 6/25/50 <sup>(a)(b)</sup> | 32880 | 26458 |
| JP Morgan Mortgage Trust, Series 2020-10, Class A15, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 88832 | 67863 |
| JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | 186267 | 142298 |
| JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52 <sup>(a)(b)</sup> | 388082 | 296474 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51 <sup>(a)(b)</sup> | 181999 | 139038 |
| JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 <sup>(a)(b)</sup> | 162050 | 123798 |
| JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 119016 | 90922 |
| JP Morgan Mortgage Trust, Series 2022-2, Class A25, 3.00%, 8/25/52 <sup>(a)(b)</sup> | 94202 | 74865 |
| JP Morgan Mortgage Trust, Series 2022-3, Class A25, 3.00%, 8/25/52 <sup>(a)(b)</sup> | 420916 | 341879 |
| JP Morgan Mortgage Trust, Series 2022-4, Class A17A, CMO, 3.00%, 10/25/52 <sup>(a)(b)</sup> | 286882 | 227599 |
| JP Morgan Mortgage Trust, Series 2022-6, Class A17A, CMO, 3.00%, 11/25/52 <sup>(a)(b)</sup> | 241533 | 191953 |
| JP Morgan Mortgage Trust, Series 2022-7, 3.00%, 12/25/52 <sup>(a)(b)</sup> | 136045 | 108118 |
| JP Morgan Mortgage Trust, Series 2022-LTV1, Class A1, 3.25%, 7/25/52 <sup>(a)(b)</sup> | 138210 | 117376 |
| JP Morgan Mortgage Trust, Series 2022-LTV2, Class A6, CMO, 3.50%, 9/25/52 <sup>(a)(b)</sup> | 288983 | 252330 |
| JP Morgan Trust, Series 2015-1, Class B1, CMO, 4.69%, 12/25/44 <sup>(a)(b)</sup> | 84765 | 79447 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.88%, 11/15/47 <sup>(a)(b)</sup> | 470000 | 332224 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 243100 | 233225 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 77971 | 74408 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | $996872 | $953513 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 <sup>(a)</sup> | 1000000 | 853809 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class C, 2.34%, 9/10/39 <sup>(a)(b)</sup> | 500000 | 409285 |
| MBRT, Series 2019-MBR, Class A, 5.52%, 11/15/36 (1 month USD LIBOR + 1.100%)<sup>(a)(b)</sup> | 420000 | 411542 |
| MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 <sup>(a)(b)</sup> | 546572 | 478534 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 4.90%, 11/15/46 <sup>(b)</sup> | 375000 | 356792 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 166820 | 158708 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 237229 | 220476 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 <sup>(a)</sup> | 400000 | 295431 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 600000 | 591017 |
| Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 5.97%, 5/15/36 (1 month USD LIBOR + 1.650%)<sup>(a)(b)</sup> | 876787 | 837896 |
| Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1000000 | 885471 |
| Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.43%, 4/5/42 <sup>(a)(b)</sup> | 1000000 | 761093 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51 <sup>(a)(b)</sup> | 156313 | 119415 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 132535 | 113633 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 143758 | 109823 |
| MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 <sup>(a)</sup> | 59925 | 56482 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C (SOFR30A + 2.394%), 6.73%, 3/15/39 <sup>(a)(b)</sup> | $1090000 | $1040660 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (SOFR30A + 2.750%), 7.07%, 7/15/36 <sup>(a)(b)</sup> | 1000000 | 889194 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 8.57%, 7/15/36 (1 month USD LIBOR + 4.25%)<sup>(a)(b)</sup> | 750000 | 666416 |
| New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.14%, 1/25/48 (1 month USD LIBOR + 0.75%)<sup>(a)(b)</sup> | 47827 | 45853 |
| New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 <sup>(a)(b)</sup> | 100000 | 77496 |
| Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.600%), 5.53%, 4/25/34 <sup>(a)(b)</sup> | 900000 | 868285 |
| OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 5.04%, 6/25/57 <sup>(a)(b)</sup> | 15421 | 14503 |
| OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51 <sup>(a)(b)</sup> | 262947 | 200877 |
| One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 <sup>(a)</sup> | 1400000 | 1146129 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/32 <sup>(a)</sup> | 1000000 | 962016 |
| One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32 <sup>(a)</sup> | 1000000 | 950369 |
| One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, 2/10/32 <sup>(a)</sup> | 1000000 | 922869 |
| PFP Ltd., Series 2021-8, Class A, (1 month USD LIBOR + 1.000%), 5.33%, 8/9/37 <sup>(a)(b)</sup> | 1351937 | 1298148 |
| PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 7.29%, 2/27/24 <sup>(a)(b)</sup> | 498395 | 475998 |
| RCKT Mortgage Trust, Series 2021-4, Class A21, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 327345 | 250074 |
| RCKT Mortgage Trust, Series 2022-2, Class A22, 2.50%, 2/25/52 <sup>(a)(b)</sup> | 420251 | 318947 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| RCKT Mortgage Trust, Series 2022-3, Class A21, CMO, 3.00%, 5/25/52 <sup>(a)(b)</sup> | $154994 | $123178 |
| RCKT Mortgage Trust, Series 2022-4, 3.50%, 6/25/52 <sup>(a)(b)</sup> | 239977 | 198140 |
| RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 5.27%, 2/7/52 <sup>(a)(b)</sup> | 120064 | 119639 |
| Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 257177 | 242462 |
| Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 <sup>(a)(b)</sup> | 9935 | 8665 |
| Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47 <sup>(a)(b)</sup> | 10753 | 9099 |
| Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 <sup>(a)(b)</sup> | 52524 | 42202 |
| Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 <sup>(a)(b)</sup> | 89887 | 68668 |
| STWD Mortgage Trust, Series 2021-LIH, Class AS, (1 month USD LIBOR + 1.257%), 5.58%, 11/15/36 <sup>(a)(b)</sup> | 1000000 | 957366 |
| STWD Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 6.27%, 11/15/36 <sup>(a)(b)</sup> | 1075000 | 1011986 |
| Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68 <sup>(a)(b)</sup> | 459414 | 425518 |
| Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 12/25/61 <sup>(a)(b)</sup> | 726818 | 664657 |
| UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | 546616 | 502507 |
| UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | 148558 | 136610 |
| UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 283208 | 262684 |
| UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1100000 | 1028099 |
| UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51 | 500000 | 495843 |
| UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 <sup>(a)</sup> | 41197 | 41138 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.07%, 3/10/46 <sup>(a)(b)</sup> | $225000 | $147587 |
| Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 <sup>(a)(b)</sup> | 100000 | 84373 |
| Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66 <sup>(a)(b)</sup> | 122565 | 99312 |
| VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 <sup>(a)</sup> | 600000 | 543703 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | 950000 | 866669 |
| Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 6.06%, 2/15/37 (1 month USD LIBOR +1.740%)<sup>(a)(b)</sup> | 1295000 | 1228502 |
| Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 5.47%, 2/15/40 <sup>(a)(b)</sup> | 1999848 | 1868562 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 <sup>(a)(b)</sup> | 2339 | 2232 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51 <sup>(a)(b)</sup> | 318665 | 243442 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A18, CMO, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 101064 | 77207 |
| WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.15%, 5/15/45 <sup>(a)(b)</sup> | 225000 | 217739 |
| WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 4.84%, 12/15/46 <sup>(b)</sup> | 350000 | 326020 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (Cost: $107,110,913)  |  | **96147521** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS - 5.1%** |  |  |
| **BASIC MATERIALS - 0.2%** |  |  |
| ArcelorMittal S.A., 6.55%, 11/29/27 | $155000 | $155729 |
| FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32 <sup>(a)</sup> | 500000 | 466300 |
| NOVA Chemicals Corp., 4.88%, 6/1/24 <sup>(a)</sup> | 200000 | 193499 |
| Nutrien Ltd., 5.95%, 11/7/25 | 66000 | 67342 |
| South32 Treasury Ltd., 4.35%, 4/14/32 <sup>(a)</sup> | 336000 | 287898 |
| Suzano Austria GmbH, 3.13%, 1/15/32 | 101000 | 78740 |
| Suzano Austria GmbH, 3.75%, 1/15/31 | 44000 | 36913 |
| Teck Resources Ltd., 3.90%, 7/15/30 | 1000000 | 894283 |
| Yara International ASA, 7.38%, 11/14/32 | 107000 | 111622 |
| **Total Basic Materials** |  | **2292326** |
| **COMMUNICATIONS - 0.0% **<sup>(f)</sup>** |  |  |
| NTT Finance Corp., 1.16%, 4/3/26 <sup>(a)</sup> | 203000 | 179524 |
| Telefonica Emisiones S.A., 4.90%, 3/6/48 | 150000 | 115280 |
| Vodafone Group PLC, 4.38%, 2/19/43 | 25000 | 20014 |
| Vodafone Group PLC, 5.25%, 5/30/48 | 89000 | 78385 |
| **Total Communications** |  | **393203** |
| **CONSUMER, CYCLICAL - 0.2%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 <sup>(a)</sup> | 150000 | 134182 |
| Falabella S.A., 4.38%, 1/27/25 <sup>(a)</sup> | 400000 | 387260 |
| Hyundai Capital Services, Inc., 1.25%, 2/8/26 <sup>(a)</sup> | 1050000 | 911903 |
| **Total Consumer, Cyclical** |  | **1433345** |
| **CONSUMER, NON-CYCLICAL - 0.5%** |  |  |
| BAT International Finance PLC, 4.45%, 3/16/28 | 740000 | 685359 |
| CSL Finance PLC, 4.75%, 4/27/52 <sup>(a)</sup> | 68000 | 60911 |
| JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 2/1/28 <sup>(a)</sup> | 1290000 | 1222111 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 166000 | 125535 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **CONSUMER, NON-CYCLICAL (continued)** | **CONSUMER, NON-CYCLICAL (continued)** | **CONSUMER, NON-CYCLICAL (continued)** |
| Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 | 190000 | 178194 |
| STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 442000 | 314067 |
| Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1000000 | 816249 |
| Triton Container International Ltd., 1.15%, 6/7/24 <sup>(a)</sup> | 1000000 | 924818 |
| Triton Container International Ltd., 3.15%, 6/15/31 <sup>(a)</sup> | 482000 | 375218 |
| Triton Container International Ltd./TAL International Container Corp., 3.25%, 3/15/32 | 95000 | 73345 |
| **Total Consumer, Non-cyclical** |  | **4775807** |
| **ENERGY - 0.9%** | **ENERGY - 0.9%** | **ENERGY - 0.9%** |
| Aker BP ASA, 2.88%, 1/15/26 <sup>(a)</sup> | 1000000 | 923799 |
| Aker BP ASA, 3.10%, 7/15/31 <sup>(a)</sup> | 900000 | 738111 |
| Aker BP ASA, 4.00%, 1/15/31 <sup>(a)</sup> | 500000 | 438198 |
| Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 <sup>(a)</sup> | 475000 | 413250 |
| BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30 <sup>(b)(d)</sup> | 49000 | 42875 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 310000 | 298243 |
| Cenovus Energy, Inc., 2.65%, 1/15/32 | 500000 | 399199 |
| Cenovus Energy, Inc., 3.75%, 2/15/52 | 90000 | 63198 |
| Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27 <sup>(a)</sup> | 943313 | 846523 |
| EIG Pearl Holdings Sarl, 3.55%, 8/31/36 <sup>(a)</sup> | 350000 | 292918 |
| Equinor ASA, 3.25%, 11/18/49 | 1000000 | 726388 |
| Noble Finance Co., PIK, 11.00%, 2/15/28 <sup>(a)(g)</sup> | 1034 | 1140 |
| Noble Finance Co., PIK, 11.00%, 2/15/28 <sup>(g)</sup> | 7489 | 8257 |
| Petroleos Mexicanos, 6.35%, 2/12/48 | 54000 | 33007 |
| Petroleos Mexicanos, 6.49%, 1/23/27 | 262000 | 238755 |
| Qatar Petroleum, 1.38%, 9/12/26 <sup>(a)</sup> | 400000 | 354515 |
| Qatar Petroleum, 2.25%, 7/12/31 <sup>(a)</sup> | 200000 | 165492 |
| Santos Finance Ltd., 3.65%, 4/29/31 <sup>(a)</sup> | 1158000 | 920448 |
| Sweihan PV Power Co. PJSC, 3.63%, 1/31/49 <sup>(a)</sup> | 993210 | 795810 |
| Total Capital International S.A., 3.13%, 5/29/50 | 375000 | 264831 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **ENERGY (continued)** |  |  |
| UEP Penonome II S.A., 6.50%, 10/1/38 <sup>(a)</sup> | 941744 | 688650 |
| **Total Energy** |  | **8653607** |
| **FINANCIAL - 2.8%** | **FINANCIAL - 2.8%** | **FINANCIAL - 2.8%** |
| ABN AMRO Bank N.V., (1 year CMT + 1.100%), 2.47%, 12/13/29 <sup>(a)(b)</sup> | 1000000 | 808628 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 150000 | 131166 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | 1000000 | 837775 |
| Athene Holding Ltd., 3.45%, 5/15/52 | 51000 | 31306 |
| Banco Santander S.A., 3.89%, 5/24/24 | 200000 | 195788 |
| Bank of Montreal, 2.65%, 3/8/27 | 47000 | 42925 |
| Bank of Montreal, 3.70%, 6/7/25 | 133000 | 129057 |
| Bank of Nova Scotia (The), (5 year CMT + 2.050%), 4.59%, 5/4/37 <sup>(b)</sup> | 240000 | 204805 |
| Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35 <sup>(b)</sup> | 400000 | 304378 |
| BB Blue Financing DAC, Series A1, 4.40%, 9/20/37 | 1000000 | 986020 |
| BB Blue Financing DAC, Series A2, 4.40%, 9/20/29 | 1000000 | 976130 |
| BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)<sup>(a)(b)</sup> | 730000 | 638039 |
| BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27 <sup>(a)(b)</sup> | 440000 | 382913 |
| BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32 <sup>(a)(b)</sup> | 206000 | 161093 |
| Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26 <sup>(a)(b)</sup> | 261000 | 230566 |
| Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)<sup>(a)(b)</sup> | 250000 | 218635 |
| Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)<sup>(a)(b)</sup> | 250000 | 227881 |
| Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32 <sup>(a)(b)</sup> | 285000 | 196920 |
| Credit Suisse Group AG, (SOFR + 5.020%), 9.02%, 11/15/33 <sup>(a)(b)</sup> | 1300000 | 1331027 |

---

***See Notes to Schedule of Investments.*** 

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **FINANCIAL (continued)** |  |  |
| Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)<sup>(a)(b)</sup> | $201000 | $188113 |
| Deutsche Bank AG, (SOFR + 1.219%), 2.31%, 11/16/27 <sup>(b)</sup> | 330000 | 279801 |
| Deutsche Bank AG, (SOFR + 1.219%), 5.37%, 11/16/27 <sup>(b)</sup> | 240000 | 214808 |
| Enstar Group Ltd., 3.10%, 9/1/31 | 35000 | 25558 |
| Enstar Group Ltd., 4.95%, 6/1/29 | 366000 | 335414 |
| Fairfax Financial Holdings Ltd., 5.63%, 8/16/32 <sup>(a)</sup> | 500000 | 469306 |
| HSBC Holdings PLC, (SOFR + 0.534%), 0.73%, 8/17/24 | 200000 | 192723 |
| HSBC Holdings PLC, (SOFR + 4.250%), 8.11%, 11/3/33 | 200000 | 211616 |
| HSBC Holdings PLC, (SOFR + 1.100%), 2.25%, 11/22/27 <sup>(b)</sup> | 400000 | 346418 |
| HSBC Holdings PLC, (SOFR + 2.610%), 5.21%, 8/11/28 <sup>(b)</sup> | 1000000 | 964753 |
| HSBC Holdings PLC, (SOFR + 2.870%), 5.40%, 8/11/33 <sup>(b)</sup> | 1100000 | 1018625 |
| ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26 <sup>(a)(b)</sup> | 1000000 | 899019 |
| ING Groep N.V., (SOFR + 1.830%), 4.02%, 3/28/28 <sup>(b)</sup> | 1000000 | 935080 |
| Intesa Sanpaolo SpA, 3.38%, 1/12/23 <sup>(a)</sup> | 1000000 | 999506 |
| Intesa Sanpaolo SpA, 8.25%, 11/21/33 | 1600000 | 1623186 |
| Intesa Sanpaolo SpA, (1 year CMT + 2.750%), 4.95%, 6/1/42 <sup>(a)(b)</sup> | 700000 | 449504 |
| Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 <sup>(a)</sup> | 600000 | 513330 |
| Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1000000 | 787272 |
| Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.700%), 4.79%, 7/18/25 <sup>(b)</sup> | 400000 | 396013 |
| Mizuho Financial Group, Inc., 2.56%, 9/13/25 (2.56% fixed rate until 9/13/24; 1.37% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 281000 | 265222 |
| Natwest Group PLC, 5.08%, 1/27/30 (5.01% fixed rate until 1/27/29; 1.905% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 210000 | 197827 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **FINANCIAL (continued)** |  |  |
| Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26 <sup>(a)</sup> | $500000 | $469140 |
| Nomura Holdings, Inc., 2.61%, 7/14/31 | 200000 | 154681 |
| Prudential PLC, 3.13%, 4/14/30 | 69000 | 60093 |
| Societe Generale S.A., 3.88%, 3/28/24 <sup>(a)</sup> | 350000 | 341856 |
| Societe Generale S.A., (1 year CMT + 1.300%), 2.80%, 1/19/28 <sup>(a)(b)</sup> | 795000 | 695551 |
| State Bank of India, 4.38%, 1/24/24 <sup>(a)</sup> | 205000 | 202378 |
| Swedbank AB, 1.54%, 11/16/26 <sup>(a)</sup> | 213000 | 186734 |
| Toronto-Dominion Bank (The), 4.69%, 9/15/27 | 249000 | 246154 |
| UBS Group AG, (1 year CMT + 0.850%), 1.49%, 8/10/27 <sup>(a)(b)</sup> | 1075000 | 924887 |
| 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)<sup>(a)(b)</sup> | 200000 | 175575 |
| UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26 <sup>(a)(b)</sup> | 1000000 | 885524 |
| Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 5.15%, 6/26/24 <sup>(b)</sup> | 327715 | 327203 |
| WLB Asset II B Pte Ltd., 3.95%, 12/10/24 <sup>(a)</sup> | 1000000 | 945000 |
| WLB Asset II C Pte Ltd., 3.90%, 12/23/25 <sup>(a)</sup> | 1000000 | 926100 |
| WLB Asset II D Pte. Ltd., 6.50%, 12/21/26 | 1000000 | 998795 |
| WLB Asset II Pte Ltd., 4.00%, 1/14/24 <sup>(a)</sup> | 250000 | 245000 |
| **Total Financial** |  | **27132817** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **INDUSTRIAL - 0.2%** | **INDUSTRIAL - 0.2%** | **INDUSTRIAL - 0.2%** |
| Canadian National Railway Co., 4.40%, 8/5/52 | $106000 | $94138 |
| Canadian Pacific Railway Co., 1.35%, 12/2/24 | 191000 | 178031 |
| Canadian Pacific Railway Co., 3.00%, 12/2/41 | 48000 | 36187 |
| Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | 138000 | 133930 |
| Embraer Overseas Ltd., 5.70%, 9/16/23 <sup>(a)</sup> | 135000 | 134663 |
| Flex Ltd., 6.00%, 1/15/28 | 45000 | 44902 |
| Masonite International Corp., 3.50%, 2/15/30 <sup>(a)</sup> | 125000 | 101116 |
| Mexico City Airport Trust, 3.88%, 4/30/28 <sup>(a)</sup> | 200000 | 182898 |
| Mexico City Airport Trust, 5.50%, 7/31/47 <sup>(a)</sup> | 200000 | 154000 |
| nVent Finance Sarl, 2.75%, 11/15/31 | 254000 | 195422 |
| Waste Connections, Inc., 2.20%, 1/15/32 | 193000 | 153108 |
| Waste Connections, Inc., 4.25%, 12/1/28 | 68000 | 64971 |
| **Total Industrial** |  | **1473366** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **UTILITIES - 0.3%** |  |  |
| Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 <sup>(a)</sup> | $200000 | $177382 |
| Alfa Desarrollo SpA, 4.55%, 9/27/51 <sup>(a)</sup> | 199271 | 151372 |
| Comision Federal de Electricidad, 4.69%, 5/15/29 <sup>(a)</sup> | 400000 | 353772 |
| Consorcio Transmantaro S.A., 4.70%, 4/16/34 <sup>(a)</sup> | 430000 | 391300 |
| Engie Energia Chile S.A., 3.40%, 1/28/30 <sup>(a)</sup> | 209000 | 170647 |
| India Cleantech Energy, 4.70%, 8/10/26 <sup>(a)</sup> | 852300 | 725733 |
| Sociedad de Transmision Austral S.A., 4.00%, 1/27/32 <sup>(a)</sup> | 1000000 | 863819 |
| TransAlta Corp., 7.75%, 11/15/29 | 500000 | 510641 |
| **Total Utilities** |  | **3344666** |
| **TOTAL FOREIGN CORPORATE BONDS** <br> (Cost: $55,164,140)  |  | **49499137** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 14.3%** | **U.S. GOVERNMENT OBLIGATIONS - 14.3%** |  |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | $433000 | $296318 |
| U.S. Treasury Bonds, 1.88%, 2/15/41 | 350000 | 247379 |
| U.S. Treasury Bonds, 1.88%, 11/15/51 | 34000 | 21534 |
| U.S. Treasury Bonds, 2.00%, 8/15/51 | 337000 | 220656 |
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 500000 | 375879 |
| U.S. Treasury Bonds, 2.38%, 5/15/51 | 342000 | 245358 |
| U.S. Treasury Bonds, 2.75%, 8/15/47 | 7645000 | 5964593 |
| U.S. Treasury Bonds, 2.88%, 5/15/43 | 4650000 | 3795381 |
| U.S. Treasury Bonds, 2.88%, 5/15/52 | 187200 | 149994 |
| U.S. Treasury Bonds, 3.00%, 2/15/48 | 6295000 | 5159687 |
| U.S. Treasury Bonds, 3.00%, 8/15/52 | 17673000 | 14560895 |
| U.S. Treasury Bonds, 3.25%, 5/15/42 | 277000 | 242851 |
| U.S. Treasury Bonds, 3.38%, 8/15/42 | 93000 | 83119 |
| U.S. Treasury Bonds, 4.00%, 11/15/42 | 7209000 | 7058062 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44 | 205000 | 81639 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44 | 975000 | 385939 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45 | 355000 | 137323 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/40 | 1280000 | 602475 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41 | 6745000 | 3089355 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/41 | 205000 | 92673 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42 | 90000 | 39709 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42 | 80000 | 34797 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/42 | 820000 | 346472 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43 | 650000 | 274199 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43 | 480000 | 197522 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/43 | 485000 | 198242 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44 | 1670000 | 673716 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/44 | 490000 | 191432 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45 | 560000 | 210862 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46 | 405000 | 150951 |
| U.S. Treasury Inflation-Indexed Notes, 0.63%, 1/15/24 | 793606 | 776746 |
| U.S. Treasury Notes, 0.38%, 7/15/23 | 1591400 | 1572502 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | |
| U.S. Treasury Notes, 0.50%, 10/31/27 | $2755000 | $2330235 |
| U.S. Treasury Notes, 0.63%, 11/30/27 | 250000 | 212285 |
| U.S. Treasury Notes, 1.13%, 8/31/28 | 1000000 | 853828 |
| U.S. Treasury Notes, 1.88%, 2/15/32 | 177000 | 150153 |
| U.S. Treasury Notes, 2.38%, 2/15/42 | 4270000 | 3260212 |
| U.S. Treasury Notes, 2.50%, 4/30/24 | 180000 | 174881 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 562000 | 511771 |
| U.S. Treasury Notes, 2.75%, 11/15/42 | 525000 | 420820 |
| U.S. Treasury Notes, 2.88%, 5/15/32 | 67000 | 61745 |
| U.S. Treasury Notes, 3.13%, 8/15/25 | 300000 | 291258 |
| U.S. Treasury Notes, 3.13%, 8/31/27 | 298000 | 286616 |
| U.S. Treasury Notes, 3.13%, 8/31/29 | 510000 | 484161 |
| U.S. Treasury Notes, 3.25%, 6/30/29 | 175000 | 167467 |
| U.S. Treasury Notes, 3.63%, 12/31/29 | 900000 | 895500 |
| U.S. Treasury Notes, 3.88%, 11/30/27 | 3355000 | 3336652 |
| U.S. Treasury Notes, 3.88%, 12/31/27 | 10248000 | 10188754 |
| U.S. Treasury Notes, 3.88%, 9/30/29 | 51000 | 50639 |
| U.S. Treasury Notes, 4.00%, 12/15/25 | 6695000 | 6652110 |
| U.S. Treasury Notes, 4.00%, 10/31/29 | 2345000 | 2345733 |
| U.S. Treasury Notes, 4.13%, 9/30/27 | 303000 | 304136 |
| U.S. Treasury Notes, 4.13%, 10/31/27 | 320000 | 321175 |
| U.S. Treasury Notes, 4.13%, 11/15/32 | 23060400 | 23532418 |
| U.S. Treasury Notes, 4.25%, 12/31/24 | 4445000 | 4429547 |
| U.S. Treasury Notes, 4.25%, 10/15/25 | 320000 | 319750 |
| U.S. Treasury Notes, 4.38%, 10/31/24 | 28000000 | 27920156 |
| **TOTAL U.S. GOVERNMENT OBLIGATIONS** <br> (Cost: $143,516,685) |  | **136980262** |

---

***See Notes to Schedule of Investments.***

 ****

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| **MUNICIPAL BONDS - 2.3%** |  |  |  |  |
| **ALASKA - 0.2%** |  |  |  |  |
| Matching with BBG, 7.50%, 10/1/52 | $| 1510000 | **$** | **1520003** |
| **CALIFORNIA - 0.6%** |  |  |  |  |
| Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 |  | 150000 |  | 170053 |
| Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31 |  | 215000 |  | 188345 |
| California Health Facilities Financing Authority,Revenue Bonds, 4.35%, 6/1/41 |  | 250000 |  | 221091 |
| Chula Vista Municipal Financing Authority, Revenue Bonds, Class A, 4.28%, 12/1/48 |  | 1000000 |  | 801813 |
| City & County of San Francisco Community Facilities District No., Series B, 3.48%, 9/1/50 |  | 1000000 |  | 663261 |
| City of Los Angeles CA, Series A, 5.00%, 9/1/42 |  | 1000000 |  | 951719 |
| City of Los Angeles CA, General Obligation, 3.50%, 9/1/37 |  | 315000 |  | 257770 |
| City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39 |  | 1230000 |  | 1005159 |
| Los Angeles Community College District, 2.11%, 8/1/32 |  | 770000 |  | 615740 |
| State of California, General Obligation, 4.60%, 4/1/38 |  | 500000 |  | 470684 |
| State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 |  | 275000 |  | 335685 |
| Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 |  | 500000 |  | 391939 |
| **Total California** |  |  |  | **6073259** |
| **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** |
| Connecticut Green Bank, 2.90%, 11/15/35 |  | 1000000 |  | **806303** |
| **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** |
| District of Columbia, Revenue Bonds, 3.85%, 2/28/25 |  | 1750000 |  | **1683552** |
| **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** |
| Florida Development Finance Corp., AMT, 7.25%, 7/1/57 <sup>(a)(b)</sup> |  | 1000000 |  | **997020** |
| **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** |
| State of Hawaii Department of Business Economic Development & Tourism, Series 2014-A, Class A2, ABS, 3.24%, 1/1/31 |  | 1152899 |  | **1073414** |
| **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** |
| Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 |  | 500000 |  | **446897** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |  |
| **INDIANA - 0.1%** | **INDIANA - 0.1%** | **INDIANA - 0.1%** |
| Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51 | $215000 | $154677 |
| Matching with BBG, Revenue Bonds, Series A-2, 10.75%, 12/1/29 | 1000000 | 984988 |
| **Total Indiana** |  | **1139665** |
| **MASSACHUSETTS - 0.1%** | **MASSACHUSETTS - 0.1%** | **MASSACHUSETTS - 0.1%** |
| Massachusetts Housing Finance Agency, Revenue Bonds, Series 226, 5.56%, 12/1/52 | 950000 | **947505** |
| **MICHIGAN - 0.3%** | **MICHIGAN - 0.3%** | **MICHIGAN - 0.3%** |
| City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | 650000 | 604504 |
| Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940000 | 721944 |
| Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1330000 | 1065117 |
| **Total Michigan** |  | **2391565** |
| **MINNESOTA - 0.0% <sup>(f)</sup>** | **MINNESOTA - 0.0% <sup>(f)</sup>** | **MINNESOTA - 0.0% <sup>(f)</sup>** |
| University of Minnesota, Revenue Bonds, 4.05%, 4/1/52 | 380000 | **322012** |
| **NEW JERSEY - 0.1%** | **NEW JERSEY - 0.1%** | **NEW JERSEY - 0.1%** |
| Morris County Improvement Authority, 1.05%, 6/15/26 | 200000 | 177097 |
| New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300000 | 371890 |
| **Total New Jersey** |  | **548987** |
| **NEW YORK - 0.2%** | **NEW YORK - 0.2%** | **NEW YORK - 0.2%** |
| Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37 | 979227 | 735716 |
| Metropolitan Transportation Authority, 5.18%, 11/15/49 | 1000000 | 863001 |
| **Total New York** |  | **1598717** |
| **OHIO - 0.1%** | **OHIO - 0.1%** | **OHIO - 0.1%** |
| Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34 | 1000000 | **990538** |
| **OREGON - 0.0% <sup>(f)</sup>** | **OREGON - 0.0% <sup>(f)</sup>** | **OREGON - 0.0% <sup>(f)</sup>** |
| Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 <sup>(a)</sup> | 500000 | **36500** |
| **SOUTH DAKOTA - 0.0% **<sup>(f)</sup>** |  |  |
| South Dakota Housing Development Authority, 5.46%, 5/1/53 | 300000 | **301656** |
| **TEXAS - 0.0% **<sup>(f)</sup>** |  |  |
| Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49 | 80000 | **60581** |
| **WISCONSIN - 0.1%** |  |  |
| Cnty. of Fond Du Lac WI, (BAM CNTY GTD), 5.57%, 11/1/51 <sup>(a)</sup> | 1000000 | **936832** |
| **TOTAL MUNICIPAL BONDS** <br> (Cost: $24,809,629)  |  | **21875006** |

---

***See Notes to Schedule of Investments.***

 ****

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **SUPRANATIONAL BONDS - 1.6%** |  |  |
| African Development Bank, 0.75%, 4/3/23 | $1000000 | $990357 |
| Arab Petroleum Invstment Corp., 1.48%, 10/6/26 <sup>(a)</sup> | 1200000 | 1068000 |
| Asian Development Bank, 3.13%, 9/26/28 | 1500000 | 1412064 |
| Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24 | 175000 | 162137 |
| Council Of Europe Development Bank, 3.00%, 6/16/25 | 1000000 | 966018 |
| European Investment Bank, 0.63%, 10/21/27 | 700000 | 593761 |
| European Investment Bank, 0.75%, 9/23/30 | 1000000 | 784455 |
| European Investment Bank, 2.38%, 5/24/27 | 500000 | 464270 |
| European Investment Bank, 2.50%, 10/15/24 | 1000000 | 964983 |
| European Investment Bank, 3.25%, 11/15/27 | 1110000 | 1066939 |
| Inter-American Development Bank, 1.13%, 7/20/28 | 344000 | 292085 |
| Inter-American Investment Corp., 2.63%, 4/22/25 | 1000000 | 957635 |
| International Bank for Reconstruction & Development, 0.00%, 3/31/27 | 1000000 | 875900 |
| International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 322000 | 273600 |
| International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 608000 | 587377 |
| International Finance Corp., (SOFR + 0.090%), 4.41%, 4/3/24 <sup>(b)</sup> | 1348000 | 1346997 |
| Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30 | 1000000 | 780923 |
| Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 805000 | 715280 |
| Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 5.10%, 2/12/24 <sup>(b)</sup> | 800000 | 807911 |
| **TOTAL SUPRANATIONAL BONDS** <br> (Cost: $16,213,181)  |  | **15110692** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** |  |
| **BERMUDA - 0.0% <sup>(f)</sup>** | **BERMUDA - 0.0% <sup>(f)</sup>** | **BERMUDA - 0.0% <sup>(f)</sup>** |
| Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 <sup>(a)</sup> | $200000 | $**168707** |
| **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** |
| Canada Government International Bond, 2.88%, 4/28/25 | 1100000 | **1063845** |
| **INDONESIA - 0.1%** | **INDONESIA - 0.1%** | **INDONESIA - 0.1%** |
| Indonesia Government International Bond, 2.95%, 1/11/23 | 200000 | 196820 |
| Indonesia Government International Bond, 3.50%, 1/11/28 | 280000 | 2657620 |
| Indonesia Government International Bond, 4.13%, 1/15/25 <sup>(a)</sup> | 400000 | 395616 |
| **Total Indonesia** |  | **858198** |
| **ITALY - 0.1%** | **ITALY - 0.1%** | **ITALY - 0.1%** |
| Republic of Italy Government International Bond, 4.00%, 10/17/49 | 1000000 | **708100** |
| **PANAMA - 0.0% <sup>(f)</sup>** | **PANAMA - 0.0% <sup>(f)</sup>** | **PANAMA - 0.0% <sup>(f)</sup>** |
| Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100000 | **104155** |
| **PERU - 0.0% <sup>(f)</sup>** | **PERU - 0.0% <sup>(f)</sup>** | **PERU - 0.0% <sup>(f)</sup>** |
| Peruvian Government International Bond, 2.78%, 1/23/31 | 107000 | **88514** |
| **QATAR - 0.0% <sup>(f)</sup>** | **QATAR - 0.0% <sup>(f)</sup>** | **QATAR - 0.0% <sup>(f)</sup>** |
| Qatar Government International Bond, 4.50%, 4/23/28 <sup>(a)</sup> | 200000 | **201088** |
| **ROMANIA - 0.0% <sup>(f)</sup>** | **ROMANIA - 0.0% <sup>(f)</sup>** | **ROMANIA - 0.0% <sup>(f)</sup>** |
| Romanian Government International Bond, Series 144A, 6.00%, 5/25/34 <sup>(a)</sup> | 60000 | **56036** |
| **SERBIA - 0.1%** | **SERBIA - 0.1%** | **SERBIA - 0.1%** |
| Serbia International Bond, Series 144A, 2.13%, 12/1/30 <sup>(a)</sup> | 370000 | **265364** |
| **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** | **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** | **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** |
| Abu Dhabi Government International Bond, 3.13%, 10/11/27 <sup>(a)</sup> | 250000 | **238557** |
| **URUGUAY - 0.0% <sup>(f)</sup>** | **URUGUAY - 0.0% <sup>(f)</sup>** | **URUGUAY - 0.0% <sup>(f)</sup>** |
| Uruguay Government International Bond, 4.98%, 4/20/55 | 150000 | **143309** |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** <br> (Cost: $4,366,242)  |  | **3895873** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN GOVERNMENT AGENCIES - 0.8%** | **FOREIGN GOVERNMENT AGENCIES - 0.8%** |  |
| **CANADA - 0.7%** | **CANADA - 0.7%** | **CANADA - 0.7%** |
| CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 <sup>(a)</sup> | $1000000 | $888729 |
| Export Development Canada, 3.38%, 8/26/25 | 1000000 | 973545 |
| Hydro-Quebec, Series IO, 8.05%, 7/7/24 | 1000000 | 1045283 |
| OMERS Finance Trust, Series 144A, 3.50%, 4/19/32 <sup>(a)</sup> | 1000000 | 901584 |
| OMERS Finance Trust, Series 144A, 4.00%, 4/19/52 <sup>(a)</sup> | 1000000 | 795523 |
| Province of Quebec Canada, 1.90%, 4/21/31 | 1000000 | 829130 |
| Province of Quebec Canada, 2.75%, 4/12/27 | 1000000 | 937421 |
| **Total Canada** |  | **6371215** |
| **JAPAN - 0.0% <sup>(f)</sup>** | **JAPAN - 0.0% <sup>(f)</sup>** | **JAPAN - 0.0% <sup>(f)</sup>** |
| Development Bank of Japan, Inc., 1.75%, 2/18/25 <sup>(a)</sup> | 226000 | **213039** |
| **NORWAY - 0.1%** | **NORWAY - 0.1%** | **NORWAY - 0.1%** |
| Kommunalbanken A/S, 2.13%, 2/11/25 <sup>(a)</sup> | 500000 | **475918** |
| **SOUTH KOREA - 0.0% <sup>(f)</sup>** | **SOUTH KOREA - 0.0% <sup>(f)</sup>** | **SOUTH KOREA - 0.0% <sup>(f)</sup>** |
| Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 <sup>(a)</sup> | 200000 | **199172** |
| **TOTAL FOREIGN GOVERNMENT AGENCIES** <br> (Cost: $7,923,056)  |  | **7259344** |
| **BANK LOANS - 0.2%** |  |  |
| **Industrial - 0.1%** | **Industrial - 0.1%** | **Industrial - 0.1%** |
| LTR Intermediate Holdings Inc, 2021 Term Loan, 0.00%, 5/5/28 | 989950 | **898795** |
| **UTILITIES - 0.1%** | **UTILITIES - 0.1%** | **UTILITIES - 0.1%** |
| Constellation Renewables LLC, 2020 Term Loan, 0.00%, 12/15/27 | 922474 | **912484** |
| **TOTAL BANK LOANS** <br> (Cost: $1,901,887)  |  | **1811279** |
| **Investments** | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.3%** |  |  |
| **FINANCIAL - 0.3%** | **FINANCIAL - 0.3%** | **FINANCIAL - 0.3%** |
| Gladstone Investment Corp., 4.88%, 11/1/28 | 73200 | 1595760 |
| Morgan Stanley, Series P, 6.50%, 0/0/0 <sup>(d)</sup> | 43475 | 1097744 |
| **TOTAL PREFERRED STOCKS** <br> (Cost: $2,916,875)  |  | **2693504** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 8.1%** |  |  |  |
| iShares Core U.S. Aggregate Bond ETF |  | 120163 | $11654609 |
| SPDR Blackstone Senior Loan ETF |  | 1606440 | 65703396 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br> (Cost: $83,633,610)  |  |  | **77358005** |
| **MUTUAL FUNDS - 4.9%** |  |  |  |
| BrandywineGLOBAL High Yield Fund | $| 2474902 | $23387825 |
| MainStay MacKay High Yield Corporate Bond Fund |  | 4823953 | 23589131 |
| **TOTAL MUTUAL FUNDS** <br> (Cost: $54,686,149)  |  |  | **46976956** |
| **COMMON STOCKS - 0.0% **<sup>(f)</sup>** |  |  |  |
| **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** | **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** | **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** |  |
| Bruin Blocker LLC<sup>(h)</sup> |  | 4367 | **0** |
| **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** | **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** | **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** |  |
| Canvas Energy, Inc.<sup>(h)</sup> |  | 952 | **0** |
| **TOTAL COMMON STOCKS** <br> (Cost: $11,472)  |  |  | **0** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 2.3%** |  |  |
| State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(i)</sup><br> (Cost: $22,518,563) | 22518563 | $**22518563** |
| **TOTAL INVESTMENTS - 101.0%** <br> (Cost: $1,052,888,649)  |  | **963190249** |
| **OTHER ASSETS AND LIABILITIES, NET - (1.0)%** |  | **(3129022)** |
| **NET ASSETS - 100.0%** |  | $**960061227** |

---

(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 December 31, 2022, the value of these securities was $231,427,780, representing 24.1%
 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) | Interest only security. |
| (f) | Amount is less than 0.05%. |
| (g) | Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash. |
| (h) | Non-income producing. |
| (i) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| 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 |
| PIK | Paid-In-Kind |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Funding Rate |
| REIT | Real Estate Investment Trust |

---

**Futures contracts open at December 31, 2022:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Contracts** | **Expiration Date** | **Notional Amount** | **Value / <br> Net Unrealized<br> Appreciation<br> (Depreciation)** |
| **CONTRACTS PURCHASED - 3.8%** |  |  |  |  |  |
| U.S. Treasury Ultra Bonds | Long | 4800000 | 03/22/2023 | $6447000 | $(74162) |
| U.S. Treasury 5-Year Notes | Long | 27800000 | 03/31/2023 | 30004453 | (57630) |
| U.S. Treasury 2-Year Notes | Long | 200000 | 03/31/2023 | 205078 | (126) |
| Total |  |  |  | $36656531 | $(131918) |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (concluded)**

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFM Multi-Manager Fixed Income Mutual Funds** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies | $— | $167841287 | $— | $167841287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds\* |  | 173693344 |  | 173693344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 139529476 |  | 139529476 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations |  | 136980262 |  | 136980262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 96147521 |  | 96147521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 77358005 |  |  | 77358005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds\* |  | 49499137 |  | 49499137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 46976956 |  |  | 46976956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds\* |  | 21875006 |  | 21875006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supranational Bonds |  | 15110692 |  | 15110692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Agencies\* |  | 7259344 |  | 7259344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations\* |  | 3895873 |  | 3895873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks\* | 2693504 |  |  | 2693504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans\* |  | 1811279 |  | 1811279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 22518563 |  |  | 22518563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $149547028 | $813643221 | $— | $963190249 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(a)</sup> | $(131918) | $— | $— | $(131918) |

---

*(a)* *Futures Contracts are valued at unrealized appreciation (depreciation).* 

*\** *See Schedule of Investments for additional detailed categorizations.*

***See Notes to Schedule of Investments.***

**PFM Multi-Manager Series Trust**

**Notes to Schedule of Investments**

**December 31, 2022 (Unaudited)**

**1. Organization**

PFM Multi-Manager Series Trust (the "Trust") was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (the "Domestic Equity Fund"), PFM Multi-Manager International Equity Fund (the "International Equity Fund") and PFM Multi-Manager Fixed-Income Fund (the "Fixed-Income Fund") (each a "Fund" and, collectively, the "Funds"). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of December 31, 2022, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

The Domestic Equity Fund seeks to provide long-term capital appreciation. The International Equity Fund seeks to provide long-term capital appreciation. The Fixed-Income Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

**Investment Valuation**

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

---

| | |
|:---|:---|
| Level 2 – | Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly, including quoted prices for similar investments based on interest rates, credit risk and like factors. |

---

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement, including the Fund's own assumptions for determining fair value.

The value of each Fund's investments according to the fair value hierarchy as of December 31, 2022, is disclosed in each Fund's respective Schedule of Investments.

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value ("NAV") per share as of 4:00 p.m. Eastern time each day the New York Stock Exchange ("NYSE") is open for trading. Under compliance policies and procedures approved by the Trust's Board of Trustees (the "Board"), the Board has delegated to the Adviser to the Funds, PFM Asset Management LLC ("PFMAM" or, the "Adviser"), the responsibility for the performance of day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee ("VC") to serve as its formal oversight body for the valuation of each Fund's portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Funds' valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds use fair value pricing for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools. The SEC recently adopted new Rule 2a-5 under the Investment Company Act of 1940, which will establish an updated regulatory framework for registered investment company valuation practices and may impact a Fund's valuation policies. The Trustees have designated the VC as the valuation designee to perform fair valuations pursuant to Rule 2a-5.

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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PFM Multi-Manager Series Trust

- **b. Investment Company Act file number:** 811-23282

- **c. CIK number of Registrant:** 0001696729

- **d. LEI of Registrant:** 549300DFOM6D3CO0F144

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 213 MARKET STREET

  - **City:** HARRISBURG

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 17101

  - **Telephone number:** 1-883-736-6678

**Item A.2. Information about the Series.**

- **a. Name of Series:** PFM Multi-Manager Domestic Equity Fund

- **b. EDGAR series identifier (if any):** S000059561

- **c. LEI of Series:** 549300YLZRKHY9I4UY49

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $866738653.82

**Total Liabilities:** $462151.02

**Net Assets:** $866276502.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195098 | 8.11%                | 5.15%                | -5.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $196094.88               | $62311521.32                               |
| Month 2  | $293652.58               | $44470765.99                               |
| Month 3  | $1155527.41              | $-52726301.34                              |

### Schedule of Portfolio Investments

| Name                                       | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honeywell International Inc                | Honeywell International Inc                           | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5444 | NS      | $1166649.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                               | AdvanSix Inc                                          | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      9540 | NS      | $362710.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeStreet Inc                             | HomeStreet Inc                                        | CUSIP: 43785V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3539 | NS      | $97605.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                               | Nordson Corp                                          | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      3450 | NS      | $820134.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                  | First BanCorp/Puerto Rico                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     48226 | NS      | $613434.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                           | Pure Storage Inc                                      | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     28195 | NS      | $754498.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                            | LendingTree Inc                                       | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |     10757 | NS      | $229446.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                             | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     26050 | NS      | $3453969.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                                  | Sonos Inc                                             | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     23387 | NS      | $395240.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                        | Viavi Solutions Inc                                   | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     56230 | NS      | $590977.30    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                        | Dollar General Corp                                   | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     25033 | NS      | $6164376.25   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc                        | PGT Innovations Inc                                   | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |     12420 | NS      | $223063.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                       | Hanmi Financial Corp                                  | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      4895 | NS      | $121151.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                              | Accenture PLC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      4340 | NS      | $1158085.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                        | DENTSPLY SIRONA Inc                                   | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    147656 | NS      | $4701367.04   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                 | AMETEK Inc                                            | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     20891 | NS      | $2918890.52   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Electronics Inc                  | Universal Electronics Inc                             | CUSIP: 913483103<br>LEI: 549300ZW9EULAR7T6F89 | Long             | EC               | CORP              | US        |      3749 | NS      | $78016.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                          | General Motors Co                                     | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     27923 | NS      | $939329.72    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc             | Nature's Sunshine Products Inc                        | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       736 | NS      | $6123.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| W&T Offshore Inc                           | W&T Offshore Inc                                      | CUSIP: 92922P106<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | EC               | CORP              | US        |     10647 | NS      | $59410.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market ETF            | Vanguard Total Stock Market ETF                       | CUSIP: 922908769<br>LEI: HJ2RZRUQEVF2A5SPRB21 | Long             | EC               | RF                | US        |   2774737 | NS      | $530501967.03 | 61.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Western New England Bancorp Inc            | Western New England Bancorp Inc                       | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |       931 | NS      | $8807.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd                           | Vector Group Ltd                                      | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |     44543 | NS      | $528279.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                | AMN Healthcare Services Inc                           | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |      2681 | NS      | $275660.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Services Inc      | First Business Financial Services Inc                 | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |        20 | NS      | $731.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                | Jack Henry & Associates Inc                           | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     10155 | NS      | $1782811.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                | American Water Works Co Inc                           | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     12154 | NS      | $1852512.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp                | REX American Resources Corp                           | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8095 | NS      | $257906.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                 | Vertex Pharmaceuticals Inc                            | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     11490 | NS      | $3318082.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                   | Okta Inc                                              | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      8800 | NS      | $601304.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                      | Jackson Financial Inc                                 | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      6775 | NS      | $235702.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                         | Union Pacific Corp                                    | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     14255 | NS      | $2951782.85   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                | Toro Co/The                                           | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      8800 | NS      | $996160.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     17230 | NS      | $3043679.50   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerence Inc                                | Cerence Inc                                           | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               | CORP              | US        |     15829 | NS      | $293311.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                  | Haverty Furniture Cos Inc                             | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |      7810 | NS      | $233519.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                     | Pathward Financial Inc                                | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      9561 | NS      | $411601.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                                 | Inogen Inc                                            | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |     12369 | NS      | $243792.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                              | Clorox Co/The                                         | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     44190 | NS      | $6201182.70   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercept Pharmaceuticals Inc              | Intercept Pharmaceuticals Inc                         | CUSIP: 45845P108<br>LEI: 254900JMB8TX5P688V24 | Long             | EC               | CORP              | US        |     10072 | NS      | $124590.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SeaWorld Entertainment Inc                 | SeaWorld Entertainment Inc                            | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      4679 | NS      | $250373.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc                         | Kelly Services Inc                                    | CUSIP: 488152208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6465 | NS      | $109258.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinseo PLC                                | Trinseo PLC                                           | CUSIP: 000000000<br>LEI: 549300TJ3HIGDA2Z8315 | Long             | EC               | CORP              | IE        |     14921 | NS      | $338855.91    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                              | AMERISAFE Inc                                         | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      2021 | NS      | $105031.37    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                              | Repligen Corp                                         | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      1200 | NS      | $203172.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                            | NBT Bancorp Inc                                       | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1305 | NS      | $56663.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                              | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     40803 | NS      | $3106740.42   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                   | Yelp Inc                                              | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     20118 | NS      | $550026.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                        | Northern Trust Corp                                   | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     50029 | NS      | $4427066.21   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                         | NextEra Energy Inc                                    | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83038 | NS      | $6941976.80   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc           | Reinsurance Group of America Inc                      | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      9284 | NS      | $1319163.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                | Ecovyst Inc                                           | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5100 | NS      | $45186.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                | Zscaler Inc                                           | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      4750 | NS      | $531525.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                          | Tractor Supply Co                                     | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      2300 | NS      | $517431.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                      | Customers Bancorp Inc                                 | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      9092 | NS      | $257667.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc              | Universal Health Services Inc                         | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     29080 | NS      | $4097081.20   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                | OFG Bancorp                                           | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      6766 | NS      | $186470.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                               | Harmonic Inc                                          | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     35079 | NS      | $459534.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Calavo Growers Inc                         | Calavo Growers Inc                                    | CUSIP: 128246105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19298 | NS      | $567361.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                       | Tradeweb Markets Inc                                  | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14400 | NS      | $934992.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| 8x8 Inc                                    | 8x8 Inc                                               | CUSIP: 282914100<br>LEI: 254900XWSOC5U1BRW939 | Long             | EC               | CORP              | US        |     89340 | NS      | $385948.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                                   | CEVA Inc                                              | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |      6233 | NS      | $159440.14    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nektar Therapeutics                        | Nektar Therapeutics                                   | CUSIP: 640268108<br>LEI: 5299005I24806IOIYE03 | Long             | EC               | CORP              | US        |     35331 | NS      | $79848.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc               | Thermo Fisher Scientific Inc                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2221 | NS      | $1223082.49   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                      | Costco Wholesale Corp                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2651 | NS      | $1210181.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                               | Leslie's Inc                                          | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36775 | NS      | $449022.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd                       | Everest Re Group Ltd                                  | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      4443 | NS      | $1471832.61   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                         | Planet Fitness Inc                                    | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |      6850 | NS      | $539780.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                   | Resources Connection Inc                              | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9576 | NS      | $176006.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings Inc           | Universal Insurance Holdings Inc                      | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |     13103 | NS      | $138760.77    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OraSure Technologies Inc                   | OraSure Technologies Inc                              | CUSIP: 68554V108<br>LEI: 529900GNNJPNM4XHXQ77 | Long             | EC               | CORP              | US        |     34040 | NS      | $164072.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                      | 3M Co                                                 | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     30799 | NS      | $3693416.08   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE               | Eagle Pharmaceuticals Inc/DE                          | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |      2359 | NS      | $68953.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare Inc                     | NextGen Healthcare Inc                                | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24848 | NS      | $466645.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                  | Merit Medical Systems Inc                             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      9485 | NS      | $669830.70    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sleep Number Corp                          | Sleep Number Corp                                     | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |      6905 | NS      | $179391.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                              | Hub Group Inc                                         | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6108 | NS      | $485524.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                           | Movado Group Inc                                      | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |      6048 | NS      | $195048.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                  | Chubb Ltd                                             | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      7507 | NS      | $1656044.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                   | Tandem Diabetes Care Inc                              | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |      6080 | NS      | $273296.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Surmodics Inc                              | Surmodics Inc                                         | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |      1838 | NS      | $62712.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                  | Prosperity Bancshares Inc                             | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6150 | NS      | $446982.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp              | Adaptive Biotechnologies Corp                         | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     88484 | NS      | $676017.76    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                        | SVB Financial Group                                   | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      2150 | NS      | $494801.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD              | Marriott International Inc/MD                         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      5444 | NS      | $810557.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc                  | Vanda Pharmaceuticals Inc                             | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     36218 | NS      | $267651.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                                | Arteris Inc                                           | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1522 | NS      | $6544.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc              | Consensus Cloud Solutions Inc                         | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4744 | NS      | $255037.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi Inc                                  | Unifi Inc                                             | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |      6691 | NS      | $57609.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc             | Telephone and Data Systems Inc                        | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35793 | NS      | $375468.57    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                      | Investar Holding Corp                                 | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |       954 | NS      | $20539.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                | PepsiCo Inc                                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      2941 | NS      | $531321.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp          | First Commonwealth Financial Corp                     | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     10039 | NS      | $140244.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings Inc            | Aerojet Rocketdyne Holdings Inc                       | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     38898 | NS      | $2175565.14   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                      | World Acceptance Corp                                 | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2253 | NS      | $148562.82    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                               | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     99410 | NS      | $8770944.30   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The                   | Estee Lauder Cos Inc/The                              | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      2994 | NS      | $742841.34    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                | Phillips 66                                           | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      8965 | NS      | $933077.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| James River Group Holdings Ltd             | James River Group Holdings Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      8731 | NS      | $182565.21    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                   | Microchip Technology Inc                              | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      6924 | NS      | $486411.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                               | Prologis Inc                                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     23332 | NS      | $2630216.36   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVasive Inc                               | NuVasive Inc                                          | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |      5824 | NS      | $240181.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa Inc                                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      5488 | NS      | $1140186.88   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc                  | USANA Health Sciences Inc                             | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      5222 | NS      | $277810.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                     | Group 1 Automotive Inc                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2104 | NS      | $379498.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                 | Zimmer Biomet Holdings Inc                            | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     22319 | NS      | $2845672.50   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                      | Oxford Industries Inc                                 | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      5475 | NS      | $510160.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                       | Wabash National Corp                                  | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     22785 | NS      | $514941.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                         | J M Smucker Co/The                                    | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      3500 | NS      | $554610.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Momentive Global Inc                       | Momentive Global Inc                                  | CUSIP: 60878Y108<br>LEI: 549300PR9RG3VC9OH575 | Long             | EC               | CORP              | US        |     19243 | NS      | $134701.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                           | StoneX Group Inc                                      | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      4796 | NS      | $457058.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                 | DiamondRock Hospitality Co                            | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               |  | US        |     59100 | NS      | $484029.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc                   | Patterson-UTI Energy Inc                              | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     27377 | NS      | $461028.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                               | Lindsay Corp                                          | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      2432 | NS      | $396051.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                    | Akamai Technologies Inc                               | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      8050 | NS      | $678615.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                       | Generac Holdings Inc                                  | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      4400 | NS      | $442904.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                     | Banc of California Inc                                | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     21171 | NS      | $337254.03    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                    | Darling Ingredients Inc                               | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     22403 | NS      | $1402203.77   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                 | ACADIA Pharmaceuticals Inc                            | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     16007 | NS      | $254831.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                | Workday Inc                                           | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      5950 | NS      | $995613.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                  | IDEX Corp                                             | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      3350 | NS      | $764905.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                 | Xenia Hotels & Resorts Inc                            | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               |  | US        |     21670 | NS      | $285610.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                      | Norfolk Southern Corp                                 | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      7025 | NS      | $1731100.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                        | Mission Produce Inc                                   | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |     36067 | NS      | $419098.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp                      | ProPetro Holding Corp                                 | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30767 | NS      | $319053.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     37676 | NS      | $9035458.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                       | Align Technology Inc                                  | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      1850 | NS      | $390165.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                    | Becton Dickinson and Co                               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      7255 | NS      | $1844946.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaron's Co Inc/The                         | Aaron's Co Inc/The                                    | CUSIP: 00258W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15761 | NS      | $188343.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Programs and Systems Inc          | Computer Programs and Systems Inc                     | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |      3673 | NS      | $99979.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                    | Comfort Systems USA Inc                               | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      5924 | NS      | $681733.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                 | EZCORP Inc                                            | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     24099 | NS      | $196406.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                          | Veeva Systems Inc                                     | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      3350 | NS      | $540623.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc              | Intercontinental Exchange Inc                         | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     58663 | NS      | $6018237.17   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                      | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     16908 | NS      | $1646501.04   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                         | UMB Financial Corp                                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      2665 | NS      | $222580.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                    | Rockwell Automation Inc                               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      3600 | NS      | $927252.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GoPro Inc                                  | GoPro Inc                                             | CUSIP: 38268T103<br>LEI: 549300CQJMLT21SZFL16 | Long             | EC               | CORP              | US        |     26636 | NS      | $132647.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                     | Trane Technologies PLC                                | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      6212 | NS      | $1044175.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc        | Alexandria Real Estate Equities Inc                   | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |      3566 | NS      | $519459.22    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc              | Amphastar Pharmaceuticals Inc                         | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      2895 | NS      | $81117.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     17021 | NS      | $2487448.94   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                         | Smith & Nephew PLC                                    | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    152668 | NS      | $4105242.52   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                     | Marcus & Millichap Inc                                | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |      3282 | NS      | $113064.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp                     | American Vanguard Corp                                | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |      9982 | NS      | $216709.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                       | Northrim BanCorp Inc                                  | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |      1733 | NS      | $94569.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                   | Saia Inc                                              | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      9255 | NS      | $1940588.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                             | BankUnited Inc                                        | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     17386 | NS      | $590602.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| US Silica Holdings Inc                     | US Silica Holdings Inc                                | CUSIP: 90346E103<br>LEI: 529900HOXGPM9F75C193 | Long             | EC               | CORP              | US        |      6379 | NS      | $79737.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                                 | Cigna Corp                                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      5538 | NS      | $1834960.92   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                   | Resideo Technologies Inc                              | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     18182 | NS      | $299093.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                       | Cavco Industries Inc                                  | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2435 | NS      | $550918.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corp         | Integra LifeSciences Holdings Corp                    | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |      9250 | NS      | $518647.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                    | O'Reilly Automotive Inc                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1140 | NS      | $962194.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Enanta Pharmaceuticals Inc                 | Enanta Pharmaceuticals Inc                            | CUSIP: 29251M106<br>LEI: 529900SSN4DODDQSN594 | Long             | EC               | CORP              | US        |      7660 | NS      | $356343.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                               | TrueBlue Inc                                          | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8625 | NS      | $168877.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                         | Walt Disney Co/The                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      7514 | NS      | $652816.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust                   | Hersha Hospitality Trust                              | CUSIP: 427825500<br>LEI: 549300DNC58BIN1VO064 | Long             | EC               |  | US        |     15289 | NS      | $130262.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc              | CSG Systems International Inc                         | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     10568 | NS      | $604489.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                                | OneSpan Inc                                           | CUSIP: 68287N100<br>LEI: 549300D67QDZG593UX89 | Long             | EC               | CORP              | US        |     14437 | NS      | $161550.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                   | Lyft Inc                                              | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     21862 | NS      | $240919.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                    | GMS Inc                                               | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |      9837 | NS      | $489882.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NOW Inc                                    | NOW Inc                                               | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     16876 | NS      | $214325.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc               | Adtalem Global Education Inc                          | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      5443 | NS      | $193226.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                              | MYR Group Inc                                         | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      6167 | NS      | $567795.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                              | REV Group Inc                                         | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      4721 | NS      | $59579.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc                  | Benchmark Electronics Inc                             | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      2559 | NS      | $68299.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc                    | Titan International Inc                               | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |     14400 | NS      | $220608.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                | Nutanix Inc                                           | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     19668 | NS      | $512351.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                               | Sanmina Corp                                          | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      6390 | NS      | $366083.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Catalyst Inc                        | Health Catalyst Inc                                   | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |     10662 | NS      | $113337.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                        | Guardant Health Inc                                   | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     19480 | NS      | $529856.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc               | Sunstone Hotel Investors Inc                          | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |     19463 | NS      | $188012.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                      | McCormick & Co Inc/MD                                 | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     62305 | NS      | $5164461.45   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                  | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     30700 | NS      | $197094.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tabula Rasa HealthCare Inc                 | Tabula Rasa HealthCare Inc                            | CUSIP: 873379101<br>LEI: 549300K6KY242XRMEF28 | Long             | EC               | CORP              | US        |       971 | NS      | $4806.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co               | Portland General Electric Co                          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     22197 | NS      | $1087653.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                 | Rambus Inc                                            | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     17030 | NS      | $610014.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                              | HCI Group Inc                                         | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |       836 | NS      | $33097.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                           | CoStar Group Inc                                      | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6350 | NS      | $490728.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                             | ScanSource Inc                                        | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      8460 | NS      | $247201.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                            | Knorr-Bremse AG                                       | CUSIP: 499180107<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    155332 | NS      | $2106301.92   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                | NETGEAR Inc                                           | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      7120 | NS      | $128943.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                   | Lamb Weston Holdings Inc                              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      4200 | NS      | $375312.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway Inc                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7080 | NS      | $2187012.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                         | Globus Medical Inc                                    | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      8903 | NS      | $661225.81    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co               | Northwest Natural Holding Co                          | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      7798 | NS      | $371106.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Luminar Technologies Inc                   | Luminar Technologies Inc                              | CUSIP: 550424105<br>LEI: 549300AVGXLDWYMI4298 | Long             | EC               | CORP              | US        |    123990 | NS      | $613750.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International Inc         | Compass Minerals International Inc                    | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     12504 | NS      | $512664.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                   | Axcelis Technologies Inc                              | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      6385 | NS      | $506713.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                 | Ecolab Inc                                            | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2928 | NS      | $426199.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                               | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3170 | NS      | $1772442.10   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc              | Academy Sports & Outdoors Inc                         | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1018 | NS      | $53485.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp                                  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     38553 | NS      | $1276875.36   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                       | Veritex Holdings Inc                                  | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |      4326 | NS      | $121474.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                   | Towne Bank/Portsmouth VA                              | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     33769 | NS      | $1041435.96   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                          | Hormel Foods Corp                                     | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      8900 | NS      | $405395.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Daktronics Inc                             | Daktronics Inc                                        | CUSIP: 234264109<br>LEI: 549300IOLZ3SG5YUJ288 | Long             | EC               | CORP              | US        |       626 | NS      | $1765.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blucora Inc                                | Blucora Inc                                           | CUSIP: 095229100<br>LEI: 5299001IO03J69IP6L77 | Long             | EC               | CORP              | US        |     26238 | NS      | $669856.14    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                 | Mueller Water Products Inc                            | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    232638 | NS      | $2503184.88   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                               | Entegris Inc                                          | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     21930 | NS      | $1438388.70   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                         | Home Depot Inc/The                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4174 | NS      | $1318399.64   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                          | Kosmos Energy Ltd                                     | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    415305 | NS      | $2641339.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                 | United Utilities Group PLC                            | CUSIP: 91311E102<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     34289 | NS      | $809220.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BCB Bancorp Inc                            | BCB Bancorp Inc                                       | CUSIP: 055298103<br>LEI: 54930024V6Z8FYSN4291 | Long             | EC               | CORP              | US        |      1686 | NS      | $30331.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                             | Green Dot Corp                                        | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11552 | NS      | $182752.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corp          | Stewart Information Services Corp                     | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      2094 | NS      | $89476.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                              | Dillard's Inc                                         | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       649 | NS      | $209756.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                | Banner Corp                                           | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9746 | NS      | $615947.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Everbridge Inc                             | Everbridge Inc                                        | CUSIP: 29978A104<br>LEI: 549300WCY0UMR64ATW81 | Long             | EC               | CORP              | US        |      1787 | NS      | $52859.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                             | AptarGroup Inc                                        | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     19420 | NS      | $2135811.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                                  | SJW Group                                             | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26495 | NS      | $2151129.05   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                        | Xerox Holdings Corp                                   | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     28054 | NS      | $409588.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                        | Abbott Laboratories                                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     12912 | NS      | $1417608.48   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc                     | Employers Holdings Inc                                | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11438 | NS      | $493320.94    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co Inc                   | CommScope Holding Co Inc                              | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |     13887 | NS      | $102069.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc                     | Werner Enterprises Inc                                | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |     10181 | NS      | $409887.06    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                  | Rigel Pharmaceuticals Inc                             | CUSIP: 766559603<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |    133100 | NS      | $199650.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA              | Preferred Bank/Los Angeles CA                         | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      4719 | NS      | $352131.78    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                             | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2073 | NS      | $804883.71    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                                    | RPC Inc                                               | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24160 | NS      | $214782.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                        | Stellar Bancorp Inc                                   | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |      6895 | NS      | $203126.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                             | Photronics Inc                                        | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     18542 | NS      | $312061.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc               | FactSet Research Systems Inc                          | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       895 | NS      | $359082.95    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                               | Agilysys Inc                                          | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      4239 | NS      | $335474.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                    | Sherwin-Williams Co/The                               | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     22165 | NS      | $5260419.45   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                 | Dexcom Inc                                            | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      6150 | NS      | $696426.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                                 | Zimvie Inc                                            | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |     14840 | NS      | $138605.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic Inc                              | CoreCivic Inc                                         | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |      3447 | NS      | $39847.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deciphera Pharmaceuticals Inc              | Deciphera Pharmaceuticals Inc                         | CUSIP: 24344T101<br>LEI: 529900QR4WAPYY0CBF25 | Long             | EC               | CORP              | US        |     10046 | NS      | $164653.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                    | Charles Schwab Corp/The                               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      7932 | NS      | $660418.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                | MetLife Inc                                           | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      2893 | NS      | $209366.41    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iTeos Therapeutics Inc                     | iTeos Therapeutics Inc                                | CUSIP: 46565G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7984 | NS      | $155927.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                               | VeriSign Inc                                          | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     11605 | NS      | $2384131.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                    | Perdoceo Education Corp                               | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     32890 | NS      | $457171.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                            | Bio-Techne Corp                                       | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     19500 | NS      | $1616160.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc                   | Par Pacific Holdings Inc                              | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     23523 | NS      | $546909.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                | Chemed Corp                                           | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      4470 | NS      | $2281622.10   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                   | Sarepta Therapeutics Inc                              | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      2302 | NS      | $298293.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers Inc                              | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      2250 | NS      | $300825.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                      | Bath & Body Works Inc                                 | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     10000 | NS      | $421400.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                               | ArcBest Corp                                          | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      7574 | NS      | $530482.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                      | Clearwater Paper Corp                                 | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      1838 | NS      | $69494.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Logistics Properties Trust      | Industrial Logistics Properties Trust                 | CUSIP: 456237106<br>LEI: 5493004XH9PJW009HR47 | Long             | EC               |  | US        |     30019 | NS      | $98162.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                  | Edwards Lifesciences Corp                             | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     10250 | NS      | $764752.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                      | Arlo Technologies Inc                                 | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     28240 | NS      | $99122.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                | National Bank Holdings Corp                           | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8956 | NS      | $376778.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                        | Avery Dennison Corp                                   | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      6939 | NS      | $1255959.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Selectquote Inc                            | Selectquote Inc                                       | CUSIP: 816307300<br>LEI: 549300BV28BWDIN9SP24 | Long             | EC               | CORP              | US        |     12400 | NS      | $8331.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                               | Autodesk Inc                                          | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1700 | NS      | $317679.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Allscripts Healthcare Solutions Inc        | Allscripts Healthcare Solutions Inc                   | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     29069 | NS      | $512777.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                    | Aon PLC                                               | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     11490 | NS      | $3448608.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FibroGen Inc                               | FibroGen Inc                                          | CUSIP: 31572Q808<br>LEI: 549300Q914ULWWY95822 | Long             | EC               | CORP              | US        |      6568 | NS      | $105219.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Materials Handling Inc         | Hyster-Yale Materials Handling Inc                    | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4663 | NS      | $118020.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group             | California Water Service Group                        | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     13696 | NS      | $830525.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Life Holding Co | American Equity Investment Life Holding Co            | CUSIP: 025676206<br>LEI: 549300RK5RZQ740FPL83 | Long             | EC               | CORP              | US        |     14962 | NS      | $682566.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                     | Advance Auto Parts Inc                                | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      5450 | NS      | $801313.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                            | S&T Bancorp Inc                                       | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9833 | NS      | $336091.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Comtech Telecommunications Corp            | Comtech Telecommunications Corp                       | CUSIP: 205826209<br>LEI: 529900FTEZ8MGM0Y8F73 | Long             | EC               | CORP              | US        |      8157 | NS      | $99025.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                     | Palo Alto Networks Inc                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4500 | NS      | $627930.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Abcam PLC                                  | Abcam PLC                                             | CUSIP: 000380204<br>LEI: 213800B9N83DSNT33F79 | Long             | EC               | CORP              | GB        |     12725 | NS      | $198001.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                                | Unisys Corp                                           | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |      8490 | NS      | $43383.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                  | Itron Inc                                             | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      7828 | NS      | $396488.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                 | Impinj Inc                                            | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |       445 | NS      | $48585.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings Inc            | Spirit AeroSystems Holdings Inc                       | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16911 | NS      | $500565.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical Inc                       | Orthofix Medical Inc                                  | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12300 | NS      | $252519.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Bancorp Inc                             | FS Bancorp Inc                                        | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1173 | NS      | $39225.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc           | Harmony Biosciences Holdings Inc                      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9997 | NS      | $550834.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                          | PROG Holdings Inc                                     | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     24308 | NS      | $410562.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                            | Ulta Beauty Inc                                       | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1100 | NS      | $515977.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                                   | Moog Inc                                              | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1361 | NS      | $119441.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                      | Powell Industries Inc                                 | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2151 | NS      | $75672.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                              | Beiersdorf AG                                         | CUSIP: 07724U103<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |     60739 | NS      | $1388493.54   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc               | Monolithic Power Systems Inc                          | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      3810 | NS      | $1347254.10   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                           | HealthStream Inc                                      | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      9790 | NS      | $243183.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                      | Chatham Lodging Trust                                 | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               |  | US        |     19954 | NS      | $244835.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc                  | Emergent BioSolutions Inc                             | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     23344 | NS      | $275692.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc                | Fresh Del Monte Produce Inc                           | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |      7962 | NS      | $208524.78    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp                          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    138840 | NS      | $5425867.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                          | Lam Research Corp                                     | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2131 | NS      | $895659.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                               | Exelixis Inc                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8137 | NS      | $130517.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc              | MasterCraft Boat Holdings Inc                         | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |      4885 | NS      | $126374.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                   | Ameriprise Financial Inc                              | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4904 | NS      | $1526958.48   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                        | Henkel AG & Co KGaA                                   | CUSIP: 42550U109<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |    223940 | NS      | $3612152.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                   | Bio-Rad Laboratories Inc                              | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       750 | NS      | $315367.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The  | Hartford Financial Services Group Inc/The             | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      5840 | NS      | $442847.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                      | Antero Resources Corp                                 | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     13700 | NS      | $424563.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                       | Verisk Analytics Inc                                  | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2450 | NS      | $432229.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp              | Quanex Building Products Corp                         | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     12163 | NS      | $288019.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FARO Technologies Inc                      | FARO Technologies Inc                                 | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |      8508 | NS      | $250220.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc              | Armada Hoffler Properties Inc                         | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               |  | US        |      8702 | NS      | $100073.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp Inc                | Berkshire Hills Bancorp Inc                           | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     13213 | NS      | $395068.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                               | Fortive Corp                                          | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     18400 | NS      | $1182200.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                     | Church & Dwight Co Inc                                | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      1800 | NS      | $145098.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                       | Warrior Met Coal Inc                                  | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     16229 | NS      | $562172.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                               | Synopsys Inc                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1300 | NS      | $415077.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                  | Apple Inc                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     27486 | NS      | $3571255.98   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                                  | Asana Inc                                             | CUSIP: 04342Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12950 | NS      | $178321.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc         | Cogent Communications Holdings Inc                    | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50825 | NS      | $2901091.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                | Monarch Casino & Resort Inc                           | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      2948 | NS      | $226671.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                               | Danaher Corp                                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     18625 | NS      | $4943447.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                  | ANSYS Inc                                             | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      1050 | NS      | $253669.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                            | ICU Medical Inc                                       | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     20826 | NS      | $3279678.48   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                               | Teleflex Inc                                          | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      2546 | NS      | $635557.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                   | Encore Capital Group Inc                              | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      7025 | NS      | $336778.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                                | Avista Corp                                           | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     11024 | NS      | $488804.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                          | Spok Holdings Inc                                     | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |      5066 | NS      | $41490.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc                     | Apogee Enterprises Inc                                | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     11894 | NS      | $528807.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                               | Glaukos Corp                                          | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      8085 | NS      | $353152.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                    | Enova International Inc                               | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      4728 | NS      | $181413.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc                     | Northfield Bancorp Inc                                | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1951 | NS      | $30689.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                      | Semler Scientific Inc                                 | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      2243 | NS      | $74019.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc/The                     | Boston Beer Co Inc/The                                | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |       950 | NS      | $313044.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp                | Matthews International Corp                           | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |      3911 | NS      | $119050.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional Treasury Money Market Fund | CUSIP: 857492623<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |  14510480 | NS      | $14510480.08  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                        | Kimberly-Clark Corp                                   | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     24325 | NS      | $3302118.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                               | Medifast Inc                                          | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |      2538 | NS      | $292758.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                              | O-I Glass Inc                                         | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37499 | NS      | $621358.43    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                      | Travelers Cos Inc/The                                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     18615 | NS      | $3490126.35   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc                       | Astec Industries Inc                                  | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |      7899 | NS      | $321173.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                               | Sylvamo Corp                                          | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      4328 | NS      | $210297.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                               | Freshpet Inc                                          | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      9250 | NS      | $488122.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc                       | Extreme Networks Inc                                  | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     33366 | NS      | $610931.46    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                  | Toast Inc                                             | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     24950 | NS      | $449848.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                      | United Fire Group Inc                                 | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4630 | NS      | $126676.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                | Healthcare Realty Trust Inc                           | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |    158817 | NS      | $3060403.59   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                       | Chart Industries Inc                                  | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      3940 | NS      | $454006.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Codexis Inc                                | Codexis Inc                                           | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11096 | NS      | $51707.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                    | Valley National Bancorp                               | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |     42743 | NS      | $483423.33    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                  | Healthpeak Properties Inc                             | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               |  | US        |     34760 | NS      | $871433.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                         | Cooper Cos Inc/The                                    | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1700 | NS      | $562139.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment Inc          | Dave & Buster's Entertainment Inc                     | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     12570 | NS      | $445480.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                 | STERIS PLC                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      3900 | NS      | $720291.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc           | West Pharmaceutical Services Inc                      | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      1350 | NS      | $317722.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                      | Independent Bank Corp                                 | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      9806 | NS      | $827920.58    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                | Waters Corp                                           | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      2600 | NS      | $890708.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                    | Arthur J Gallagher & Co                               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      2300 | NS      | $433642.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                          | ProAssurance Corp                                     | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     16458 | NS      | $287521.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12374 | NS      | $1659353.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                             | Halliburton Co                                        | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     16265 | NS      | $640027.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                             | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     86808 | NS      | $7291872.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| World Fuel Services Corp                   | World Fuel Services Corp                              | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     11561 | NS      | $315962.13    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Karyopharm Therapeutics Inc                | Karyopharm Therapeutics Inc                           | CUSIP: 48576U106<br>LEI: 549300J1VANRCNTYST87 | Long             | EC               | CORP              | US        |     25566 | NS      | $86924.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp                     | American Woodmark Corp                                | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |       719 | NS      | $35130.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SMART Global Holdings Inc                  | SMART Global Holdings Inc                             | CUSIP: 000000000<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | KY        |     21920 | NS      | $326169.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                           | Boise Cascade Co                                      | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      9385 | NS      | $644467.95    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalent Inc                               | Catalent Inc                                          | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15568 | NS      | $700715.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                     | Motorola Solutions Inc                                | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     17230 | NS      | $4440343.30   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                  | Graco Inc                                             | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     21353 | NS      | $1436202.78   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                     | IDEXX Laboratories Inc                                | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       750 | NS      | $305970.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL Energy Inc                          | CONSOL Energy Inc                                     | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      2211 | NS      | $143715.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                   | Baxter International Inc                              | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     66535 | NS      | $3391288.95   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co                               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     15695 | NS      | $1129255.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc     | Heidrick & Struggles International Inc                | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      7938 | NS      | $222025.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                     | Forrester Research Inc                                | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |      3856 | NS      | $137890.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth                        | Equity Commonwealth                                   | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               |  | US        |     83141 | NS      | $2076030.77   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc                   | Mercer International Inc                              | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | US        |     22801 | NS      | $265403.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                           | Encore Wire Corp                                      | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5307 | NS      | $730030.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** PFM Multi-Manager Series Trust

**Signature:** Daniel Hess

**Name of Signer:** Daniel Hess

**Title:** Treasurer