# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001752724-23-045965
**Filing Date:** 2023-2
**Character Count:** 476246
**Document Hash:** abb3ed8cd512afc8afbddd9608e4328d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045965.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045965

**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:** 23681511

**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 International Equity Fund (Series ID: S000059563)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195104 | 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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000059563

- **c. LEI of Series:** 5493002U88DL75Y6L037

**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:** $687409901.28

**Total Liabilities:** $759293.70

**Net Assets:** $686650607.58

**Cash Not Reported:** $1889076.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195104 | 4.29%                | 12.10%               | -2.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4174453.08             | $25896297.98                               |
| Month 2  | $-6012402.33             | $78051259.06                               |
| Month 3  | $-741814.82              | $-19051859.67                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mortgage Advice Bureau Holdings Ltd                       | Mortgage Advice Bureau Holdings Ltd                       | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |     17173 | NS      | $110723.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinko Industries Ltd                                      | Sinko Industries Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $25266.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Orient Overseas International Ltd                         | Orient Overseas International Ltd                         | CUSIP: 000000000<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | BM        |     26500 | NS      | $477875.83    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                             | Nemetschek SE                                             | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |     41300 | NS      | $2109439.90   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                   | Ping An Insurance Group Co of China Ltd                   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    284000 | NS      | $1874454.43   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Elecom Co Ltd                                             | Elecom Co Ltd                                             | CUSIP: 000000000<br>LEI: 353800BXFUVR7EPC0G35 | Long             | EC               | CORP              | JP        |      3800 | NS      | $39069.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alps Logistics Co Ltd                                     | Alps Logistics Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2700 | NS      | $23548.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                                  | Universal Music Group NV                                  | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     64303 | NS      | $1552220.79   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT                            | Sarana Menara Nusantara Tbk PT                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2018762 | NS      | $142492.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc                                          | EPAM Systems Inc                                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      4650 | NS      | $1523991.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH Moet Hennessy Louis Vuitton SE                       | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      9754 | NS      | $7085743.61   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGi Green Energy Technology Co Ltd                      | LONGi Green Energy Technology Co Ltd                      | CUSIP: 000000000<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |    133864 | NS      | $814149.50    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Okabe Co Ltd                                              | Okabe Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4700 | NS      | $24882.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mazda Motor Corp                                          | Mazda Motor Corp                                          | CUSIP: 000000000<br>LEI: 52990044YZJLICDQKK92 | Long             | EC               | CORP              | JP        |      3200 | NS      | $24188.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                           | Gold Fields Ltd                                           | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     58351 | NS      | $603917.43    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                    | Yum China Holdings Inc                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      5850 | NS      | $326484.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CCR SA                                                    | CCR SA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     59567 | NS      | $122007.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                    | OMV AG                                                    | CUSIP: 000000000<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |     15886 | NS      | $820293.27    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SKY Network Television Ltd                                | SKY Network Television Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     23673 | NS      | $34568.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REN - Redes Energeticas Nacionais SGPS SA                 | REN - Redes Energeticas Nacionais SGPS SA                 | CUSIP: 000000000<br>LEI: 549300FR1FN48IGHR915 | Long             | EC               | CORP              | PT        |     20545 | NS      | $55501.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                       | Imperial Brands PLC                                       | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     92000 | NS      | $2298581.13   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| VINX Corp                                                 | VINX Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $20316.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TechMatrix Corp                                           | TechMatrix Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3000 | NS      | $41393.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Matching Service Japan Co Ltd                             | Matching Service Japan Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3200 | NS      | $24467.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Innovation Co Ltd                                      | SK Innovation Co Ltd                                      | CUSIP: 000000000<br>LEI: 988400PXP70BWVSJVF07 | Long             | EC               | CORP              | KR        |      2659 | NS      | $326982.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Seiko Epson Corp                                          | Seiko Epson Corp                                          | CUSIP: 000000000<br>LEI: 549300NIOFQDR749W206 | Long             | EC               | CORP              | JP        |     15400 | NS      | $223533.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Macmahon Holdings Ltd                                     | Macmahon Holdings Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    136065 | NS      | $13435.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                             | Accenture PLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     23550 | NS      | $6284082.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                    | Contemporary Amperex Technology Co Ltd                    | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |      8704 | NS      | $492833.34    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilendi                                                   | Bilendi                                                   | CUSIP: 000000000<br>LEI: 969500V0TUEG5FXHJG11 | Long             | EC               | CORP              | FR        |       409 | NS      | $8972.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eroad Ltd                                                 | Eroad Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |      4854 | NS      | $2892.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                                    | XP Inc                                                    | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |      9205 | NS      | $141204.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptitude Software Group PLC                               | Aptitude Software Group PLC                               | CUSIP: 000000000<br>LEI: 2138009VHA1WI2VKMA28 | Long             | EC               | CORP              | GB        |      3430 | NS      | $14563.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                        | MS&AD Insurance Group Holdings Inc                        | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |      9700 | NS      | $310458.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Freee KK                                                  | Freee KK                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4300 | NS      | $95857.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                                 | Amundi SA                                                 | CUSIP: 000000000<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |     32100 | NS      | $1823942.09   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Seika Corp                                                | Seika Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2100 | NS      | $24792.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chino Corp                                                | Chino Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $26680.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VNV Global AB                                             | VNV Global AB                                             | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | Long             | EC               | CORP              | SE        |      8596 | NS      | $21527.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Michael Hill International Ltd                            | Michael Hill International Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     19877 | NS      | $14823.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                    | Grupo Mexico SAB de CV                                    | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    391983 | NS      | $1381942.99   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TORM PLC                                                  | TORM PLC                                                  | CUSIP: 000000000<br>LEI: 213800VL1H1ABVM1ZF63 | Long             | EC               | CORP              | GB        |      6937 | NS      | $197928.53    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Parex Resources Inc                                       | Parex Resources Inc                                       | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |     20400 | NS      | $303589.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Rutile Holdings Ltd                                | Sierra Rutile Holdings Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     10352 | NS      | $1579.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Space Co Ltd                                              | Space Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2100 | NS      | $13977.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                                            | Atlassian Corp                                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     11636 | NS      | $1497320.48   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Trim Co Ltd                                         | Nihon Trim Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900MMAS9SLHU7KR51 | Long             | EC               | CORP              | JP        |      2500 | NS      | $51398.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Greggs PLC                                                | Greggs PLC                                                | CUSIP: 000000000<br>LEI: 213800I71QMUFJ64IW20 | Long             | EC               | CORP              | GB        |      2313 | NS      | $65283.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ST Corp                                                   | ST Corp                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2500 | NS      | $28706.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                    | Aristocrat Leisure Ltd                                    | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     46373 | NS      | $957661.53    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuliangye Yibin Co Ltd                                    | Wuliangye Yibin Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     13900 | NS      | $359906.80    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                       | Shenzhen Inovance Technology Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     82687 | NS      | $826982.75    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt                                       | Richter Gedeon Nyrt                                       | CUSIP: 000000000<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |     13195 | NS      | $293150.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuken Co Ltd/Aichi Japan                                | Suzuken Co Ltd/Aichi Japan                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4700 | NS      | $127310.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Kogyo Bank Ltd/The                                  | Chiba Kogyo Bank Ltd/The                                  | CUSIP: 000000000<br>LEI: 353800SQQ8B0KOKZ9Y27 | Long             | EC               | CORP              | JP        |     12800 | NS      | $44287.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tayca Corp                                                | Tayca Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2700 | NS      | $23937.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEG Energy Corp                                           | MEG Energy Corp                                           | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |     32100 | NS      | $446887.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd                                         | H World Group Ltd                                         | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |     16139 | NS      | $684616.38    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneysupermarket.com Group PLC                            | Moneysupermarket.com Group PLC                            | CUSIP: 000000000<br>LEI: 54930016B7VO33FBE722 | Long             | EC               | CORP              | GB        |     26965 | NS      | $62678.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pico Far East Holdings Ltd                                | Pico Far East Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900NL3DXVIEY4HJ17 | Long             | EC               | CORP              | KY        |    264607 | NS      | $43734.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Thompson Co Ltd                                    | Nippon Thompson Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10500 | NS      | $41264.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Precision Drilling Corp                                   | Precision Drilling Corp                                   | CUSIP: 74022D407<br>LEI: 549300WF2OE8T5BP4B84 | Long             | EC               | CORP              | CA        |      4500 | NS      | $344678.73    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ricoh Co Ltd                                              | Ricoh Co Ltd                                              | CUSIP: 000000000<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |     36000 | NS      | $276129.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                    | BP PLC                                                    | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    276387 | NS      | $1607255.01   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Xebio Holdings Co Ltd                                     | Xebio Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10400 | NS      | $72569.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                              | Cochlear Ltd                                              | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |      1284 | NS      | $178277.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Scanfil Oyj                                               | Scanfil Oyj                                               | CUSIP: 000000000<br>LEI: 7437004XD6U0FFDCT507 | Long             | EC               | CORP              | FI        |       303 | NS      | $2138.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haitian International Holdings Ltd                        | Haitian International Holdings Ltd                        | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | KY        |     91314 | NS      | $244221.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3294 | NS      | $1783051.87   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                                           | Brookfield Corp                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     91400 | NS      | $2874307.24   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsubakimoto Kogyo Co Ltd                                  | Tsubakimoto Kogyo Co Ltd                                  | CUSIP: 000000000<br>LEI: 353800Z0E9RSAQ31YH59 | Long             | EC               | CORP              | JP        |       700 | NS      | $20533.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                                  | Kia Corp                                                  | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      4666 | NS      | $220072.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Izumi Co Ltd                                              | Izumi Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4400 | NS      | $99464.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ratos AB                                                  | Ratos AB                                                  | CUSIP: 000000000<br>LEI: 2138008KECUUB9VR4798 | Long             | EC               | CORP              | SE        |      1209 | NS      | $5059.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp Moctezuma SAB de CV                                  | Corp Moctezuma SAB de CV                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     57896 | NS      | $163409.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nedap NV                                                  | Nedap NV                                                  | CUSIP: 000000000<br>LEI: 724500X4WAS3V33MVX37 | Long             | EC               | CORP              | NL        |       288 | NS      | $16942.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| dormakaba Holding AG                                      | dormakaba Holding AG                                      | CUSIP: 000000000<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |       997 | NS      | $366366.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                                             | Rightmove PLC                                             | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     49709 | NS      | $307755.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Norcros PLC                                               | Norcros PLC                                               | CUSIP: 000000000<br>LEI: 213800EIMJZZA1GBIE18 | Long             | EC               | CORP              | GB        |      4661 | NS      | $10142.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DRI Healthcare Trust                                      | DRI Healthcare Trust                                      | CUSIP: 000000000<br>LEI: 54930026XW2PX1DRPQ05 | Long             | EC               | CORP              | CA        |      3108 | NS      | $18110.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IGO Ltd                                                   | IGO Ltd                                                   | CUSIP: 000000000<br>LEI: 2549005DZO8VGXM5QN07 | Long             | EC               | CORP              | AU        |     91936 | NS      | $835547.72    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| EVS Broadcast Equipment SA                                | EVS Broadcast Equipment SA                                | CUSIP: 000000000<br>LEI: 549300J0AJACIPKLTD62 | Long             | EC               | CORP              | BE        |      1170 | NS      | $27830.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                         | Banco Bradesco SA                                         | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    138306 | NS      | $401064.69    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Logistics Network Ltd                               | Kerry Logistics Network Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    188538 | NS      | $339439.03    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sato Holdings Corp                                        | Sato Holdings Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4500 | NS      | $64364.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                 | QIAGEN NV                                                 | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     23615 | NS      | $1177680.05   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Yandex NV                                                 | Yandex NV                                                 | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |      8610 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyotokeiba Co Ltd                                       | Tokyotokeiba Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $51895.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Lung Properties Ltd                                  | Hang Lung Properties Ltd                                  | CUSIP: 000000000<br>LEI: 529900CIVTNMXQT59E61 | Long             | EC               | CORP              | HK        |    153000 | NS      | $297061.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Corp Ltd                                           | Israel Corp Ltd                                           | CUSIP: 000000000<br>LEI: 213800VASRTF37M7LO42 | Long             | EC               | CORP              | IL        |        61 | NS      | $21513.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGMAXYZ Holdings Inc                                     | SIGMAXYZ Holdings Inc                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $87312.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd                                   | Sembcorp Industries Ltd                                   | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |     71700 | NS      | $180516.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                   | Mahindra & Mahindra Ltd                                   | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     19802 | NS      | $298020.10    | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pason Systems Inc                                         | Pason Systems Inc                                         | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |      9550 | NS      | $112427.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Bulk Chartering AS                                | Western Bulk Chartering AS                                | CUSIP: 000000000<br>LEI: 2138005JUC8BMOEGIG97 | Long             | EC               | CORP              | NO        |      4034 | NS      | $15056.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Chile                                            | Banco de Chile                                            | CUSIP: 000000000<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        |   1866759 | NS      | $193663.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altri SGPS SA                                             | Altri SGPS SA                                             | CUSIP: 000000000<br>LEI: 213800AKSTYRLHY3X497 | Long             | EC               | CORP              | PT        |      9011 | NS      | $48237.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouvet ASA                                                | Bouvet ASA                                                | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |     35723 | NS      | $217280.64    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Enerplus Corp                                             | Enerplus Corp                                             | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |     36643 | NS      | $646800.37    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                                        | Publicis Groupe SA                                        | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     13021 | NS      | $826844.43    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| AVI Ltd                                                   | AVI Ltd                                                   | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     34332 | NS      | $151273.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                | Bank Polska Kasa Opieki SA                                | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      9684 | NS      | $191843.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Data Intramart Corp                                   | NTT Data Intramart Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       800 | NS      | $10729.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                        | Midea Group Co Ltd                                        | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    149300 | NS      | $1109005.20   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                     | Check Point Software Technologies Ltd                     | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     12152 | NS      | $1533096.32   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                              | Unilever PLC                                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     29024 | NS      | $1464231.37   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| New Work SE                                               | New Work SE                                               | CUSIP: 000000000<br>LEI: 5299002VHN50DM9T9H37 | Long             | EC               | CORP              | DE        |       939 | NS      | $152797.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Rakutenchi Co Ltd                                   | Tokyo Rakutenchi Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       700 | NS      | $21693.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Insurance Co Ltd                               | Japan Post Insurance Co Ltd                               | CUSIP: 000000000<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |     78600 | NS      | $1383275.44   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| AJ Bell PLC                                               | AJ Bell PLC                                               | CUSIP: 000000000<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |     54788 | NS      | $237528.37    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co Ltd                           | PICC Property & Casualty Co Ltd                           | CUSIP: 000000000<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |    494000 | NS      | $467584.58    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                         | Sonova Holding AG                                         | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      4599 | NS      | $1094272.82   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BRC Asia Ltd                                              | BRC Asia Ltd                                              | CUSIP: 000000000<br>LEI: 25490023Q985DSFBME10 | Long             | EC               | CORP              | SG        |     18500 | NS      | $25009.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp                                       | Tourmaline Oil Corp                                       | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |     13700 | NS      | $691273.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                                              | Olympus Corp                                              | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     54800 | NS      | $968628.32    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Topcon Corp                                               | Topcon Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2800 | NS      | $32117.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HeadHunter Group PLC                                      | HeadHunter Group PLC                                      | CUSIP: 42207L106<br>LEI: 549300IMUCFEWXP6RU11 | Long             | EC               | CORP              | CY        |     39294 | NS      | $392.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson PLC                                              | Ferguson PLC                                              | CUSIP: 000000000<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | JE        |     10010 | NS      | $1264694.72   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co Ltd                               | Daiwa House Industry Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35800 | NS      | $821462.71    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Jichodo Co Ltd                                            | Jichodo Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       400 | NS      | $19756.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                                  | Rexel SA                                                  | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     66642 | NS      | $1320644.39   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Singamas Container Holdings Ltd                           | Singamas Container Holdings Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    306000 | NS      | $28532.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kogyosha Co Ltd                                     | Asahi Kogyosha Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1400 | NS      | $21898.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Construction Co Ltd                       | Sumitomo Mitsui Construction Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19600 | NS      | $62263.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                          | Bank Hapoalim BM                                          | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |    105263 | NS      | $949613.78    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cerillion PLC                                             | Cerillion PLC                                             | CUSIP: 000000000<br>LEI: 213800ISIZMUC3P46850 | Long             | EC               | CORP              | GB        |      4539 | NS      | $66514.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Samudera Shipping Line Ltd                                | Samudera Shipping Line Ltd                                | CUSIP: 000000000<br>LEI: 254900YRA2OBY5SUJW72 | Long             | EC               | CORP              | SG        |     81500 | NS      | $51154.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                           | Sony Group Corp                                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     68600 | NS      | $5231155.21   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd                           | Mitsubishi Heavy Industries Ltd                           | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |      5300 | NS      | $209738.23    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AirBoss of America Corp                                   | AirBoss of America Corp                                   | CUSIP: 00927V200<br>LEI: 549300RG6CCG87T9MX45 | Long             | EC               | CORP              | CA        |      9692 | NS      | $53255.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan System Techniques Co Ltd                            | Japan System Techniques Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2200 | NS      | $28571.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                        | Deutsche Boerse AG                                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      9120 | NS      | $1573571.76   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ANDRITZ AG                                                | ANDRITZ AG                                                | CUSIP: 000000000<br>LEI: 549300VZKC61IR5U8G96 | Long             | EC               | CORP              | AT        |     11012 | NS      | $629470.57    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                   | Bank Leumi Le-Israel BM                                   | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |    115795 | NS      | $965242.26    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| FDM Group Holdings PLC                                    | FDM Group Holdings PLC                                    | CUSIP: 000000000<br>LEI: 213800YR62D7GUZLMZ71 | Long             | EC               | CORP              | GB        |     15117 | NS      | $136725.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                          | Novo Nordisk A/S                                          | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     64999 | NS      | $8800861.45   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokuyo Co Ltd                                             | Kokuyo Co Ltd                                             | CUSIP: 000000000<br>LEI: 3538001EN1YX65H42410 | Long             | EC               | CORP              | JP        |      3900 | NS      | $55215.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                               | Rational AG                                               | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |       351 | NS      | $208029.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Incitec Pivot Ltd                                         | Incitec Pivot Ltd                                         | CUSIP: 000000000<br>LEI: 254900UW2F3BKV6Z9V18 | Long             | EC               | CORP              | AU        |    423163 | NS      | $1069001.49   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bourbon Corp/Japan                                        | Bourbon Corp/Japan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       800 | NS      | $13029.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                | Samsung Electronics Co Ltd                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    100539 | NS      | $4433577.61   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                              | Iberdrola SA                                              | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    112017 | NS      | $1310318.57   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                    | DBS Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    264100 | NS      | $6686065.15   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Foschini Group Ltd/The                                    | Foschini Group Ltd/The                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8622 | NS      | $51422.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Stelco Holdings Inc                                       | Stelco Holdings Inc                                       | CUSIP: 858522105<br>LEI: 549300K1TSD2M8EKF208 | Long             | EC               | CORP              | CA        |     14400 | NS      | $471031.02    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Atled Corp                                                | Atled Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5200 | NS      | $57043.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Raffles Medical Group Ltd                                 | Raffles Medical Group Ltd                                 | CUSIP: 000000000<br>LEI: 254900BARSOMRVZFY947 | Long             | EC               | CORP              | SG        |     16900 | NS      | $17672.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Palfinger AG                                              | Palfinger AG                                              | CUSIP: 000000000<br>LEI: 529900IFAV83BX8O1O91 | Long             | EC               | CORP              | AT        |      2340 | NS      | $59384.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Eastern Holdings Ltd                                | Great Eastern Holdings Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |       900 | NS      | $12433.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brockhaus Technologies AG                                 | Brockhaus Technologies AG                                 | CUSIP: 000000000<br>LEI: 5299007DQ4OLATJQIX97 | Long             | EC               | CORP              | DE        |      2957 | NS      | $71318.00     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Talanx AG                                                 | Talanx AG                                                 | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |       691 | NS      | $32781.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercari Inc                                               | Mercari Inc                                               | CUSIP: 000000000<br>LEI: 3538009SK4V5AXSTUJ26 | Long             | EC               | CORP              | JP        |     10500 | NS      | $215771.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Holdings Co Ltd                                      | Toho Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800Z8BQ3ZHELA4J90 | Long             | EC               | CORP              | JP        |      5600 | NS      | $93493.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Marel HF                                                  | Marel HF                                                  | CUSIP: 000000000<br>LEI: 5299008YTLEN09WTHW26 | Long             | EC               | CORP              | IS        |     23443 | NS      | $80785.37     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEOJAPAN Inc                                              | NEOJAPAN Inc                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1600 | NS      | $12127.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gecoss Corp                                               | Gecoss Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5600 | NS      | $35534.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel NV                                             | Akzo Nobel NV                                             | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     29300 | NS      | $1955072.87   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                              | GEA Group AG                                              | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |     11501 | NS      | $469796.02    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| USS Co Ltd                                                | USS Co Ltd                                                | CUSIP: 000000000<br>LEI: 5299000RRQD6UZXG4W72 | Long             | EC               | CORP              | JP        |     20000 | NS      | $316953.19    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                                      | ASM International NV                                      | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      4650 | NS      | $1177197.67   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Alps Alpine Co Ltd                                        | Alps Alpine Co Ltd                                        | CUSIP: 000000000<br>LEI: 529900PWNU4ASLY9VI90 | Long             | EC               | CORP              | JP        |    101300 | NS      | $923334.16    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Modern Land China Co Ltd                                  | Modern Land China Co Ltd                                  | CUSIP: 000000000<br>LEI: 549300PDOU6AR9Z9IN08 | Long             | EC               | CORP              | KY        |    430000 | NS      | $5894.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jacquet Metals SACA                                       | Jacquet Metals SACA                                       | CUSIP: 000000000<br>LEI: 969500V8OL3NGL0GKZ37 | Long             | EC               | CORP              | FR        |      2930 | NS      | $52419.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CES Energy Solutions Corp                                 | CES Energy Solutions Corp                                 | CUSIP: 15713J104<br>LEI: 984500NF54914EB1B646 | Long             | EC               | CORP              | CA        |     10400 | NS      | $21199.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| en Japan Inc                                              | en Japan Inc                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       200 | NS      | $3652.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                                                | Globant SA                                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      1056 | NS      | $177576.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Vintage Ltd                                    | Australian Vintage Ltd                                    | CUSIP: 000000000<br>LEI: 529900KW60OV1UC78151 | Long             | EC               | CORP              | AU        |      2853 | NS      | $1174.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc                                          | T&D Holdings Inc                                          | CUSIP: 000000000<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     44200 | NS      | $636155.14    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JINS Holdings Inc                                         | JINS Holdings Inc                                         | CUSIP: 000000000<br>LEI: 353800IG2NOMKC105309 | Long             | EC               | CORP              | JP        |      4000 | NS      | $139964.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IntegraFin Holdings PLC                                   | IntegraFin Holdings PLC                                   | CUSIP: 000000000<br>LEI: 213800CYIZKXK9PQYE87 | Long             | EC               | CORP              | GB        |     63311 | NS      | $231370.21    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Thales SA                                                 | Thales SA                                                 | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     12199 | NS      | $1559476.42   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| SpareBank 1 Nord Norge                                    | SpareBank 1 Nord Norge                                    | CUSIP: 000000000<br>LEI: 549300SXM92LQ05OJQ76 | Long             | EC               | CORP              | NO        |      3671 | NS      | $35975.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eizo Corp                                                 | Eizo Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2700 | NS      | $70552.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc                                    | ZTO Express Cayman Inc                                    | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |      5934 | NS      | $159446.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascencio                                                  | Ascencio                                                  | CUSIP: 000000000<br>LEI: 549300PHFI20T3WJRO63 | Long             | EC               |  | BE        |       620 | NS      | $34866.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IGG Inc                                                   | IGG Inc                                                   | CUSIP: 000000000<br>LEI: 529900VBUXYUOTABSC33 | Long             | EC               | CORP              | KY        |     42000 | NS      | $15452.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carasso Motors Ltd                                        | Carasso Motors Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     19550 | NS      | $112733.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd                                   | Chunghwa Telecom Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    109000 | NS      | $400644.43    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Crescent Point Energy Corp                                | Crescent Point Energy Corp                                | CUSIP: 22576C101<br>LEI: 549300FTKUHZK8OC7N74 | Long             | EC               | CORP              | CA        |     91917 | NS      | $655774.17    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd                    | Wuxi Lead Intelligent Equipment Co Ltd                    | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |    100985 | NS      | $584996.94    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Hume Corp                                          | Nippon Hume Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3000 | NS      | $14740.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heiwa Corp                                                | Heiwa Corp                                                | CUSIP: 000000000<br>LEI: 529900N1BTC5X6TU7W19 | Long             | EC               | CORP              | JP        |     25300 | NS      | $477016.74    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Meiko Network Japan Co Ltd                                | Meiko Network Japan Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $51987.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Construction Co Ltd                           | Daito Trust Construction Co Ltd                           | CUSIP: 000000000<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |     12900 | NS      | $1325804.64   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnoPro Holdings Inc                                    | TechnoPro Holdings Inc                                    | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     37400 | NS      | $988772.55    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                                | Genmab A/S                                                | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      3841 | NS      | $1626961.48   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                               | Kubota Corp                                               | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    115400 | NS      | $1589673.71   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                               | Pandora A/S                                               | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     10230 | NS      | $721756.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyosan Electric Manufacturing Co Ltd                      | Kyosan Electric Manufacturing Co Ltd                      | CUSIP: 000000000<br>LEI: 353800N0IJGXBI3EVX08 | Long             | EC               | CORP              | JP        |      8600 | NS      | $26116.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                                 | Sodexo SA                                                 | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |      1117 | NS      | $106855.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | Roche Holding AG                                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     13318 | NS      | $4185339.20   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                             | ASE Technology Holding Co Ltd                             | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    204000 | NS      | $622679.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Transcosmos Inc                                           | Transcosmos Inc                                           | CUSIP: 000000000<br>LEI: 353800AAR1GYRFDRTV97 | Long             | EC               | CORP              | JP        |      1700 | NS      | $42146.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2980 | NS      | $1628272.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                                             | OTP Bank Nyrt                                             | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      6527 | NS      | $176483.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd                                    | Otsuka Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     77500 | NS      | $2523094.19   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc                                                | ResMed Inc                                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      5465 | NS      | $1137430.45   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ushio Inc                                                 | Ushio Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7600 | NS      | $93106.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp                         | Nippon Telegraph & Telephone Corp                         | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |     41000 | NS      | $1170307.06   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Takara & Co Ltd                                           | Takara & Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $20262.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fukuyama Transporting Co Ltd                              | Fukuyama Transporting Co Ltd                              | CUSIP: 000000000<br>LEI: 529900Z7D20PNX4HSO85 | Long             | EC               | CORP              | JP        |       600 | NS      | $13861.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Iwaki Co Ltd                                              | Iwaki Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1700 | NS      | $15928.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Melcor Developments Ltd                                   | Melcor Developments Ltd                                   | CUSIP: 585467103<br>LEI: 549300RYMI0PJCFQBB05 | Long             | EC               | CORP              | CA        |      2000 | NS      | $15731.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilson ASA                                                | Wilson ASA                                                | CUSIP: 000000000<br>LEI: 5967007LIEEXZXHIZK23 | Long             | EC               | CORP              | NO        |      2215 | NS      | $14596.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                                                   | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     61479 | NS      | $2160372.06   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Air Survey Co Ltd                                    | Asia Air Survey Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3500 | NS      | $20635.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Australian Clinical Labs Ltd                              | Australian Clinical Labs Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      5244 | NS      | $10633.44     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                          | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     47900 | NS      | $2989685.86   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                              | MediaTek Inc                                              | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     16000 | NS      | $324993.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                                     | STMicroelectronics NV                                     | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |       599 | NS      | $21306.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Jitsugyo Co Ltd                                   | Daiichi Jitsugyo Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       800 | NS      | $26728.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Wave Group AB                                         | New Wave Group AB                                         | CUSIP: 000000000<br>LEI: 5493006EIYZZYQILKS31 | Long             | EC               | CORP              | SE        |      9514 | NS      | $188961.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank Egypt SAE                   | Commercial International Bank Egypt SAE                   | CUSIP: 201712205<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |     98027 | NS      | $117044.24    | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NatWest Group PLC                                         | NatWest Group PLC                                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    367570 | NS      | $1173333.89   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| OCI NV                                                    | OCI NV                                                    | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     19547 | NS      | $697525.32    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Baltic Classifieds Group PLC                              | Baltic Classifieds Group PLC                              | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |    173178 | NS      | $293857.25    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                                  | RELX PLC                                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     84772 | NS      | $2348674.51   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumax International Corp Ltd                              | Lumax International Corp Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     24900 | NS      | $55777.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                                | National Bank of Greece SA                                | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     53828 | NS      | $215273.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wallenius Wilhelmsen ASA                                  | Wallenius Wilhelmsen ASA                                  | CUSIP: 000000000<br>LEI: 549300NBN0URT3RA3Y54 | Long             | EC               | CORP              | NO        |     17371 | NS      | $172156.43    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                             | FirstRand Ltd                                             | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    173302 | NS      | $632979.32    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                                   | ENN Energy Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |     41900 | NS      | $584539.33    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Uplus Corp                                             | LG Uplus Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36849 | NS      | $323139.13    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                              | Wal-Mart de Mexico SAB de CV                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    300540 | NS      | $1062335.22   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hokuriku Electrical Construction Co Ltd                   | Hokuriku Electrical Construction Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3500 | NS      | $17553.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zumtobel Group AG                                         | Zumtobel Group AG                                         | CUSIP: 000000000<br>LEI: 529900IIODYNYAZ2ID26 | Long             | EC               | CORP              | AT        |      6704 | NS      | $48805.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Supor Co Ltd                                     | Zhejiang Supor Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     28361 | NS      | $201815.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cooper Energy Ltd                                         | Cooper Energy Ltd                                         | CUSIP: 000000000<br>LEI: 261700Y30XMDCWR50Z59 | Long             | EC               | CORP              | AU        |    599850 | NS      | $75573.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                             | Industria de Diseno Textil SA                             | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     69942 | NS      | $1862425.95   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                              | Evolution AB                                              | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     18040 | NS      | $1761855.16   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OceanaGold Corp                                           | OceanaGold Corp                                           | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     39000 | NS      | $74313.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                      | Bank Rakyat Indonesia Persero Tbk PT                      | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   1317069 | NS      | $417525.46    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Utilities Ltd                                    | Canadian Utilities Ltd                                    | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |      6000 | NS      | $162407.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axial Retailing Inc                                       | Axial Retailing Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1000 | NS      | $25822.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Myer Holdings Ltd                                         | Myer Holdings Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    170752 | NS      | $78984.45     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc                                | Dai-ichi Life Holdings Inc                                | CUSIP: 000000000<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |      9900 | NS      | $224814.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Castro Model Ltd                                          | Castro Model Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |       620 | NS      | $8113.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haw Par Corp Ltd                                          | Haw Par Corp Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     32800 | NS      | $234559.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilh Wilhelmsen Holding ASA                               | Wilh Wilhelmsen Holding ASA                               | CUSIP: 000000000<br>LEI: 54930050TPKOLSE1ZZ71 | Long             | EC               | CORP              | NO        |       958 | NS      | $25623.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Corp Ltd                                           | Keppel Corp Ltd                                           | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    193100 | NS      | $1047489.79   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                 | Orion Oyj                                                 | CUSIP: 000000000<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |     11582 | NS      | $634846.39    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Koatsu Gas Kogyo Co Ltd                                   | Koatsu Gas Kogyo Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3200 | NS      | $15488.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                  | Adyen NV                                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      1200 | NS      | $1660579.56   | 0.24%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Krones AG                                                 | Krones AG                                                 | CUSIP: 000000000<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |       336 | NS      | $37760.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daihatsu Diesel Manufacturing Co Ltd                      | Daihatsu Diesel Manufacturing Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12100 | NS      | $46766.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                               | Infosys Ltd                                               | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     79106 | NS      | $1424699.06   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                    | AXA SA                                                    | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      3080 | NS      | $85841.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                                                   | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    139282 | NS      | $2422087.22   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| JAC Recruitment Co Ltd                                    | JAC Recruitment Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $33049.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Yushin Precision Equipment Co Ltd                         | Yushin Precision Equipment Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5900 | NS      | $29899.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YDUQS Participacoes SA                                    | YDUQS Participacoes SA                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     28773 | NS      | $55410.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumitama Agri Ltd                                         | Bumitama Agri Ltd                                         | CUSIP: 000000000<br>LEI: 529900BOE6UQFFDNZR10 | Long             | EC               | CORP              | SG        |     60200 | NS      | $26444.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd                        | SITC International Holdings Co Ltd                        | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    311000 | NS      | $686485.37    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Allkem Ltd                                                | Allkem Ltd                                                | CUSIP: 000000000<br>LEI: 2138006SR6M416DVKM86 | Long             | EC               | CORP              | AU        |     67627 | NS      | $513752.28    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                      | Dassault Aviation SA                                      | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      4022 | NS      | $682408.31    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ridley Corp Ltd                                           | Ridley Corp Ltd                                           | CUSIP: 000000000<br>LEI: 549300UQM21UZW8DVW82 | Long             | EC               | CORP              | AU        |     41209 | NS      | $55424.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Keystone Law Group PLC                                    | Keystone Law Group PLC                                    | CUSIP: 000000000<br>LEI: 213800RTARHELL51S215 | Long             | EC               | CORP              | GB        |      2569 | NS      | $13667.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Creek & River Co Ltd                                      | Creek & River Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $26662.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Burkhalter Holding AG                                     | Burkhalter Holding AG                                     | CUSIP: 000000000<br>LEI: 3912002Q7RGEIHPQ0J90 | Long             | EC               | CORP              | CH        |       263 | NS      | $21799.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                                 | Wuxi Biologics Cayman Inc                                 | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |     48500 | NS      | $372337.71    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Gulf Keystone Petroleum Ltd                               | Gulf Keystone Petroleum Ltd                               | CUSIP: 000000000<br>LEI: 213800QTAQOSSTNTPO15 | Long             | EC               | CORP              | BM        |     25883 | NS      | $62891.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB Bank ASA                                              | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     28100 | NS      | $556327.77    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanamoto Co Ltd                                           | Kanamoto Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6400 | NS      | $110349.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BTS Group AB                                              | BTS Group AB                                              | CUSIP: 000000000<br>LEI: 549300GBTPZH31MU7R34 | Long             | EC               | CORP              | SE        |      3300 | NS      | $92111.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Energy Solution Ltd                                    | LG Energy Solution Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2743 | NS      | $950419.99    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd                                                | Santos Ltd                                                | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    279807 | NS      | $1372024.02   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Iluka Resources Ltd                                       | Iluka Resources Ltd                                       | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |     10352 | NS      | $66681.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oil Refineries Ltd                                        | Oil Refineries Ltd                                        | CUSIP: 000000000<br>LEI: 213800CWUC7NV7VR3D03 | Long             | EC               | CORP              | IL        |    259630 | NS      | $90908.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Zinc Co Ltd                                         | Korea Zinc Co Ltd                                         | CUSIP: 000000000<br>LEI: 988400D0HSQUB1I1VO41 | Long             | EC               | CORP              | KR        |       919 | NS      | $412298.35    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                | Symrise AG                                                | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     20500 | NS      | $2230245.74   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Delfi Ltd                                                 | Delfi Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     35400 | NS      | $20429.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hutchison Port Holdings Trust                             | Hutchison Port Holdings Trust                             | CUSIP: 000000000<br>LEI: 529900E8LS83XV4W6889 | Long             | EC               | CORP              | SG        |    183300 | NS      | $35495.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pine Cliff Energy Ltd                                     | Pine Cliff Energy Ltd                                     | CUSIP: 722524105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     70000 | NS      | $87370.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SF Holding Co Ltd                                         | SF Holding Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     87900 | NS      | $730624.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                      | Rentokil Initial PLC                                      | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    418100 | NS      | $2569762.42   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                                   | Magna International Inc                                   | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     45700 | NS      | $2567165.44   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobilezone Holding AG                                     | Mobilezone Holding AG                                     | CUSIP: 000000000<br>LEI: 506700P3R89PJL1LM545 | Long             | EC               | CORP              | CH        |      5837 | NS      | $96593.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Aviation Electronics Industry Ltd                   | Japan Aviation Electronics Industry Ltd                   | CUSIP: 000000000<br>LEI: 353800OSHAMOO6TCTF61 | Long             | EC               | CORP              | JP        |      1800 | NS      | $28912.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Crew Energy Inc                                           | Crew Energy Inc                                           | CUSIP: 226533107<br>LEI: 529900WOX8H1HMGYTL31 | Long             | EC               | CORP              | CA        |     25300 | NS      | $105198.67    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                                | China Mengniu Dairy Co Ltd                                | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |    197000 | NS      | $886106.68    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electro-Mechanics Co Ltd                          | Samsung Electro-Mechanics Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1411 | NS      | $147036.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                 | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     18407 | NS      | $2125741.29   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Spark New Zealand Ltd                                     | Spark New Zealand Ltd                                     | CUSIP: 000000000<br>LEI: 529900HUN51H3Y7QBB66 | Long             | EC               | CORP              | NZ        |     17056 | NS      | $58462.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Iveco Group NV                                            | Iveco Group NV                                            | CUSIP: 000000000<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | NL        |     40682 | NS      | $241517.83    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ID Holdings Corp                                          | ID Holdings Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3400 | NS      | $24185.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DGL Group Ltd/Au                                          | DGL Group Ltd/Au                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     46778 | NS      | $44883.64     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Keyence Corp                                              | Keyence Corp                                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      7500 | NS      | $2936285.15   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                               | Bank Mandiri Persero Tbk PT                               | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    640500 | NS      | $407039.16    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     85268 | NS      | $966470.82    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                 | Kesko Oyj                                                 | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |      7116 | NS      | $157466.49    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                         | Wolters Kluwer NV                                         | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     15590 | NS      | $1628517.23   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Paper Mills Ltd                                | Mitsubishi Paper Mills Ltd                                | CUSIP: 000000000<br>LEI: 353800NBZ0Q01KOK1B77 | Long             | EC               | CORP              | JP        |      6100 | NS      | $13085.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitehaven Coal Ltd                                       | Whitehaven Coal Ltd                                       | CUSIP: 000000000<br>LEI: 529900WCZ4I6ZO3RRP86 | Long             | EC               | CORP              | AU        |    277752 | NS      | $1780736.89   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisho Pharmaceutical Holdings Co Ltd                     | Taisho Pharmaceutical Holdings Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8400 | NS      | $370761.65    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nextage Co Ltd                                            | Nextage Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     69800 | NS      | $1346749.15   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Fire & Marine Insurance Co Ltd                    | Samsung Fire & Marine Insurance Co Ltd                    | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      2439 | NS      | $386658.94    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp                   | Pan Pacific International Holdings Corp                   | CUSIP: 000000000<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |    168400 | NS      | $3126092.44   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                                       | WiseTech Global Ltd                                       | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |     23650 | NS      | $815542.59    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| LG H&H Co Ltd                                             | LG H&H Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       570 | NS      | $327979.32    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Medikit Co Ltd                                            | Medikit Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $17629.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                                         | SK Telecom Co Ltd                                         | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |      8803 | NS      | $329343.45    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Qol Holdings Co Ltd                                       | Qol Holdings Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $11505.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lucara Diamond Corp                                       | Lucara Diamond Corp                                       | CUSIP: 54928Q108<br>LEI: 549300GGHEV7KQEE8R10 | Long             | EC               | CORP              | CA        |     48000 | NS      | $17725.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Partner Group Ltd                                      | PC Partner Group Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     54000 | NS      | $34181.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-Select Inc                                            | Uni-Select Inc                                            | CUSIP: 90457D100<br>LEI: 549300GQ1WI8PKN1NQ40 | Long             | EC               | CORP              | CA        |      1500 | NS      | $47459.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                               | NetEase Inc                                               | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    106500 | NS      | $1552401.78   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Energisa SA                                               | Energisa SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     23010 | NS      | $192386.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                              | Secom Co Ltd                                              | CUSIP: 000000000<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |      7600 | NS      | $433545.06    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Victorian Plumbing Group PLC                              | Victorian Plumbing Group PLC                              | CUSIP: 000000000<br>LEI: 894500R59II0S4WXGZ04 | Long             | EC               | CORP              | GB        |     77529 | NS      | $72255.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Shokuhin Co Ltd                                | Mitsubishi Shokuhin Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2100 | NS      | $49574.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Obsidian Energy Ltd                                       | Obsidian Energy Ltd                                       | CUSIP: 674482203<br>LEI: 549300DITPHH8W8CK636 | Long             | EC               | CORP              | CA        |      1847 | NS      | $12249.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alma Media Oyj                                            | Alma Media Oyj                                            | CUSIP: 000000000<br>LEI: 743700ILU1PL86IW3429 | Long             | EC               | CORP              | FI        |      1354 | NS      | $13585.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mainfreight Ltd                                           | Mainfreight Ltd                                           | CUSIP: 000000000<br>LEI: 5493007BE0VNXX7RYQ88 | Long             | EC               | CORP              | NZ        |      4633 | NS      | $197406.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                                                 | Baidu Inc                                                 | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     29416 | NS      | $422805.66    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                             | Assa Abloy AB                                             | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |     86400 | NS      | $1858975.39   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                     | Rede D'Or Sao Luiz SA                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     24758 | NS      | $138534.66    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| M&A Research Institute Inc                                | M&A Research Institute Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4100 | NS      | $195753.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                                  | Engie SA                                                  | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    128193 | NS      | $1836241.66   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                     | Emaar Properties PJSC                                     | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    340476 | NS      | $541954.71    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd                             | CTBC Financial Holding Co Ltd                             | CUSIP: 000000000<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |    744000 | NS      | $534730.14    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Morito Co Ltd                                             | Morito Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4900 | NS      | $27459.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Duerr AG                                                  | Duerr AG                                                  | CUSIP: 000000000<br>LEI: 5299003APZ54EDTSRO20 | Long             | EC               | CORP              | DE        |     10233 | NS      | $345309.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| 3R PETROLEUM OLEO E GAS SA                                | 3R PETROLEUM OLEO E GAS SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     19941 | NS      | $143432.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HRnetgroup Ltd                                            | HRnetgroup Ltd                                            | CUSIP: 000000000<br>LEI: 5493005F7ABID7YZD323 | Long             | EC               | CORP              | SG        |    101100 | NS      | $59235.59     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hamakyorex Co Ltd                                         | Hamakyorex Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1100 | NS      | $26124.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                                   | DSV A/S                                                   | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      5780 | NS      | $916743.27    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                        | Grupo Financiero Banorte SAB de CV                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    107193 | NS      | $771444.14    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd                                   | Recruit Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      3700 | NS      | $117674.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ScS Group PLC                                             | ScS Group PLC                                             | CUSIP: 000000000<br>LEI: 213800LOXNVJIB4C7B98 | Long             | EC               | CORP              | GB        |      4004 | NS      | $7789.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                            | Atlas Copco AB                                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     84580 | NS      | $1001372.93   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Amiyaki Tei Co Ltd                                        | Amiyaki Tei Co Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $26460.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ponsse Oyj                                                | Ponsse Oyj                                                | CUSIP: 000000000<br>LEI: 7437000IQJS6ZC1FR041 | Long             | EC               | CORP              | FI        |       144 | NS      | $3905.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dah Sing Financial Holdings Ltd                           | Dah Sing Financial Holdings Ltd                           | CUSIP: 000000000<br>LEI: 529900J55QMXMR5KMH32 | Long             | EC               | CORP              | HK        |     18400 | NS      | $42434.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Surteco Group SE                                          | Surteco Group SE                                          | CUSIP: 000000000<br>LEI: 52990096XE56IELO5P09 | Long             | EC               | CORP              | DE        |       892 | NS      | $18232.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajis Co Ltd                                               | Ajis Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1000 | NS      | $16728.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QinetiQ Group PLC                                         | QinetiQ Group PLC                                         | CUSIP: 000000000<br>LEI: 213800S8OBDOZMCMUW34 | Long             | EC               | CORP              | GB        |      5105 | NS      | $22054.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupa Pracuj SA                                           | Grupa Pracuj SA                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PL        |     18330 | NS      | $171180.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC Business Consultants Co Ltd                          | OBIC Business Consultants Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5300 | NS      | $173371.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                           | AstraZeneca PLC                                           | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     28698 | NS      | $3894759.47   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Hirose Electric Co Ltd                                    | Hirose Electric Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $112579.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                              | Unilever PLC                                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     45100 | NS      | $2263181.12   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp                                      | Thomson Reuters Corp                                      | CUSIP: 884903709<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |     10050 | NS      | $1146471.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kongsberg Gruppen ASA                                     | Kongsberg Gruppen ASA                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |      5470 | NS      | $232153.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| New Hope Corp Ltd                                         | New Hope Corp Ltd                                         | CUSIP: 000000000<br>LEI: 254900DHRUGXZSLSNZ83 | Long             | EC               | CORP              | AU        |    128534 | NS      | $554757.07    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                                | FANUC Corp                                                | CUSIP: 000000000<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     13900 | NS      | $2074462.43   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                 | Bank of Ireland Group PLC                                 | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    220079 | NS      | $2086722.85   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd                                       | BlueScope Steel Ltd                                       | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     45419 | NS      | $517705.36    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                          | Powszechny Zaklad Ubezpieczen SA                          | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     41127 | NS      | $333132.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                   | Sika AG                                                   | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |      7710 | NS      | $1860341.22   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cembre SpA                                                | Cembre SpA                                                | CUSIP: 000000000<br>LEI: 8156008BFBC06F53DD56 | Long             | EC               | CORP              | IT        |       578 | NS      | $18984.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanken Electric Co Ltd                                    | Sanken Electric Co Ltd                                    | CUSIP: 000000000<br>LEI: 529900516DFVRCC25K90 | Long             | EC               | CORP              | JP        |      1000 | NS      | $48978.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                          | Pernod Ricard SA                                          | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     14801 | NS      | $2909278.21   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                                  | ICON PLC                                                  | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      9190 | NS      | $1785157.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella International Holdings Ltd                         | Stella International Holdings Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     52500 | NS      | $49371.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissin Corp                                               | Nissin Corp                                               | CUSIP: 000000000<br>LEI: 353800I34CZNQXPM2G81 | Long             | EC               | CORP              | JP        |      1100 | NS      | $17592.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry TJ Logistics Co Ltd                                 | Kerry TJ Logistics Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     87000 | NS      | $106963.73    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bastei Luebbe AG                                          | Bastei Luebbe AG                                          | CUSIP: 000000000<br>LEI: 529900F1RRY8J20M2I79 | Long             | EC               | CORP              | DE        |      1032 | NS      | $4890.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mito Securities Co Ltd                                    | Mito Securities Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800D7Y06VGBGCRS38 | Long             | EC               | CORP              | JP        |     30100 | NS      | $48554.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President Enterprises Corp                            | Uni-President Enterprises Corp                            | CUSIP: 000000000<br>LEI: 254900DAXBDMVEXU5959 | Long             | EC               | CORP              | TW        |    169000 | NS      | $366082.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mullen Group Ltd                                          | Mullen Group Ltd                                          | CUSIP: 625284104<br>LEI: 549300KLU7H5NA3I5P62 | Long             | EC               | CORP              | CA        |     40066 | NS      | $430546.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                                                 | Alcon Inc                                                 | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     69130 | NS      | $4748158.07   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Dor Alon Energy in Israel 1988 Ltd                        | Dor Alon Energy in Israel 1988 Ltd                        | CUSIP: 000000000<br>LEI: 9845000EEC9BF5N06482 | Long             | EC               | CORP              | IL        |       322 | NS      | $8508.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                         | Japan Tobacco Inc                                         | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |      5700 | NS      | $115254.41    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                       | Deutsche Telekom AG                                       | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     96524 | NS      | $1925312.87   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Guardian Capital Group Ltd                                | Guardian Capital Group Ltd                                | CUSIP: 401339304<br>LEI: 549300S01K8Y0KJYB822 | Long             | EC               | CORP              | CA        |      1100 | NS      | $31545.79     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Chouzai Co Ltd                                      | Nihon Chouzai Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2100 | NS      | $19427.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| E-L Financial Corp Ltd                                    | E-L Financial Corp Ltd                                    | CUSIP: 268575107<br>LEI: 5493008YS2NMV2UCI287 | Long             | EC               | CORP              | CA        |        45 | NS      | $29313.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetic Development Group Ltd                             | Kinetic Development Group Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    878000 | NS      | $67270.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakon Ltd                                                 | Rakon Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     19302 | NS      | $12516.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec AG                                     | Carl Zeiss Meditec AG                                     | CUSIP: 000000000<br>LEI: 529900GRL4MZ8NMOOK95 | Long             | EC               | CORP              | DE        |      6432 | NS      | $811808.91    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Golden Agri-Resources Ltd                                 | Golden Agri-Resources Ltd                                 | CUSIP: 000000000<br>LEI: 529900GAK9LTNC3IFY40 | Long             | EC               | CORP              | MU        |    902800 | NS      | $168332.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Telecommunications Organization SA               | Hellenic Telecommunications Organization SA               | CUSIP: 000000000<br>LEI: ELPUFM0XZRZO4LFXW404 | Long             | EC               | CORP              | GR        |     16065 | NS      | $250899.64    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                     | Auto Trader Group PLC                                     | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     45969 | NS      | $286859.32    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shinnihonseiyaku Co Ltd                                   | Shinnihonseiyaku Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1500 | NS      | $15684.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TIM SA/Brazil                                             | TIM SA/Brazil                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     79738 | NS      | $186560.90    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ono Pharmaceutical Co Ltd                                 | Ono Pharmaceutical Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |      8700 | NS      | $203516.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd                                     | Ryohin Keikaku Co Ltd                                     | CUSIP: 000000000<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |     25200 | NS      | $297310.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                    | Yum China Holdings Inc                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      8805 | NS      | $481193.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyokuto Securities Co Ltd                                 | Kyokuto Securities Co Ltd                                 | CUSIP: 000000000<br>LEI: 353800R99CTLN31DLI31 | Long             | EC               | CORP              | JP        |      7500 | NS      | $32706.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI India ETF                                    | iShares MSCI India ETF                                    | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |     59768 | NS      | $2494716.32   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank Ergasias Services and Holdings SA                | Eurobank Ergasias Services and Holdings SA                | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |    189084 | NS      | $213449.10    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd                                        | Perseus Mining Ltd                                        | CUSIP: 000000000<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |     20649 | NS      | $28980.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Ltd                              | Canadian Pacific Railway Ltd                              | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     35310 | NS      | $2633772.90   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Meisei Industrial Co Ltd                                  | Meisei Industrial Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7100 | NS      | $42138.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                           | Lojas Renner SA                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     55607 | NS      | $209467.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexco SA                                                  | Dexco SA                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     67470 | NS      | $86448.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                                | JD.com Inc                                                | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     59281 | NS      | $1666409.31   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core MSCI Total International Stock ETF           | iShares Core MSCI Total International Stock ETF           | CUSIP: 46432F834<br>LEI: 5493000KJHTQW5I5L936 | Long             | EC               | RF                | US        |   4188015 | NS      | $242402308.20 | 35.30%            |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                                    | WEG SA                                                    | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     43132 | NS      | $314144.58    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CIMB Group Holdings Bhd                                   | CIMB Group Holdings Bhd                                   | CUSIP: 000000000<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |    278592 | NS      | $366968.78    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Cycle & Carriage Ltd                              | Jardine Cycle & Carriage Ltd                              | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |     40100 | NS      | $856757.67    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                            | Li Ning Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    146000 | NS      | $1252862.07   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd                                     | Mineral Resources Ltd                                     | CUSIP: 000000000<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |      9359 | NS      | $492318.33    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                        | Trip.com Group Ltd                                        | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     20950 | NS      | $728080.77    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ClearView Wealth Ltd/Australia                            | ClearView Wealth Ltd/Australia                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     32954 | NS      | $10406.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                      | Fomento Economico Mexicano SAB de CV                      | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     12224 | NS      | $954938.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sopra Steria Group SACA                                   | Sopra Steria Group SACA                                   | CUSIP: 000000000<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      1507 | NS      | $227416.83    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindalco Industries Ltd                                   | Hindalco Industries Ltd                                   | CUSIP: 433064102<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |     43139 | NS      | $127260.05    | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| First Abu Dhabi Bank PJSC                                 | First Abu Dhabi Bank PJSC                                 | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |     55458 | NS      | $257938.19    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                            | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      1900 | NS      | $935137.98    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| IwaiCosmo Holdings Inc                                    | IwaiCosmo Holdings Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $88571.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                                   | CAE Inc                                                   | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |      8299 | NS      | $160524.97    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Ltd                           | Brookfield Asset Management Ltd                           | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     22850 | NS      | $654279.54    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equita Group SpA                                          | Equita Group SpA                                          | CUSIP: 000000000<br>LEI: 815600CF5C54AA9C0721 | Long             | EC               | CORP              | IT        |      3663 | NS      | $14295.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp                                                | Nidec Corp                                                | CUSIP: 000000000<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |     27600 | NS      | $1437324.47   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Zvi Sarfati & Sons Investments & Constructions 1992 Ltd   | Zvi Sarfati & Sons Investments & Constructions 1992 Ltd   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      4066 | NS      | $28453.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sparebanken More                                          | Sparebanken More                                          | CUSIP: 000000000<br>LEI: 5967007LIEEXZX5PU005 | Long             | EC               | CORP              | NO        |      4060 | NS      | $34895.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                          | Coca-Cola HBC AG                                          | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     15974 | NS      | $381285.23    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                                              | Leonardo SpA                                              | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |      9404 | NS      | $81061.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd                                                   | CSL Ltd                                                   | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     10090 | NS      | $1967457.26   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                            | BAWAG Group AG                                            | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |     27988 | NS      | $1488141.23   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Transcontinental Inc                                      | Transcontinental Inc                                      | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |      3485 | NS      | $39328.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASAHI YUKIZAI CORP                                        | ASAHI YUKIZAI CORP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $18993.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                         | Ashtead Group PLC                                         | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     62400 | NS      | $3564705.87   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsero SpA                                                | Orsero SpA                                                | CUSIP: 000000000<br>LEI: 8156001895E0F4E7A803 | Long             | EC               | CORP              | IT        |      8728 | NS      | $124371.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Enento Group Oyj                                          | Enento Group Oyj                                          | CUSIP: 000000000<br>LEI: 743700EPLUWXE25HGM03 | Long             | EC               | CORP              | FI        |      8142 | NS      | $186650.73    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Vale SA                                                   | Vale SA                                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     85486 | NS      | $1450697.42   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JK Holdings Co Ltd                                        | JK Holdings Co Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2100 | NS      | $16380.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon M&A Center Holdings Inc                             | Nihon M&A Center Holdings Inc                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51800 | NS      | $642521.20    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Hypoport SE                                               | Hypoport SE                                               | CUSIP: 000000000<br>LEI: 391200GNIFXXP6KRYQ46 | Long             | EC               | CORP              | DE        |      1373 | NS      | $143178.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shibuya Corp                                              | Shibuya Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3600 | NS      | $62405.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                  | Itau Unibanco Holding SA                                  | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    178564 | NS      | $841036.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sojitz Corp                                               | Sojitz Corp                                               | CUSIP: 000000000<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |      8000 | NS      | $152041.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                                 | Capitec Bank Holdings Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      3301 | NS      | $361080.02    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg AS                                              | Carlsberg AS                                              | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |     12502 | NS      | $1654970.98   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ME GROUP INTERNATIONAL PLC                                | ME GROUP INTERNATIONAL PLC                                | CUSIP: 000000000<br>LEI: 2138006YJ65EKBYYYX41 | Long             | EC               | CORP              | GB        |     16630 | NS      | $23167.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NuVista Energy Ltd                                        | NuVista Energy Ltd                                        | CUSIP: 67072Q104<br>LEI: 549300MG32TDSM60SX75 | Long             | EC               | CORP              | CA        |     58500 | NS      | $539202.36    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CSR Ltd                                                   | CSR Ltd                                                   | CUSIP: 000000000<br>LEI: 549300TOGR54OMW2T093 | Long             | EC               | CORP              | AU        |      3805 | NS      | $12146.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                          | Kasikornbank PCL                                          | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    209000 | NS      | $890067.85    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd                    | Wuxi Lead Intelligent Equipment Co Ltd                    | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |    124284 | NS      | $722821.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hargreaves Services PLC                                   | Hargreaves Services PLC                                   | CUSIP: 000000000<br>LEI: 213800O17BER1SHMH466 | Long             | EC               | CORP              | GB        |      3646 | NS      | $17389.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Centre Testing International Group Co Ltd                 | Centre Testing International Group Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     70800 | NS      | $227174.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Stock Ltd                                             | Max Stock Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     49351 | NS      | $82478.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Boa Vista Servicos SA                                     | Boa Vista Servicos SA                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    147640 | NS      | $202736.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp Japan                                         | Oracle Corp Japan                                         | CUSIP: 000000000<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |      1500 | NS      | $97596.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Horiba Ltd                                                | Horiba Ltd                                                | CUSIP: 000000000<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |      7900 | NS      | $344746.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                   | Reliance Industries Ltd                                   | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     29996 | NS      | $1847705.61   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc                                   | Lululemon Athletica Inc                                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      3900 | NS      | $1249482.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hi-Fi Ltd                                              | JB Hi-Fi Ltd                                              | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |     36303 | NS      | $1035659.87   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                     | Waste Connections Inc                                     | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      7750 | NS      | $1027340.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                              | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     83633 | NS      | $1558884.30   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Wacker Chemie AG                                          | Wacker Chemie AG                                          | CUSIP: 000000000<br>LEI: 0NURKC5Q3CJYZPPK5046 | Long             | EC               | CORP              | DE        |      3706 | NS      | $473675.26    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Aspen Pharmacare Holdings Ltd                             | Aspen Pharmacare Holdings Ltd                             | CUSIP: 000000000<br>LEI: 635400ZYSN1IRD5QWQ94 | Long             | EC               | CORP              | ZA        |     38860 | NS      | $312151.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                             | BHP Group Ltd                                             | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     93405 | NS      | $2891932.89   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Assicurazioni Generali SpA                                | Assicurazioni Generali SpA                                | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |     39635 | NS      | $703892.73    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ichimasa Kamaboko Co Ltd                                  | Ichimasa Kamaboko Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5400 | NS      | $29253.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Derichebourg SA                                           | Derichebourg SA                                           | CUSIP: 000000000<br>LEI: 969500QOO4C4IPGID263 | Long             | EC               | CORP              | FR        |      2407 | NS      | $14308.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hamilton Thorne Ltd                                       | Hamilton Thorne Ltd                                       | CUSIP: 407891100<br>LEI: 254900AGS8MJ9M2VL213 | Long             | EC               | CORP              | CA        |      9700 | NS      | $11677.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lasertec Corp                                             | Lasertec Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7500 | NS      | $1245767.80   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                    | Standard Chartered PLC                                    | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    190466 | NS      | $1429585.06   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                              | Experian PLC                                              | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    133520 | NS      | $4545498.18   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| APT Satellite Holdings Ltd                                | APT Satellite Holdings Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     94000 | NS      | $25334.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                               | Naspers Ltd                                               | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      3817 | NS      | $629235.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Alten SA                                                  | Alten SA                                                  | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      3737 | NS      | $469258.36    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| IBJ Inc                                                   | IBJ Inc                                                   | CUSIP: 000000000<br>LEI: 3538007R4USIYYLQCD79 | Long             | EC               | CORP              | JP        |      3700 | NS      | $27613.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Temairazu Inc                                             | Temairazu Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       400 | NS      | $15091.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Man Group PLC/Jersey                                      | Man Group PLC/Jersey                                      | CUSIP: 000000000<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | JE        |    284266 | NS      | $734543.77    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Solasto Corp                                              | Solasto Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6400 | NS      | $34784.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                | Eiffage SA                                                | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     14636 | NS      | $1443192.93   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Ebara Foods Industry Inc                                  | Ebara Foods Industry Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1400 | NS      | $32265.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                                              | Prysmian SpA                                              | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     35360 | NS      | $1308995.94   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                                   | Aon PLC                                                   | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      8110 | NS      | $2434135.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDI Co Ltd                                        | Samsung SDI Co Ltd                                        | CUSIP: 000000000<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      2234 | NS      | $1052668.47   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd                                        | VTech Holdings Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     34200 | NS      | $219743.32    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                             | MTN Group Ltd                                             | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     50481 | NS      | $378137.17    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoosiers Holdings Co Ltd                                  | Hoosiers Holdings Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2800 | NS      | $15795.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Funai Soken Holdings Inc                                  | Funai Soken Holdings Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1700 | NS      | $35167.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                                | Ferrari NV                                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     14000 | NS      | $2995383.42   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd                               | Nien Made Enterprise Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     60000 | NS      | $574600.54    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                                         | Computershare Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     86589 | NS      | $1544738.82   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Hito Communications Holdings Inc                          | Hito Communications Holdings Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2800 | NS      | $32395.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| S-1 Corp                                                  | S-1 Corp                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3681 | NS      | $173095.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ichinen Holdings Co Ltd                                   | Ichinen Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $18969.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Raiffeisen Bank International AG                          | Raiffeisen Bank International AG                          | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |     10337 | NS      | $169848.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bonterra Energy Corp                                      | Bonterra Energy Corp                                      | CUSIP: 098546104<br>LEI: 529900VJOU2CH2WZ6949 | Long             | EC               | CORP              | CA        |      6450 | NS      | $32202.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sompo Holdings Inc                                        | Sompo Holdings Inc                                        | CUSIP: 000000000<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     32300 | NS      | $1434209.19   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                  | Bayer AG                                                  | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     21987 | NS      | $1135243.30   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                                      | Hermes International                                      | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       921 | NS      | $1421231.74   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                                  | Mitsubishi Electric Corp                                  | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     83400 | NS      | $825584.11    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Satellite Chemical Co Ltd                                 | Satellite Chemical Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300EB6R0AX600R053 | Long             | EC               | CORP              | CN        |    210669 | NS      | $469150.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Warabeya Nichiyo Holdings Co Ltd                          | Warabeya Nichiyo Holdings Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13700 | NS      | $190967.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                                    | Accton Technology Corp                                    | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     31000 | NS      | $236261.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                                    | RWE AG                                                    | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     26004 | NS      | $1156314.46   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Scales Corp Ltd                                           | Scales Corp Ltd                                           | CUSIP: 000000000<br>LEI: 254900IWZH7OUG9T2R86 | Long             | EC               | CORP              | NZ        |      9331 | NS      | $24285.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                                               | Cameco Corp                                               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     93000 | NS      | $2107954.21   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                                | Samsung Electronics Co Ltd                                | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1930 | NS      | $2145292.35   | 0.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Gruppo MutuiOnline SpA                                    | Gruppo MutuiOnline SpA                                    | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |      6959 | NS      | $196353.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ebara Jitsugyo Co Ltd                                     | Ebara Jitsugyo Co Ltd                                     | CUSIP: 000000000<br>LEI: 3538004CBM4WNU6CM653 | Long             | EC               | CORP              | JP        |       900 | NS      | $15078.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Makiya Co Ltd                                             | Makiya Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1100 | NS      | $5849.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Belships ASA                                              | Belships ASA                                              | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJCKO49 | Long             | EC               | CORP              | NO        |      3699 | NS      | $5381.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meitec Corp                                               | Meitec Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13300 | NS      | $240158.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Canfor Corp                                               | Canfor Corp                                               | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |      3200 | NS      | $50363.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo Oyj                                                 | Sampo Oyj                                                 | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |     43994 | NS      | $2300371.27   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd                 | Shenzhou International Group Holdings Ltd                 | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |     40800 | NS      | $459115.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                    | AP Moller - Maersk A/S                                    | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       562 | NS      | $1262288.06   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Techno Medica Co Ltd                                      | Techno Medica Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1900 | NS      | $25015.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Computer Modelling Group Ltd                              | Computer Modelling Group Ltd                              | CUSIP: 205249105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     16822 | NS      | $72431.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MMA Offshore Ltd                                          | MMA Offshore Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     20255 | NS      | $13171.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canfor Pulp Products Inc                                  | Canfor Pulp Products Inc                                  | CUSIP: 137584207<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2940 | NS      | $8989.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORESCO Corp                                              | MORESCO Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1400 | NS      | $12430.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Falabella SA                                              | Falabella SA                                              | CUSIP: 000000000<br>LEI: 5493004CKJQ7H391LM41 | Long             | EC               | CORP              | CL        |     38278 | NS      | $74457.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Luk Fook Holdings International Ltd                       | Luk Fook Holdings International Ltd                       | CUSIP: 000000000<br>LEI: 529900U7PECBLERIIX44 | Long             | EC               | CORP              | BM        |     24000 | NS      | $71322.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                    | ANZ Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    138573 | NS      | $2232260.57   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                           | Norsk Hydro ASA                                           | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    169353 | NS      | $1268372.22   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Martinrea International Inc                               | Martinrea International Inc                               | CUSIP: 573459104<br>LEI: 5493004U3PUN21MLJG41 | Long             | EC               | CORP              | CA        |     16079 | NS      | $133714.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Financial Holding Co Ltd                           | Cathay Financial Holding Co Ltd                           | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |    292037 | NS      | $379851.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd/The                                        | Chiba Bank Ltd/The                                        | CUSIP: 000000000<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |    259000 | NS      | $1898172.37   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordnet AB publ                                           | Nordnet AB publ                                           | CUSIP: 000000000<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |      8953 | NS      | $130188.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CBo Territoria                                            | CBo Territoria                                            | CUSIP: 000000000<br>LEI: 969500G118PJ7KZ4HQ90 | Long             | EC               | CORP              | FR        |      4714 | NS      | $18218.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd                    | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    434500 | NS      | $1087457.09   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ilex Medical Ltd                                          | Ilex Medical Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |       608 | NS      | $16571.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Medical Data Vision Co Ltd                                | Medical Data Vision Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3900 | NS      | $26670.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                                   | Sieyuan Electric Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     41600 | NS      | $228264.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International AG                           | Kuehne + Nagel International AG                           | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |      4196 | NS      | $975082.77    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                    | Petroleo Brasileiro SA                                    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     21546 | NS      | $229464.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                                                | Merck KGaA                                                | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     13048 | NS      | $2526878.17   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                 | Alibaba Group Holding Ltd                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    128016 | NS      | $1413445.72   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Shofu Inc                                                 | Shofu Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $34720.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     10378 | NS      | $1440390.01   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Chen Hsong Holdings                                       | Chen Hsong Holdings                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     44000 | NS      | $10116.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA              | Cie Generale des Etablissements Michelin SCA              | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     86500 | NS      | $2405296.43   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                               | NN Group NV                                               | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     38400 | NS      | $1568306.92   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd                                         | Swire Pacific Ltd                                         | CUSIP: 000000000<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |    189500 | NS      | $1661999.62   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                              | SK Hynix Inc                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     32154 | NS      | $1935409.52   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Cipla Ltd/India                                           | Cipla Ltd/India                                           | CUSIP: 172977209<br>LEI: 335800KMJJYEDDK82Q34 | Long             | EC               | CORP              | IN        |     32913 | NS      | $427869.00    | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Haleon PLC                                                | Haleon PLC                                                | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    763300 | NS      | $3053110.48   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     11200 | NS      | $3641834.53   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp ACCIONA Energias Renovables SA                       | Corp ACCIONA Energias Renovables SA                       | CUSIP: 000000000<br>LEI: 254900UPX0OEHTKB9Y44 | Long             | EC               | CORP              | ES        |      2261 | NS      | $87382.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyokuto Kaihatsu Kogyo Co Ltd                             | Kyokuto Kaihatsu Kogyo Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3600 | NS      | $39572.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                              | Glencore PLC                                              | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    281706 | NS      | $1883704.45   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Birchcliff Energy Ltd                                     | Birchcliff Energy Ltd                                     | CUSIP: 090697103<br>LEI: 5493000BBN3EF2L0XW29 | Long             | EC               | CORP              | CA        |     34800 | NS      | $242366.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokuyama Corp                                             | Tokuyama Corp                                             | CUSIP: 000000000<br>LEI: 529900MHGZKHNMNCQB62 | Long             | EC               | CORP              | JP        |     16700 | NS      | $226608.64    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                          | Raia Drogasil SA                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    113490 | NS      | $510219.64    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Digia Oyj                                                 | Digia Oyj                                                 | CUSIP: 000000000<br>LEI: 743700QVAG6OXK5OP587 | Long             | EC               | CORP              | FI        |       375 | NS      | $2291.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd                            | Anhui Gujing Distillery Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11700 | NS      | $187153.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Brother Industries Ltd                                    | Brother Industries Ltd                                    | CUSIP: 000000000<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |     36000 | NS      | $544756.08    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co Ltd                                                | SMS Co Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9900 | NS      | $252915.11    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KAWADA TECHNOLOGIES Inc                                   | KAWADA TECHNOLOGIES Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $22356.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Solvay SA                                                 | Solvay SA                                                 | CUSIP: 000000000<br>LEI: 549300MMVL80RTBP3O28 | Long             | EC               | CORP              | BE        |     11843 | NS      | $1200412.03   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Toell Co Ltd                                              | Toell Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4000 | NS      | $22695.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Channel Infrastructure NZ Ltd                             | Channel Infrastructure NZ Ltd                             | CUSIP: 000000000<br>LEI: 984500A6695797B1E679 | Long             | EC               | CORP              | NZ        |    101742 | NS      | $92233.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Argo Graphics Inc                                         | Argo Graphics Inc                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1000 | NS      | $28021.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHX Energy Services Corp                                  | PHX Energy Services Corp                                  | CUSIP: 69338U101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      5600 | NS      | $32135.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MTY Food Group Inc                                        | MTY Food Group Inc                                        | CUSIP: 55378N107<br>LEI: 5493004BLYNZ8OWF5Z08 | Long             | EC               | CORP              | CA        |       214 | NS      | $9019.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                                       | Erste Group Bank AG                                       | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     57000 | NS      | $1817593.18   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                    | BP PLC                                                    | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     51983 | NS      | $1815766.19   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Skjern Bank                                               | Skjern Bank                                               | CUSIP: 000000000<br>LEI: 549300I3ZBJQDXA7AS20 | Long             | EC               | CORP              | DK        |       547 | NS      | $9588.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe pour l'Informatique Industrielle                  | Societe pour l'Informatique Industrielle                  | CUSIP: 000000000<br>LEI: 96950044FWV7YEJCKR65 | Long             | EC               | CORP              | FR        |      1585 | NS      | $77032.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                                      | Dassault Systemes SE                                      | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     86500 | NS      | $3119801.75   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                 | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    304000 | NS      | $4430693.14   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                                 | KDDI Corp                                                 | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     88400 | NS      | $2671812.24   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                                      | Banca Mediolanum SpA                                      | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     29300 | NS      | $244775.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Anritsu Corp                                              | Anritsu Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26100 | NS      | $253177.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                             | Credicorp Ltd                                             | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     23265 | NS      | $3156129.90   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander Chile                                     | Banco Santander Chile                                     | CUSIP: 05965X109<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | EC               | CORP              | CL        |     19408 | NS      | $307422.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilbara Minerals Ltd                                      | Pilbara Minerals Ltd                                      | CUSIP: 000000000<br>LEI: 5299000VV1CZVF5K9C16 | Long             | EC               | CORP              | AU        |    236955 | NS      | $603809.72    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                 | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     28466 | NS      | $2120432.34   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nohmi Bosai Ltd                                           | Nohmi Bosai Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3700 | NS      | $44279.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Ichi Cutter Kogyo KK                                  | Dai-Ichi Cutter Kogyo KK                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2800 | NS      | $22659.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shibusawa Warehouse Co Ltd/The                            | Shibusawa Warehouse Co Ltd/The                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1900 | NS      | $29938.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd                      | China Pacific Insurance Group Co Ltd                      | CUSIP: 000000000<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               | CORP              | CN        |    217600 | NS      | $480512.89    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                          | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       244 | NS      | $206482.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                                               | South32 Ltd                                               | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    479088 | NS      | $1296852.18   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                               | Aker BP ASA                                               | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |     27042 | NS      | $842928.56    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Melexis NV                                                | Melexis NV                                                | CUSIP: 000000000<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |      2723 | NS      | $237115.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                            | ICICI Bank Ltd                                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    151647 | NS      | $3319552.83   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimplats Holdings Ltd                                     | Zimplats Holdings Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |      1092 | NS      | $19119.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nanyo Corp                                                | Nanyo Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $18997.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cogeco Inc                                                | Cogeco Inc                                                | CUSIP: 19238T100<br>LEI: 5493000KSZQCX0QM2V25 | Long             | EC               | CORP              | CA        |       500 | NS      | $23474.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Numis Corp PLC                                            | Numis Corp PLC                                            | CUSIP: 000000000<br>LEI: 213800ARWWDZZCNBHD25 | Long             | EC               | CORP              | GB        |     18579 | NS      | $42888.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Kogyo Corp                                          | Nitto Kogyo Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3300 | NS      | $59052.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                              | State Street Institutional Treasury Money Market Fund     | CUSIP: 857492623<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |   8013814 | NS      | $8013814.31   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NZME Ltd                                                  | NZME Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     15540 | NS      | $11525.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                            | Prudential PLC                                            | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     46792 | NS      | $633218.97    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                               | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     66810 | NS      | $6051737.37   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Mettler-Toledo International Inc                          | Mettler-Toledo International Inc                          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       880 | NS      | $1271996.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Beach Energy Ltd                                          | Beach Energy Ltd                                          | CUSIP: 000000000<br>LEI: 8Q9PJD25OKTQT5FHUF40 | Long             | EC               | CORP              | AU        |    305873 | NS      | $333019.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke DSM NV                                        | Koninklijke DSM NV                                        | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |     20400 | NS      | $2500948.02   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Machinery & Metal Co Ltd                             | Toyo Machinery & Metal Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5200 | NS      | $21742.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                             | AIA Group Ltd                                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    670700 | NS      | $7389104.50   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                                  | NEC Corp                                                  | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |     20300 | NS      | $710244.91    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KSB SE & Co KGaA                                          | KSB SE & Co KGaA                                          | CUSIP: 000000000<br>LEI: 529900BVAET534PD7C28 | Long             | EC               | CORP              | DE        |        32 | NS      | $13672.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                         | Hon Hai Precision Industry Co Ltd                         | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    343000 | NS      | $1114365.76   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                                   | Reliance Industries Ltd                                   | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      7407 | NS      | $455530.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakiyasu Honten Co Ltd                                    | Kakiyasu Honten Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $14282.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                      | Tencent Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     83600 | NS      | $3553184.38   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuriyama Holdings Corp                                    | Kuriyama Holdings Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5400 | NS      | $34059.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaki Electric Co Ltd                                     | Osaki Electric Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4500 | NS      | $17847.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MarkLines Co Ltd                                          | MarkLines Co Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11800 | NS      | $229897.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                             | Axis Bank Ltd                                             | CUSIP: 05462W109<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |      9970 | NS      | $566296.00    | 0.08%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Natural Food International Holding Ltd                    | Natural Food International Holding Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    208000 | NS      | $12627.68     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nufarm Ltd/Australia                                      | Nufarm Ltd/Australia                                      | CUSIP: 000000000<br>LEI: 529900QVU58IVMPRWJ98 | Long             | EC               | CORP              | AU        |      4508 | NS      | $18700.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VSTECS Holdings Ltd                                       | VSTECS Holdings Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    320000 | NS      | $184505.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenko Mayonnaise Co Ltd                                   | Kenko Mayonnaise Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4500 | NS      | $46803.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Innovent Biologics Inc                                    | Innovent Biologics Inc                                    | CUSIP: 000000000<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |     77500 | NS      | $332732.58    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                        | Coca-Cola Europacific Partners PLC                        | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     74131 | NS      | $4100926.92   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Pharma PLC                                       | Alliance Pharma PLC                                       | CUSIP: 000000000<br>LEI: 213800RYIWZA4Q5WPZ13 | Long             | EC               | CORP              | GB        |     46959 | NS      | $30072.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                                 | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     19100 | NS      | $2386797.32   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                             | Allegro.eu SA                                             | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |     26497 | NS      | $152624.39    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Justsystems Corp                                          | Justsystems Corp                                          | CUSIP: 000000000<br>LEI: 5299006DS4ZV570NR192 | Long             | EC               | CORP              | JP        |     10700 | NS      | $229527.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC arbitrage                                             | ABC arbitrage                                             | CUSIP: 000000000<br>LEI: 969500IZ7E6B3QVX2I11 | Long             | EC               | CORP              | FR        |      2489 | NS      | $17185.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI Holdings Co Ltd                                     | MEIJI Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      2700 | NS      | $138646.46    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| STERIS PLC                                                | STERIS PLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      8690 | NS      | $1604956.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Seimitsu Co Ltd                                     | Tokyo Seimitsu Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9100 | NS      | $295655.17    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Glory Ltd                                                 | Glory Ltd                                                 | CUSIP: 000000000<br>LEI: 3538003FKID28TGG5U64 | Long             | EC               | CORP              | JP        |      2800 | NS      | $46433.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                             | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     54470 | NS      | $3726292.70   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Step Co Ltd                                               | Step Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $16363.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc                                 | Tokio Marine Holdings Inc                                 | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     70500 | NS      | $1509163.24   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| iA Financial Corp Inc                                     | iA Financial Corp Inc                                     | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |       400 | NS      | $23418.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OFX Group Ltd                                             | OFX Group Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     13042 | NS      | $21171.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wagners Holding Co Ltd                                    | Wagners Holding Co Ltd                                    | CUSIP: 000000000<br>LEI: 549300870JR461HY2844 | Long             | EC               | CORP              | AU        |     12951 | NS      | $6886.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FM Mattsson Mora Group AB                                 | FM Mattsson Mora Group AB                                 | CUSIP: 000000000<br>LEI: 549300X3RXRNVJH7XE65 | Long             | EC               | CORP              | SE        |      2861 | NS      | $16609.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                 | QIAGEN NV                                                 | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     18271 | NS      | $919552.45    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Himacs Ltd                                                | Himacs Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       200 | NS      | $2201.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gjensidige Forsikring ASA                                 | Gjensidige Forsikring ASA                                 | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |      1848 | NS      | $36264.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                     | Schneider Electric SE                                     | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     14160 | NS      | $1991454.43   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Petro Rio SA                                              | Petro Rio SA                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     43563 | NS      | $308374.88    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                                       | Swatch Group AG/The                                       | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      4598 | NS      | $1305352.86   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                               | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     44344 | NS      | $1590547.83   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 Consulting Group AB                                    | B3 Consulting Group AB                                    | CUSIP: 000000000<br>LEI: 549300DY2G2PN6NAI688 | Long             | EC               | CORP              | SE        |      8679 | NS      | $130880.85    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                    | Yara International ASA                                    | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     27501 | NS      | $1209163.52   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica SpA            | Recordati Industria Chimica e Farmaceutica SpA            | CUSIP: 000000000<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |     12712 | NS      | $528402.65    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Wowow Inc                                                 | Wowow Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5000 | NS      | $48181.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Malaysia Bhd                                     | Heineken Malaysia Bhd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     24602 | NS      | $140761.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                        | Anglo American PLC                                        | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     28877 | NS      | $1129456.98   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC                                  | Howden Joinery Group PLC                                  | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |    101406 | NS      | $689181.47    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                                   | Meituan                                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     97900 | NS      | $2164704.14   | 0.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Centrica PLC                                              | Centrica PLC                                              | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |     18974 | NS      | $22095.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruzen Showa Unyu Co Ltd                                 | Maruzen Showa Unyu Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       900 | NS      | $20807.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Peyto Exploration & Development Corp                      | Peyto Exploration & Development Corp                      | CUSIP: 717046106<br>LEI: 549300WZKJ63UJDWP310 | Long             | EC               | CORP              | CA        |     14160 | NS      | $145051.11    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                 | Linde PLC                                                 | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      3830 | NS      | $1252299.26   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Naturhouse Health SAU                                     | Naturhouse Health SAU                                     | CUSIP: 000000000<br>LEI: 95980007WW7TNTYX8B36 | Long             | EC               | CORP              | ES        |      7581 | NS      | $12819.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Energy Ltd                                       | Cardinal Energy Ltd                                       | CUSIP: 14150G400<br>LEI: 54930032PTI7XWCLOD92 | Long             | EC               | CORP              | CA        |     10800 | NS      | $60779.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiken Corp                                               | Daiken Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3500 | NS      | $55482.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infotel SA                                                | Infotel SA                                                | CUSIP: 000000000<br>LEI: 9695008JULKH9KJQLP04 | Long             | EC               | CORP              | FR        |       299 | NS      | $17665.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Terracom Ltd                                              | Terracom Ltd                                              | CUSIP: 000000000<br>LEI: 5299008CZ6QOXMYKVY20 | Long             | EC               | CORP              | AU        |    309798 | NS      | $195462.81    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Kasei Co Ltd                                      | Sekisui Kasei Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5300 | NS      | $15594.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutz AG                                                  | Deutz AG                                                  | CUSIP: 000000000<br>LEI: 5299005DETTV58V2PP63 | Long             | EC               | CORP              | DE        |     39178 | NS      | $169641.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                 | Kesko Oyj                                                 | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |      1720 | NS      | $37496.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ShawCor Ltd                                               | Shawcor Ltd                                               | CUSIP: 820439107<br>LEI: 549300KP4U2Z1IKXOL88 | Long             | EC               | CORP              | CA        |     25600 | NS      | $259781.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                                        | Qantas Airways Ltd                                        | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    279393 | NS      | $1124909.54   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AG Barr PLC                                               | AG Barr PLC                                               | CUSIP: 000000000<br>LEI: 213800QWTXXXF8BNEC87 | Long             | EC               | CORP              | GB        |      7292 | NS      | $46904.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shoprite Holdings Ltd                                     | Shoprite Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 529900Q4O1EYP6NH5150 | Long             | EC               | CORP              | ZA        |     32210 | NS      | $428512.30    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Land Ltd                                  | China Resources Land Ltd                                  | CUSIP: 000000000<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | KY        |     62000 | NS      | $281603.37    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Services and Holdings SA                            | Alpha Services and Holdings SA                            | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | EC               | CORP              | GR        |    101424 | NS      | $108217.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SkiStar AB                                                | SkiStar AB                                                | CUSIP: 000000000<br>LEI: 529900CD7HSJ1CZS7089 | Long             | EC               | CORP              | SE        |      2290 | NS      | $24413.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Chem Ltd                                               | LG Chem Ltd                                               | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |      2095 | NS      | $1002186.37   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Saudi Arabia ETF                             | iShares MSCI Saudi Arabia ETF                             | CUSIP: 46434V423<br>LEI: 5493004P512V6ELEIL59 | Long             | EC               | RF                | US        |     26933 | NS      | $1015912.76   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Quadient SA                                               | Quadient SA                                               | CUSIP: 000000000<br>LEI: 549300K4W3A5ITOPTK67 | Long             | EC               | CORP              | FR        |      2557 | NS      | $37806.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                         | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    290955 | NS      | $1814531.97   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SMK Corp                                                  | SMK Corp                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $22720.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                               | Heineken NV                                               | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     28000 | NS      | $2630643.02   | 0.38%             |  |  |  | No            |                  2 | 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