PFM Multi-Manager Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23282

PFM Multi-manager series trust

(Exact name of registrant as specified in charter)

213 Market Street, Harrisburg, Pennsylvania 17101-2141

(Address of principal executive offices) (zip code)

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

Copy to:

Jonathan Kopcsik, Esq.

Stradley Ronon Stevens & Young LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania, 19103-7018

Registrant's telephone number, including area code: (883) 736-6678

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached hereto.

(b)

Not applicable to the Registrant.

TABLE OF CONTENTS

PFM MULTI-MANAGER SERIES TRUST
SEMI-ANNUAL REPORT

MARCH 31, 2021

TABLE OF CONTENTS

For further information on the PFM Multi-Manager Series Trust (the “Trust”) portfolios,
call 1-833-736-6678 or visit us online at www.pfm.com/multiassetfunds

This semi-annual report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. The prospectus can be obtained from PFM Fund Distributors, Inc., the Trust’s Distributor. The prospectus provides more complete information including charges and expenses. Please read the prospectus carefully before investing.

The Trust will file its complete schedule of investments with the SEC for the last month of the Fund’s first or third fiscal quarters on Form N-PORT. The Trust’s Form N-PORT filings are available (i) without charge, upon request, by calling the Trust at 1-833-736-6678, (ii) on the Trust’s website at www.mmst.pfm.com, (iii) on the SEC’s website at http://www.sec.gov, or (iv) at the SEC’s public reference room in Washington,D.C. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

The Trust has adopted the proxy voting policies of its adviser. A description of the policies and procedures that the Trust has adopted to determine how to vote proxies relating to portfolio securities are contained in the Trust’s Statement of Additional Information, which is available (i) without charge, upon request, by calling the Trust at 1-833-736-6678,
(ii) on the Trust’s website at www.mmst.pfm.com, (iii) on the SEC’s website at www.sec.gov, or (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding the Trust’s proxy voting policies and procedures, as well as information regarding how the Trust voted proxies, if any, during the most recent 12-month period ended June 30 is available without charge (1) by calling 1-833-736-6678 (toll free), or (2) on the website of the SEC at www.sec.gov.

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Message from the Adviser (unaudited)

We are pleased to present the Semi-Annual Report for the PFM Multi-Manager Series Trust (the “Trust”) and the Trust’s PFM Multi-Manager Domestic Equity Fund (“Domestic Equity Fund”), PFM Multi-Manager International Equity Fund (“International Equity Fund”) and PFM Multi-Manager Fixed-Income Fund (“Fixed Income Fund) (each a “Fund” and, collectively, the “Funds”), for the six month period ended March 31, 2021.

The semi-annual period ending March 31, 2021 saw the beginning of recovery following the deep economic contraction brought on by the COVID-19 pandemic. Helped by aggressive monetary and fiscal responses, the U.S. economy grew at an annual rate of 33.1%, a strong rebound from the 31.4% annualized contraction of the second quarter. The rebound continued in the fourth quarter of calendar year 2020 with an annualized 4% expansion. The economy is expected to continue to grow at above trend levels for both 2021 and 2022. Outside of the U.S., economic conditions also began to stabilize and show signs of improvement. The International Monetary Fund (the “IMF”) expects the global economy to grow at a healthy pace of 6.0% in 2021 and a still strong 4.4% in 2022 led by emerging markets, which are expected to grow 6.7% and 5.0% in 2021 and 2022, respectively. China, the only major economy to avoid a recession in 2020, is expected to grow 8.4% in 2021 and 5.6% in 2022.

As a result of improving economic fundamentals, capital markets turned into a very strong performer in the fiscal semi-annual period. The S&P 500 returned 19.1%, including dividends during the period. The strong performance was driven by the more cyclical sectors of the markets, including energy and financials, while the more stable sectors and technology underperformed; value stocks outperformed growth. Unlike the previous period when the equity rally was led by a relatively small number of stocks, the equity market broadened, with the equal-weighted S&P 500 outperforming the market-cap weighted index. International equities likewise turned in a strong performance with non-U.S. developed markets returning about 20%, while emerging market equities outperformed with a 23% return. The performance of the credit markets was mixed. While high yield bonds returned mid-single digit, investment grade bonds were down about 2.0%. Long term Treasuries were down mid-teens, reversing the prior period’s strong performance as interest rates began to reflect an improving economy. As investors began to discount that an improving economy combined with easy monetary policy and significant fiscal stimulus might lead to higher inflation, commodities, which have performed poorly for an extended period of time, turned in a strong performance during the period.

While the economic fundamentals look promising and capital markets are behaving well, there are signs of concerns that we will continue to monitor. The bear market that bottomed out on March 23, 2020 was one of the shortest on record. Investor sentiment seems to accentuate the continued economic recovery, easy monetary policy for the foreseeable future and continuing fiscal stimulus. With valuations at the upper end of what may be considered fair value, we may see a correction over the next several months before the equity market resumes its upward trajectory as a lot of the good news is already discounted in the current equity prices.

We remain constructive on the economic recovery and expected performance for capital markets. But one issue that investors may need to focus on is possible higher interest rates. Jay Powell and most of his colleagues at the U.S. Federal Reserve (the “Fed”) have reiterated several times that they do not expect to begin to raise rates well into 2023. Market based indicators are beginning to suggest that the Fed may need to begin to normalize rates at some point in 2022. This divergence has the potential to lead to higher volatility and put downward pressure on equity valuations. An additional issue that investors need to carefully consider is the possibility of rising inflation. Both Powell and Treasury Secretary Yellen have made the case that while inflation may rise in the short term, higher inflation is likely to be transitory. While this remains the base case, some economists such as Olivier Blanchard, the former chief economist for the IMF, are beginning to warn that we may be creating the conditions for an extended period of higher inflation. Should this prove to be the case, the Fed will be forced to act aggressively to rein in inflation, which may cause a recession. While the base case is that inflation is likely to continue to remain well behaved, investors do need to carefully monitor early signs of inflation. Commodity prices, purchasing managers’ index price indices, rising home prices, etc. all suggest that investors would be well served to focus on possible higher inflation.

The U.S. faces a number of issues both domestically and internationally. Domestically, social tensions are rising while productivity continues to be weak. On the international front, there are a number of areas that may prove troublesome. U.S.-China relations have not improved despite a new president. The recent meeting between the Biden Administration and China did not go well. Russia continues to be a concern. Iran and North Korea may also try to test Biden.

While some risks bear watching, we remain constructive and expect the economy to continue to recover and risk assets such as equities, credit, etc. to continue to perform well. The labor market continues to improve and we expect the unemployment rate to fall back to the previous low level over the next year or so. Households are generally in strong financial position with household net worth hitting an all time high and elevated savings rate. Home sales continue to be strong with the limiting factor being available inventory. Corporate profits are recovering strongly. We believe there is significant pent-up demand that will drive continued economic growth for the rest of the year.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 1

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Management Discussion of Fund Performance (unaudited)

PFM Multi-Manager Domestic Equity Fund Review

The Domestic Equity Fund uses a multi-manager approach, allocating assets to one or more sub-advisers who act independently and in keeping with their distinct investment styles. The Fund may also allocate assets to third-party mutual funds and ETFs. Assets are primarily invested in U.S. equities. The Fund utilized the following sub-advisers as of March 31, 2021: Champlain Investment Partners, LLC, Jacobs Levy Equity Management, Inc., Nuance Investments, LLC, and Vaughan Nelson Investment Management, L.P. The Fund also held a position in the Vanguard Total Stock Market ETF. For the six months ending March 31, 2021, the Domestic Equity Fund returned 23.19%, outperforming the Russell 3000 Index return of 21.96% for the same period. The outperformance was largely a result of an overweight to the dedicated small cap manager, Jacobs Levy Small Cap. Nuance All Cap strategy benefitted from the economic reopening, as well as broadening in the market. Vaughan Nelson Select also outperformed its benchmark through strong sector allocation.

	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Champlain Investment Partners, LLC		8.9		65.5	Active U.S. Mid-Cap
Jacobs Levy Equity Management, Inc.		5.9		43.7	Active U.S. Small-Cap
Nuance Investments, LLC		12.3		90.2	Active U.S. All-Cap
Vaughan Nelson Investment Management, L.P.		12.7		93.1	Active U.S. All-Cap

Note: Fund Assets % column does not add up to 100% of the total assets on the Schedule of Investments due to $439.5 million invested in the Vanguard Total Stock Market ETF, Fund level cash and rounding differences.

Sector Diversification	%
Communication Services		8.0
Consumer Discretionary		9.8
Consumer Staples		6.6
Energy		2.7
Financials		12.8
Health Care		15.6
Industrials		11.3
Information Technology		23.3
Materials		3.1
Real Estate		3.5
Utilities		2.6
Cash Equivalents and Other		0.7

PFM Multi-Manager International Equity Fund Review

The International Equity Fund uses a multi-manager approach, allocating assets to one or more sub-advisers who act independently and in keeping with their distinct investment styles. The Fund may also allocate assets to third-party mutual funds and ETFs. Assets are primarily invested in non-U.S. equities. The Fund utilized the following sub-advisers as of March 31, 2021: Acadian Asset Management LLC, Aristotle Capital Management, LLC, J O Hambro Capital Management Limited, Lazard Asset Management LLC, Schroders Investment Management North America, Inc. and Schroders Investment Management North America Limited (collectively “Schroders Investment Management”), and WCM Investment Management, LLC. The Fund also held positions in the Artisan International Small-Mid Cap Fund and the iShares Core MSCI Total International ETF. For the six months ended March 31, 2021, the International Equity Fund returned 20.70%, underperforming the MSCI All Country World ex-U.S. Index return of 21.10% for the same period. The allocations to two total international equity managers (WCM Focused Growth and Lazard International) detracted from the performance due to poor sector allocation, while the allocation to the Schroders global emerging markets strategy was a contributor to relative performance.

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	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Acadian Asset Management LLC		10.6		56.0	Active International Developed Markets
Aristotle Capital Management, LLC		10.3		54.4	Active International Developed Markets
J O Hambro Capital Management Limited		3.7		19.6	Active International Small-Cap
Lazard Asset Management LLC		10.1		53.4	Active Total International Markets
Schroders Investment Management		12.1		64.1	Active Emerging Markets
WCM Investment Management, LLC		17.0		89.9	Active Total International

Note: Fund Assets % column does not add up to 100% of the total assets on the Schedule of Investments due to $171.6 million invested in the iShares Core MSCI Total International ETF, $19.4 million invested in Artisan International Small-Mid Cap Fund, Fund level cash and rounding differences.

Region Diversification	%
Europe & Middle East ex-UK		36.2
UK		7.1
Pacific ex-Japan		6.4
North America		7.3
Japan		12.4
EM Europe, Middle East & Africa		3.1
EM Asia		21.7
EM Latin America		3.9
Cash Equivalents and Other		1.9

Note: Percentages above are inclusive of the underlying sectors and regions within the iShares Core MSCI Total International ETF and Artisan International Small-Mid Cap Fund and may vary from the percentages reflected in the Schedule of Investments.

Sector Diversification	%
Communication Services		6.6
Consumer Discretionary		15.2
Consumer Staples		6.5
Energy		2.8
Financials		14.3
Health Care		11.2
Industrials		14.6
Information Technology		17.2
Materials		6.6
Real Estate		1.7
Utilities		1.9
Cash Equivalents and Other		1.3

PFM Multi-Manager Fixed-Income Fund Review

The Fixed Income Fund uses a multi-manager approach, allocating assets to one or more sub-advisers who act independently and in keeping with their distinct investment styles. The Fund may also allocate assets to third-party mutual funds and ETFs. Assets are primarily invested in fixed-income securities and in derivatives and other instruments that have similar economic characteristics. The Fund allocated assets to the following separate account sub-advisers as of March 31, 2021: Brown Brothers Harriman & Co., PineBridge Investments LLC, PGIM, Inc., and Teachers Advisors, LLC (“TAL”). The Fund also held positions in the Diamond Hill High Yield Fund, iShares JPM USD Emerging Market Debt ETF and the iShares iBoxx High Yield Corporate ETF. For the six months ended March 31, 2021, the Fixed Income Fund returned -0.94%, outperforming the Bloomberg Barclays US Aggregate Index return of -2.73% for the same period. The outperformance was a result of tactical credit allocations, particularly high yield corporate and structured debt, coupled with selection within managers PGIM, TAL and PineBridge.

	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Brown Brothers Harriman & Co.		8.9		66.6	Active Securitized Assets
PineBridge Investments LLC		7.2		54.0	Active Investment Grade Credit
PGIM, Inc.		37.7		283.4	Active Investment Grade Core
Teachers Advisors, LLC		38.3		288.0	Active Investment Grade Core

Note: Fund Assets % column does not add up to 100% of the total assets on the Schedule of Investments due to $58 million invested in iShares JPM USD Emerging Market Debt ETF, iShares iBoxx High Yield Corporate ETF, and Diamond Hill High Yield Fund, Fund level cash, private placements and rounding differences.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 3

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Credit Quality Diversification	%
U.S. Government & Related		10.2
Municipal / Local Authority		1.6
Asset Backed Securities		9.6
Collateralized Loan Obligations		4.8
Mortgages		30.0
Investment Grade Corporates		29.6
High Yield Corporates		7.1
Emerging Market Debt		5.6
Cash Equivalents and Other		1.6

Sector Diversification	%
AAA		42.3
AA		6.1
A		15.9
BBB		20.7
BB		6.2
B		2.9
Below B		0.6
Cash & Not Rated		5.3

Note: Percentages above are inclusive of underlying exposures within the Diamond Hill High Yield mutual fund, iShares iBoxx $ High Yield Corporate Bond ETF and iShares J.P. Morgan USD Emerging Markets ETF and may differ from percentages reflected in the Schedule of Investments. Credit quality percentages above represent the lowest rating assigned in the instance of multiple ratings

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Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund

Investments	Shares		Value
COMMON STOCKS – 38.8%
COMMUNICATION SERVICES – 2.0%
Alphabet, Inc., Class A(a)		3,213		$	6,626,877
Cable One, Inc.		59			107,873
Cogent Communications Holdings, Inc.		38,182			2,625,394
comScore, Inc.(a)		5,131			18,780
Cumulus Media, Inc., Class A(a)		800			7,288
Facebook, Inc., Class A(a)		17,360			5,113,041
Marchex, Inc., Class B(a)		4,207			11,822
Ooma, Inc.(a)		2,880			45,648
Travelzoo(a)		3,536			59,263
Yelp, Inc.(a)		5,001			195,039
Total Communication Services					14,811,025
CONSUMER DISCRETIONARY – 2.4%
Advance Auto Parts, Inc.		9,200			1,688,108
Amazon.com, Inc.(a)		1,384			4,282,207
American Axle & Manufacturing Holdings, Inc.(a)		36,126			348,977
American Public Education, Inc.(a)		2,343			83,481
Boot Barn Holdings, Inc.(a)		1,987			123,810
Cooper-Standard Holdings, Inc.(a)		2,485			90,255
Core-Mark Holding Co., Inc.		5,540			214,343
Dillard’s, Inc., Class A		281			27,136
Everi Holdings, Inc.(a)		1,574			22,209
Fiesta Restaurant Group, Inc.(a)		3,036			38,223
Genesco, Inc.(a)		2,789			132,477
Goodyear Tire & Rubber Co. (The)		10,285			180,707
GoPro, Inc., Class A(a)		28,631			333,265
Haverty Furniture Cos., Inc.		3,314			123,248
Hibbett Sports, Inc.(a)		5,005			344,794
Leslie’s, Inc.(a)		14,820			362,942
Levi Strauss & Co., Class A		43,660			1,043,911
LKQ Corp.(a)		37,670			1,594,571
Modine Manufacturing Co.(a)		2,488			36,748
ODP Corp. (The)		8,275			358,225
Perdoceo Education Corp.(a)		22,767			272,293
Planet Fitness, Inc., Class A(a)		4,420			341,666
PlayAGS, Inc.(a)		5,501			44,448
Rent-A-Center, Inc.		8,164			470,736
Signet Jewelers Ltd.(a)		7,500			434,850
Sonos, Inc.(a)		679			25,442
Strattec Security Corp.		525			24,623
Tenneco, Inc., Class A(a)		4,067			43,598

Investments	Shares		Value
COMMON STOCKS – (continued)
CONSUMER DISCRETIONARY – (continued)
Terminix Global Holdings, Inc.(a)		16,400		$	781,788
Tractor Supply Co.		8,100			1,434,348
Ulta Beauty, Inc.(a)		3,650			1,128,470
Unifi, Inc.(a)		4,142			114,154
Universal Electronics, Inc.(a)		2,122			116,646
Vera Bradley, Inc.(a)		11,525			116,403
Vista Outdoor, Inc.(a)		14,285			458,120
Total Consumer Discretionary					17,237,222
CONSUMER STAPLES – 3.2%
Andersons, Inc. (The)		9,481			259,590
Beiersdorf AG, ADR		141,501			2,991,331
Cal-Maine Foods, Inc.(a)		61,789			2,373,933
Campbell Soup Co.		14,500			728,915
Central Garden & Pet Co., Class A(a)		1,912			99,214
Church & Dwight Co., Inc.		10,200			890,970
Clorox Co. (The)		5,600			1,080,128
Coca-Cola Consolidated, Inc.		1,218			351,734
Diageo PLC, ADR		1,342			220,370
Fresh Del Monte Produce, Inc.		9,805			280,717
Hershey Co. (The)		9,100			1,439,256
Hormel Foods Corp.		14,600			697,588
JM Smucker Co. (The)		11,800			1,493,054
Kimberly-Clark Corp.		3,287			457,057
Lamb Weston Holdings, Inc.		53,925			4,178,109
Lancaster Colony Corp.		1,800			315,648
Landec Corp.(a)		7,222			76,553
McCormick & Co., Inc., NVDR		7,600			677,616
Medifast, Inc.		1,765			373,862
Molson Coors Brewing Co., Class B		17,900			915,585
Sanderson Farms, Inc.		17,291			2,693,592
Spectrum Brands Holdings, Inc.		652			55,420
TreeHouse Foods, Inc.(a)		3,720			194,333
USANA Health Sciences, Inc.(a)		3,939			384,447
Total Consumer Staples					23,229,022
ENERGY – 1.1%
Arch Resources, Inc.		958			39,853
Bonanza Creek Energy, Inc.(a)		6,488			231,816
Bristow Group, Inc.(a)		5,529			143,091
Chevron Corp.		27,155			2,845,572
CONSOL Energy, Inc.(a)		2,903			28,217
Dorian LPG Ltd.(a)		7,006			91,989
Green Plains, Inc.(a)		4,293			116,211
Kosmos Energy Ltd.		657,495			2,018,510

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 5

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Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Nabors Industries Ltd.		891		$	83,264
Par Pacific Holdings, Inc.(a)		16,339			230,707
PDC Energy, Inc.(a)		2,362			81,253
SM Energy Co.		7,921			129,667
Targa Resources Corp.		854			27,114
TechnipFMC PLC		246,050			1,899,506
US Silica Holdings, Inc.		12,025			147,787
Total Energy					8,114,557
FINANCIALS – 5.7%
Alleghany Corp.(a)		711			445,292
Allegiance Bancshares, Inc.		2,347			95,147
American Equity Investment Life Holding Co.		10,307			324,980
Aon PLC, Class A		16,135			3,712,825
Arthur J Gallagher & Co.		12,480			1,557,130
Axos Financial, Inc.(a)		3,911			183,856
Banc of California, Inc.		2,900			52,432
BCB Bancorp, Inc.		1,594			21,997
Blucora, Inc.(a)		12,279			204,323
Cadence BanCorp		20,706			429,235
CBTX, Inc.		4,011			123,218
Charles Schwab Corp. (The)		10,152			661,707
Chubb Ltd.		2,853			450,688
Cullen/Frost Bankers, Inc.		9,000			978,840
Customers Bancorp, Inc.(a)		8,934			284,280
Donegal Group, Inc., Class A		2,084			30,968
Donnelley Financial Solutions, Inc.(a)		3,915			108,954
Elevate Credit, Inc.(a)		6,365			18,586
Employers Holdings, Inc.		7,294			314,080
Encore Capital Group, Inc.(a)		10,244			412,116
Enova International, Inc.(a)		13,127			465,746
Everest Re Group Ltd.		14,219			3,523,610
EZCORP, Inc., Class A(a)		17,328			86,120
Flagstar Bancorp, Inc.		10,869			490,192
Green Dot Corp., Class A(a)		7,024			321,629
Greenhill & Co., Inc.		4,543			74,869
Hallmark Financial Services, Inc.(a)		9,352			36,286
Hanmi Financial Corp.		7,938			156,617
Hartford Financial Services Group, Inc. (The)		16,649			1,111,987
HCI Group, Inc.		500			38,410
Hilltop Holdings, Inc.		11,842			404,167
Home Bancorp, Inc.		574			20,693
HomeStreet, Inc.		8,473			373,405
James River Group Holdings Ltd.		8,382			382,387
LendingClub Corp.(a)		628			10,375

Investments	Shares		Value
COMMON STOCKS – (continued)
FINANCIALS – (continued)
Meridian Corp.		1,078		$	28,028
MetLife, Inc.		18,516			1,125,588
Morgan Stanley		33,025			2,564,721
National Bank Holdings Corp., Class A		7,243			287,402
Northeast Bank		789			20,822
Northern Trust Corp.		50,331			5,290,291
Northrim BanCorp, Inc.		1,300			55,263
Piper Sandler Cos.		2,865			314,147
Popular, Inc.		19,575			1,376,514
Prosperity Bancshares, Inc.		10,400			778,856
Reinsurance Group of America, Inc.		7,253			914,241
Shore Bancshares, Inc.		1,624			27,640
SiriusPoint Ltd.(a)		17,789			180,914
South Plains Financial, Inc.		180			4,090
Stewart Information Services Corp.		8,227			428,051
StoneX Group, Inc.(a)		3,034			198,363
SVB Financial Group(a)		1,850			913,271
Towne Bank		21,807			662,933
Tradeweb Markets, Inc., Class A		19,200			1,420,800
Travelers Cos., Inc. (The)		27,745			4,172,848
TrustCo Bank Corp. NY		12,541			92,427
UMB Financial Corp.		2,459			227,039
United Fire Group, Inc.		5,391			187,607
United Insurance Holdings Corp.		8,437			60,831
Universal Insurance Holdings, Inc.		9,205			132,000
Valley National Bancorp		53,229			731,366
Veritex Holdings, Inc.		9,980			326,546
White Mountains Insurance Group Ltd.		569			634,378
WR Berkley Corp.		5,928			446,675
Total Financials					41,510,799
HEALTH CARE – 7.3%
Abcam PLC, ADR(a)		315			6,054
Accuray, Inc.(a)		6,183			30,606
Acorda Therapeutics, Inc.(a)		4,502			21,925
Align Technology, Inc.(a)		2,350			1,272,595
Allscripts Healthcare Solutions, Inc.(a)		33,145			497,672
Amphastar Pharmaceuticals, Inc.(a)		10,436			191,188
AngioDynamics, Inc.(a)		12,121			283,631
Applied Genetic Technologies Corp.(a)		5,375			27,251

See Notes to Financial Statements.

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Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
HEALTH CARE – (continued)
Ardelyx, Inc.(a)		3,195		$	21,151
Assertio Holdings, Inc.(a)		15,207			10,379
Avrobio, Inc.(a)		1,927			24,454
Baxter International, Inc.		42,297			3,567,329
Becton Dickinson and Co.		9,351			2,273,696
Bio-Rad Laboratories, Inc., Class A(a)		1,430			816,773
Bio-Techne Corp.		3,250			1,241,273
Cantel Medical Corp.		10,850			866,264
Cara Therapeutics, Inc.(a)		1,037			22,513
Cardiovascular Systems, Inc.(a)		5,887			225,708
Castlight Health, Inc., Class B(a)		19,622			29,629
Catalent, Inc.(a)		7,650			805,622
Catalyst Pharmaceuticals, Inc.(a)		5,621			25,913
Chiasma, Inc.(a)		5,745			17,982
Coherus Biosciences, Inc.(a)		17,260			252,169
Computer Programs & Systems, Inc.		1,916			58,630
Cooper Cos., Inc. (The)		2,900			1,113,861
Cross Country Healthcare, Inc.(a)		9,612			120,054
CytomX Therapeutics, Inc.(a)		7,112			54,976
DENTSPLY SIRONA, Inc.		55,963			3,570,999
Eagle Pharmaceuticals, Inc.(a)		4,306			179,732
Edwards Lifesciences Corp.(a)		17,200			1,438,608
Enanta Pharmaceuticals, Inc.(a)		4,069			200,683
Endo International PLC(a)		20,767			153,883
Envista Holdings Corp.(a)		6,340			258,672
Galera Therapeutics, Inc.(a)		1,000			8,820
Globus Medical, Inc., Class A(a)		10,958			675,780
Gossamer Bio, Inc.(a)		2,360			21,830
Hanger, Inc.(a)		5,107			116,542
HCA Healthcare, Inc.		11,830			2,228,062
HealthStream, Inc.(a)		9,313			208,052
Homology Medicines, Inc.(a)		2,329			21,916
ICU Medical, Inc.(a)		16,359			3,360,793
Integra LifeSciences Holdings Corp.(a)		19,500			1,347,255
Intercept Pharmaceuticals, Inc.(a)		1,227			28,319
Invacare Corp.		7,552			60,567
Johnson & Johnson		11,194			1,839,734
Lannett Co., Inc.(a)		6,815			35,983
Maravai LifeSciences Holdings, Inc., Class A(a)		9,200			327,888

Investments	Shares		Value
COMMON STOCKS – (continued)
HEALTH CARE – (continued)
Masimo Corp.(a)		16,775		$	3,852,546
Merit Medical Systems, Inc.(a)		7,704			461,316
Minerva Neurosciences, Inc.(a)		10,819			31,591
Molina Healthcare, Inc.(a)		306			71,531
Natus Medical, Inc.(a)		10,922			279,712
NextGen Healthcare, Inc.(a)		15,780			285,618
Orthofix Medical, Inc.(a)		4,903			212,545
Poseida Therapeutics, Inc.(a)		2,511			23,980
Radius Health, Inc.(a)		4,189			87,383
Recro Pharma, Inc.(a)		9,824			27,409
REGENXBIO, Inc.(a)		5,938			202,545
Selecta Biosciences, Inc.(a)		11,616			52,562
Smith & Nephew PLC, ADR		96,490			3,656,971
Surmodics, Inc.(a)		1,801			100,982
Tandem Diabetes Care, Inc.(a)		7,300			644,225
Travere Therapeutics, Inc.(a)		5,919			147,797
Tricida, Inc.(a)		3,842			20,324
United Therapeutics Corp.(a)		1,993			333,369
UnitedHealth Group, Inc.		12,355			4,596,925
Universal Health Services, Inc., Class B		8,295			1,106,470
Vanda Pharmaceuticals, Inc.(a)		15,372			230,887
Varex Imaging Corp.(a)		11,142			228,300
Varian Medical Systems, Inc.(a)		24,127			4,259,139
Veeva Systems, Inc., Class A(a)		3,900			1,018,836
Waters Corp.(a)		5,300			1,506,101
West Pharmaceutical Services, Inc.		1,600			450,848
Total Health Care					53,853,328
INDUSTRIALS – 5.3%
3M Co.		19,002			3,661,305
AAR Corp.		5,573			232,115
ABM Industries, Inc.		2,674			136,401
Aerojet Rocketdyne Holdings, Inc.		9,452			443,866
Allegiant Travel Co.		1,837			448,338
AMETEK, Inc.		16,000			2,043,680
Apogee Enterprises, Inc.		8,208			335,543
ArcBest Corp.		6,553			461,135
Arcosa, Inc.		514			33,456
Astec Industries, Inc.		6,116			461,269
Astronics Corp.(a)		9,531			171,939
Atlas Air Worldwide Holdings, Inc.(a)		4,207			254,271
Barrett Business Services, Inc.		728			50,130
Boise Cascade Co.		8,909			533,025
Clarivate Analytics PLC(a)		46,725			1,233,073
CoreCivic, Inc.		48,773			441,396

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 7

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
INDUSTRIALS – (continued)
Cummins, Inc.		10,915		$	2,828,186
DXP Enterprises, Inc.(a)		4,747			143,217
Echo Global Logistics, Inc.(a)		4,074			127,964
Fortive Corp.		30,200			2,133,328
Generac Holdings, Inc.(a)		3,680			1,205,016
Heidrick & Struggles International, Inc.		6,286			224,536
HNI Corp.		8,672			343,064
Hyster-Yale Materials Handling, Inc.		900			78,408
IDEX Corp.		4,150			868,678
Interface, Inc.		22,261			277,817
Manitowoc Co., Inc. (The)(a)		2,348			48,416
Matrix Service Co.(a)		4,749			62,259
Moog, Inc., Class A		5,865			487,675
Mueller Water Products, Inc., Class A		166,093			2,307,032
MYR Group, Inc.(a)		5,325			381,643
Nordson Corp.		5,200			1,033,136
Northrop Grumman Corp.		7,488			2,423,416
NOW, Inc.(a)		36,411			367,387
Orion Group Holdings, Inc.(a)		6,852			41,592
Powell Industries, Inc.		1,681			56,935
Primoris Services Corp.		415			13,749
Quanex Building Products Corp.		7,920			207,742
Raytheon Technologies Corp.		2,907			224,624
Resources Connection, Inc.		12,025			162,818
Rockwell Automation, Inc.		3,330			883,915
Saia, Inc.(a)		14,910			3,437,948
Tennant Co.		3,897			311,331
Titan International, Inc.		17,684			164,108
Toro Co. (The)		9,700			1,000,458
Triumph Group, Inc.		4,348			79,916
TrueBlue, Inc.(a)		5,528			121,727
Union Pacific Corp.		22,095			4,869,959
USA Truck, Inc.(a)		2,174			41,545
Verisk Analytics, Inc.		3,200			565,408
Veritiv Corp.(a)		2,584			109,923
Werner Enterprises, Inc.		9,903			467,125
Total Industrials					39,042,943
INFORMATION TECHNOLOGY – 7.9%
Accenture PLC, Class A		12,780			3,530,475
ADTRAN, Inc.		13,403			223,562
Agilysys, Inc.(a)		7,585			363,777
Amphenol Corp., Class A		55,400			3,654,738
Applied Optoelectronics, Inc.(a)		2,874			24,027
Arlo Technologies, Inc.(a)		16,781			105,385

Investments	Shares		Value
COMMON STOCKS – (continued)
INFORMATION TECHNOLOGY – (continued)
Asana, Inc., Class A(a)		27,340		$	781,377
AstroNova, Inc.		1,693			22,686
Aviat Networks, Inc.(a)		1,624			115,369
Avid Technology, Inc.(a)		7,637			161,217
Bel Fuse, Inc., Class B		1,489			29,616
Benchmark Electronics, Inc.		2,794			86,390
BM Technologies, Inc.(a)		1,101			12,827
CalAmp Corp.(a)		10,782			116,985
Casa Systems, Inc.(a)		4,402			41,951
Cirrus Logic, Inc.(a)		1,008			85,468
CommScope Holding Co., Inc.(a)		5,242			80,517
Comtech Telecommunications Corp.		9,668			240,153
CSG Systems International, Inc.		9,953			446,790
Daktronics, Inc.		6,639			41,627
Diebold Nixdorf, Inc.(a)		4,258			60,166
DSP Group, Inc.(a)		8,217			117,092
Entegris, Inc.		16,770			1,874,886
Extreme Networks, Inc.(a)		22,584			197,610
Harmonic, Inc.(a)		31,128			244,044
Infinera Corp.(a)		10,137			97,619
Insight Enterprises, Inc.(a)		2,038			194,466
Intevac, Inc.(a)		2,438			17,432
Kulicke & Soffa Industries, Inc.		14,368			705,612
Mastercard, Inc., Class A		13,470			4,795,993
Medallia, Inc.(a)		43,500			1,213,215
Microsoft Corp.		17,570			4,142,479
Motorola Solutions, Inc.		17,835			3,353,872
MTS Systems Corp.		65,345			3,803,079
NeoPhotonics Corp.(a)		5,898			70,481
NETGEAR, Inc.(a)		7,688			315,977
New Relic, Inc.(a)		10,135			623,100
Nutanix, Inc., Class A(a)		824			21,885
NVIDIA Corp.		3,155			1,684,549
Okta, Inc.(a)		3,900			859,677
ON Semiconductor Corp.(a)		97,205			4,044,700
OneSpan, Inc.(a)		10,624			260,288
Palo Alto Networks, Inc.(a)		4,000			1,288,240
PC Connection, Inc.		4,281			198,596
Photronics, Inc.(a)		14,129			181,699
Plantronics, Inc.		9,321			362,680
Progress Software Corp.		6,976			307,363
Proofpoint, Inc.(a)		7,800			981,162
Pure Storage, Inc., Class A(a)		40,460			871,508
Quantum Corp.(a)		2,329			19,401
Sanmina Corp.(a)		12,652			523,540
ScanSource, Inc.(a)		7,096			212,525

See Notes to Financial Statements.

8 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
INFORMATION TECHNOLOGY – (continued)
ServiceNow, Inc.(a)		1,100		$	550,121
SMART Global Holdings, Inc.(a)		4,740			218,135
Smartsheet, Inc., Class A(a)		15,400			984,368
Splunk, Inc.(a)		3,850			521,598
Super Micro Computer, Inc.(a)		1,876			73,277
Synchronoss Technologies, Inc.(a)		10,678			38,120
Synopsys, Inc.(a)		3,550			879,619
Texas Instruments, Inc.		24,485			4,627,420
TTEC Holdings, Inc.		612			61,475
Unisys Corp.(a)		8,508			216,273
Universal Display Corp.		8,290			1,962,823
Veeco Instruments, Inc.(a)		18,997			393,998
Workday, Inc., Class A(a)		8,000			1,987,440
Xperi Holding Corp.		16,430			357,681
Zendesk, Inc.(a)		4,400			583,528
Zscaler, Inc.(a)		6,000			1,030,020
Total Information Technology					58,295,769
MATERIALS – 1.3%
AdvanSix, Inc.(a)		5,329			142,924
AptarGroup, Inc.		11,901			1,686,015
Arconic Corp.(a)		6,820			173,160
Clearwater Paper Corp.(a)		5,610			211,048
Hawkins, Inc.		4,190			140,449
Kraton Corp.(a)		5,232			191,439
Myers Industries, Inc.		8,311			164,225
Nutrien Ltd.		54,310			2,926,766
Rayonier Advanced Materials, Inc.(a)		16,707			151,532
Sherwin-Williams Co. (The)		3,565			2,631,006
Stepan Co.		3,537			449,588
SunCoke Energy, Inc.		30,972			217,114
TimkenSteel Corp.(a)		7,761			91,192
Trinseo S.A.		9,768			621,928
Total Materials					9,798,386
REAL ESTATE – 1.5%
Agree Realty Corp.		6,602			444,381
Armada Hoffler Properties, Inc.		15,257			191,323
AvalonBay Communities, Inc.		5,976			1,102,632
Boston Properties, Inc.		6,230			630,850
Community Healthcare Trust, Inc.		5,614			258,918
Equity Commonwealth		149,152			4,146,426
Four Corners Property Trust, Inc.		15,970			437,578
GEO Group, Inc. (The)		35,375			274,510
Healthcare Realty Trust, Inc.		52,289			1,585,402

Investments	Shares		Value
COMMON STOCKS – (continued)
REAL ESTATE – (continued)
Industrial Logistics Properties Trust		17,170		$	397,142
iStar, Inc.		25,137			446,936
NexPoint Residential Trust, Inc.		4,624			213,120
RE/MAX Holdings, Inc., Class A		5,036			198,368
Realogy Holdings Corp.(a)		28,432			430,176
Retail Opportunity Investments Corp.		22,675			359,852
RPT Realty		16,733			190,923
Summit Hotel Properties, Inc.		3,427			34,818
Total Real Estate					11,343,355
UTILITIES – 1.1%
Avista Corp.		20,668			986,897
California Water Service Group		5,873			330,885
Essential Utilities, Inc.		15,905			711,749
IDACORP, Inc.		2,271			227,032
Middlesex Water Co.		2,919			230,659
SJW Group		48,782			3,072,778
United Utilities Group PLC, ADR		87,530			2,286,065
Total Utilities					7,846,065
TOTAL COMMON STOCKS (Cost: $239,072,154)					285,082,471
EXCHANGE-TRADED FUND – 59.8%
Vanguard Total Stock Market ETF (Cost: $337,972,623)		2,126,352			439,495,695
SHORT-TERM INVESTMENTS – 1.4%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.07%(b) (Cost: $10,424,400)		10,424,400			10,424,400
TOTAL INVESTMENTS – 100.0% (Cost: $587,469,177)					735,002,566
OTHER ASSETS AND LIABILITIES, NET – 0.0%(c)					284,310
NET ASSETS – 100.0%				$	735,286,876

(a)

Non-income producing security.

(b)

The rate shown is the annualized seven-day yield of March 31, 2021.

(c)

Amount is less than 0.05%

ADR

American Depositary Receipt

NVDR

Non-Voting Depositary Receipt

ETF

Exchange Traded Fund

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 9

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Domestic Equity Fund (concluded)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021 (see Note 2 to the Financial Statements):

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*		$	285,082,471		$	—		$	—		$	285,082,471
Exchange-Traded Fund			439,495,695			—			—			439,495,695
Money Market Fund			10,424,400			—			—			10,424,400
Total		$	735,002,566		$	—		$	—		$	735,002,566

See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

10 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund

Investments	Shares		Value
COMMON STOCKS – 62.4%
ARGENTINA – 0.6%
MercadoLibre, Inc.(a)		2,154		$	3,170,990
AUSTRALIA – 1.3%
Ansell Ltd.		7,000			208,633
BHP Group PLC		35,295			1,019,135
BlueScope Steel Ltd.		34,305			504,191
CSL Ltd.		16,433			3,303,278
CSR Ltd.		23,515			103,235
Data#3 Ltd.		5,021			19,793
Enero Group Ltd.		4,876			12,111
Fortescue Metals Group Ltd.		49,556			752,429
GWA Group Ltd.		126,158			274,055
IVE Group Ltd.		12,990			13,912
Lycopodium Ltd.		778			3,090
MotorCycle Holdings Ltd.		4,504			8,450
Shaver Shop Group Ltd.		12,690			10,843
Sigma Healthcare Ltd.(a)		40,393			20,863
South32 Ltd.		289,221			617,295
Total Australia					6,871,313
AUSTRIA – 0.3%
ANDRITZ AG		11,012			495,114
Erste Group Bank AG(a)		28,000			949,605
Vienna Insurance Group AG Wiener Versicherung Gruppe		8,245			213,683
voestalpine AG		4,597			190,461
Total Austria					1,848,863
BELGIUM – 0.1%
bpost S.A.(a)		11,623			111,087
D’ieteren S.A.		2,523			247,053
Deceuninck N.V.(a)		5,252			18,354
Econocom Group S.A.		1,184			4,645
Etablissements Franz Colruyt N.V.		1,618			96,503
Galapagos N.V.(a)		193			14,965
Total Belgium					492,607
BRAZIL – 1.5%
B3 S.A. – Brasil Bolsa Balcao		39,725			385,489
Banco Bradesco S.A., ADR		151,691			712,948
Cia de Saneamento Basico do Estado de Sao Paulo		61,500			450,161
Duratex S.A.		51,080			169,612
Equatorial Energia S.A.		84,918			374,151
Itau Unibanco Holding S.A., ADR		243,844			1,209,466
Klabin S.A., (Unit)		35,507			174,297
Lojas Renner S.A.		152,585			1,154,557

Investments	Shares		Value
COMMON STOCKS – (continued)
BRAZIL – (continued)
Magazine Luiza S.A.		415,300		$	1,493,373
Odontoprev S.A.		74,000			172,883
Pagseguro Digital Ltd., Class A(a)		6,268			290,208
Raia Drogasil S.A.		79,540			354,130
Vale S.A., ADR		39,524			686,927
WEG S.A.		20,320			269,169
YDUQS Participacoes SA		31,281			148,440
Total Brazil					8,045,811
BRITAIN – 4.5%
3i Group PLC		27,463			436,721
Anglo American PLC		29,813			1,168,273
Aptitude Software Group PLC		3,430			33,100
Ashtead Group PLC		39,000			2,326,427
Bloomsbury Publishing PLC		76,171			300,327
BP PLC, ADR		10,451			254,482
Brickability Group PLC		15,725			16,801
Bunzl PLC		2,430			77,820
Close Brothers Group PLC		52,000			1,111,868
CNH Industrial N.V.(a)		42,920			664,134
Coca-Cola European Partners PLC		42,852			2,235,160
Dixons Carphone PLC(a)		189,657			373,628
FDM Group Holdings PLC		14,500			201,496
Ferguson PLC		6,915			826,322
First Derivatives PLC(a)		8,161			298,707
Gamma Communications PLC		12,420			280,804
Gear4Music Holdings PLC(a)		5,112			58,141
Genus PLC		4,670			312,761
GlaxoSmithKline PLC		95,555			1,696,709
Hargreaves Services PLC		3,500			15,489
HSBC Holdings PLC		69,600			407,353
JET2 PLC(a)		14,650			256,091
Judges Scientific PLC		276			24,047
Kainos Group PLC		13,777			283,375
Keystone Law Group PLC		2,569			22,135
Kingfisher PLC(a)		51,364			225,389
Mattioli Woods PLC		1,787			16,752
Paragon Banking Group PLC		44,150			278,519
Porvair PLC		25,900			194,953
Prudential PLC		25,526			542,104
Reach PLC(a)		48,517			144,138
Reckitt Benckiser Group PLC		12,100			1,083,935
RELX PLC		44,926			1,126,597
Rentokil Initial PLC(a)		205,000			1,368,977
Rio Tinto Ltd.		8,806			740,762

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 11

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
BRITAIN – (continued)
Rio Tinto PLC		306		$	23,413
Rio Tinto PLC, ADR		7,344			570,262
Smith & Nephew PLC		30,542			580,209
Spirent Communications PLC		77,078			253,429
SThree PLC(a)		44,005			233,561
Tesco PLC		213,614			673,936
Unilever PLC		34,457			1,924,057
UP Global Sourcing Holdings PLC		4,984			10,581
WPP PLC		17,028			216,109
Total Britain					23,889,854
CANADA – 3.5%
Alimentation Couche-Tard, Inc., Class B		8,300			267,618
Brookfield Asset Management, Inc., Class A		44,900			1,997,223
CAE, Inc.		23,344			665,193
Cameco Corp.		45,700			757,848
Canadian National Railway Co.		4,830			560,521
Canadian Pacific Railway Ltd.		8,500			3,223,965
Canfor Corp.(a)		3,200			66,282
Cervus Equipment Corp.		3,100			39,000
Cogeco Communications, Inc.		4,940			463,850
Cogeco, Inc.		800			61,717
Constellation Software, Inc.		300			418,964
Heroux-Devtek, Inc.(a)		19,793			270,112
Intertape Polymer Group, Inc.		2,600			57,930
Linamar Corp.		8,397			495,054
Lululemon Athletica, Inc.(a)		6,500			1,993,615
Magna International, Inc.		27,000			2,377,942
PFB Corp.		700			11,536
PHX Energy Services Corp.		5,600			12,299
Royal Bank of Canada		5,500			507,110
Shopify, Inc., Class A(a)		2,514			2,781,741
Suncor Energy, Inc.		43,707			913,649
TMX Group Ltd.		5,365			557,504
Topicus.com, Inc.(a)		557			36,584
Winpak Ltd.		900			32,277
Total Canada					18,569,534
CHILE – 0.1%
Banco Santander Chile, ADR		15,564			386,454
CHINA – 5.9%
51job, Inc., ADR(a)		1,701			106,483
Alibaba Group Holding Ltd.(a)		21,000			594,281

Investments	Shares		Value
COMMON STOCKS – (continued)
CHINA – (continued)
Alibaba Group Holding Ltd., ADR(a)		9,726		$	2,205,176
Autohome, Inc., ADR		7,779			725,547
Baidu, Inc., ADR(a)		1,154			251,053
Centre Testing International Group Co., Ltd., Class A		83,400			362,609
China Longyuan Power Group Corp. Ltd., Class H		374,000			508,025
China Pacific Insurance Group Co., Ltd., Class H		115,000			453,397
ENN Energy Holdings Ltd.		78,800			1,263,987
Great Wall Motor Co., Ltd., Class H		210,500			583,511
Haitian International Holdings Ltd.		54,000			215,330
Huazhu Group Ltd., ADR(a)		6,852			376,175
JD.com, Inc., ADR(a)		30,217			2,548,200
Li Ning Co., Ltd.		98,000			636,601
Midea Group Co., Ltd., Class A		76,600			960,918
Ming Yang Smart Energy Group Ltd., Class A		84,300			224,414
NetEase, Inc., ADR		2,399			247,721
New Oriental Education & Technology Group, Inc., ADR(a)		28,338			396,732
Oppein Home Group, Inc., Class A		16,310			392,162
PICC Property & Casualty Co., Ltd., Class H		492,000			426,555
Ping An Insurance Group Co. of China Ltd., Class H		115,000			1,369,065
Shenzhou International Group Holdings Ltd.		122,100			2,530,236
SITC International Holdings Co., Ltd.		135,000			457,577
Tencent Holdings Ltd.		114,800			9,007,859
Weichai Power Co., Ltd., Class A		135,595			397,994
Wuxi Biologics Cayman, Inc.(b)		215,924			2,703,876
Yum China Holdings, Inc.		19,602			1,160,634
Zhejiang Dingli Machinery Co., Ltd., Class A		13,900			204,206
Zhejiang Supor Co., Ltd., Class A		22,861			249,535
Total China					31,559,859
COLOMBIA – 0.0%(c)
Bancolombia S.A., ADR		706			22,585

See Notes to Financial Statements.

12 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
CZECH – 0.0%(c)
Avast PLC(b)		35,441		$	222,797
DENMARK – 0.0%(c)
Norden A/S		4,524			104,840
North Media A/S		1,787			29,862
Total Denmark					134,702
EGYPT – 0.0%(c)
Commercial International Bank Egypt SAE, GDR		55,696			198,556
FINLAND – 0.5%
Alma Media Oyj		1,354			14,290
Digia Oyj		3,508			30,936
Fiskars Oyj Abp		3,395			63,144
Harvia Oyj		2,767			99,942
Kone Oyj, Class B		11,124			908,723
Marimekko Oyj(a)		466			26,449
Nordea Bank Abp(a)		51,829			510,370
Orion Oyj, Class B		12,527			501,971
Ponsse Oyj		449			19,903
QT Group Oyj(a)		511			53,573
Rapala VMC Oyj(a)		2,205			18,411
Scanfil Oyj		5,613			49,104
Titanium Oyj		496			9,801
Vaisala Oyj, Class A		5,320			198,705
Valmet Oyj		6,200			225,466
Vincit Oyj		1,410			15,874
Total Finland					2,746,662
FRANCE – 4.4%
Air Liquide S.A.		4,579			748,012
Alstom S.A.(a)		12,780			637,252
Amundi S.A.(b)		15,800			1,263,655
BioMerieux		835			106,244
BNP Paribas S.A.(a)		17,563			1,068,527
Capgemini SE		2,274			386,941
CBo Territoria		4,714			21,062
Cie Generale des Etablissements Michelin SCA		10,600			1,586,769
Coface S.A.(a)		29,784			329,717
Dassault Systemes SE		8,500			1,818,154
Engie S.A.(a)		60,244			855,196
Eutelsat Communications S.A.		21,112			256,988
Haulotte Group S.A.		5,851			41,581
Infotel S.A.		299			16,725
IPSOS		9,245			349,100
Jacquet Metal S.A.		2,750			63,918

Investments		Shares		Value
COMMON STOCKS – (continued)
FRANCE – (continued)
Lectra			10,394		$	343,731
LVMH Moet Hennessy Louis Vuitton SE			8,677			5,780,712
Manitou BF S.A.			4,233			141,972
Neurones			427			14,271
Pernod Ricard S.A.			12,178			2,285,697
Publicis Groupe S.A.			12,454			760,034
Rexel S.A.(a)			1,627			32,245
Robertet S.A.			241			261,424
Rubis SCA			4,160			197,089
Safran S.A.(a)			9,350			1,272,459
Sanofi			11,603			1,146,376
Somfy S.A.			380			63,546
Synergie SE(a)			364			13,830
TOTAL S.A.			23,500			1,096,137
Ubisoft Entertainment S.A.(a)			5,497			418,238
Vilmorin & Cie S.A.			493			35,035
Total France						23,412,637
GERMANY – 3.4%
Ad Pepper Media International N.V.(a)			2,199			16,246
ADVA Optical Networking SE(a)			3,827			45,418
AP Moller – Maersk A/S, Class B	��		314			729,404
Bayerische Motoren Werke AG			8,532			885,184
bet-at-home.com AG			801			43,068
Carlsberg A/S, Class B			4,385			673,727
Continental AG(a)			3,276			432,967
Daimler AG			10,686			952,517
Deutsche Bank AG(a)			40,550			484,470
Deutsche Post AG			3,422			187,486
DSV PANALPINA A/S			17,104			3,355,682
Gerresheimer AG			2,474			245,737
Hawesko Holding AG			303			16,452
Hornbach Holding AG & Co. KGaA			1,527			148,987
Infineon Technologies AG			10,074			427,127
KWS Saat SE & Co. KGaA			3,500			302,498
Merck KGaA			6,842			1,169,843
Nemetschek SE			20,200			1,288,657
Novo Nordisk A/S, Class B			16,444			1,114,068
ProSiebenSat.1 Media SE(a)			24,598			502,931
Roche Holding AG			5,032			1,626,223
SAF-Holland SE(a)			2,122			30,857
Siemens AG			3,825			627,981
Surteco Group SE(a)			1,111			33,353
Symrise AG			10,100			1,224,697

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 13

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
GERMANY – (continued)
Vestas Wind Systems A/S		3,192		$	655,182
Vonovia SE		6,302			411,643
zooplus AG(a)		881			251,572
Total Germany					17,883,977
GREECE – 0.0%(c)
Hellenic Telecommunications Organization S.A.		9,396			150,736
HONG KONG – 1.7%
AIA Group Ltd.		501,700			6,085,632
Bosideng International Holdings Ltd.		282,000			126,960
Chen Hsong Holdings		44,000			13,697
China Mengniu Dairy Co., Ltd.		143,000			818,551
China Resources Beer Holdings Co., Ltd.		52,000			407,687
ESR Cayman Ltd.(b)		256,600			840,029
Hang Lung Properties Ltd.		84,000			218,263
Mandarin Oriental International Ltd.(a)		114,107			203,111
Pico Far East Holdings Ltd.		588,000			93,032
Vinda International Holdings Ltd.		62,000			209,349
Total Hong Kong					9,016,311
HUNGARY – 0.2%
OTP Bank Nyrt(a)		11,637			497,409
Richter Gedeon Nyrt		11,251			331,718
Total Hungary					829,127
INDIA – 1.7%
HDFC Bank Ltd., ADR(a)		61,600			4,785,704
ICICI Bank Ltd., ADR(a)		125,699			2,014,955
Infosys Ltd., ADR		52,305			979,150
Reliance Industries Ltd., GDR(b)		21,438			1,185,521
Reliance Industries Ltd., GDR(b)		4,507			249,237
Total India					9,214,567
INDONESIA – 0.2%
Bank Mandiri Persero Tbk PT		1,680,600			711,579
Bank Rakyat Indonesia Persero Tbk PT		397,100			120,292
Telkom Indonesia Persero Tbk PT, ADR		22,123			522,988
Total Indonesia					1,354,859
IRELAND – 2.6%
Accenture PLC, Class A		21,442			5,923,352
Experian PLC		114,673			3,947,460

Investments	Shares		Value
COMMON STOCKS – (continued)
IRELAND – (continued)
Grafton Group PLC, (Unit)		26,299		$	371,259
ICON PLC(a)		9,118			1,790,502
Irish Continental Group PLC, (Unit)(a)		56,105			291,140
Medtronic PLC		8,769			1,035,882
Ryanair Holdings PLC, ADR(a)		4,253			489,095
Total Ireland					13,848,690
ISRAEL – 0.3%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		58,907			62,923
Check Point Software Technologies Ltd.(a)		6,169			690,743
Electra Consumer Products 1970 Ltd.		1,007			43,496
First International Bank Of Israel Ltd.		1,742			48,527
Mizrahi Tefahot Bank Ltd.		10,003			260,734
Neto ME Holdings Ltd.		160			7,791
NR Spuntech Industries Ltd.		8,850			23,439
Palram Industries 1990 Ltd.		2,829			26,927
Plus500 Ltd.		16,208			312,821
Total Israel					1,477,401
ITALY – 0.8%
Banca Mediolanum SpA(a)		12,640			119,325
DiaSorin SpA		2,731			438,122
Enel SpA		96,701			963,117
Ferrari N.V.		12,478			2,609,787
Newlat Food SpA(a)		1,450			10,900
Rizzoli Corriere Della Sera Mediagroup SpA(a)		24,080			20,162
Sanlorenzo SpA(a)		1,199			30,371
SIT SpA		1,600			13,584
Sogefi SpA(a)		16,573			25,771
Total Italy					4,231,139
JAPAN – 6.4%
Ariake Japan Co., Ltd.		3,700			224,222
Brother Industries Ltd.		24,800			548,523
Canon, Inc.		26,200			592,147
Capcom Co., Ltd.		17,400			564,940
Daiseki Co., Ltd.		9,400			340,429
Daiwa House Industry Co., Ltd.		26,600			778,601
Disco Corp.		2,100			659,065
FANUC Corp.		6,800			1,608,110
Fujitsu Ltd.		9,700			1,401,671
Furuno Electric Co., Ltd.		23,200			229,014

See Notes to Financial Statements.

14 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares			Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Glory Ltd.		500			$	10,747
Gun-Ei Chemical Industry Co., Ltd.		600				13,710
Hitachi Ltd.		26,000				1,175,019
Honda Motor Co., Ltd.		700				20,983
I-O Data Device, Inc.		3,000				28,503
Iida Group Holdings Co., Ltd.		21,800				526,862
Internet Initiative Japan, Inc.		3,500				82,122
Iwatani Corp.		6,000				370,106
Japan Material Co., Ltd.		7,000				82,818
JUTEC Holdings Corp.		1,000				9,402
KDDI Corp.		43,500				1,333,777
Keyence Corp.		5,500				2,497,042
Kintetsu World Express, Inc.		12,400				321,745
Kubota Corp.		56,700				1,290,184
Kurita Water Industries Ltd.		7,000				299,977
Makita Corp.		16,300				698,519
Makiya Co., Ltd.		1,100				10,103
Mani, Inc.		8,800				220,944
Marui Group Co., Ltd.		52,700				989,508
Mitsubishi Electric Corp.		52,800				804,220
Morito Co., Ltd.		1,900				11,068
MS&AD Insurance Group Holdings, Inc.		3,200				93,898
Nexon Co., Ltd.		20,600				667,907
Nichiha Corp.		900	��			26,254
Nidec Corp.		14,600				1,771,515
Nihon Kohden Corp.		13,700				399,648
Nintendo Co., Ltd.		2,699				1,506,662
Nippon Telegraph & Telephone Corp.		18,600				477,410
Nitori Holdings Co., Ltd.		3,300				638,541
Nojima Corp.		2,800				71,110
Nomura Holdings, Inc.		76,500				401,690
Oki Electric Industry Co., Ltd.		7,900				82,050
Okuwa Co., Ltd.		2,800				30,598
Omron Corp.		1,400				109,244
Otsuka Holdings Co., Ltd.		25,100				1,062,485
Panasonic Corp.		50,600				650,523
Rinnai Corp.		2,400				268,557
Rion Co., Ltd.		10,000				270,942
Rohm Co., Ltd.		5,300				517,435
Rohto Pharmaceutical Co., Ltd.		6,200				165,352
Ryohin Keikaku Co., Ltd.		22,900				541,451
Sakata Seed Corp.		7,100				262,262
Shimamura Co., Ltd.		3,300				380,592

Investments	Shares			Value
COMMON STOCKS – (continued)
JAPAN – (continued)
SHO-BOND Holdings Co., Ltd.		5,600			$	241,246
Shoei Co., Ltd.		2,800				115,313
Sony Corp.		23,000				2,408,535
Sumitomo Mitsui Financial Group, Inc.		16,700				604,352
Sunday Co., Ltd.		700				9,357
T&D Holdings, Inc.		44,600				574,392
Techno Medica Co., Ltd.		1,900				28,382
TechnoPro Holdings, Inc.		1,400				116,577
Tokyo Keiki, Inc.		2,400				20,462
Transcosmos, Inc.		11,100				299,342
Wacom Co., Ltd.		9,500				63,748
Wantedly, Inc.(a)		700				12,031
Yamada Holdings Co., Ltd.		92,200				497,118
Yamaha Corp.		12,000				651,343
Z Holdings Corp.		85,035				422,852
Total Japan						34,205,257
LUXEMBOURG – 0.2%
ArcelorMittal S.A.(a)		15,204				439,146
Eurofins Scientific SE(a)		6,893				658,880
Ternium S.A., ADR(a)		6,399				248,537
Total Luxembourg						1,346,563
MACAU – 0.1%
Sands China Ltd.(a)		122,400	��			611,677
MEXICO – 0.5%
Arca Continental S.A.B. de C.V.		118,200				581,184
Cemex S.A.B. de C.V., (Unit), Series CPO(a)		94,986				66,780
Cemex S.A.B. de C.V., ADR(a)		29,728				207,204
Genomma Lab Internacional S.A.B. de C.V., Class B(a)		276,100				278,808
Grupo Financiero Banorte S.A.B. de C.V., Class O(a)		229,863				1,296,104
Total Mexico						2,430,080
NETHERLANDS – 3.1%
Accell Group N.V.(a)		2,020				93,214
Adyen N.V.(b)		933				2,082,675
Akzo Nobel N.V.		14,400				1,608,982
ASML Holding N.V.		9,436				5,797,037
Corbion N.V.		5,241				291,941
Heineken N.V.		13,700				1,407,702
Koninklijke Ahold Delhaize N.V.		18,677				520,185
Koninklijke DSM N.V.		4,066				688,051
Koninklijke Philips N.V.(a)		15,708				896,631

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 15

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
NETHERLANDS – (continued)
Nedap N.V.		450		$	32,507
Ordina N.V.		158,275			615,294
Randstad N.V.		11,668			820,710
Sligro Food Group N.V.(a)		11,528			308,231
Wolters Kluwer N.V.		14,252			1,238,791
Total Netherlands					16,401,951
NEW ZEALAND – 0.2%
EBOS Group Ltd.		5,686			117,148
Fisher & Paykel Healthcare Corp. Ltd.		26,517			594,422
Fletcher Building Ltd.		17,806			88,045
New Zealand Refining Co., Ltd. (The)(a)		59,212			19,436
NZX Ltd.		16,197			23,755
Total New Zealand					842,806
NORWAY – 0.3%
Borregaard ASA		18,331			399,061
Equinor ASA		24,973			488,473
Norway Royal Salmon ASA		8,788			209,396
Stolt-Nielsen Ltd.		1,217			17,957
Telenor ASA		32,443			570,862
Total Norway					1,685,749
PERU – 0.3%
Credicorp Ltd.		10,000			1,365,700
POLAND – 0.1%
KGHM Polska Miedz S.A.(a)		5,522			265,767
PORTUGAL – 0.1%
Galp Energia SGPS S.A.		40,207			467,735
RUSSIA – 0.9%
Evraz PLC		70,584			562,435
Fix Price Group Ltd., GDR(a)		9,889			96,517
Fix Price Group Ltd., GDR(b)		43,829			425,580
LUKOIL PJSC, ADR		8,320			672,173
Magnit PJSC, GDR		14,345			215,031
Novatek PJSC, GDR		4,570			902,575
Polyus PJSC, GDR		3,194			294,007
Rosneft Oil Co. PJSC, GDR		60,020			453,871
Sberbank of Russia PJSC, ADR		54,347			837,226
X5 Retail Group N.V., GDR		4,899			157,944
Yandex N.V., Class A(a)		3,650			233,819
Total Russia					4,851,178
SINGAPORE – 0.4%
AEM Holdings Ltd.		30,600			94,175

Investments	Shares		Value
COMMON STOCKS – (continued)
SINGAPORE – (continued)
DBS Group Holdings Ltd.		85,100		$	1,821,312
Great Eastern Holdings Ltd.		2,800			46,896
HRnetgroup Ltd.		34,600			17,233
IGG, Inc.		94,000			121,156
Total Singapore					2,100,772
SOUTH AFRICA – 0.8%
Aspen Pharmacare Holdings Ltd.(a)		23,570			230,526
AVI Ltd.		26,116			131,995
FirstRand Ltd.		273,327			955,904
Foschini Group Ltd. (The)(a)		20,557			171,016
Impala Platinum Holdings Ltd.		44,993			834,413
Mr Price Group Ltd.		39,757			521,501
MultiChoice Group Ltd.		21,522			188,026
Naspers Ltd., Class N		5,366			1,283,953
Total South Africa					4,317,334
SOUTH KOREA – 3.2%
Binggrae Co., Ltd.		4,120			218,059
Choong Ang Vaccine Laboratory		12,344			193,599
Hana Financial Group, Inc.		11,809			446,587
Hyundai Mobis Co., Ltd.		1,478			381,335
KB Financial Group, Inc.		4,176			207,370
Koh Young Technology, Inc.		2,467			250,678
Korea Zinc Co., Ltd.		891			321,602
LG Chem Ltd.		957			680,702
LG Electronics, Inc.		2,022			267,992
LG Household & Health Care Ltd.		327			453,625
NAVER Corp.		2,869			955,700
NCSoft Corp.		366			282,322
Samsung Electronics Co., Ltd.		48,475			3,486,517
Samsung Electronics Co., Ltd., GDR		2,819			5,141,856
Samsung Fire & Marine Insurance Co., Ltd.		2,260			379,412
Samsung SDI Co., Ltd.		1,582			922,571
Samwha Capacitor Co., Ltd.		3,600			217,257
SK Hynix, Inc.		13,853			1,621,845
SK Materials Co., Ltd.		1,240			340,747
Total South Korea					16,769,776
SPAIN – 0.7%
Abertis Infraestructuras S.A.(a)		3,711			28,157
Amadeus IT Group S.A.(a)		32,982			2,335,377
Cia de Distribucion Integral Logista Holdings S.A.		8,199			162,493

See Notes to Financial Statements.

16 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
SPAIN – (continued)
Faes Farma S.A.		87,170		$	373,630
Naturhouse Health SAU(a)		7,581			15,913
Siemens Gamesa Renewable Energy S.A.		17,837			690,276
Total Spain					3,605,846
SWEDEN – 2.4%
AAK AB		13,478			305,103
Assa Abloy AB, Class B		42,500			1,221,453
Atlas Copco AB, Class A		43,447			2,644,593
Avanza Bank Holding AB		11,486			356,938
Betsson AB		14,579			135,299
Bilia AB, Class A(a)		4,451			65,949
BioGaia AB, Class B		4,470			209,848
Cloetta AB, Class B		89,334			261,452
Doro AB(a)		2,049			13,842
Elanders AB, Class B(a)		6,002			117,931
Electrolux AB, Series B		13,584			376,718
Epiroc AB, Class A		23,049			522,026
Evolution Gaming Group AB(b)		6,591			970,524
Ferronordic AB		5,332			124,547
FM Mattsson Mora Group AB		1,574			35,955
G5 Entertainment AB		5,179			294,725
Getinge AB, Class B		22,707			630,501
GHP Specialty Care AB(a)		12,103			35,200
Hexagon AB, Class B		4,643			428,284
Husqvarna AB, Class B		895			12,892
IAR Systems Group AB(a)		13,180			199,810
Inwido AB(a)		6,669			109,961
Kinnevik AB, Class B(a)		234			11,377
New Wave Group AB, Class B(a)		9,514			76,038
Ratos AB, Class B		9,216			50,061
Sandvik AB(a)		26,010			710,600
SKF AB, Class B		707			20,093
Swedish Match AB		7,967			621,965
Telefonaktiebolaget LM Ericsson, ADR		4,546			59,962
Telefonaktiebolaget LM Ericsson, Class B		58,963			780,124
Thule Group AB(b)		7,145			310,231
Volvo AB, Class B(a)		32,750			828,364
Total Sweden					12,542,366
SWITZERLAND – 3.9%
ABB Ltd.		34,387			1,039,087
Adecco Group AG		4,462			300,441
Alcon, Inc.(a)		56,326			3,943,982

Investments	Shares		Value
COMMON STOCKS – (continued)
SWITZERLAND – (continued)
Bobst Group S.A.		3,721		$	245,862
Cavotec S.A.(a)		5,083			12,804
Cie Financiere Tradition S.A.		153			19,345
Credit Suisse Group AG		37,962			397,714
Gurit Holding AG		100			253,928
Huber + Suhner AG		2,689			208,258
Investis Holding S.A.		135			13,141
Kuehne + Nagel International AG		3,665			1,045,813
LEM Holding S.A.		140			270,476
Logitech International S.A.		6,105			640,374
Lonza Group AG		3,924			2,193,770
Nestle S.A.		21,983			2,450,076
Novartis AG		29,484			2,519,624
Orell Fuessli AG		121			14,338
Phoenix Mecano AG		97			47,004
Schindler Holding AG		2,126			624,427
Sika AG		9,812			2,802,984
Swatch Group AG (The)		1,437			413,395
UBS Group AG		50,890			787,997
Valiant Holding AG		2,299			239,350
Valora Holding AG(a)		1,390			294,868
Zehnder Group AG		1,028			81,901
Total Switzerland					20,860,959
TAIWAN – 3.0%
Accton Technology Corp.		31,000			299,863
ASE Technology Holding Co., Ltd.		43,000			162,005
ASE Technology Holding Co., Ltd., ADR		65,232			502,287
ASPEED Technology, Inc.		4,000			241,825
CTBC Financial Holding Co., Ltd.		437,000			338,475
Hon Hai Precision Industry Co., Ltd.		148,000			643,185
Hon Hai Precision Industry Co., Ltd., GDR		87,376			769,783
MediaTek, Inc.		30,000			1,018,820
Merida Industry Co., Ltd.		26,000			318,018
Sea Ltd., ADR(a)		717			160,056
Taiwan Semiconductor Manufacturing Co., Ltd.		106,000			2,180,703
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		66,607			7,878,276
Tong Yang Industry Co., Ltd.		197,000			250,280
Uni-President Enterprises Corp.		109,000			278,870

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 17

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
TAIWAN – (continued)
Walsin Technology Corp.		28,000		$	244,839
Zhen Ding Technology Holding Ltd.		94,000			396,979
Total Taiwan					15,684,264
THAILAND – 0.1%
Kasikornbank PCL		53,200			246,848
Kasikornbank PCL, NVDR		78,000			361,920
Total Thailand					608,768
TURKEY – 0.1%
BIM Birlesik Magazalar A/S		21,509			183,903
KOC Holding A/S		87,429			205,516
Turkiye Garanti Bankasi A/S(a)		27,674			22,422
Total Turkey					411,841
UNITED ARAB EMIRATES – 0.1%
Emaar Properties PJSC(a)		385,734			371,751
UNITED STATES – 1.9%
Aon PLC, Class A		12,066			2,776,507
Carnival PLC		23,100			504,913
Mettler-Toledo International, Inc.(a)		1,995			2,305,602
ResMed, Inc.		12,000			2,328,240
STERIS PLC		11,026			2,100,232
Total United States					10,015,494
TOTAL COMMON STOCKS (Cost: $265,518,869)					331,343,665
EXCHANGE-TRADED FUNDS – 32.0%
iShares Core MSCI Total International Stock ETF (Cost: $140,611,564)		2,441,616			171,596,772
MUTUAL FUNDS – 4.0%
Artisan International Small-Mid Fund (Cost: $20,000,000)		955,110			19,350,525

Investments	Shares		Value
PREFERRED STOCKS – 0.4%
Brazil – 0.1%
Gerdau S.A., 0.30%		106,687		$	572,798
GERMANY – 0.3%
Maschinenfabrik Berthold Hermle AG, 2.69%		31			10,725
Volkswagen AG, 3.53%		5,061			1,416,099
Total Germany					1,426,824
TOTAL PREFERRED STOCKS (Cost: $1,294,719)					1,999,622
SHORT-TERM INVESTMENTS – 0.9%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.07%(d) (Cost: $5,002,383)		5,002,383			5,002,383
TOTAL INVESTMENTS – 99.7% (Cost: $432,427,535)					529,292,967
OTHER ASSETS AND LIABILITIES, NET – 0.3%					1,366,998
NET ASSETS – 100.0%				$	530,659,965

(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 been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At March 31, 2021, the value of these securities was $10,254,125, representing 1.9% of net assets.

(c)

Amount is less than 0.05%.

(d)

The rate shown is the annualized seven-day yield at March 31, 2021.

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

GDR

Global Depositary Receipt

NVDR

Non-Voting Depositary Receipt

See Notes to Financial Statements.

18 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021 (see Note 2 to the Financial Statements):

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*
Argentina		$	3,170,990		$	—		$	—		$	3,170,990
Australia			5,852,178			—			—			5,852,178
United Kingdom			31,650,913			—			—			31,650,913
Austria			1,848,863			—			—			1,848,863
Belgium			492,607			—			—			492,607
Brazil			8,045,811			—			—			8,045,811
Canada			18,569,534			—			—			18,569,534
Chile			386,454			—			—			386,454
China			28,398,406			—			—			28,398,406
Hong Kong			8,633,859			—			—			8,633,859
Cayman Islands			3,543,905			—			—			3,543,905
Colombia			22,585			—			—			22,585
Czech Republic			222,797			—			—			222,797
Germany			18,018,679			—			—			18,018,679
Egypt			198,556			—			—			198,556
Finland			2,746,662			—			—			2,746,662
France			23,412,637			—			—			23,412,637
Greece			150,736			—			—			150,736
Hungary			829,127			—			—			829,127
India			9,214,567			—			—			9,214,567
Indonesia			1,354,859			—			—			1,354,859
Ireland			12,001,462			—			—			12,001,462
Israel			1,477,401			—			—			1,477,401
Italy			4,231,139			—			—			4,231,139
Japan			34,205,257			—			—			34,205,257
Luxembourg			1,346,563			—			—			1,346,563
Macau			611,677			—			—			611,677
Mexico			2,430,080			—			—			2,430,080
Netherlands			16,401,951			—			—			16,401,951
New Zealand			842,806			—			—			842,806
Norway			1,667,792			—			—			1,667,792
Peru			1,365,700			—			—			1,365,700
Poland			265,767			—			—			265,767
Portugal			467,735			—			—			467,735
Russia			4,425,598			425,580			—			4,851,178
Singapore			2,260,828			—			—			2,260,828
South Africa			4,317,334			—			—			4,317,334
South Korea			16,769,776			—			—			16,769,776
Spain			3,577,689			28,157			—			3,605,846
Sweden			12,542,366			—			—			12,542,366
Switzerland			20,860,959			—			—			20,860,959
Taiwan			15,524,208			—			—			15,524,208

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 19

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager International Equity Fund (concluded)

	Level 1			Level 2			Level 3			Total
Thailand		$	608,768		$	—		$	—		$	608,768
Turkey			411,841			—			—			411,841
United Arab Emirates			371,751			—			—			371,751
United States			5,138,755			—			—			5,138,755
Total Common Stocks			330,889,928			453,737			—			331,343,665
Exchange-Traded Funds			190,947,297			—			—			190,947,297
Preferred Stocks*			1,999,622			—			—			1,999,622
Money Market Fund			5,002,383			—			—			5,002,383
Total Investments in Securities		$	528,839,230		$	453,737		$	—		$	529,292,967

See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

20 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund

Investments	Principal Amount			Value
CORPORATE BONDS – 28.7%
BASIC MATERIALS – 1.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., Senior Note, 3.30%, 5/1/23(a)		$	97,000		$	102,074
CNAC HK Finbridge Co., Ltd., 3.50%, 7/19/22(b)			340,000			346,856
Domtar Corp., 6.75%, 2/15/44			292,000			369,190
Ecolab, Inc., Senior Note, 2.38%, 8/10/22			160,000			164,092
Georgia-Pacific LLC, 0.95%, 5/15/26(a)			479,000			463,814
Huntsman International LLC, 4.50%, 5/1/29			73,000			80,825
International Paper Co., Senior Bond, 4.35%, 8/15/48			1,000,000			1,155,787
Inversiones CMPC S.A., 3.00%, 4/6/31(a)			200,000			198,546
Inversiones CMPC S.A., 4.38%, 4/4/27(a)			500,000			549,855
LYB International Finance III LLC, 3.80%, 10/1/60			79,000			77,117
LYB International Finance III LLC, 4.20%, 5/1/50			330,000			354,761
Newmont Corp., 2.25%, 10/1/30			1,475,000			1,436,852
Nutrition & Biosciences, Inc., 1.83%, 10/15/27(a)			1,000,000			977,773
Reliance Steel & Aluminum Co., 2.15%, 8/15/30			77,000			73,891
SASOL Financing USA LLC, 5.88%, 3/27/24			200,000			212,120
Southern Copper Corp., Senior Bond, 5.25%, 11/8/42			100,000			121,097
Steel Dynamics, Inc., 2.40%, 6/15/25			500,000			521,125
Total Basic Materials						7,205,775
COMMUNICATIONS – 2.2%
AT&T, Inc., 3.50%, 9/15/53(a)			1,305,000			1,205,997
AT&T, Inc., 3.55%, 9/15/55(a)			39,000			35,689
AT&T, Inc., 3.65%, 9/15/59(a)			28,000			25,594
AT&T, Inc., 4.30%, 2/15/30			25,000			28,144
AT&T, Inc., 4.85%, 7/15/45			276,000			319,871
AT&T, Inc., Senior Bond, 4.50%, 5/15/35			107,000			120,682
AT&T, Inc., Senior Bond, 4.75%, 5/15/46			244,000			280,724
AT&T, Inc., Senior Bond, 4.90%, 8/15/37			150,000			177,539

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
CenturyLink, Inc., 4.00%, 2/15/27(a)		$	185,000		$	188,965
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41			44,000			41,729
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61			43,000			39,420
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 4/1/51			230,000			215,120
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50			331,000			355,069
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38			25,000			29,466
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47			400,000			464,321
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35			570,000			738,146
Comcast Corp., 3.30%, 2/1/27			138,000			150,579
Comcast Corp., 3.90%, 3/1/38			57,000			64,023
Comcast Corp., 4.00%, 3/1/48			600,000			670,566
Comcast Corp., 4.15%, 10/15/28			260,000			297,552
Comcast Corp., 4.25%, 10/15/30			90,000			103,413
Comcast Corp., 4.60%, 10/15/38			93,000			112,259
Corning, Inc., 5.45%, 11/15/79			241,000			299,725
Cox Communications, Inc., 3.50%, 8/15/27(a)			600,000			651,684
Cox Communications, Inc., Senior Bond, 4.60%, 8/15/47(a)			150,000			171,899
CSC Holdings LLC, 5.50%, 4/15/27(a)			250,000			262,587

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 21

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
CSC Holdings LLC, 6.75%, 11/15/21		$	275,000		$	282,219
Discovery Communications LLC, 4.00%, 9/15/55(a)			608,000			598,463
Discovery Communications LLC, 5.20%, 9/20/47			197,000			233,557
Discovery Communications LLC, 5.30%, 5/15/49			70,000			83,758
Expedia Group, Inc., 2.95%, 3/15/31(a)			145,000			143,013
Level 3 Financing, Inc., 3.40%, 3/1/27(a)			500,000			529,145
Level 3 Financing, Inc., 5.38%, 5/1/25			200,000			204,200
Sprint Corp., 7.88%, 9/15/23			275,000			314,325
T-Mobile USA, Inc., 3.00%, 2/15/41(a)			645,000			598,657
T-Mobile USA, Inc., 3.30%, 2/15/51(a)			65,000			60,747
T-Mobile USA, Inc., 3.60%, 11/15/60(a)			87,000			83,551
T-Mobile USA, Inc., 4.00%, 4/15/22			275,000			280,849
T-Mobile USA, Inc., 4.38%, 4/15/40(a)			475,000			527,753
Telefonica Emisiones S.A., 5.21%, 3/8/47			270,000			315,706
Time Warner Cable LLC, 6.55%, 5/1/37			6,000			7,890
Verizon Communications, Inc., 0.80%, 3/20/26 (SOFR + 0.790%)(c)			1,000,000			1,005,786
Verizon Communications, Inc., 1.50%, 9/18/30			225,000			206,575
Verizon Communications, Inc., 2.55%, 3/21/31			710,000			709,356
Verizon Communications, Inc., 2.99%, 10/30/56(a)			372,000			328,380
Verizon Communications, Inc., 3.55%, 3/22/51			1,232,000			1,230,271
Verizon Communications, Inc., 3.70%, 3/22/61			166,000			164,027
Verizon Communications, Inc., Senior Bond, 4.27%, 1/15/36			59,000			66,687
Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34			61,000			69,729

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
Verizon Communications, Inc., Senior Bond, 4.86%, 8/21/46		$	400,000		$	479,858
ViacomCBS, Inc., 4.38%, 3/15/43			566,000			610,751
ViacomCBS, Inc., Senior Bond, 5.85%, 9/1/43			125,000			159,651
Walt Disney Co. (The), 2.75%, 9/1/49			177,000			162,052
Total Communications						16,507,719
CONSUMER, CYCLICAL – 1.4%
7-Eleven, Inc., 0.95%, 2/10/26(a)			1,000,000			974,100
7-Eleven, Inc., 1.80%, 2/10/31(a)			98,000			91,518
Advance Auto Parts, Inc., 1.75%, 10/1/27			97,000			95,567
AutoZone, Inc., 1.65%, 1/15/31			460,000			421,102
AutoZone, Inc., 3.75%, 4/18/29			360,000			390,155
BMW U.S. Capital LLC, 0.80%, 4/1/24(a)			141,000			141,076
Dana Financing Luxembourg Sarl, 6.50%, 6/1/26(a)			75,000			77,813
Dana, Inc., 5.38%, 11/15/27			75,000			78,750
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29			424,664			431,067
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25			150,000			151,004
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29			572,892			580,492
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29			485,052			485,775
Ford Motor Co., 5.29%, 12/8/46			400,000			420,508
Ford Motor Co., 7.45%, 7/16/31			175,000			220,645
Ford Motor Co., Senior Bond, 4.75%, 1/15/43			100,000			100,740
General Motors Co., Senior Bond, 6.25%, 10/2/43			205,000			262,541
Home Depot, Inc. (The), 2.50%, 4/15/27			475,000			499,966

See Notes to Financial Statements.

22 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, CYCLICAL – (continued)
Home Depot, Inc. (The), 2.70%, 4/15/30		$	475,000		$	495,169
Hyundai Capital America, 3.40%, 6/20/24(a)			165,000			175,959
Kohl’s Corp., 5.55%, 7/17/45			308,000			348,941
Kohls Corp., 3.38%, 5/1/31			73,000			73,057
L Brands, Inc., 5.63%, 10/15/23			75,000			81,375
Lowe’s Cos., Inc., 3.00%, 10/15/50			1,250,000			1,165,898
Marriott International, Inc., Series FF, 4.63%, 6/15/30			187,000			209,196
Marriott International, Inc., Series GG, 3.50%, 10/15/32			530,000			549,978
Marriott International, Inc., Series HH, 2.85%, 4/15/31			156,000			153,106
McDonald’s Corp., 3.63%, 9/1/49			70,000			73,071
McDonald’s Corp., 4.20%, 4/1/50			75,000			85,181
Nissan Motor Acceptance Corp., Senior Note, 2.65%, 7/13/22(a)			9,000			9,191
PACCAR Financial Corp., 0.80%, 6/8/23			98,000			98,925
Ross Stores, Inc., 1.88%, 4/15/31			161,000			151,032
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25			200,000			206,250
Starbucks Corp., Senior Note, 2.45%, 6/15/26			500,000			523,536
Taylor Morrison Communities, Inc., 5.13%, 8/1/30(a)			150,000			159,375
Taylor Morrison Communities, Inc., 6.63%, 7/15/27(a)			100,000			107,750
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 3/1/24(a)			150,000			160,875
Volkswagen Group of America Finance LLC, 4.00%, 11/12/21(a)			215,000			219,678
William Carter Co. (The), 5.63%, 3/15/27(a)			250,000			264,063
Total Consumer, Cyclical						10,734,425
CONSUMER, NON-CYCLICAL – 4.8%
AbbVie, Inc., 4.05%, 11/21/39			42,000			47,023
AbbVie, Inc., 4.25%, 11/21/49			757,000			856,573

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
AbbVie, Inc., 4.55%, 3/15/35		$	380,000		$	441,287
AbbVie, Inc., 4.75%, 3/15/45			150,000			178,984
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35			200,000			234,836
Allina Health System, 3.89%, 4/15/49			90,000			101,369
AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47			100,000			110,786
Amgen, Inc., 2.20%, 2/21/27			585,000			600,118
Amgen, Inc., 3.15%, 2/21/40			131,000			129,983
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46			260,000			310,581
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 4/15/38			110,000			125,030
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48			194,000			222,087
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39			200,000			249,865
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49			355,000			458,096
Ascension Health, 2.53%, 11/15/29			630,000			646,424
Ascension Health, 3.11%, 11/15/39			120,000			122,794
BAT Capital Corp., 2.73%, 3/25/31			620,000			599,618
Bayer US Finance II LLC, 3.50%, 6/25/21(a)			200,000			200,880
Bristol-Myers Squibb Co., 0.75%, 11/13/25			173,000			170,413
Bristol-Myers Squibb Co., 3.90%, 2/20/28			400,000			449,958
Bristol-Myers Squibb Co., 4.13%, 6/15/39			40,000			46,525
Bristol-Myers Squibb Co., 4.25%, 10/26/49			145,000			170,792
Bristol-Myers Squibb Co., 5.00%, 8/15/45			65,000			83,577
Bush Foundation, 2.75%, 10/1/50			300,000			284,604
Cardinal Health, Inc., Senior Bond, 4.60%, 3/15/43			150,000			164,948

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 23

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Charles River Laboratories International, Inc., 3.75%, 3/15/29(a)		$	125,000		$	125,198
Cigna Corp., 2.40%, 3/15/30			1,125,000			1,115,470
Cigna Corp., 3.40%, 3/15/51			131,000			128,797
Cigna Corp., 4.38%, 10/15/28			190,000			217,373
Conagra Brands, Inc., 7.00%, 10/1/28			124,000			160,370
CVS Health Corp., 4.25%, 4/1/50			59,000			66,228
CVS Health Corp., 5.13%, 7/20/45			390,000			477,458
CVS Health Corp., Senior Bond, 4.78%, 3/25/38			448,000			528,723
CVS Health Corp., Senior Bond, 5.05%, 3/25/48			162,000			198,878
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47			70,000			78,917
ERAC USA Finance LLC, 4.20%, 11/1/46(a)			325,000			362,442
Ford Foundation (The), 2.82%, 6/1/70			806,000			725,543
General Mills, Inc., 2.88%, 4/15/30			400,000			412,943
Gilead Sciences, Inc., 1.20%, 10/1/27			1,550,000			1,486,045
Gilead Sciences, Inc., 2.60%, 10/1/40			1,075,000			987,840
Gilead Sciences, Inc., 2.80%, 10/1/50			1,000,000			888,784
GlaxoSmithKline Capital, Inc., 3.38%, 5/15/23			118,000			125,375
HCA, Inc., 5.38%, 2/1/25			25,000			27,888
HCA, Inc., 5.88%, 2/1/29			125,000			145,625
Kimberly-Clark Corp., 2.88%, 2/7/50			450,000			442,038
Kimberly-Clark Corp., Senior Note, 3.95%, 11/1/28			400,000			455,103
Kraft Heinz Foods Co., 4.88%, 10/1/49			195,000			218,714
Mars, Inc., 2.38%, 7/16/40(a)			80,000			73,368
Mars, Inc., 3.95%, 4/1/49(a)			205,000			230,907
Massachusetts Institute of Technology, 3.89%, 7/1/2116			75,000			81,160
Massachusetts Institute of Technology, 4.68%, 7/1/2114			150,000			193,246

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Mylan, Inc., 3.13%, 1/15/23(a)		$	480,000		$	500,126
Mylan, Inc., 5.20%, 4/15/48			275,000			316,285
NBM US Holdings, Inc., 6.63%, 8/6/29(a)			800,000			879,844
Nestle Holdings, Inc., 3.50%, 9/24/25(a)			397,000			435,723
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22(a)			575,000			575,118
Orlando Health Obligated Group, 4.09%, 10/1/48			50,000			56,961
PepsiCo, Inc., 2.25%, 3/19/25			139,000			146,376
PepsiCo, Inc., 2.88%, 10/15/49			1,005,000			972,652
Pilgrim’s Pride Corp., 5.88%, 9/30/27(a)			300,000			321,510
President & Fellows of Harvard College, 5.63%, 10/1/38			515,000			698,709
President & Fellows of Harvard College, 3.62%, 10/1/37			50,000			56,063
President & Fellows of Harvard College, 6.50%, 1/15/39(a)			105,000			157,848
Procter & Gamble Co. (The), 1.20%, 10/29/30			1,150,000			1,064,196
Procter & Gamble Co. (The), 2.80%, 3/25/27			450,000			484,717
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29			110,000			111,913
Roche Holdings, Inc., 0.25%, 3/5/24 (SOFR + 0.240%)(a)(c)			1,075,000			1,075,745
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23			450,000			472,842
Smithfield Foods, Inc., 4.25%, 2/1/27(a)			84,000			92,568
Smithfield Foods, Inc., 5.20%, 4/1/29(a)			115,000			131,948
Sutter Health, 4.09%, 8/15/48			125,000			138,256
Sysco Corp., 4.45%, 3/15/48			207,000			233,782
Sysco Corp., 4.50%, 4/1/46			116,000			130,353
Sysco Corp., 5.95%, 4/1/30			39,000			48,734
Sysco Corp., 6.60%, 4/1/40			112,000			156,243
Sysco Corp., 6.60%, 4/1/50			75,000			108,328
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30			1,000,000			963,788
Tenet Healthcare Corp., 4.63%, 7/15/24			300,000			306,207

See Notes to Financial Statements.

24 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Trustees of Boston College, 3.13%, 7/1/52		$	169,000		$	167,675
Trustees of Princeton University (The), 2.52%, 7/1/50			90,000			84,134
Trustees of Princeton University (The), 5.70%, 3/1/39			495,000			698,961
Tyson Foods, Inc., 5.10%, 9/28/48			310,000			392,526
Unilever Capital Corp., 1.38%, 9/14/30			1,175,000			1,102,780
Unilever Capital Corp., 2.00%, 7/28/26			1,000,000			1,034,066
Unilever Capital Corp., 2.13%, 9/6/29			675,000			674,047
United Rentals North America, Inc., 5.25%, 1/15/30			70,000			75,971
United Rentals North America, Inc., 5.50%, 5/15/27			375,000			399,937
UnitedHealth Group, Inc., 1.25%, 1/15/26			169,000			168,913
UnitedHealth Group, Inc., Senior Note, 3.75%, 7/15/25			266,000			294,595
UnitedHealth Group, Inc., Senior Note, 3.85%, 6/15/28			610,000			684,795
University of Chicago (The), 0, 2.76%, 4/1/45			100,000			96,213
Vector Group Ltd., 5.75%, 2/1/29(a)			250,000			257,812
Viatris, Inc., 3.85%, 6/22/40(a)			337,000			344,873
Viatris, Inc., 4.00%, 6/22/50(a)			266,000			271,068
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49			1,300,000			1,319,569
Total Consumer, Non-cyclical						35,666,354
ENERGY – 2.4%
Antero Resources Corp., 5.00%, 3/1/25			200,000			200,154
BP Capital Markets America, Inc., 2.77%, 11/10/50			203,000			177,021
BP Capital Markets America, Inc., 3.38%, 2/8/61			129,000			119,562
BP Capital Markets America, Inc., 3.54%, 4/6/27			323,000			353,532
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38			200,000			253,708

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37		$	205,000		$	221,804
Chaparral Energy, Inc., 9.00%, 5/31/25(a)			6,958			6,401
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29			138,000			145,446
Chevron Corp., 1.55%, 5/11/25			258,000			263,264
Chevron USA, Inc., 1.02%, 8/12/27			89,000			85,635
Chevron USA, Inc., 4.20%, 10/15/49			70,000			79,714
Chevron USA, Inc., 5.05%, 11/15/44			50,000			63,424
Chevron USA, Inc., 5.25%, 11/15/43			175,000			226,410
Colonial Enterprises, Inc., 3.25%, 5/15/30(a)			510,000			539,607
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 8/15/26(a)			70,000			78,104
ConocoPhillips, 4.30%, 8/15/28(a)			90,000			102,021
Continental Resources, Inc., 3.80%, 6/1/24			775,000			794,375
Diamondback Energy, Inc., 2.88%, 12/1/24			675,000			711,814
Diamondback Energy, Inc., 3.50%, 12/1/29			146,000			151,526
Diamondback Energy, Inc., 4.40%, 3/24/51			98,000			100,398
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25			200,000			213,480
Enable Midstream Partners L.P., Senior Note, 4.95%, 5/15/28			116,000			127,874
Energy Transfer Operating L.P., 4.90%, 3/15/35			162,000			170,812
Energy Transfer Operating L.P., 4.95%, 6/15/28			115,000			128,692
Energy Transfer Operating L.P., 5.00%, 5/15/50			505,000			522,293
Energy Transfer Operating L.P., 5.30%, 4/15/47			110,000			116,092
Energy Transfer Operating L.P., 6.13%, 12/15/45			181,000			208,212

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 25

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45		$	6,000		$	4,641
Enterprise Products Operating LLC, 3.70%, 1/31/51			133,000			130,939
Enterprise Products Operating LLC, 4.25%, 2/15/48			99,000			105,156
Enterprise Products Operating LLC, 4.85%, 8/15/42			200,000			229,399
Enterprise Products Operating LLC, Series E, 5.25%, 8/16/77 (5.25% fixed rate until 8/16/27; 3.03% + 3 month USD LIBOR thereafter)(c)			104,000			103,710
EOG Resources, Inc., 4.95%, 4/15/50			80,000			97,589
EQT Corp., 7.63%, 2/1/25			425,000			489,126
Gray Oak Pipeline LLC, 2.00%, 9/15/23(a)			187,000			190,345
Gray Oak Pipeline LLC, 3.45%, 10/15/27(a)			112,000			115,594
Halliburton Co., 2.92%, 3/1/30			76,000			75,850
Halliburton Co., 4.75%, 8/1/43			68,000			72,303
Hanwha Energy USA Holdings Corp., 2.38%, 7/30/22(a)			1,000,000			1,023,162
Hess Corp., 6.00%, 1/15/40			198,000			236,717
Kinder Morgan, Inc., 5.05%, 2/15/46			116,000			131,127
Marathon Oil Corp., 6.80%, 3/15/32			105,000			130,902
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37			158,000			196,755
MPLX L.P., Senior Bond, 4.70%, 4/15/48			150,000			162,285
MPLX L.P., Senior Bond, 5.50%, 2/15/49			85,000			99,860
Murray Energy Corp., Secured Note, 12.00%, 4/15/24(a)(d)			180,991			18
Noble Holding International Ltd., 7.88%, 2/1/26(a)(d)			75,000			42,750
ONEOK Partners L.P., 6.65%, 10/1/36			157,000			196,909
ONEOK, Inc., 3.10%, 3/15/30			610,000			614,016
ONEOK, Inc., 4.45%, 9/1/49			350,000			349,088
ONEOK, Inc., 4.50%, 3/15/50			250,000			250,231
ONEOK, Inc., 4.95%, 7/13/47			150,000			157,131
ONEOK, Inc., 6.35%, 1/15/31			1,000,000			1,255,604

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31		$	231,000		$	293,831
Petroleos Mexicanos, 6.50%, 3/13/27			200,000			209,000
Petroleos Mexicanos, 6.75%, 9/21/47			400,000			340,080
Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 6/15/44			420,000			399,612
Sanchez Energy Corp, 7.75%, 6/15/21			150,000			188
Sanchez Energy Corp., 6.13%, 1/15/23			100,000			125
Schlumberger Holdings Corp., 4.00%, 12/21/25(a)			143,000			158,194
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30(a)			175,000			172,988
Topaz Solar Farms LLC, 4.88%, 9/30/39(a)			357,710			388,705
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50			230,000			235,112
Valero Energy Corp., 2.15%, 9/15/27			85,000			83,286
Valero Energy Corp., 2.85%, 4/15/25			195,000			203,862
Valero Energy Corp., 4.00%, 4/1/29			45,000			48,491
Valero Energy Corp., (3 month USD LIBOR + 1.150%), 1.33%, 9/15/23(c)			1,000,000			1,003,386
Valero Energy Partners L.P., 4.38%, 12/15/26			173,000			193,954
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28			350,000			388,318
Western Midstream Operating L.P., 4.00%, 7/1/22			450,000			461,261
Western Midstream Operating L.P., 5.30%, 3/1/48			10,000			10,035
Williams Cos., Inc. (The), 5.75%, 6/24/44			247,000			302,524
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45			200,000			221,532
Total Energy						17,737,066

See Notes to Financial Statements.

26 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – 10.3%
American Express Co., 3.40%, 2/22/24		$	98,000		$	105,464
American Express Co., Senior Note, 4.20%, 11/6/25			81,000			91,547
American International Group, Inc., Senior Bond, 3.88%, 1/15/35			9,000			9,786
Ameriprise Financial, Inc., 3.00%, 3/22/22			126,000			129,284
AmFam Holdings, Inc., 3.83%, 3/11/51(a)			126,000			128,050
Bank of America Corp., 1.49%, 5/19/24 (SOFR + 1.460%)(c)			300,000			304,953
Bank of America Corp., 2.46%, 10/22/25 (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)(c)			982,000			1,029,323
Bank of America Corp., 3.19%, 7/23/30 (3.19% fixed rate until 7/23/29; 1.18% + 3 month USD LIBOR thereafter)(c)			45,000			47,238
Bank of America Corp., 3.71%, 4/24/28 (3.71% fixed rate until 4/24/27; 1.51% + 3 month USD LIBOR thereafter)(c)			153,000			167,351
Bank of America Corp., 4.45%, 3/3/26			1,525,000			1,714,126
Bank of America Corp., (3 month USD LIBOR + 2.664%), 4.30%, 1/28/25(c)(e)			475,000			476,781
Bank of America Corp., (3 month USD LIBOR + 3.150%), 4.08%, 3/20/51(c)			36,000			39,971
Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25(c)			1,000,000			997,400
Bank of America Corp., Senior Bond, 3.82%, 1/20/28 (3.82% fixed rate until 1/20/27; 1.58% + 3 month USD LIBOR thereafter)(c)			2,225,000			2,444,412
Bank of America Corp., Senior Bond, 3.97%, 3/5/29 (3.97% fixed rate until 3/5/28; 1.07% + 3 month USD LIBOR thereafter)(c)			610,000			672,138

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Bank of America Corp., Series JJ, 5.13%, 6/20/24 (5.13% fixed rate until 6/20/24; 3.29% + 3 month USD LIBOR thereafter)(c)(e)		$	290,000		$	308,125
Bank of America Corp., Series N, 3.48%, 3/13/52 (SOFR + 1.650%)(c)			59,000			60,120
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27			383,000			425,923
Bank of New York Mellon Corp. (The), Subordinated Bond, 3.30%, 8/23/29			500,000			536,458
BankUnited, Inc., 4.88%, 11/17/25			464,000			522,478
BankUnited, Inc., 5.13%, 6/11/30			122,000			137,548
Boston Properties L.P., 2.55%, 4/1/32			105,000			100,661
Brandywine Operating Partnership L.P., 3.95%, 2/15/23			500,000			522,598
Brighthouse Financial, Inc., 5.63%, 5/15/30			147,000			172,241
Brixmor Operating Partnership L.P., 2.25%, 4/1/28			53,000			52,004
Brixmor Operating Partnership L.P., 3.65%, 6/15/24			500,000			537,999
Brixmor Operating Partnership L.P., 4.05%, 7/1/30			625,000			673,226
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27			500,000			545,868
Charles Schwab Corp. (The), Series H, (1 year CMT + 3.079%), 4.00%, 12/1/30(c)(e)			1,000,000			983,000
Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)(c)			820,000			802,100
Citigroup, Inc., 1.68%, 5/15/24 (SOFR + 1.667%)(c)			1,000,000			1,020,370
Citigroup, Inc., 4.65%, 7/23/48			70,000			85,895
Citigroup, Inc., 4.70%, 1/30/25 (SOFR + 3.234%)(c)(e)			55,000			55,385
Citigroup, Inc., 5.88%, 2/22/33			124,000			157,216
Citigroup, Inc., (SOFR + 0.686%), 0.78%, 10/30/24(c)			1,000,000			999,321
Citigroup, Inc., (SOFR + 1.146%), 2.67%, 1/29/31(c)			128,000			128,605

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 27

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)(c)		$	59,000		$	64,524
Citigroup, Inc., Senior Bond, 4.08%, 4/23/29 (4.08% fixed rate until 4/23/28; 1.19% + 3 month USD LIBOR thereafter)(c)			700,000			778,750
Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)(c)(e)			225,000			231,817
Citigroup, Inc., Subordinated Bond, 4.75%, 5/18/46			52,000			61,968
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33			210,000			271,563
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27			1,541,000			1,739,152
Citizens Financial Group, Inc., 2.64%, 9/30/32(a)			167,000			159,903
Citizens Financial Group, Inc., 3.25%, 4/30/30			1,200,000			1,274,215
CNA Financial Corp., 3.95%, 5/15/24			365,000			396,507
Columbia Property Trust Operating Partnership L.P., 4.15%, 4/1/25			282,000			296,893
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30			1,000,000			990,979
Danske Bank A/S, Senior Note, 3.88%, 9/12/23(a)			200,000			214,117
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26(a)			970,000			994,983
Empower Finance 2020 L.P., 1.36%, 9/17/27(a)			1,125,000			1,087,090
Empower Finance 2020 L.P., 1.78%, 3/17/31(a)			1,000,000			927,152
Equinix, Inc., 1.80%, 7/15/27			1,000,000			981,602
ESH Hospitality, Inc., 4.63%, 10/1/27(a)			25,000			26,441
ESH Hospitality, Inc., 5.25%, 5/1/25(a)			350,000			357,000
Federal Realty Investment Trust, 1.25%, 2/15/26			1,320,000			1,303,396
First Horizon Bank, 5.75%, 5/1/30			250,000			300,663

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
First Niagara Financial Group, Inc., Subordinated Note, 7.25%, 12/15/21		$	79,000		$	82,669
Five Corners Funding Trust, Senior Note, 4.42%, 11/15/23(a)			600,000			658,179
Five Corners Funding Trust II, 2.85%, 5/15/30(a)			1,325,000			1,365,554
FS KKR Capital Corp., 4.13%, 2/1/25			1,550,000			1,593,725
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35			761,000			871,162
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26			150,000			168,427
Goldman Sachs Group, Inc. (The), 0.86%, 2/12/26 (SOFR + 0.609%)(c)			1,000,000			982,902
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26			270,000			292,640
Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30			125,000			137,678
Goldman Sachs Group, Inc. (The), (3 month USD LIBOR + 1.158%), 3.81%, 4/23/29(c)			925,000			1,013,452
Goldman Sachs Group, Inc. (The), Senior Bond, 4.22%, 5/1/29 (4.22% fixed rate until 5/1/28; 1.30% + 3 month USD LIBOR thereafter)(c)			410,000			459,945
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37			277,000			391,573
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30(a)			1,000,000			962,500
HNA 2015 LLC, 2.37%, 9/18/27			350,573			368,270
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30			150,000			150,593
HSBC Holdings PLC, Senior Bond, 4.58%, 6/19/29 (4.58% fixed rate until 6/19/28; 1.53% + 3 month USD LIBOR thereafter)(c)			200,000			224,759
JPMorgan Chase & Co., 0.56%, 2/16/25 (SOFR + 0.420%)(c)			950,000			942,938

See Notes to Financial Statements.

28 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)(c)		$	430,000		$	442,191
JPMorgan Chase & Co., 3.62%, 4/1/31 (SOFR + 3.120%)(c)			71,000			77,088
JPMorgan Chase & Co., 4.00%, 4/1/25 (SOFR + 2.745%)(c)(e)			975,000			965,494
JPMorgan Chase & Co., 4.60%, 2/1/25 (SOFR + 3.125%)(c)(e)			165,000			166,856
JPMorgan Chase & Co., (3 month USD LIBOR + 1.337%), 3.78%, 2/1/28(c)			1,525,000			1,680,828
JPMorgan Chase & Co., (SOFR + 0.600%), 0.65%, 9/16/24(c)			198,000			198,385
JPMorgan Chase & Co., (SOFR + 1.510%), 2.53%, 11/19/41(c)			543,000			497,358
JPMorgan Chase & Co., Junior Subordinated Bond, Series U, 6.13%, 4/30/24 (6.13% fixed rate until 4/30/24; 3.33% + 3 month USD LIBOR thereafter)(c)(e)			190,000			203,620
JPMorgan Chase & Co., Senior Bond, 4.01%, 4/23/29 (4.01% fixed rate until 4/23/28; 1.12% + 3 month USD LIBOR thereafter)(c)			1,240,000			1,382,823
KeyBank NA, Subordinated Note, 3.40%, 5/20/26			500,000			538,997
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30			1,000,000			918,404
Liberty Mutual Group, Inc., 3.95%, 5/15/60(a)			85,000			85,915
Liberty Mutual Group, Inc., 3.95%, 10/15/50(a)			120,000			123,785
Liberty Mutual Group, Inc., 4.57%, 2/1/29(a)			700,000			811,636
Low Income Investment Fund, 3.39%, 7/1/26			1,000,000			1,059,985
Macquarie Group Ltd., Senior Bond, 3.76%, 11/28/28 (3.76% fixed rate until 11/28/27; 1.37% + 3 month USD LIBOR thereafter)(a)(c)			4,000			4,351
Mastercard, Inc., 1.90%, 3/15/31			1,312,000			1,289,606

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Mastercard, Inc., 2.00%, 3/3/25		$	160,000		$	166,928
Morgan Stanley, 3.63%, 1/20/27			396,000			434,511
Morgan Stanley, 3.95%, 4/23/27			950,000			1,051,246
Morgan Stanley, 4.43%, 1/23/30 (4.43% fixed rate until 1/23/29; 1.63% + 3 month USD LIBOR thereafter)(c)			440,000			503,805
Morgan Stanley, (SOFR + 0.720%), 0.99%, 12/10/26(c)			1,000,000			976,093
Morgan Stanley, Senior Bond, 3.77%, 1/24/29 (3.77% fixed rate until 1/24/28; 1.14% + 3 month USD LIBOR thereafter)(c)			1,155,000			1,263,270
Morgan Stanley, Subordinated Note, 5.00%, 11/24/25			33,000			37,926
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31			225,000			220,797
National Health Investors, Inc., 3.00%, 2/1/31			73,000			68,232
New York Community Bancorp, Inc., Subordinated Note, 5.90%, 11/6/28 (5.90% fixed rate until 11/6/23; 2.78% + 3 month USD LIBOR thereafter)(c)			218,000			236,073
Nuveen Finance LLC, 4.13%, 11/1/24(a)			400,000			444,085
OFS Capital Corp., 4.75%, 2/10/26			1,300,000			1,320,256
Ohio National Financial Services, Inc., 5.55%, 1/24/30(a)			200,000			217,744
Omega Healthcare Investors, Inc., 3.25%, 4/15/33			193,000			184,893
Omega Healthcare Investors, Inc., 3.38%, 2/1/31			109,000			108,114
OneMain Finance Corp., 6.63%, 1/15/28			225,000			254,995
Owl Rock Capital Corp., 5.25%, 4/15/24			955,000			1,041,781
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/1/28(a)			275,000			291,569

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 29

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
People’s United Bank NA, Subordinated Note, 4.00%, 7/15/24		$	500,000		$	539,525
PNC Bank NA, Senior Note, 3.10%, 10/25/27			500,000			541,340
Principal Life Global Funding II, 0.50%, 1/8/24(a)			124,000			123,702
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45			500,000			530,937
Prudential Financial, Inc., 1.50%, 3/10/26			1,311,000			1,324,417
Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)(c)			54,000			61,737
Prudential Financial, Inc., Junior Subordinated Bond, 5.63%, 6/15/43 (5.63% fixed rate until 6/15/23; 3.92% + 3 month USD LIBOR thereafter)(c)			144,000			154,317
Realty Income Corp., 3.25%, 1/15/31			285,000			300,839
Regency Centers L.P., 3.75%, 6/15/24			500,000			536,439
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37			248,000			358,930
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27			500,000			506,993
SBA Tower Trust, 1.88%, 7/15/50(a)			1,460,000			1,477,579
Signature Bank, 4.00%, 10/15/30(c)			250,000			257,871
Spirit Realty L.P., 2.70%, 2/15/32			76,000			72,207
State Street Corp., Senior Note, 2.65%, 5/19/26			500,000			532,022
SVB Financial Group, 1.80%, 2/2/31			1,150,000			1,060,320
SVB Financial Group, 3.13%, 6/5/30			250,000			259,679
SVB Financial Group, 4.10%, 2/15/31 (10 year CMT + 3.064%)			770,000			771,925
SVB Financial Group, Senior Note, 3.50%, 1/29/25			500,000			539,798
Synchrony Financial, 4.50%, 7/23/25			503,000			557,768

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(a)		$	210,000		$	204,330
Truist Financial Corp., Senior Note, 4.00%, 5/1/25			234,000			258,624
Unum Group, 4.50%, 3/15/25			56,000			62,587
USAA Capital Corp., 2.13%, 5/1/30(a)			1,000,000			981,434
VEREIT Operating Partnership L.P., 2.85%, 12/15/32			618,000			598,503
Visa, Inc., 0.75%, 8/15/27			55,000			52,803
Visa, Inc., 1.90%, 4/15/27			1,000,000			1,024,928
Voya Financial, Inc., 4.70%, 1/23/48 (4.70% fixed rate until 1/23/28; 2.08% + 3 month USD LIBOR thereafter)(c)			91,000			92,820
Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)(c)			866,000			849,206
Wells Fargo & Co., 4.30%, 7/22/27			641,000			724,521
Wells Fargo & Co., (3 month USD LIBOR + 1.000%), 2.57%, 2/11/31(c)			670,000			673,628
Welltower, Inc., 2.75%, 1/15/31			5,000			4,973
Welltower, Inc., 2.80%, 6/1/31			230,000			228,604
Willis North America, Inc., 3.88%, 9/15/49			28,000			29,713
WR Berkley Corp., 4.00%, 5/12/50			160,000			170,117
Zions Bancorp NA, 3.25%, 10/29/29			271,000			274,140
Total Financial						76,319,562
INDUSTRIAL – 1.4%
AECOM, 5.13%, 3/15/27			200,000			217,625
Amsted Industries, Inc., 5.63%, 7/1/27(a)			200,000			212,250
Arrow Electronics, Inc., 4.00%, 4/1/25			58,000			62,427
Berry Global, Inc., 1.57%, 1/15/26(a)			1,010,000			994,062
Boeing Co. (The), 2.20%, 2/4/26			1,150,000			1,146,434
Boeing Co. (The), 3.75%, 2/1/50			525,000			502,870
Carrier Global Corp., 3.38%, 4/5/40			177,000			176,651

See Notes to Financial Statements.

30 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
Caterpillar Financial Services Corp., 0.65%, 7/7/23		$	201,000		$	201,995
Caterpillar Financial Services Corp., 1.10%, 9/14/27			148,000			142,547
CNH Industrial Capital LLC, 1.95%, 7/2/23			400,000			410,750
CNH Industrial Capital LLC, 4.20%, 1/15/24			76,000			82,845
Emerson Electric Co., 0.88%, 10/15/26			126,000			122,153
General Electric Co., 4.35%, 5/1/50			54,000			59,937
Graphic Packaging International LLC, 1.51%, 4/15/26(a)			93,000			92,355
Honeywell International, Inc., 0.48%, 8/19/22			99,000			99,075
Illinois Tool Works, Inc., 3.50%, 3/1/24			100,000			108,120
John Deere Capital Corp., 1.50%, 3/6/28			188,000			183,076
Kansas City Southern, 2.88%, 11/15/29			83,000			84,853
Kansas City Southern, 4.30%, 5/15/43			663,000			726,835
Kansas City Southern, 4.70%, 5/1/48			52,000			61,161
Kirby Corp., Senior Note, 4.20%, 3/1/28			119,000			129,604
Masco Corp., 3.13%, 2/15/51			92,000			86,395
Nature Conservancy (The), 1.29%, 2/1/24 (3 month USD LIBOR + 1.08%)(c)			520,000			521,603
Nature Conservancy (The), Series A, 1.51%, 7/1/29			300,000			283,757
Otis Worldwide Corp., 3.11%, 2/15/40			1,000,000			984,459
Owens Corning, 4.30%, 7/15/47			130,000			140,698
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.35%, 11/1/29(a)			30,000			31,071
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26(a)			187,000			202,161
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.20%, 4/1/27(a)			105,000			117,519

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
Penske Truck Leasing Co. L.P./PTL Finance Corp., Senior Note, 4.13%, 8/1/23(a)		$	330,000		$	354,000
Sonoco Products Co., 3.13%, 5/1/30			134,000			138,373
Standard Industries, Inc., 4.38%, 7/15/30(a)			175,000			176,575
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28(a)			125,000			129,575
Stanley Black & Decker, Inc., 3.40%, 3/1/26			98,000			107,522
Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60(c)			199,000			210,671
Teledyne Technologies, Inc., 2.75%, 4/1/31			102,000			101,629
Trimble, Inc., 4.75%, 12/1/24			17,000			19,025
Trimble, Inc., Senior Note, 4.15%, 6/15/23			250,000			266,969
Union Pacific Corp., 2.97%, 9/16/62(a)			225,000			200,329
United Parcel Service, Inc., 3.90%, 4/1/25			87,000			96,284
Vontier Corp., 2.95%, 4/1/31(a)			62,000			60,487
Xylem, Inc., 2.25%, 1/30/31			250,000			245,302
Total Industrial						10,292,029
TECHNOLOGY – 0.8%
Apple, Inc., 2.05%, 9/11/26			103,000			106,635
Apple, Inc., Senior Bond, 3.85%, 8/4/46			325,000			364,347
Apple, Inc., Senior Note, 3.00%, 6/20/27			500,000			542,495
Broadcom, Inc., 3.15%, 11/15/25			246,000			262,195
Broadcom, Inc., 3.42%, 4/15/33(a)			809,000			811,317
Broadcom, Inc., 3.46%, 9/15/26			123,000			131,912
Broadcom, Inc., 3.50%, 2/15/41(a)			91,000			87,155
Broadcom, Inc., 4.11%, 9/15/28			289,000			315,949
Broadcom, Inc., 4.15%, 11/15/30			118,000			127,364
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24			350,000			383,586

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 31

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
TECHNOLOGY – (continued)
Dell International LLC/EMC Corp., Senior Secured Bond, 8.10%, 7/15/36(a)		$	139,000		$	203,596
Hewlett Packard Enterprise Co., 1.75%, 4/1/26			302,000			302,028
Hewlett Packard Enterprise Co., Senior Bond, 6.20%, 10/15/35			96,000			125,571
Microsoft Corp., 2.68%, 6/1/60			56,000			51,406
Microsoft Corp., 3.04%, 3/17/62			269,000			263,728
Oracle Corp., 2.30%, 3/25/28			308,000			311,825
Oracle Corp., 3.65%, 3/25/41			113,000			114,348
Oracle Corp., 4.10%, 3/25/61			108,000			111,763
Roper Technologies, Inc., 1.40%, 9/15/27			500,000			483,079
Texas Instruments, Inc., 3.88%, 3/15/39			525,000			602,499
Total Technology						5,702,798
UTILITIES – 4.4%
AEP Transmission Co. LLC, 4.25%, 9/15/48			425,000			488,784
AES Corp. (The), 1.38%, 1/15/26(a)			1,175,000			1,145,205
AES Corp. (The), 2.45%, 1/15/31(a)			1,000,000			956,082
Alabama Power Co., 3.75%, 3/1/45			170,000			181,389
Alabama Power Co., Senior Bond, Series A, 4.30%, 7/15/48			125,000			145,049
Alexander Funding Trust, 1.84%, 11/15/23(a)			555,000			562,380
Alliant Energy Finance LLC, 3.75%, 6/15/23(a)			300,000			319,614
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27			114,000			122,915
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26			225,000			247,590
Appalachian Power Co., 3.70%, 5/1/50			135,000			136,614
Atmos Energy Corp., 3.38%, 9/15/49			320,000			318,075
Atmos Energy Corp., (3 month USD LIBOR + 0.380%), 0.57%, 3/9/23(c)			1,000,000			1,000,109

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Avangrid, Inc., 3.20%, 4/15/25		$	317,000		$	339,396
Brooklyn Union Gas Co. (The), 4.49%, 3/4/49(a)			1,000,000			1,144,742
Bruce Mansfield Unit, 8.88%, 8/1/23			100,000			50
Calpine Corp., 3.75%, 3/1/31(a)			325,000			309,758
Clearway Energy Operating LLC, 3.75%, 2/15/31(a)			925,000			887,426
CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50(c)			93,000			100,440
Commonwealth Edison Co., 3.70%, 8/15/28			820,000			913,220
Connecticut Light & Power Co. (The), 4.00%, 4/1/48			605,000			685,932
Consolidated Edison Co. of New York, Inc., 0, 3.95%, 4/1/50			30,000			32,543
Dominion Energy South Carolina, Inc., 5.10%, 6/1/65			143,000			189,572
Dominion Energy, Inc., 3.07%, 8/15/24			850,000			905,229
Dominion Energy, Inc., Junior Subordinated Bond, 5.75%, 10/1/54 (5.75% fixed rate until 10/1/24; 3.06% + 3 month USD LIBOR thereafter)(c)			56,000			60,667
Dominion Energy, Inc., Senior Note, 4.25%, 6/1/28			270,000			305,422
DTE Electric Co., 3.95%, 3/1/49			1,267,000			1,416,188
Duke Energy Florida LLC, 2.50%, 12/1/29			1,000,000			1,019,785
Duke Energy Florida LLC, 3.80%, 7/15/28			550,000			609,953
Duke Energy Florida LLC, 4.20%, 7/15/48			50,000			57,253
East Ohio Gas Co. (The), 2.00%, 6/15/30(a)			875,000			841,907
Electricite de France S.A., Senior Note, 3.63%, 10/13/25(a)			1,000,000			1,086,465
Emera US Finance L.P., 3.55%, 6/15/26			400,000			433,744
Emera US Finance L.P., 4.75%, 6/15/46			138,000			153,834

See Notes to Financial Statements.

32 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Entergy Louisiana LLC, 4.20%, 9/1/48		$	310,000		$	349,095
Entergy Mississippi LLC, 3.50%, 6/1/51			51,000			51,676
Entergy Texas, Inc., 4.50%, 3/30/39			295,000			333,077
Essential Utilities, Inc., 3.35%, 4/15/50			77,000			74,510
Exelon Corp., 4.70%, 4/15/50			120,000			143,737
FirstEnergy Corp., Senior Bond, Series C, 7.38%, 11/15/31			194,000			259,419
Georgia Power Co., Series A, 3.25%, 3/15/51			217,000			207,151
Interstate Power & Light Co., 3.50%, 9/30/49			1,085,000			1,068,175
Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23(a)			400,000			450,000
Liberty Utilities Finance GP 1, 2.05%, 9/15/30(a)			86,000			80,576
MidAmerican Energy Co., 3.10%, 5/1/27			624,000			676,268
National Fuel Gas Co., 2.95%, 3/1/31			75,000			72,222
National Fuel Gas Co., 5.50%, 1/15/26			1,225,000			1,399,981
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25			444,000			469,605
NextEra Energy Capital Holdings, Inc., 0.55%, 3/1/23 (SOFR + 0.540%)(c)			750,000			751,877
NextEra Energy Operating Partners L.P., 4.25%, 7/15/24(a)			575,000			605,188
NextEra Energy Operating Partners L.P., 4.25%, 9/15/24(a)			1,000			1,055
NorthWestern Corp., 4.18%, 11/15/44			500,000			552,938
Oklahoma Gas & Electric Co., 3.25%, 4/1/30			725,000			768,654
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28			720,000			798,518
Pacific Gas and Electric Co., 3.95%, 12/1/47			107,000			98,478
Pacific Gas and Electric Co., 4.30%, 3/15/45			110,000			107,071
PacifiCorp, 4.13%, 1/15/49			135,000			150,338

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(a)		$	425,000		$	431,906
PPL Capital Funding, Inc., 5.00%, 3/15/44			215,000			256,256
PPL Electric Utilities Corp., 4.15%, 6/15/48			85,000			97,265
PSEG Power LLC, 3.85%, 6/1/23			310,000			330,492
Public Service Co. of Colorado, 2.70%, 1/15/51			240,000			217,129
Public Service Co. of Colorado, 3.70%, 6/15/28			115,000			127,206
Public Service Co. of Colorado, 4.10%, 6/15/48			209,000			236,681
Public Service Electric & Gas Co., 2.70%, 5/1/50			420,000			386,765
Sempra Energy, Senior Bond, 3.80%, 2/1/38			500,000			537,437
Southern California Edison Co., 1.10%, 4/1/24			277,000			276,996
Southern California Edison Co., Series C, 4.13%, 3/1/48			110,000			115,261
Southern California Gas Co., Series VV, 4.30%, 1/15/49			75,000			88,596
Southern Power Co., Senior Note, 4.15%, 12/1/25			500,000			556,821
Southwestern Public Service Co., 3.75%, 6/15/49			360,000			384,212
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33(a)			453,500			510,188
Tucson Electric Power Co., 1.50%, 8/1/30			525,000			486,243
Union Electric Co., 2.95%, 6/15/27			128,000			137,352
Vistra Operations Co. LLC, 3.55%, 7/15/24(a)			305,000			319,162
Vistra Operations Co. LLC, 5.00%, 7/31/27(a)			100,000			103,002
Total Utilities						32,185,911
TOTAL CORPORATE BONDS (Cost: $207,792,307)						212,351,639
U.S. GOVERNMENT AGENCIES – 18.8%
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23			1,050,000			1,050,239

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 33

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50		$	499,849		$	483,309
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32			169,710			174,673
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50			3,191,025			3,187,245
Federal Home Loan Mortgage Corp., 2.50%, 2/1/28			126,714			132,510
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28			114,694			120,210
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51			2,743,130			2,817,537
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32			248,012			265,461
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37			439,830			458,235
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43			685,619			729,306
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45			348,534			366,941
Federal Home Loan Mortgage Corp., 3.00%, 9/1/46			83,125			87,451
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47			1,449,580			1,532,063
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47			439,645			461,020
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49			133,071			138,734
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50			623,797			650,615
Federal Home Loan Mortgage Corp., 3.50%, 11/1/28			314,435			341,791
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41			112,930			122,064
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42			501,424			543,847
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43			229,985			249,384
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45			308,298			334,024
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45			229,327			246,202
Federal Home Loan Mortgage Corp., 3.50%, 8/1/46			709,314			767,253
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47			257,106			277,415
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47			221,542			235,387
Federal Home Loan Mortgage Corp., 3.50%, 3/1/48			2,839,782			3,064,101

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41		$	137,560		$	151,596
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42			6,838			7,489
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42			277,856			306,096
Federal Home Loan Mortgage Corp., 4.00%, 10/1/47			119,061			130,786
Federal Home Loan Mortgage Corp., 4.00%, 3/1/48			420,382			461,663
Federal Home Loan Mortgage Corp., 4.00%, 6/1/48			1,309,110			1,436,517
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48			3,301,130			3,606,922
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48			66,987			73,219
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47			449,953			493,600
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47			40,697			45,696
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47			99,663			108,792
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47			106,814			117,538
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48			245,011			268,086
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48			225,660			251,340
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42			168,895			196,562
Federal National Mortgage Association, 0.63%, 4/22/25			1,000,000			997,348
Federal National Mortgage Association, 0.88%, 8/5/30			1,615,000			1,493,255
Federal National Mortgage Association, 1.50%, 3/1/51			1,000,000			966,860
Federal National Mortgage Association, 1.63%, 1/7/25			770,000			799,818
Federal National Mortgage Association, 2.00%, 5/1/36(f)			3,500,000			3,587,543
Federal National Mortgage Association, 2.00%, 12/1/40			664,014			673,053
Federal National Mortgage Association, 2.00%, 2/1/41			524,939			532,101
Federal National Mortgage Association, 2.00%, 10/1/50			1,981,777			1,979,429

See Notes to Financial Statements.

34 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 2.00%, 11/1/50		$	496,818		$	496,225
Federal National Mortgage Association, 2.00%, 1/1/51			984,274			983,998
Federal National Mortgage Association, 2.00%, 1/1/51			497,860			497,271
Federal National Mortgage Association, 2.00%, 2/1/51			501,832			501,234
Federal National Mortgage Association, 2.00%, 5/1/51(f)			7,040,000			7,013,875
Federal National Mortgage Association, 2.50%, 4/1/31			585,585			614,782
Federal National Mortgage Association, 2.50%, 5/1/35			2,010,552			2,091,799
Federal National Mortgage Association, 2.50%, 5/1/36(f)			1,500,000			1,559,941
Federal National Mortgage Association, 2.50%, 5/1/43			311,668			322,972
Federal National Mortgage Association, 2.50%, 8/1/46			782,067			805,699
Federal National Mortgage Association, 2.50%, 9/1/46			61,946			63,824
Federal National Mortgage Association, 2.50%, 10/1/46			176,064			180,840
Federal National Mortgage Association, 2.50%, 8/1/50			823,285			845,616
Federal National Mortgage Association, 2.50%, 10/1/50			470,269			483,025
Federal National Mortgage Association, 2.50%, 11/1/50			484,854			498,006
Federal National Mortgage Association, 2.50%, 4/1/51(f)			1,500,000			1,539,258
Federal National Mortgage Association, 2.50%, 5/1/51(f)			11,440,000			11,714,828
Federal National Mortgage Association, 2.63%, 9/6/24			1,000,000			1,074,705
Federal National Mortgage Association, 3.00%, 5/1/30			192,820			204,959
Federal National Mortgage Association, 3.00%, 5/1/32			618,640			657,639
Federal National Mortgage Association, 3.00%, 10/1/32			544,838			575,521

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 3.00%, 5/1/40		$	415,149		$	434,897
Federal National Mortgage Association, 3.00%, 5/1/43			561,858			594,951
Federal National Mortgage Association, 3.00%, 9/1/46			183,865			194,198
Federal National Mortgage Association, 3.00%, 11/1/46			263,683			278,381
Federal National Mortgage Association, 3.00%, 11/1/46			1,949,382			2,059,492
Federal National Mortgage Association, 3.00%, 1/1/47			354,144			370,941
Federal National Mortgage Association, 3.00%, 2/1/47			1,698,501			1,804,503
Federal National Mortgage Association, 3.00%, 2/25/47			540,577			570,243
Federal National Mortgage Association, 3.00%, 11/1/47			33,447			34,302
Federal National Mortgage Association, 3.00%, 12/1/49			702,952			732,096
Federal National Mortgage Association, 3.00%, 2/1/50			690,651			719,452
Federal National Mortgage Association, 3.00%, 7/1/50			5,998,781			6,382,283
Federal National Mortgage Association, 3.00%, 5/1/51(f)			2,000,000			2,083,594
Federal National Mortgage Association, 3.50%, 12/1/30			54,202			58,382
Federal National Mortgage Association, 3.50%, 5/1/40			148,033			157,047
Federal National Mortgage Association, 3.50%, 1/1/41			321,330			347,103
Federal National Mortgage Association, 3.50%, 8/1/42			248,801			268,897
Federal National Mortgage Association, 3.50%, 11/1/42			383,657			415,958
Federal National Mortgage Association, 3.50%, 8/1/43			149,818			162,699
Federal National Mortgage Association, 3.50%, 12/1/45			493,791			529,880
Federal National Mortgage Association, 3.50%, 12/1/45			306,386			327,759

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 35

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 3.50%, 8/1/46		$	275,315		$	297,886
Federal National Mortgage Association, 3.50%, 12/1/46			156,500			169,500
Federal National Mortgage Association, 3.50%, 12/1/46			152,035			161,823
Federal National Mortgage Association, 3.50%, 1/1/47			184,527			196,405
Federal National Mortgage Association, 3.50%, 4/1/47			546,555			583,497
Federal National Mortgage Association, 3.50%, 8/1/47			12,297			13,161
Federal National Mortgage Association, 3.50%, 9/1/47			265,574			281,895
Federal National Mortgage Association, 3.50%, 11/1/47			7,405			8,024
Federal National Mortgage Association, 3.50%, 11/1/47			83,489			88,589
Federal National Mortgage Association, 3.50%, 2/1/48			365,246			386,233
Federal National Mortgage Association, 3.50%, 3/1/48			2,769,101			2,936,762
Federal National Mortgage Association, 3.50%, 4/1/48			370,754			393,059
Federal National Mortgage Association, 3.50%, 6/1/48			260,016			278,649
Federal National Mortgage Association, 3.50%, 11/1/48			412,431			436,512
Federal National Mortgage Association, 4.00%, 9/1/40			213,506			234,169
Federal National Mortgage Association, 4.00%, 3/1/41			398,391			438,896
Federal National Mortgage Association, 4.00%, 9/1/42			48,344			52,995
Federal National Mortgage Association, 4.00%, 1/1/44			12,311			13,627
Federal National Mortgage Association, 4.00%, 1/1/45			19,139			21,094
Federal National Mortgage Association, 4.00%, 6/1/45			6,187			6,837
Federal National Mortgage Association, 4.00%, 12/1/45			15,424			17,055
Federal National Mortgage Association, 4.00%, 12/1/45			438,021			479,906

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 4.00%, 7/1/46		$	547,829		$	594,584
Federal National Mortgage Association, 4.00%, 3/1/47			226,850			247,654
Federal National Mortgage Association, 4.00%, 9/1/47			778,289			839,603
Federal National Mortgage Association, 4.00%, 9/1/47			32,565			35,189
Federal National Mortgage Association, 4.00%, 10/1/47			208,779			224,162
Federal National Mortgage Association, 4.00%, 12/1/47			78,919			86,691
Federal National Mortgage Association, 4.00%, 12/1/47			385,279			415,741
Federal National Mortgage Association, 4.00%, 1/1/48			428,731			458,717
Federal National Mortgage Association, 4.00%, 2/1/48			155,161			166,922
Federal National Mortgage Association, 4.00%, 4/1/48			787,575			847,027
Federal National Mortgage Association, 4.00%, 6/1/49			476,672			511,100
Federal National Mortgage Association, 4.50%, 9/1/40			230,891			257,117
Federal National Mortgage Association, 4.50%, 2/1/41			428,990			483,636
Federal National Mortgage Association, 4.50%, 9/1/42			4,818			5,408
Federal National Mortgage Association, 4.50%, 12/1/43			23,124			25,959
Federal National Mortgage Association, 4.50%, 7/1/46			195,282			214,853
Federal National Mortgage Association, 4.50%, 11/1/47			69,776			77,690
Federal National Mortgage Association, 4.50%, 1/1/48			194,456			216,274
Federal National Mortgage Association, 4.50%, 2/1/48			34,496			38,407
Federal National Mortgage Association, 4.50%, 3/1/48			158,225			172,649
Federal National Mortgage Association, 4.50%, 3/1/48			150,393			167,443
Federal National Mortgage Association, 4.50%, 5/1/48			150,766			167,859
Federal National Mortgage Association, 4.50%, 5/1/48			109,369			121,769

See Notes to Financial Statements.

36 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 5.00%, 9/1/40		$	199,252		$	230,183
Federal National Mortgage Association, 5.00%, 2/1/41			115,281			134,107
Federal National Mortgage Association, 5.00%, 7/1/44			300,950			346,630
Federal National Mortgage Association, 5.00%, 5/1/48			100,344			111,848
Federal National Mortgage Association, 5.00%, 8/1/48			33,310			37,732
Federal National Mortgage Association, 5.50%, 2/1/42			72,597			83,877
Government National Mortgage Association, 2.00%, 12/20/50			495,317			500,298
Government National Mortgage Association, 2.00%, 5/1/51(f)			4,500,000			4,536,211
Government National Mortgage Association, 2.50%, 12/20/46			144,064			149,601
Government National Mortgage Association, 2.50%, 10/20/50			2,288,215			2,377,502
Government National Mortgage Association, 2.50%, 4/1/51(f)			1,500,000			1,547,695
Government National Mortgage Association, 2.50%, 5/1/51(f)			6,000,000			6,178,828
Government National Mortgage Association, 3.00%, 12/20/42			291,272			310,963
Government National Mortgage Association, 3.00%, 12/20/45			104,671			110,813
Government National Mortgage Association, 3.00%, 9/20/46			168,130			177,287
Government National Mortgage Association, 3.00%, 10/20/46			346,138			364,570
Government National Mortgage Association, 3.00%, 2/20/47			373,365			395,026
Government National Mortgage Association, 3.00%, 4/20/47			256,183			269,756
Government National Mortgage Association, 3.00%, 12/20/47			125,326			131,937

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 3.00%, 1/20/48		$	262,382		$	277,028
Government National Mortgage Association, 3.00%, 9/20/49			232,450			243,631
Government National Mortgage Association, 3.00%, 12/20/49			454,292			473,413
Government National Mortgage Association, 3.00%, 4/15/50			519,756			540,410
Government National Mortgage Association, 3.00%, 8/20/50			552,002			593,259
Government National Mortgage Association, 3.00%, 8/20/50			898,230			963,643
Government National Mortgage Association, 3.00%, 8/20/50			394,682			422,395
Government National Mortgage Association, 3.00%, 10/20/50			674,314			718,205
Government National Mortgage Association, 3.00%, 10/20/50			510,538			539,029
Government National Mortgage Association, 3.00%, 5/1/51(f)			1,500,000			1,563,398
Government National Mortgage Association, 3.50%, 2/20/42			244,169			264,842
Government National Mortgage Association, 3.50%, 7/20/42			360,751			391,991
Government National Mortgage Association, 3.50%, 11/20/42			162,355			176,323
Government National Mortgage Association, 3.50%, 8/20/45			74,698			80,034
Government National Mortgage Association, 3.50%, 9/20/45			75,697			81,097
Government National Mortgage Association, 3.50%, 4/20/46			111,000			118,777
Government National Mortgage Association, 3.50%, 12/20/46			609,358			648,302

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 37

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 3.50%, 1/20/47		$	401,724		$	427,551
Government National Mortgage Association, 3.50%, 11/20/47			234,215			249,766
Government National Mortgage Association, 3.50%, 1/20/48			249,012			265,206
Government National Mortgage Association, 3.50%, 11/20/48			954,520			1,009,273
Government National Mortgage Association, 3.50%, 8/20/50			240,846			266,230
Government National Mortgage Association, 3.50%, 8/20/50			286,856			316,138
Government National Mortgage Association, 3.50%, 8/20/50			373,494			408,432
Government National Mortgage Association, 3.50%, 10/20/50			112,476			124,233
Government National Mortgage Association, 4.00%, 11/20/40			125,670			139,170
Government National Mortgage Association, 4.00%, 2/20/46			298,740			327,932
Government National Mortgage Association, 4.00%, 3/20/46			112,837			123,996
Government National Mortgage Association, 4.00%, 5/20/47			193,444			209,325
Government National Mortgage Association, 4.00%, 8/20/47			98,815			106,712
Government National Mortgage Association, 4.00%, 9/20/47			1,535,496			1,656,704
Government National Mortgage Association, 4.50%, 9/20/39			127,815			143,321
Government National Mortgage Association, 4.50%, 7/20/41			71,437			80,107
Government National Mortgage Association, 4.50%, 2/20/47			54,448			60,281

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 4.50%, 8/20/47		$	93,865		$	102,804
Government National Mortgage Association, 4.50%, 1/20/48			313,741			343,766
Government National Mortgage Association, 4.50%, 3/20/48			64,299			70,182
Government National Mortgage Association, 4.50%, 7/20/48			143,850			157,453
Government National Mortgage Association, 4.50%, 6/20/49			389,865			421,850
Government National Mortgage Association, 5.00%, 7/20/45			179,878			206,721
United States Department of Housing and Urban Development, 2.87%, 8/1/27			1,000,000			1,088,361
United States International Development Finance Corp., 1.05%, 10/15/29			980,230			998,044
United States International Development Finance Corp., Series 7, 1.61%, 7/15/38			750,000			723,802
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $137,103,081)						138,766,430
ASSET-BACKED SECURITIES – 15.0%
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30(a)			1,620,000			1,626,200
ACC Trust, Series 2020-A, Class A, 6.00%, 3/20/23(a)			305,418			314,761
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48(a)			1,393,949			1,493,444
Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, 2/18/25			100,000			102,878
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25			100,000			104,344
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25			300,000			311,537

See Notes to Financial Statements.

38 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25		$	500,000		$	515,809
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25			300,000			304,901
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C, ABS, 1.06%, 8/18/26			200,000			200,455
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, ABS, 0.89%, 10/19/26			1,100,000			1,095,826
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class AR, (3 month USD LIBOR + 1.370%), 1.61%, 7/15/32(a)(c)			1,000,000			1,000,643
Anchorage Capital CLO Ltd., Series 2019-11A, Class A, 1.61%, 7/22/32 (3 month USD LIBOR + 1.39%)(a)(c)			2,000,000			2,001,684
Antares CLO 2020-1 Ltd., Series 2020-1A, Class B, (3 month USD LIBOR + 2.600%), 2.81%, 10/23/31 Zero Coupon,(a)(c)			345,000			346,180
Apres Static CLO Ltd., Series 2019-1A, Class A1R, ABS, (3 month USD LIBOR + 1.070%), 1.31%, 10/15/28(a)(c)			1,360,531			1,360,591
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE5, Class M1, 1.01%, 8/25/34 (1 month USD LIBOR + 0.90%)(c)			21,141			20,664
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 1.32%, 7/26/31 (3 month USD LIBOR + 1.10%)(a)(c)			1,000,000			998,175
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25(a)			200,000			216,813
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 3.45%, 3/20/23(a)			300,000			306,685

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25(a)		$	400,000		$	429,322
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26(a)			500,000			520,211
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26(a)			300,000			311,461
Bain Capital Credit Clo Ltd., Series 2016-2A, Class CRR, ABS, (3 month USD LIBOR + 2.000%), 1.00%, 1/15/29(a)(c)			660,000			657,956
Barings CLO Ltd. 2020-II, 1.00%, 10/15/33 Zero Coupon, (-1x 3 month USD LIBOR + 1.29%)(a)(c)			1,000,000			1,001,200
Battalion CLO VII Ltd., Series 2014-7A, Class A1RR, 1.26%, 7/17/28 (3 month USD LIBOR + 1.04%)(a)(c)			984,361			984,422
Battalion CLO XI Ltd., Series 2017-11A, Class A, 1.47%, 10/24/29 (3 month USD LIBOR + 1.25%)(a)(c)			500,000			500,107
Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 1.89%, 4/20/33(a)(c)			2,000,000			2,002,016
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35(a)			176,120			178,283
Capital Automotive REIT, Series 2014-1A, Class A, 3.66%, 10/15/44(a)			919,388			920,648
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26			400,000			394,760
CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50(a)			540,000			555,027
Catamaran CLO Ltd., Series 2014-1A, Class A1AR, 1.48%, 4/22/30 (3 month USD LIBOR + 1.26%)(a)(c)			994,896			992,754

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 39

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)		$	250,265		$	251,456
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28%, 7/15/60(a)			372,208			378,421
CFG Investments Ltd., Series 2019-1, Class A, 5.56%, 8/15/29(a)			450,000			451,643
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, 0.96%, 6/25/34 (1 month USD LIBOR +0.855%)(c)			46,057			44,991
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.42%, 10/17/31 (3 month USD LIBOR + 1.20%)(a)(c)			1,000,000			1,000,050
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30			600,000			690,983
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46(a)			72,899			75,067
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50(a)			408,223			414,295
Credit Acceptance Auto Loan Trust, Series 2020-3A, Class A, ABS, 1.24%, 10/15/29(a)			1,395,000			1,408,018
CSMC Trust, Series 2006-CF2, Class M3, 0.76%, 5/25/36 (1 month USD LIBOR + 0.65%)(a)(c)			20,168			20,186
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 3.60%, 4/25/29(a)(c)			1,300,000			1,300,135
Dorchester Park CLO DAC, Series 2015-1A, Class AR, 1.12%, 4/20/28 (3 month USD LIBOR + 0.90%)(a)(c)			752,228			752,273
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, 2/15/24			200,000			201,288
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.47%, 10/15/29 (3 month USD LIBOR + 1.23%)(a)(c)			500,000			500,024

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 1.21%, 5/25/37 (1 month USD LIBOR + 1.10%)(a)(c)		$	15,707		$	15,731
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31(a)			166,592			169,053
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(a)			500,000			538,814
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30(a)			1,000,000			1,077,169
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33(a)			1,100,000			1,090,091
Ford Credit Auto Owner Trust, Series 2020-REV1, 2.04%, 8/15/31(a)			800,000			828,178
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27			600,000			596,538
Freed ABS Trust, Series 2021-1CP, Class A, ABS, 0.66%, 3/20/28(a)			1,670,860			1,671,544
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40(a)			540,284			541,284
Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40(a)			287,001			286,539
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40(a)			239,167			235,928
GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, 6/17/24			100,000			104,487
GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, 4/15/26(a)			800,000			852,615
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29(a)			800,000			788,923
Golub Capital Partners TALF LLC, Series 2020-2A, Class C, ABS, (3 month USD LIBOR + 3.650%), 3.82%, 2/5/30(a)(c)			650,000			656,709

See Notes to Financial Statements.

40 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Hercules Capital Funding Trust, Series 2018-1A, Class A, 4.61%, 11/22/27(a)		$	966,858		$	975,100
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41(a)			533,936			558,474
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42(a)			248,398			255,112
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57(a)			851,788			862,122
Home Equity Asset Trust, Series 2003-1, Class M1, 1.61%, 6/25/33 (1 month USD LIBOR + 1.50%)(c)			5,014			5,066
HPS Loan Management Ltd., Series 15A-19, Class A1, 1.54%, 7/22/32 (3 month USD LIBOR + 1.32%)(a)(c)			500,000			501,017
KKR Clo 32 Ltd., Series 32A, Class A1, ABS, (3 month USD LIBOR + 1.320%), 1.00%, 1/15/32(a)(c)			1,500,000			1,502,662
KREF Ltd., Series 2018-FL1, Class A, 1.21%, 6/15/36 (1 month USD LIBOR + 1.10%)(a)(c)			795,576			795,571
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48(a)			120,332			123,039
Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, 1/25/59(a)			60,527			61,376
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75%, 1/25/59(a)			69,771			69,820
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, 5/25/59(a)			159,445			160,069
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48			1,180,561			1,333,098
Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48(a)			942,961			942,997
Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48(a)			500,000			499,322

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Madison Park Funding X Ltd., Series 2012-10A, Class AR3, ABS, (3 month USD LIBOR + 1.010%), 1.21%, 1/20/29(a)(c)		$	2,875,000		$	2,875,259
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35(a)			718,280			731,914
MelTel Land Funding LLC, Series 2019-1A, Class A, 3.77%, 4/15/49(a)			533,336			562,403
Midocean Credit CLO IX, Series 2018-9A, Class A1, 1.37%, 7/20/31 (3 month USD LIBOR + 1.15%)(a)(c)			500,000			499,817
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42(a)			100,000			106,686
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41(a)			300,000			318,490
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41(a)			300,000			311,764
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31(a)			2,200,000			2,179,070
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE6, Class M1, 0.93%, 8/25/34 (1 month USD LIBOR + 0.83%)(c)			9,988			9,895
Mosaic Solar Loan Trust, 1.44%, 8/20/46(a)			924,542			900,626
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46(a)			829,728			837,669
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46(a)			1,000,000			985,293
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 1.36%, 7/15/31 (3 month USD LIBOR + 1.12%)(a)(c)			1,000,000			998,250
Mountain View CLO LLC, Series 2017-2A, Class A, 1.43%, 1/16/31 (3 month USD LIBOR + 1.21%)(a)(c)			260,000			260,023
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49(a)			387,563			399,383

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 41

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34(a)		$	1,127,316		$	1,142,264
Nationstar HECM Loan Trust, Series 2020-1A, Class A1, 1.27%, 9/25/30(a)(c)			587,459			588,475
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42(a)			123,088			125,622
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68(a)			289,571			297,205
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69(a)			300,000			305,035
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69(a)			273,142			275,887
New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1, Class AT1, ABS, 1.04%, 12/16/52(a)			540,000			539,907
Newtek Small Business Loan Trust, Series 2018-1, Class A, 2.70%, 2/25/44 (1 month USD LIBOR + 1.70%)(a)(c)			511,000			498,534
Newtek Small Business Loan Trust, Series 2018-1, Class B, 4.00%, 2/25/44 (1 month USD LIBOR + 3.00%)(a)(c)			245,919			225,573
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53(a)			510,000			511,076
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, ABS, 1.32%, 10/15/52(a)			500,000			501,567
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 3.51%, 1/20/31(a)(c)			1,620,000			1,626,503
Oaktree CLO Ltd., Series 2015-1A, Class A1R, 1.09%, 10/20/27 (3 month USD LIBOR + 0.87%)(a)(c)			1,296,622			1,298,099

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 1.51%, 10/13/31(a)(c)		$	1,474,373		$	1,472,693
Octagon Investment Partners, Ltd., Series 2017-1A, Class AR, ABS, (3 month USD LIBOR + 1.050%), 1.27%, 7/20/30(a)(c)			875,000			874,761
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/24(a)			217,475			218,926
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27(a)			600,000			647,902
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32(a)			200,000			209,832
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35(a)			400,000			400,847
Oportun Funding IX LLC, Series 2018-B, Class A, 3.91%, 7/8/24(a)			750,000			750,401
Oportun Funding IX LLC, Series 2018-B, Class B, 4.50%, 7/8/24(a)			490,000			490,212
Oportun Funding X LLC, Series 2018-C, Class A, 4.10%, 10/8/24(a)			200,000			202,595
Oportun Funding XII LLC, Series 2018-D, Class A, 4.15%, 12/9/24(a)			100,000			101,154
Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28(a)			1,100,000			1,099,624
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27(a)			750,000			776,731
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28(a)			800,000			826,299
OZLM XXIV Ltd., Series 2019-24A, Class A1A, 1.61%, 7/20/32 (3 month USD LIBOR + 1.39%)(a)(c)			500,000			500,367

See Notes to Financial Statements.

42 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 2.49%, 11/25/28 Zero Coupon,(a)(c)		$	730,000		$	732,454
Pawnee Equipment Receivables LLC, Series 2020-1, Class A, 1.37%, 11/17/25(a)			485,120			486,574
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A (PRIME + 0.50%), 2.75%, 12/27/44(a)(c)			413,849			394,809
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30(a)			320,000			323,159
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31(a)			1,870,000			1,864,054
Renew, Series 2018-1, Class A, 3.95%, 9/20/53(a)			266,040			284,845
Renew, Series 2021-1, Class A, ABS, Reg S, 2.06%, 11/20/56(a)(b)			1,000,000			999,850
Republic FInance Issuance Trust, Series 2019-A, Class A, 3.43%, 11/22/27(a)			920,000			933,158
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30(a)			600,000			618,018
Rockford Tower CLO 2020-1 Ltd., Series 2020-1A, Class A, ABS, (3 month USD LIBOR + 1.280%), 1.53%, 1/20/32(a)(c)			1,250,000			1,259,869
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45(a)			740,000			783,501
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90%, 10/15/24			500,000			510,125
Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28%, 9/15/23			616,838			619,353

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25		$	300,000		$	305,463
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26			400,000			403,060
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26			300,000			300,980
Santander Drive Auto Receivables Trust, Series 2021-1, Class C, ABS, 0.75%, 2/17/26			600,000			598,573
Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1A, ABS, (3 month USD LIBOR + 1.320%), 1.51%, 10/20/32(a)(c)			1,750,000			1,751,659
SoFi Consumer Loan Program Trust, Series 2020-1, Class 1A, 2.02%, 1/25/29(a)			252,561			254,994
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.95%, 2/15/46(a)			286,619			291,092
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48(a)			182,711			190,614
Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48(a)			287,483			293,568
SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/46(a)			400,000			411,654
SolarCity FTE, Series 2016-A, Class A, 4.80%, 9/20/48(a)			309,799			320,007
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, 1.29%, 1/26/31 (3 month USD LIBOR + 1.07%)(a)(c)			250,000			250,052
Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 7/15/30(a)			265,429			266,154
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44(a)			1,243,542			1,325,157

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 43

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49(a)		$	1,021,184		$	1,038,851
STWD Ltd., Series 2019-FL1, Class B, 1.71%, 7/15/38 (1 month USD LIBOR + 1.60%)(a)(c)			470,000			468,827
STWD Ltd., Series 2019-FL1, Class C, 2.06%, 7/15/38 (1 month USD LIBOR + 1.95%)(a)(c)			280,000			279,650
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50(a)			1,620,000			1,607,444
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49(a)			236,852			259,778
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(a)			429,082			457,680
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33(a)			1,255,967			1,275,087
Taco Bell Funding LLC, Series 2016-1A, Class A2II, 4.38%, 5/25/46(a)			481,250			483,367
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, 11/25/48(a)			488,750			491,155
Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22(a)			1,000,000			1,017,778
Tesla Auto Lease Trust, Series 2019-A, Class A4, 2.20%, 11/21/22(a)			500,000			511,968
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25(a)			1,000,000			999,678
TH Msrissuer Trust, Series 2019-FT1, Class A, 2.91%, 6/25/24 (1 month USD LIBOR + 2.80%)(a)(c)			450,000			446,149
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.36%, 1/20/31 (3 month USD LIBOR + 1.14%)(a)(c)			1,000,000			1,000,226
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60(a)			229,641			233,139
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(a)			300,000			304,332

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Trafigura Securitisation Finance PLC, Series 2018-1A, Class A2, 3.73%, 3/15/22(a)		$	200,000		$	202,677
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.68%, 7/20/32 (3 month USD LIBOR + 1.46%)(a)(c)			500,000			501,633
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44(a)			831,621			866,237
VB-S1 Issuer LLC, Series 2020-1A, Class C2, 3.03%, 6/15/50(a)			700,000			732,714
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(a)			239,972			257,563
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48(a)			780,319			830,762
Wellfleet CLO Ltd., Series 2018-1A, Class A, 1.32%, 7/17/31 (3 month USD LIBOR + 1.10%)(a)(c)			1,000,000			1,000,146
Wendy’s Funding LLC, Series 2015-1A, Class A23, 4.50%, 6/15/45(a)			472,500			475,628
Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49(a)			478,750			506,666
World Omni Select Auto Trust, Series 2018-1A, Class B, 3.68%, 7/15/23(a)			159,855			160,365
World Omni Select Auto Trust, Series 2018-1A, Class C, 3.86%, 1/15/25(a)			300,000			304,249
World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25			400,000			409,495
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25			100,000			103,115
York CLO-6 Ltd., Series 2019-1A, Class A1, 1.57%, 7/22/32 (3 month USD LIBOR + 1.35%)(a)(c)			500,000			500,264
Zais CLO 9 Ltd., Series 2018-2A, Class A, 1.42%, 7/20/31 (3 month USD LIBOR + 1.20%)(a)(c)			970,261			968,821
TOTAL ASSET-BACKED SECURITIES (Cost: $109,854,742)						111,309,908

See Notes to Financial Statements.

44 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 12.1%
Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25(a)(c)		$	845,209		$	850,492
ACRE Commercial Mortgage Ltd., Series 2021-FL4, Class A, (1 month USD LIBOR + 0.830%), 0.94%, 12/18/37(a)(c)			2,200,000			2,193,125
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 2.36%, 4/15/34(a)(c)			1,000,000			1,000,298
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 0.96%, 9/15/34 (1 month USD LIBOR + 0.85%)(a)(c)			400,000			399,876
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61			575,000			642,801
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52			500,000			529,454
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63			1,200,000			1,127,968
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53			500,000			473,630
Bellemeade Re Ltd., Series 2019-3A, Class M1A, 1.21%, 7/25/29 (1 month USD LIBOR + 1.10%)(a)(c)			33,643			33,657
Bellemeade Re Ltd., Series 2019-3A, Class M1B, 1.71%, 7/25/29 (1 month USD LIBOR + 1.60%)(a)(c)			150,000			150,684
Bellemeade Re Ltd., Series 2020-1A, Class M1B, CMO, (1 month USD LIBOR + 3.400%), 3.51%, 6/25/30(a)(c)			145,583			146,082
Bellemeade Re Ltd., Series 2021-1A, Class M1A, CMO, 1.77%, 3/25/31(a)(c)			300,000			300,014
Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51			500,000			529,270
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 3/15/62(a)(c)			250,000			260,657
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62			850,000			914,325

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53		$	1,200,000		$	1,141,862
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53			1,300,000			1,244,582
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53			500,000			476,181
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48(a)			1,500,000			1,538,567
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54			550,000			550,251
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54			600,000			596,289
BX Commercial Mortgage Trust, Series 2020-BXLP, Class A, 0.91%, 12/15/36 (1 month USD LIBOR + 0.800%)(a)(c)			698,584			698,840
BXMT 2020-FL2 Ltd., Series 2020-FL2, Class A, (1 month USD LIBOR + 0.900%), 1.01%, 2/16/37(a)(c)			840,000			837,874
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53			800,000			831,129
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49(c)			500,000			525,822
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57			900,000			904,426
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39(a)			250,000			258,828
Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/39(a)(c)			488,000			467,539
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.59%, 12/10/54			2,346,644			2,513,218
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class B, 1.86%, 7/15/30 (1 month USD LIBOR + 1.75%)(a)(c)			1,300,000			1,271,805

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 45

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
CIM Trust, Series 2017-5, Class A3, CMO, 4.00%, 5/25/57(c)		$	500,000		$	499,998
CIM Trust, Series 2017-6, Class A1, 3.02%, 6/25/57(a)(c)			154,352			154,427
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47			114,286			121,359
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49			114,286			119,535
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51			750,000			832,875
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72			1,100,000			1,134,765
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.31%, 8/10/46(a)(c)			500,000			456,035
COMM Mortgage Trust, Series 2016-CR28, Class B, 4.64%, 2/10/49(c)			500,000			547,748
Connecticut Avenue Securities Trust, Series 2019-R06, Class 2M2, CMO, (1 month USD LIBOR + 2.100%), 2.21%, 9/25/39(a)(c)			29,318			29,364
Connecticut Avenue Securities Trust, Series 2020-R01, 0.91%, 1/25/40 (1 month USD LIBOR +0.800%)(a)(c)			5,365			5,365
Connecticut Avenue Securities Trust, Series 2020-R02, Class 2M2, CMO, (1 month USD LIBOR + 2.000%), 2.11%, 1/25/40(a)(c)			40,000			39,875
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57			135,894			145,091
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51			700,000			785,526
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54			1,250,000			1,251,948
CSMC, Series 2020, 1.00%, 4/28/38			266,131			269,222

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57(a)(c)		$	202,046		$	214,982
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59(a)(c)			179,531			181,873
DBJPM Mortgage Trust, Series 2016-C3, Class A4, 2.63%, 8/10/49			1,100,000			1,153,281
Federal Home Loan Mortgage Corp., Series 2016-HQA3, Class M2, CMO, (1 month USD LIBOR + 1.350%), 1.46%, 3/25/29(c)			17,037			17,064
Federal Home Loan Mortgage Corp., Series 2017-DNA2, Class M1, 1.31%, 10/25/29 (1 month USD LIBOR + 1.20%)(c)			21,753			21,781
Federal Home Loan Mortgage Corp., Series 2018-DNA1, Class M2, CMO, (1 month USD LIBOR + 1.800%), 1.91%, 7/25/30(c)			8,582			8,523
Federal Home Loan Mortgage Corp., Series 2018-HQA1, Class M2, CMO, (1 month USD LIBOR + 2.300%), 2.41%, 9/25/30(c)			46,982			46,982
Federal Home Loan Mortgage Corp., Series 2018-SPI4, Class M2, 4.49%, 11/25/48(a)(c)			19,071			19,047
Federal Home Loan Mortgage Corp., Series 2019-HQA4, Class M2, CMO, REMIC, (1 month USD LIBOR + 2.050%), 2.16%, 11/25/49(a)(c)			33,081			33,081
Federal Home Loan Mortgage Corp., Series 2020-DNA2, Class M2, CMO, REMIC, (1 month USD LIBOR + 1.850%), 1.96%, 2/25/50(a)(c)			10,000			9,961
Federal Home Loan Mortgage Corp., Series 2020-HQA2, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.100%), 3.21%, 3/25/50(c)			14,000			14,157

See Notes to Financial Statements.

46 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal Home Loan Mortgage Corp., Series 2020-HQA3, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.600%), 3.71%, 7/25/50(a)(c)		$	267,044		$	269,251
Federal Home Loan Mortgage Corp., Series 326, Class 350, CMO, STRIPS, 3.50%, 3/15/44			313,089			328,578
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36			1,000,000			1,038,171
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 9.67%, 10/15/48 (1 month USD LIBOR + 9.84%)(c)			135,669			161,831
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50(g)			574,040			69,583
Federal Home Loan Mortgage Corp., Series 5034, Class IJ, CMO, IO, REMIC, 2.50%, 11/25/50(g)			1,692,387			284,709
Federal Home Loan Mortgage Corp., Series K063, Class AM, 3.51%, 1/25/27(c)			500,000			557,290
Federal Home Loan Mortgage Corp., Series K067, Class AM, 3.28%, 8/25/27			1,000,000			1,103,565
Federal Home Loan Mortgage Corp., Series K069, Class AM, 3.25%, 9/25/27(c)			875,000			962,303
Federal Home Loan Mortgage Corp., Series K076, Class AM, 3.90%, 4/25/28			1,940,000			2,203,946
Federal Home Loan Mortgage Corp., Series K077, Class AM, 3.85%, 5/25/28(c)			150,000			171,407
Federal Home Loan Mortgage Corp., Series K083, Class AM, 4.03%, 10/25/28(c)			350,000			404,936
Federal Home Loan Mortgage Corp., Series K086, Class AM, 3.92%, 12/25/28(c)			100,000			114,812
Federal Home Loan Mortgage Corp., Series K088, Class AM, 3.76%, 1/25/29(c)			360,000			409,677

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal Home Loan Mortgage Corp., Series K090, Class AM, 3.49%, 3/25/29(c)		$	700,000		$	784,488
Federal Home Loan Mortgage Corp., Series K091, Class AM, 3.57%, 3/25/29			750,000			846,520
Federal Home Loan Mortgage Corp., Series K157, Class A2, 3.99%, 5/25/33(c)			600,000			702,262
Federal Home Loan Mortgage Corp., Series KC03, Class A2, 3.50%, 1/25/26			450,000			480,688
Federal Home Loan Mortgage Corp., Series W5FX, Class AFX, 2.97%, 4/25/28(c)			1,580,000			1,687,502
Federal National Mortgage Association, Series 2014-C02, Class 1M2, 2.71%, 5/25/24 (1 month USD LIBOR + 2.60%)(c)			83,530			82,126
Federal National Mortgage Association, Series 2014-C03, Class 1M2, 3.11%, 7/25/24 (1 month USD LIBOR + 3.00%)(c)			115,044			113,418
Federal National Mortgage Association, Series 2015-C04, Class 1M2, CMO, (1 month USD LIBOR + 5.700%), 5.81%, 4/25/28(c)			18,308			19,420
Federal National Mortgage Association, Series 2015-C04, Class 2M2, CMO, (1 month USD LIBOR + 5.550%), 5.66%, 4/25/28(c)			10,794			11,386
Federal National Mortgage Association, Series 2016-C01, Class 1M2, CMO, (1 month USD LIBOR + 6.750%), 6.86%, 8/25/28(c)			59,356			62,777
Federal National Mortgage Association, Series 2016-C01, Class 2M2, CMO, (1 month USD LIBOR + 6.950%), 7.06%, 8/25/28(c)			26,993			28,779

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 47

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal National Mortgage Association, Series 2016-C02, Class 1M2, CMO, (1 month USD LIBOR + 6.000%), 6.11%, 9/25/28(c)		$	117,269		$	123,529
Federal National Mortgage Association, Series 2016-C03, Class 2M2, CMO, (1 month USD LIBOR + 5.900%), 6.01%, 10/25/28(c)			36,311			38,401
Federal National Mortgage Association, Series 2017-C02, Class 2ED4, 0.96%, 9/25/29 (1 month USD LIBOR + 0.85%)(c)			89,980			87,852
Federal National Mortgage Association, Series 2017-C05, Class 1M2A, 2.31%, 1/25/30 (1 month USD LIBOR + 2.20%)(c)			5,400			5,404
Federal National Mortgage Association, Series 2018-C02, Class 2M2, CMO, (1 month USD LIBOR + 2.200%), 2.31%, 8/25/30(c)			12,955			12,938
Federal National Mortgage Association, Series 2018-C03, Class 1EA2, 0.96%, 10/25/30 (1 month USD LIBOR + 0.85%)(c)			41,425			41,153
Federal National Mortgage Association, Series 2018-C04, Class 2M2, CMO, (1 month USD LIBOR + 2.550%), 2.66%, 12/25/30(c)			7,275			7,289
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.37%, 7/25/28(c)			129,994			141,718
Federal National Mortgage Association, Series 2018-M14, Class A2, 3.58%, 8/25/28(c)			550,000			622,630
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.33%, 6/25/28(c)			500,000			556,474

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal National Mortgage Association, Series 2019-78, Class ZB, CMO, REMIC, 3.00%, 1/25/50		$	359,205		$	374,673
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34			966,192			982,400
Federal National Mortgage Association, Series 2019-M22, Class A1, 2.10%, 8/25/29			941,571			980,206
Federal National Mortgage Association, Series 2019-M25, Class AV1, 2.05%, 12/25/26			478,508			487,846
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50(g)			475,170			58,829
Federal National Mortgage Association, Series 2021-M1G, Class A2, 1.56%, 11/25/30			1,000,000			969,729
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43			249,596			265,464
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45			288,170			314,961
Government National Mortgage Association, Series 2017-101, Class AB, 2.50%, 7/20/47			360,907			378,160
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46(g)			78,286			10,292
Government National Mortgage Association, Series 2019-M25, Class AB, 3.50%, 1/20/49			275,914			300,512
GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 0.81%, 11/21/23(a)(c)			300,000			300,000
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51(c)			800,000			871,476

See Notes to Financial Statements.

48 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48		$	1,080,543		$	1,135,179
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.81%, 11/10/49(c)			500,000			471,320
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52			1,000,000			1,075,734
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52			1,100,000			1,132,809
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53			1,400,000			1,379,809
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53			1,100,000			1,037,388
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50(a)(c)			49,287			49,759
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 0.73%, 8/19/45 (1 month USD LIBOR + 0.62%)(c)			46,638			46,683
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 8/5/34(c)			900,000			727,968
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49			1,071,000			1,159,173
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.11%, 9/15/29 (1 month USD LIBOR + 1.00%)(a)(c)			400,000			400,489
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47(a)(c)			16,015			16,251
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48(a)(c)			33,129			33,623
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 0.86%, 4/25/46 (1 month USD LIBOR + 0.75%)(c)			40,511			40,524
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49(a)(c)			7,643			7,815

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49(c)		$	5,886		$	5,987
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49(a)(c)			18,660			18,963
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 1.06%, 10/25/49(a)(c)			56,365			56,765
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.89%, 6/25/50(a)(c)			34,180			35,743
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.91%, 11/15/47(c)			470,000			295,587
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47			287,046			304,403
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48			114,286			122,296
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/48			1,069,194			1,152,804
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50			1,000,000			1,052,272
Manhattan West 2020-1MW Mortgage Trust, Series 2020-1MW, Class C, 2.34%, 9/10/39(a)(c)			500,000			496,487
MBRT, Series 2019-MBR, Class A, 0.96%, 11/15/36 (1 month USD LIBOR + 0.85%)(c)			420,000			419,867
Mello Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 0.81%, 2/25/55(a)(c)			500,000			499,960
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 4.90%, 11/15/46(c)			375,000			379,080

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 49

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50		$	166,820		$	178,785
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49			257,286			271,580
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49(a)			400,000			336,169
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51			600,000			652,402
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 1.51%, 5/15/36 (1 month USD LIBOR + 1.40%)(a)(c)			1,000,000			971,360
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52			1,000,000			1,054,112
Mortgage Repurchase Agreement Financing Trust, Series 2020-3, Class A1, CMO, (1 month USD LIBOR + 1.250%), 1.36%, 1/23/23(a)(c)			100,000			100,018
Mortgage Repurchase Agreement Financing Trust, Series 2020-4, Class A1, CMO, (1 month USD LIBOR + 1.350%), 1.46%, 4/23/23(a)(c)			100,000			99,992
Mortgage Repurchase Agreement Financing Trust, Series 2020-4, Class A2, CMO, (1 month USD LIBOR + 1.350%), 1.46%, 4/23/23(a)(c)			185,000			184,986
Mortgage Repurchase Agreement Financing Trust, Series 2021-1, Class A2, CMO, (1 month USD LIBOR + 0.500%), 0.00%, 3/10/22(a)(c)			700,000			700,000
MRA Issuance Trust, Series 2020-15, Class A, CMO, (1 month USD LIBOR + 1.500%), 1.62%, 7/15/21(a)(c)			1,700,000			1,700,094
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35(a)			99,034			97,589

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES –�� (continued)
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (1 month USD LIBOR + 2.750%), 2.86%, 7/15/36(a)(c)		$	1,000,000		$	999,998
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 4.36%, 7/15/36 (1 month USD LIBOR + 4.25%)(a)(c)			750,000			738,267
New Residential Mortgage Loan Trust, Series 2015-1A, Class A3, CMO, 3.75%, 5/28/52(a)(c)			75,860			80,099
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.86%, 1/25/48 (1 month USD LIBOR + 0.75%)(a)(c)			87,438			87,709
Oaktown Re IV Ltd., Series 2020-1A, Class M1B, CMO, (1 month USD LIBOR + 4.750%), 4.86%, 7/25/30(a)(c)			102,941			103,755
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 0.76%, 6/25/57(a)(c)			28,326			28,382
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54(a)			350,000			353,289
PMT Credit Risk Transfer Trust, Series 2020-2R, Class A, CMO, (1 month USD LIBOR + 3.815%), 3.92%, 12/25/22(c)			258,393			262,185
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 3.02%, 2/27/24(c)			1,098,364			1,098,024
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.700%), 1.00%, 2/25/55(a)(c)			660,000			660,000
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 1.15%, 2/7/52 Zero Coupon, (a)(c)			293,878			294,676

See Notes to Financial Statements.

50 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58		$	396,712		$	427,273
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45(a)(c)			20,926			21,293
Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47(a)(c)			27,359			27,808
Sequoia Mortgage Trust, Series 2019-2, Class A1, 4.00%, 6/25/49(a)(c)			49,315			50,221
Sequoia Mortgage Trust, Series 2019-5, Class A1, 3.50%, 12/25/49(a)(c)			53,218			53,730
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50(a)(c)			103,874			106,232
Shellpoint Co-Originator Trust, Series 2016-1, Class 1A10, 3.50%, 11/25/46(a)(c)			88,834			89,302
STACR Trust, Series 2018-DNA3, Class M1, 0.86%, 9/25/48 (1 month USD LIBOR + 0.75%)(a)(c)			378			378
Station Place Securitization Trust, Series 2021-4, Class A, CMO, (1 month USD LIBOR + 0.900%), 1.01%, 4/11/22(a)(c)			700,000			700,000
Station Place Securitization Trust, Series 2021-WL1, Class A, CMO, (1 month USD LIBOR + 0.650%), 0.76%, 1/26/54(a)(c)			520,000			519,967
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50			600,000			637,167
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50			148,558			161,604
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50			305,000			329,654
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51			1,100,000			1,216,099
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51			500,000			550,546

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30(a)		$	1,300,000		$	1,309,972
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.08%, 3/10/46(a)(c)			225,000			185,866
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35(a)			600,000			636,145
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class AS, 3.54%, 10/15/45			140,000			145,007
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A3, 3.32%, 10/15/50			450,000			474,849
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52			950,000			1,016,199
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 1.85%, 2/15/37 (1 month USD LIBOR +1.740%)(a)(c)			1,295,000			1,272,466
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 1.26%, 2/15/40(a)(c)			2,200,000			2,205,436
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49(a)(c)			13,420			13,588
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.14%, 5/15/45(a)(c)			225,000			219,986
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 4.86%, 12/15/46(c)			350,000			356,518
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $87,768,342)						89,690,287
FOREIGN CORPORATE BONDS – 6.0%
BASIC MATERIALS – 0.6%
Anglo American Capital PLC, 2.63%, 9/10/30(a)			200,000			195,730
Braskem Netherlands Finance B.V., 4.50%, 1/31/30(a)			207,000			207,967

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 51

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
BASIC MATERIALS – (continued)
Celulosa Arauco y Constitucion S.A., 5.15%, 1/29/50(a)		$	700,000		$	780,671
Kinross Gold Corp., 4.50%, 7/15/27			595,000			670,167
LG Chem Ltd., 3.25%, 10/15/24(a)			660,000			714,501
NOVA Chemicals Corp., 4.88%, 6/1/24(a)			200,000			209,000
Suzano Austria GmbH, 3.75%, 1/15/31			147,000			151,229
Teck Resources Ltd., 3.90%, 7/15/30			1,000,000			1,045,088
Teck Resources Ltd., 6.25%, 7/15/41			302,000			371,699
Total Basic Materials						4,346,052
COMMUNICATIONS – 0.1%
NTT Finance Corp., 1.16%, 4/3/26(a)			203,000			200,320
Vodafone Group PLC, 4.88%, 6/19/49			59,000			70,103
Vodafone Group PLC, 5.25%, 5/30/48			92,000			114,856
Total Communications						385,279
CONSUMER, CYCLICAL – 0.1%
Hyundai Capital Services, Inc., 1.25%, 2/8/26(a)			1,050,000			1,023,988
CONSUMER, NON-CYCLICAL – 0.1%
Coca-Cola Femsa S.A.B. de C.V., 1.85%, 9/1/32			153,000			139,954
IHS Markit Ltd., 4.13%, 8/1/23			210,000			225,038
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51			142,000			143,043
Total Consumer, Non-cyclical						508,035
ENERGY – 1.0%
Aker BP ASA, 2.88%, 1/15/26(a)			1,000,000			1,032,730
Aker BP ASA, 4.75%, 6/15/24(a)			1,000,000			1,025,566
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(a)			475,000			502,930
BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30(c)(e)			160,000			171,400
Canadian Natural Resources Ltd., 2.95%, 7/15/30			105,000			104,728

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
ENERGY – (continued)
CNOOC Finance 2013 Ltd., 2.88%, 9/30/29		$	300,000		$	300,840
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(a)			975,000			996,937
Equinor ASA, 3.25%, 11/18/49			1,000,000			979,156
Petroleos Mexicanos, 6.35%, 2/12/48			54,000			44,483
Petroleos Mexicanos, 6.49%, 1/23/27			262,000			273,764
Sinopec Group Overseas Development 2018 Ltd., 3.68%, 8/8/49(a)			200,000			202,408
Suncor Energy, Inc., 5.95%, 5/15/35			67,000			83,747
Total Capital International S.A., 3.13%, 5/29/50			375,000			353,034
Total Capital International S.A., 3.46%, 7/12/49			55,000			55,153
UEP Penonome II S.A., 6.50%, 10/1/38(a)			1,020,000			1,027,660
Total Energy						7,154,536
FINANCIAL – 3.1%
Athene Holding Ltd., 3.50%, 1/15/31			75,000			77,069
Banco Santander S.A., 2.71%, 6/27/24			200,000			211,031
Bank of Montreal, 2.05%, 11/1/22			326,000			334,814
Banque Federative du Credit Mutuel S.A., 3.75%, 7/20/23(a)			490,000			524,898
Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35(c)			200,000			200,288
BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)(a)(c)			423,000			413,691
BNP Paribas S.A., 2.22%, 6/9/26 (SOFR + 2.074%)(a)(c)			350,000			358,896
BNP Paribas S.A., (5 year CMT + 2.050%), 2.59%, 8/12/35(a)(c)			900,000			846,451
BNP Paribas S.A., (SOFR + 1.609%), 1.90%, 9/30/28(a)(c)			535,000			525,857
Bpce S.A., 1.65%, 10/6/26 (SOFR + 1.520%)(a)(c)			1,225,000			1,222,138
Canadian Imperial Bank of Commerce, 0.50%, 12/14/23			115,000			114,549

See Notes to Financial Statements.

52 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		$	86,000		$	84,342
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25			203,000			210,515
Cooperatieve Rabobank UA, 3.75%, 7/21/26			1,000,000			1,090,606
Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26(a)(c)			261,000			255,794
Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)(a)(c)			295,000			288,524
Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)(c)			500,000			506,933
Credit Agricole S.A., 2.81%, 1/11/41(a)			250,000			226,583
Credit Suisse Group AG, 1.31%, 2/2/27 (SOFR + 0.980%)(a)(c)			950,000			919,826
Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)(a)(c)			651,000			693,152
DBS Group Holdings Ltd., 2.85%, 4/16/22(a)			203,000			208,002
Deutsche Bank AG, (SOFR + 2.159%), 2.22%, 9/18/24(c)			150,000			153,970
Deutsche Bank AG, Series D, 5.00%, 2/14/22			450,000			465,842
Enstar Group Ltd., 4.95%, 6/1/29			289,000			323,018
Fairfax Financial Holdings Ltd., 3.38%, 3/3/31(a)			53,000			52,800
HSBC Holdings PLC, (SOFR + 1.290%), 1.59%, 5/24/27(c)			200,000			196,824
ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26(a)(c)			1,280,000			1,273,395
Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29(a)			600,000			642,294
Kookmin Bank, 2.50%, 11/4/30(a)			950,000			920,142
Manulife Financial Corp., 4.06%, 2/24/32 (4.06% fixed rate until 2/24/27; 1.65% + USD 5 year Swap Rate thereafter)(c)			84,000			92,431

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Mizuho Financial Group, Inc., 2.56%, 9/13/25 (2.56% fixed rate until 9/13/24; 1.10% + 3 month USD LIBOR thereafter)(c)		$	764,000		$	799,100
National Bank of Canada, (1 year CMT + 0.400%), 0.55%, 11/15/24(c)			250,000			249,365
Natwest Group PLC, 5.08%, 1/27/30 (5.77% fixed rate until 7/24/37; 1.905% + 3 month USD LIBOR thereafter)(c)			210,000			243,061
NatWest Markets PLC, 2.38%, 5/21/23(a)			452,000			468,715
NatWest Markets PLC, 3.63%, 9/29/22(a)			450,000			470,591
Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26(a)			500,000			531,828
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(a)			670,000			756,007
Societe Generale S.A., 3.88%, 3/28/24(a)			350,000			377,492
Standard Chartered PLC, (1 year CMT + 0.880%), 1.21%, 3/23/25(a)(c)			500,000			500,993
Standard Chartered PLC, (5 year CMT + 2.300%), 3.27%, 2/18/36(a)(c)			200,000			194,333
State Bank of India, 4.38%, 1/24/24(a)			205,000			221,703
Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/24(a)			313,000			312,610
Swiss Re Finance Luxembourg S.A., 5.00%, 4/2/49 (5 year CMT + 3.582%)(a)(c)			1,000,000			1,132,500
UniCredit SpA, 5.86%, 6/19/32 (5.86% fixed rate until 6/19/27; 3.70% + USD 5 year Mid-Market Swap Rate thereafter)(a)(c)			400,000			442,814
UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26(a)(c)			1,000,000			1,003,996
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 0.63%, 6/26/24(c)			730,673			731,742

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 53

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
WLB Asset II B Pte Ltd., 3.95%, 12/10/24(a)		$	1,000,000		$	989,044
WLB Asset II Pte Ltd., 4.00%, 1/14/24(a)			250,000			256,346
Total Financial						23,116,915
INDUSTRIAL – 0.6%
Canadian Pacific Railway Co., 2.05%, 3/5/30			1,000,000			966,080
Embraer Netherlands Finance B.V., 5.05%, 6/15/25			138,000			143,194
Embraer Overseas Ltd., 5.70%, 9/16/23(a)			135,000			141,751
Johnson Controls International PLC, 6.00%, 1/15/36			250,000			329,851
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30			1,050,000			984,772
Masonite International Corp., 5.75%, 9/15/26(a)			325,000			338,000
Mexico City Airport Trust, 3.88%, 4/30/28(a)			200,000			203,000
Mexico City Airport Trust, 5.50%, 7/31/47(a)			200,000			198,500
Siemens Financieringsmaatschappij N.V., 0.44%, 3/11/24 (SOFR + 0.430%)(a)(c)			425,000			426,270
Siemens Financieringsmaatschappij N.V., 2.15%, 3/11/31(a)			250,000			243,839
Siemens Financieringsmaatschappij N.V., 3.25%, 5/27/25(a)			260,000			281,477
Total Industrial						4,256,734
TECHNOLOGY – 0.1%
SK Hynix, Inc., 2.38%, 1/19/31(a)			1,075,000			1,016,516
TSMC Global Ltd., 0.75%, 9/28/25(a)			200,000			195,261
Total Technology						1,211,777
UTILITIES – 0.3%
AES Gener S.A., (5 year CMT + 4.917%), 6.35%, 10/7/79(a)(c)			1,000,000			1,071,250
Consorcio Transmantaro S.A., 4.70%, 4/16/34(a)			430,000			485,367
Electricite de France S.A., 5.00%, 9/21/48(a)			250,000			303,141

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
UTILITIES – (continued)
Enel Finance International N.V., 3.50%, 4/6/28(a)		$	170,000		$	181,817
Enel Finance International N.V., 3.63%, 5/25/27(a)			80,000			86,538
Enel Finance International N.V., 4.63%, 9/14/25(a)			200,000			226,474
Engie Energia Chile S.A., 3.40%, 1/28/30(a)			209,000			216,106
Total Utilities						2,570,693
TOTAL FOREIGN CORPORATE BONDS (Cost: $43,939,942)						44,574,009
U.S. GOVERNMENT OBLIGATIONS – 5.5%
U.S. Treasury Bonds, 1.63%, 11/15/50			5,875,000			4,895,528
U.S. Treasury Bonds, 1.38%, 8/15/50			264,000			206,003
U.S. Treasury Bonds, 1.88%, 2/15/41			350,000			325,883
U.S. Treasury Bonds, 2.88%, 5/15/43			3,525,000			3,856,157
U.S. Treasury Bonds, 3.00%, 11/15/44			3,130,000			3,489,461
U.S. Treasury Bonds, 3.00%, 5/15/45			700,000			780,281
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/36			365,000			260,717
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/36			350,000			248,131
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/37			1,330,000			913,004
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/40			1,385,000			855,947
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41			2,740,000			1,670,549
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43			650,000			376,873
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43			565,000			322,626
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/43			485,000			275,294
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44			1,670,000			941,123
U.S. Treasury Coupon STRIP, Zero Coupon,11/15/44,			490,000			270,153
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45			560,000			300,436
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46			405,000			215,817

See Notes to Financial Statements.

54 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT OBLIGATIONS – (continued)
U.S. Treasury Notes, 1.13%, 2/15/31		$	1,995,000		$	1,884,963
U.S. Treasury Notes, 0.13%, 9/15/23			400,000			398,906
U.S. Treasury Notes, 0.25%, 3/15/24			50,000			49,867
U.S. Treasury Notes, 0.50%, 10/31/27			2,755,000			2,609,394
U.S. Treasury Notes, 0.63%, 11/30/27			250,000			238,399
U.S. Treasury Notes, 0.75%, 3/31/26			8,972,000			8,894,196
U.S. Treasury Notes, 0.88%, 11/15/30			728,000			673,286
U.S. Treasury Notes, 1.13%, 2/29/28			1,450,000			1,424,625
U.S. Treasury Notes, 2.88%, 5/31/25			3,860,000			4,205,440
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $42,206,724)						40,583,059
MUNICIPAL BONDS – 2.0%
CALIFORNIA – 0.9%
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49			150,000			231,754
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31			215,000			222,131
Chula Vista Municipal Financing Authority, Revenue Bonds, 4.28%, 12/1/48			1,000,000			1,036,960
City of Los Angeles CA, General Obligation, 3.50%, 9/1/37			315,000			332,426
City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39			1,230,000			1,300,401
Los Angeles Community College District, 2.11%, 8/1/32			770,000			756,658
State of California, General Obligation, 0.90%, 4/1/47 (1 month USD LIBOR + 0.00%)(c)			1,000,000			1,000,902
State of California, General Obligation, 4.60%, 4/1/38			500,000			577,467

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
CALIFORNIA – (continued)
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39		$	275,000		$	422,199
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48			500,000			524,754
Total California						6,405,652
CONNECTICUT – 0.1%
Connecticut Housing Finance Authority, Revenue Bonds, 0.66%, 5/15/49 ( SOFR + 0.00%)(c)			500,000			500,076
ILLINOIS – 0.1%
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38			500,000			560,248
State of Illinois, General Obligation, 5.00%, 10/1/22			210,000			223,299
Total Illinois						783,547
MICHIGAN – 0.4%
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25			650,000			648,065
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39			940,000			956,990
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41			1,330,000			1,410,024
Total Michigan						3,015,079
NEW JERSEY – 0.1%
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40			300,000			471,343
NEW YORK – 0.3%
Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37(a)			999,194			994,103
Metropolitan Transportation Authority, 5.18%, 11/15/49			670,000			829,924
New York Transportation Development Corp., 1.36%, 12/1/21			400,000			401,036
Total New York						2,225,063

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 55

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
OHIO – 0.1%
Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34		$	1,000,000		$	1,178,262
OREGON – 0.0%(h)
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31(a)			500,000			160,000
TEXAS – 0.0%(h)
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49			80,000			84,345
TOTAL MUNICIPAL BONDS (Cost: $14,503,546)						14,823,367
SUPRANATIONAL BONDS – 0.9%
African Development Bank, 0.75%, 4/3/23			1,222,000			1,233,868
Asian Development Bank, 3.13%, 9/26/28			500,000			554,052
European Bank for Reconstruction & Development, 1.50%, 2/13/25			230,000			237,021
European Investment Bank, 0.63%, 10/21/27			700,000			666,847
European Investment Bank, 2.38%, 5/24/27			500,000			533,785
European Investment Bank, 2.50%, 10/15/24			1,000,000			1,067,647
International Bank for Reconstruction & Development, 0.75%, 11/24/27			257,000			246,017
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25			641,000			704,427
International Finance Corp., 0.50%, 3/20/23			269,000			269,884
North American Development Bank, 2.40%, 10/26/22			1,000,000			1,027,365
TOTAL SUPRANATIONAL BONDS (Cost: $6,391,201)						6,540,913

Investments	Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS – 0.9%
BERMUDA – 0.0%(h)
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30(a)		$	200,000		$	195,500
CHILE – 0.1%
Chile Government International Bond, 3.50%, 1/25/50			1,000,000			1,016,950
COLOMBIA – 0.0%(h)
Colombia Government International Bond, 5.00%, 6/15/45			200,000			213,082
GUATEMALA – 0.1%
Guatemala Government Bond, 5.38%, 4/24/32(a)			350,000			396,375
INDONESIA – 0.2%
Indonesia Government International Bond, 2.95%, 1/11/23			200,000			207,052
Indonesia Government International Bond, 4.13%, 1/15/25(a)			400,000			438,102
Indonesia Government International Bond, Senior Note, 4.45%, 2/11/24			200,000			218,179
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 3/1/23(a)			300,000			315,924
Perusahaan Penerbit SBSN Indonesia III, 3.90%, 8/20/24(a)			250,000			270,887
Total Indonesia						1,450,144
IRAQ – 0.1%
Iraq Government AID Bond, 2.15%, 1/18/22			500,000			507,310
ITALY – 0.2%
Republic of Italy Government International Bond, 4.00%, 10/17/49			1,000,000			1,022,906
MEXICO – 0.1%
Mexico Government International Bond, 4.50%, 4/22/29			207,000			229,509
Mexico Government International Bond, 4.75%, 3/8/44			106,000			111,727
Total Mexico						341,236

See Notes to Financial Statements.

56 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS – (continued)
PANAMA – 0.0%(h)
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36		$	100,000		$	134,501
QATAR – 0.0%(h)
Qatar Government International Bond, 4.50%, 4/23/28(a)			200,000			233,032
ROMANIA – 0.0%(h)
Romanian Government International Bond, 5.13%, 6/15/48(a)			50,000			56,463
SAUDI ARABIA – 0.1%
Saudi Government International Bond, 4.00%, 4/17/25(a)			300,000			330,048
UNITED ARAB EMIRATES – 0.0%(h)
Abu Dhabi Government International Bond, 3.13%, 10/11/27(a)			250,000			271,265
URUGUAY – 0.0%(h)
Uruguay Government International Bond, 4.98%, 4/20/55			150,000			183,799
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $6,039,415)						6,352,611
FOREIGN GOVERNMENT AGENCIES – 0.4%
CANADA – 0.2%
Province of Quebec Canada, 2.75%, 4/12/27			1,000,000			1,078,872
EGYPT – 0.0%(h)
Arab Republic of Egypt, 5.25%, 10/6/25(a)			300,000			309,948
NORWAY – 0.1%
Kommunalbanken A/S, 2.13%, 2/11/25(a)			500,000			526,720
SOUTH KOREA – 0.1%
Industrial Bank of Korea, 1.04%, 6/22/25(a)			367,000			363,458
Korea Development Bank (The), 0.50%, 10/27/23			200,000			199,994
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23(a)			200,000			214,396
Total South Korea						777,848

Investments

Principal
Amount

Value

FOREIGN GOVERNMENT AGENCIES – (continued)

SOUTH KOREA – (continued)

TOTAL FOREIGN GOVERNMENT
AGENCIES
(Cost: $2,517,630)

2,693,388

BANK LOANS – 0.1%

UTILITIES – 0.1%

Exgen Renewables IV LLC
2020 Term Loan, 0.00%,
12/15/27
(Cost: $992,638)

997,500

997,919

Investments	Shares		Value
EXCHANGE-TRADED FUNDS – 5.5%
iShares iBoxx High Yield Corporate Bond ETF		201,398			17,557,878
iShares JP Morgan USD Emerging Markets Bond ETF		212,580			23,145,710
TOTAL EXCHANGE-TRADED FUNDS (Cost: $40,426,455)					40,703,588
MUTUAL FUNDS – 2.4%
Diamond Hill High Yield Fund, Class Y (Cost: $17,444,760)		1,528,853			17,505,367
COMMON STOCKS – 0.0%(h)
ENTERTAINMENT – 0.0%(h)
AMC Entertainment Holdings, Inc., Class A (Cost: $0)		200			2,042
SHORT-TERM INVESTMENTS – 7.5%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.07%(i) (Cost: $55,141,772)		55,141,772			55,141,772
TOTAL INVESTMENTS – 105.8% (Cost: $772,122,555)					782,036,299
OTHER ASSETS AND LIABILITIES, NET – (5.8)%					(42,759,913)
NET ASSETS – 100.0%				$	739,276,386

(a)

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 57

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (continued)

(b)

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. At March 31, 2021, the value of these securities was $1,346,706, representing 0.2% of net assets.

(c)

Adjustable or floating rate security. Rate shown reflects rate in effect at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(d)

Security is currently in default.

(e)

Perpetual floating rate security. Date shown reflects the next reset date.

(f)

To-be-announced (“TBA”) security.

(g)

Interest only security.

(h)

Amount is less than 0.05%.

(i)

The rate shown is the annualized seven-day yield at March 31, 2021.

ABS

Asset Backed Securities

CLO

Collateralized Loan Obligations

CMO

Collateralized Mortgage Obligation

CMT

Constant Maturity Treasury Indexes

ETF

Exchange Traded Fund

LIBOR

London Interbank Offered Rate

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Funding Rate

See Notes to Financial Statements.

58 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2021

PFM Multi-Manager Fixed-Income Fund (concluded)

Futures contracts open at March 31, 2021:

Description	Type		Contracts		Expiration Date		Notional Amount			Value / Net Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED – 3.8%
U.S. Treasury Long-Term Bonds		Long		2,600,000		06/21/2021		$	4,019,437		$	(42,217)
U.S. Treasury Ultra Bonds		Long		4,100,000		06/21/2021			7,429,969			(285,418)
U.S. Treasury 5-Year Notes		Long		5,700,000		06/30/2021			7,033,711			(29,185)
U.S. Treasury 10-Year Notes		Long		7,000,000		06/21/2021			9,165,625			(55,406)
Total								$	27,648,742		$	(412,226)
CONTRACTS SOLD – (2.2)%
U.S. Treasury 2-Year Notes		Short		(6,800,000)		06/30/2021		$	(7,504,703)		$	687
U.S. Treasury 10-Year Ultra Notes		Short		(5,900,000)		06/21/2021			(8,477,562)			306,504
Total								$	(15,982,265)		$	307,191

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021 (see Note 2 to the Financial Statements):

	Level 1			Level 2			Level 3			Total
Assets:
Corporate Bonds*		$	—		$	212,351,639		$	—		$	212,351,639
U.S. Government Agencies			—			138,766,430			—			138,766,430
Asset-Backed Securities			—			111,309,908			—			111,309,908
Commercial Mortgage-Backed Securities			—			89,690,287			—			89,690,287
Foreign Corporate Bonds*			—			44,574,009			—			44,574,009
Exchange-Traded Funds			40,703,588			—			—			40,703,588
U.S. Government Obligations			—			40,583,059			—			40,583,059
Mutual Funds			17,505,367			—			—			17,505,367
Municipal Bonds*			—			14,823,367			—			14,823,367
Supranational Bonds			—			6,540,913			—			6,540,913
Foreign Government Obligations*			—			6,352,611			—			6,352,611
Foreign Government Agencies*			—			2,693,388			—			2,693,388
Bank Loans*			—			997,919			—			997,919
Common Stocks
Consumer, Cyclical			2,042			—			—			2,042
Money Market Fund			55,141,772			—			—			55,141,772
Total Investments in Securities		$	113,352,769		$	668,683,530		$	—		$	782,036,299
Other Financial Instruments
Futures Contracts(a)		$	307,191		$	—		$	—		$	307,191
Liabilities:
Other Financial Instruments
Futures Contracts(a)		$	(412,226)		$	—		$	—		$	(412,226)

(a)

Futures Contracts are valued at unrealized appreciation (depreciation). Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2021 59

TABLE OF CONTENTS

Statements of Assets and Liabilities (unaudited)

March 31, 2021

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund			PFM Multi- Manager Fixed-Income Fund
Assets:
Investments in Securities, at Value (Cost $587,469,177, $432,427,535 and $772,122,555, respectively)		$	735,002,566		$	529,292,967		$	782,036,299
Foreign Currency, at Value (Cost $–, $692,079 and $–, respectively)			—			704,503			—
Cash			727			17,917			1,536,156
Receivables:
Investment Securities Sold			1,396,330			262,652			48,010,810
Dividends			150,105			795,090			475
Interest			—			—			3,291,025
Foreign Tax Reclaims			751			400,201			2,033
Prepaid Expenses			28,863			16,107			25,791
Total Assets			736,579,342			531,489,437			834,902,589
Liabilities:
Payables:(1)
Investment Securities Purchased			978,960			387,255			95,091,206
Advisory Fees Payable			183,095			227,632			277,524
Other Accrued Expenses			130,411			214,585			195,988
Net Variation Margin on Futures Contracts			—			—			61,485
Total Liabilities			1,292,466			829,472			95,626,203
Net Assets		$	735,286,876		$	530,659,965		$	739,276,386
Net Assets Consists of:
Paid-In Capital		$	532,282,541		$	441,618,240		$	730,076,687
Total Distributable Earnings			203,004,335			89,041,725			9,199,699
Net Assets		$	735,286,876		$	530,659,965		$	739,276,386
Capital shares outstanding, no par value, unlimited shares authorized (all shares outstanding are of each Fund’s Institutional Class)			56,781,377			45,753,047			71,995,043
Net asset value, offering price and redemption price per share		$	12.95		$	11.60		$	10.27

(1)

There were no fees payable to the Trust's Independent Trustees at March 31, 2021.

See Notes to Financial Statements.

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Statements of Operations (unaudited)

For the Six Months Ended March 31, 2021

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund			PFM Multi- Manager Fixed-Income Fund
Investment Income:
Dividends (net of foreign withholding taxes of $12,032, $247,808 and $1,531, respectively)		$	5,260,568		$	4,526,081		$	2,131,072
Interest			—			—			7,829,604
Total Investment Income			5,260,568			4,526,081			9,960,676
Expenses:
Advisory Fees (Note 4)			1,047,762			1,226,706			1,490,558
Administration Fees			43,519			30,680			48,350
Accounting Fees			45,922			62,406			146,850
Audit and Tax Fees			27,326			43,486			45,848
Custodian Fees			25,091			139,482			56,377
Insurance Premiums			23,402			12,531			22,970
Legal Fees			79,843			43,273			83,662
Registration Fees			12,079			9,534			10,984
Transfer Agent Fees			21,066			20,403			25,019
Trustees Fees			36,813			19,366			31,423
Other Expenses			4,599			5,129			5,800
Total Expenses			1,367,422			1,612,996			1,967,841
Expenses Recouped			10,063			10,121			82,755
Net Expenses			1,377,485			1,623,117			2,050,596
Net Investment Income			3,883,083			2,902,964			7,910,080
Net Realized and Unrealized Gain (Loss) on investments:
Net Realized Gain (Loss) From:
Investments			61,367,546			21,142,838			1,275,502
Futures Contracts			—			—			(665,968)
Foreign Currency Related Transactions			—			(99,589)			—
Net Realized Gain			61,367,546			21,043,249			609,534
Net Increase (Decrease) in Unrealized Appreciation/Depreciation From:
Investments			87,105,388			63,265,184			(16,634,312)
Futures Contracts			—			—			(148,247)
Translation of Assets and Liabilities Denominated in Foreign Currencies			—			(16,529)			—
Net Increase (Decrease) in Unrealized Appreciation/Depreciation			87,105,388			63,248,655			(16,782,559)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	152,356,017		$	87,194,868		$	(8,262,945)

See Notes to Financial Statements.

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Statements of Changes in Net Assets

	PFM Multi-Manager Domestic Equity Fund						PFM Multi-Manager International Equity Fund
	For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020			For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020
Increase in Net Assets Resulting From Operations:
Net investment income		$	3,883,083		$	9,290,303		$	2,902,964		$	3,439,034
Net Realized Gain (Loss)			61,367,546			81,231,078			21,043,249			(23,769,475)
Net Increase in Unrealized Appreciation/Depreciation			87,105,388			15,269,245			63,248,655			50,466,890
Net Increase in Net Assets Resulting from Operations			152,356,017			105,790,626			87,194,868			30,136,449
Distributions from:
Distributable Earnings			(94,960,269)			(21,779,371)			(4,833,251)			(8,764,112)
Capital Share Transactions:
Proceeds from Sale of Shares			11,724,799			201,624,395			74,601,670			119,008,892
Reinvestment of Distributions			94,960,269			21,779,371			4,833,251			8,764,112
Cost of Shares Redeemed			(151,293,398)			(315,372,784)			(19,319,005)			(158,929,672)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			(44,608,330)			(91,969,018)			60,115,916			(31,156,668)
Net Increase (Decrease) in Net Assets			12,787,418			(7,957,763)			142,477,533			(9,784,331)
NET ASSETS:
Beginning of Period		$	722,499,458		$	730,457,221		$	388,182,432		$	397,966,763
End of Period		$	735,286,876		$	722,499,458		$	530,659,965		$	388,182,432
Shares Subscribed and Redeemed:
Shares Outstanding, Beginning of Period			59,485,338			66,394,828			40,027,375			42,308,199
Shares Subscribed			921,663			19,086,341			6,970,526			13,822,275
Shares Issued from Reinvestment of Distributions			7,933,189			1,869,474			429,241			873,790
Shares Redeemed			(11,558,813)			(27,865,305)			(1,674,095)			(16,976,889)
Shares Outstanding, End of Period			56,781,377			59,485,338			45,753,047			40,027,375

See Notes to Financial Statements.

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Statements of Changes in Net Assets

	PFM Multi-Manager Fixed-Income Fund
	For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment Income		$	7,910,080		$	18,283,092
Net Realized Gain			609,534			23,944,435
Net Increase (Decrease) in Unrealized Appreciation/Depreciation			(16,782,559)			313,683
Net Increase (Decrease) in Net Assets Resulting from Operations			(8,262,945)			42,541,210
Distributions from:
Distributable Earnings			(31,485,082)			(24,343,015)
Capital Share Transactions:
Proceeds from Sale of Shares			109,642,303			277,703,038
Reinvestment of Distributions			31,485,082			24,343,015
Cost of Shares Redeemed			(46,320,836)			(238,548,732)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			94,806,549			63,497,321
Net Increase in Net Assets			55,058,522			81,695,516
NET ASSETS:
Beginning of Period		$	684,217,864		$	602,522,348
End of Period		$	739,276,386		$	684,217,864
Shares Subscribed and Redeemed:
Shares Outstanding, Beginning of Period			63,306,790			57,124,202
Shares Subscribed			10,173,300			26,117,899
Shares Issued from Reinvestment of Distributions			2,974,620			2,307,531
Shares Redeemed			(4,459,667)			(22,242,842)
Shares Outstanding, End of Period			71,995,043			63,306,790

See Notes to Financial Statements.

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Financial Highlights

PFM Multi-Manager Domestic Equity Fund

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

	For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	12.15		$	11.00		$	10.76		$	10.00
Investment Operations:
Net Investment Income(2)			0.07			0.14			0.17			0.12
Net Realized and Unrealized Gain(3)			2.59			1.32			0.17			0.64
Total from Investment Operations			2.66			1.46			0.34			0.76
Distributions From:
Net Investment Income			(0.15)			(0.16)			(0.08)			—
Capital Gains			(1.71)			(0.15)			(0.02)			—
Total Distributions to Shareholders			(1.86)			(0.31)			(0.10)			—
Net Asset Value, End of Period		$	12.95		$	12.15		$	11.00		$	10.76
Total Return(4),(5)			23.19%			13.43%			3.26%			7.60%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	735,287		$	722,499		$	730,457		$	594,994
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.38%			0.39%			0.38%			0.38%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.38%			0.39%			0.41%			0.55%
Net Investment Income			1.07%			1.25%			1.59%			1.54%
Portfolio Turnover Rate			28%(9)			141%(8)			24%			13%

(1)

For the period December 29, 2017 (commencement of operations) through September 30, 2018.

(2)

Based on average daily shares outstanding.

(3)

Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(4)

Total return is not annualized for periods of less than one year.

(5)

Total return may reflect a waiver, or recovery of prior waiver, by the manager. Performance would be different prior to the impact of waivers or recovery of prior waivers.

(6)

Ratios are annualized for periods less than one year.

(7)

Through January 28, 2020, the Adviser agreed to waive its fee in the amount of 0.05% of the average daily net assets of the Fund and to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.38% of average daily net assets for the Institutional Class of the Fund. See Note 4 to these financial statements.

(8)

Portfolio turnover rate for the fiscal year ended September 30, 2020 increased primarily due to a change in strategy from the use of a sub-advised sleeve of investments to instead using the Vanguard Total Stock Market ETF to achieve passive index exposure.

(9)

Portfolio turnover rate is not annualized.

See Notes to Financial Statements.

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Financial Highlights

PFM Multi-Manager International Equity Fund

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

	For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	9.70		$	9.41		$	9.69		$	10.00
Investment Operations:
Net Investment Income(2)			0.07			0.08			0.23			0.15
Net Realized and Unrealized Gain (Loss)(3)			1.93			0.41			(0.42)			(0.46)
Total from Investment Operations			2.00			0.49			(0.19)			(0.31)
Distributions from Net Investment Income			(0.10)			(0.20)			(0.09)			—
Net Asset Value, End of Period		$	11.60		$	9.70		$	9.41		$	9.69
Total Return(4),(5)			20.70%			5.09%			(1.87)%			(3.10)%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	530,660		$	388,182		$	397,967		$	314,739
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.66%			0.74%			0.63%			0.63%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.66%			0.76%			0.75%			1.09%
Net Investment Income			1.18%			0.87%			2.54%			2.08%
Portfolio Turnover Rate			25%(9)			157%(8)			13%			21%

(1)

For the period December 29, 2017 (commencement of operations) through September 30, 2018.

(2)

Based on average daily shares outstanding.

(3)

(4)

Total return is not annualized for periods of less than one year.

(5)

Total return may reflect a waiver, or recovery of prior waiver, by the manager. Performance would be different prior to the impact of waivers or recovery of prior waivers.

(6)

Ratios are annualized for periods less than one year.

(7)

Through January 28, 2020, the Adviser agreed to waive its fee in the amount of 0.10% of the average daily net assets of the Fund and to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.63% of average daily net assets for the Institutional Class of the Fund. See Note 4 to these financial statements.

(8)

Portfolio turnover rate for the year ended September 30, 2020 increased primarily due to a change in strategy from the use of a sub-advised sleeve of investments to instead using the iShares Core MSCI Total International Stock ETF to achieve passive index exposure.

(9)

Portfolio turnover rate is not annualized.

See Notes to Financial Statements.

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Financial Highlights

PFM Multi-Manager Fixed-Income Fund

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

	For the Six Months Ended March 31, 2021 (unaudited)			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	10.81		$	10.55		$	10.02		$	10.00
Investment Operations:
Net Investment Income(2)			0.11			0.27			0.35			0.23
Net Realized and Unrealized Gain (Loss)(3)			(0.20)			0.37			0.55			(0.10)
Total from Investment Operations			(0.09)			0.64			0.90			0.13
Distributions From:
Net Investment Income			(0.12)			(0.29)			(0.35)			(0.11)
Capital Gains			(0.33)			(0.09)			(0.02)			—
Total Distributions to Shareholders			(0.45)			(0.38)			(0.37)			(0.11)
Net Asset Value, End of Period		$	10.27		$	10.81		$	10.55		$	10.02
Total Return(4),(5)			(0.94)%			6.21%			9.17%			1.27%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	739,276		$	684,218		$	602,522		$	490,127
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.55%			0.55%			0.55%			0.55%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.53%			0.54%			0.55%			0.73%
Net Investment Income			2.12%			2.60%			3.46%			3.00%
Portfolio Turnover Rate			60%(9)			174%(8)			84%			218%

(1)

For the period December 29, 2017 (commencement of operations) through September 30, 2018.

(2)

Based on average daily shares outstanding.

(3)

(4)

Total return is not annualized for periods of less than one year.

(5)

Total return may reflect a waiver, or recovery of prior waiver, by the manager. Performance would be different prior to the impact of waivers or recovery of prior waivers.

(6)

Ratios are annualized for periods less than one year.

(7)

Through January 28, 2020, the Adviser agreed to pay or otherwise bear certain operating and other expenses of the Fund to the extent necessary to limit the total annualized expenses of the Fund to 0.55% of average daily net assets for the Institutional Class of the Fund. See Note 4 to these financial statements.

(8)

Portfolio turnover rate for the year ended September 30, 2020 increased primarily due to a change in strategy as the assets formerly managed by a terminated sub-adviser were largely invested in the Diamond Hill High Yield mutual fund and iShares iBoxx High Yield Corporate Bond ETF.

(9)

Portfolio turnover rate is not annualized.

See Notes to Financial Statements.

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Notes to Financial Statements (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 March 31, 2021, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

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

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The Funds are investment companies and follow the accounting and reporting guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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 March 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.

The Funds’ investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value (“NAV”) per share as of 4:00 p.m. Eastern time each day the New York Stock Exchange (“NYSE”) is open for trading. Under compliance policies and procedures approved by the Trust’s Board of Trustees (the “Board”), the Board has delegated to the adviser to the Funds, PFM Asset Management LLC (the “Adviser”), the responsibility for the valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee (“VC”) to serve as its formal oversight body for the valuation of each Fund’s portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Funds’ valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that

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Notes to Financial Statements (unaudited)

2. Summary of Significant Accounting Policies (continued)

Investment Valuation (continued)

are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools.

Equity Securities

Equity securities, including restricted securities and preferred stocks, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third-party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (“ADRs”), futures contracts, Exchange-Traded Funds (“ETFs”) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board.

Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Debt Securities

Debt securities, including restricted securities, are valued based on evaluated prices received from third-party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third-party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures Contracts

The Funds use exchange-traded futures contracts to a limited extent with the objective of using uninvested cash to gain exposure to certain equity and fixed income markets, maintain liquidity, and minimize transaction costs. Futures contracts are valued at their quoted daily settlement prices and are categorized as Level 1 in the hierarchy. Fluctuations in the value of the contracts are recorded as an asset (liability).

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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Notes to Financial Statements (unaudited)

2. Summary of Significant Accounting Policies (continued)

Investment Transactions and Income Recognition

Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Estimated expenses are accrued daily. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. In such cases, the dividend is recorded as soon as the information is received by the Funds. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Paydown gains and losses are recorded as an adjustment to interest income. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in a real estate investment trusts (“REIT”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year-end based on information provided by the REIT and estimates of such re-designations for which actual information has not yet been reported.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of each Fund to the combined net assets of the Trust. Certain Fund or class specific expenses are allocated directly to the Fund or class that incurred the expense.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period-end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Dividends and Distributions

The Fixed-Income Fund declares and distributes dividends from net investment income, if any, monthly. The Domestic Equity Fund and International Equity Fund each declare and distribute net investment income, if any, to shareholders as dividends at least annually. Each Fund makes distributions of its net realized capital gains, if any, at least annually. Unless a shareholder elects to receive dividends and distributions in cash, dividends and distributions will be reinvested in additional shares of the same share class of the Fund at the NAV calculated as of the payment date. Distributions to shareholders are recorded on the ex-dividend date. The Funds pay distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAVs of the Funds’ shares will be reduced by the amount of the payment.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred by the Funds as of March 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements cannot be known; however, the Funds expect any risk of loss to be remote.

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Notes to Financial Statements (unaudited)

3. Federal Income Taxes

Each Fund intends to continue to qualify for treatment as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing their tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has reviewed each Fund’s tax positions taken or to be taken on each Fund’s federal income tax returns through the year ended September 30, 2020 and for all open tax years (years ended September 30, 2018 and September 30, 2019), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. Although the statute of limitations for examining a Fund’s U.S. tax returns remains open for three years, no examination is currently in progress. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the period ended March 31, 2021, the Funds did not incur any interest or tax penalties. The Funds did not record any tax benefit or expense in the current period.

The amount and character of tax-basis distributions and composition of distributable earnings (loss) are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred for an unlimited period. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment. As of September 30, 2020, the Funds’ most recent fiscal year, the capital loss carryforwards were as follows:

	Unlimited Short Term Losses			Unlimited Long Term Losses
PFM Multi-Manager Domestic Equity Fund		$	—		$	—
PFM Multi-Manager International Equity Fund		$	16,980,613		$	6,307,002
PFM Multi-Manager Fixed-Income Fund		$	—		$	—

As of March 31, 2021, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund			PFM Multi- Manager Fixed- Income Fund
Cost of investments		$	593,754,962		$	438,645,289		$	772,897,277
Unrealized appreciation		$	143,198,687		$	94,971,960		$	18,182,152
Unrealized depreciation			(1,951,083)			(4,324,282)			(9,043,130)
Net unrealized appreciation		$	141,247,604		$	90,647,678		$	9,139,022

During the period ended March 31, 2021, there were differences between book and tax accounting, primarily due to wash sales, REITs, passive foreign investment company (“PFIC”) inclusions, futures contracts mark to market, organizational expenses, return of capital distributions from corporations, defaulted bonds and premium amortization accruals.

4. Agreements

Investment Advisory Agreement

The Adviser was organized as a Delaware limited liability company in 2001. The Adviser has delegated responsibility for the day-to-day investment management of some or all of the Funds' assets to sub-advisers, subject to the oversight and supervision of the Adviser. The Adviser maintains overall responsibility for the management and investment of the assets of the Funds and responsibility for all advisory services furnished by any sub-adviser, and supervises each sub-adviser in its performance of its duties for the applicable Fund. The Adviser evaluates and selects the sub-advisers and makes recommendations to the Board of Trustees about the hiring, termination and replacement of a sub-adviser

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Notes to Financial Statements (unaudited)

4. Agreements (continued)

Investment Advisory Agreement (continued)

and oversees, monitors and reviews the sub-advisers and their performance and their compliance with the applicable Fund’s investment policies and restrictions.

In return for providing management services to the Funds, each Fund pays the Adviser an annual fee based on the following percentage of its average daily net assets:

Fund	%
Domestic Equity Fund		0.29%
International Equity Fund		0.50%
Fixed-Income Fund		0.40%

The sub-advisory fees are paid by the Adviser, and are not an additional expense of the respective Fund.

The Sub-Advisers to each Fund are as follows:

Fund			Sub-Advisers
PFM Multi-Manager Domestic Equity			Champlain Investment Partners LLC Jacobs Levy Equity Management, Inc. Nuance Investments, LLC Vaughan Nelson Investment Management, L.P.
PFM Multi-Manager International Equity Fund			Acadian Asset Management LLC Aristotle Capital Management, LLC J O Hambro Capital Management Limited Kayne Anderson Rudnick Investment Management, LLC* Lazard Asset Management LLC Schroder Investment Management North America Inc. Schroder Investment Management North America Limited WCM Investment Management, LLC
PFM Multi-Manager Fixed-Income Fund			Brown Brothers Harriman & Co. PineBridge Investments LLC PGIM, Inc. Teachers Advisors, LLC

This Sub-Adviser was approved by the Board but had not commenced management of Fund assets as of March 31, 2021

Through January 28, 2020, the Adviser agreed: (1) to waive its fee in the amount of 0.05% of the average daily net assets of the Domestic Equity Fund; (2) to waive its fee in the amount of 0.10% of the average daily net assets of the International Equity Fund; and (3) to pay or otherwise bear operating and other expenses of the Funds (including organizational and offering expenses, but excluding any front-end and contingent deferred sales loads; any Rule 12b-1 or similar marketing and distribution-related fees; interest and tax expenses; leverage; dividends and interest on short positions; brokerage commissions; expenses incurred in connection with any merger, liquidation or reorganization; extraordinary or non-routine expenses such as litigation; and acquired fund fees and expenses) solely to the extent necessary to limit the total annualized expenses of the Funds to the percentages of average daily net assets below for the Institutional Class of each Fund (“Expense Limitation Agreement”):

Fund	%
Domestic Equity Fund		0.38%
International Equity Fund		0.63%
Fixed-Income Fund		0.55%

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Notes to Financial Statements (unaudited)

4. Agreements (continued)

Investment Advisory Agreement (continued)

Although the Expense Limitation Agreement expired January 28, 2020, the Advisor shall continue to be entitled to recoup any investment advisory fees waived or Fund expense payments paid by it pursuant to the Expense Limitation Agreement, if on any given business day the Funds determine a NAV, that the operating expenses of a Fund are less than the corresponding expense limitation rate previously in effect under the Expense Limitation Agreement, subject to quarterly approval by the Trust’s Board of Trustees. The total amount of recoupment to which the Advisor may be entitled shall not exceed an amount that would cause a Fund to exceed its: (1) corresponding expense limitation in place at the time the investment advisory fees were waived or the expenses were incurred; or (2) corresponding expense limitation currently in place, whichever is less. Subject to the foregoing, the recoupment amount shall be limited to, at any time, the sum of all investment advisory fees previously waived or reduced by the Adviser and all other payments remitted by the Advisor to the Fund pursuant to the Expense Limitation Agreement, within three (3) years of the date on which such investment advisory fees were waived or reduced or other payments remitted, less recoupment previously paid to the Advisor with respect to such waivers, reductions, and payments. As of March 31, 2021, the amount of advisory fees waived and reimbursed expenses subject to recoupment were:

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund			PFM Multi- Manager Fixed- Income Fund
Advisory fees waived and expenses reimbursed not restored to the Advisor become unrecoverable in fiscal year-end:
September 30, 2021		$	105,379		$	386,980		$	120,621
September 30, 2022			319,569			497,715			57,576
September 30, 2023			129,416			141,724			—
Total		$	554,364		$	1,026,419		$	178,197

Distributor

PFM Fund Distributors, Inc. (the “Distributor”) serves as the Funds' Distributor. The Distributor is a wholly-owned subsidiary of the Adviser. The Distributor is not separately compensated for the services it provides to the Funds.

Administrator, Custodian and Transfer Agent

The administrator, custodian and transfer agent to the Trust is State Street Bank and Trust Company.

5. Capital Shares

The Funds will be continuously offering an unlimited number of shares through the Distributor. Shares are offered in a continuous offering at the current NAV per share of each class of the Funds.

6. Investment Transactions

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on bank loans for the period ended March 31, 2021, were as follows:

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund
Non-U.S. Government Purchases		$	194,308,614		$	176,689,763
Non-U.S. Government Sales		$	325,258,585		$	117,580,973

	PFM Multi-Manager Fixed-Income Fund
U.S. Government Purchases		$	523,053,669
Non-U.S. Government Purchases		$	192,552,342
U.S. Government Sales		$	499,438,540
Non-U.S. Government Sales		$	150,067,747

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Notes to Financial Statements (unaudited)

7. Derivative Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments as of March 31, 2021, is included in each respective Schedule of Investments. As of March 31, 2021, the Funds had sufficient cash and/or securities to cover commitments under these contracts. In the normal course of pursuing its investment objectives, the Funds are subject to the following risks:

Equity Price Risk — The Domestic Equity and International Equity Funds enter into equity index futures contracts to gain exposure to equity markets and to enhance return.

Foreign Exchange Risk — The International Equity Fund holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts. There were no forward foreign currency exchange contracts held during the period ended March 31, 2021.

Interest Rate Risk — The Fixed Income Fund utilizes various interest rate derivatives including futures contracts to manage the duration of its portfolio and to hedge against fluctuations in securities prices due to interest rates.

The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2021 and the related location in the accompanying Statements of Assets and Liabilities, presented by primary underlying risk exposure:

PFM Multi-Manager Fixed-Income Fund

			Asset Derivatives									Liability Derivatives
Interest rate contracts			Net Variation Margin on Futures Contracts*				$	307,191				Net Variation Margin on Futures Contracts*				$	(412,226)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the realized gain (loss) and change in unrealized appreciation (depreciation) of the Funds’ derivative instruments for the period ended March 31, 2021 and the related location in the accompanying Statements of Operations, presented by primary underlying risk exposure:

PFM Multi-Manager Fixed-Income Fund

			Net Realized Gain (Loss)									Net Change in Unrealized Appreciation (Depreciation)
Interest rate contracts risk			Futures Contracts				$	(665,968)				Futures Contracts				$	(148,247)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the period ended March 31, 2021, which are indicative of the volume of these derivative types, were approximately as follows:

	Futures Contracts – Long			Futures Contracts – Short
PFM Multi-Manager Domestic Equity Fund		$	—		$	—
PFM Multi-Manager International Equity Fund		$	2,450,593		$	—
PFM Multi-Manager Fixed-Income Fund		$	32,917,100		$	12,570,551

8. Related Parties

At March 31, 2021, certain officers of the Trust were also employees of the Adviser, the Administrator or their affiliates, however, such officers are not compensated by the Funds.

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Notes to Financial Statements (unaudited)

9. Risks

Credit (or default) Risk — Refers to the likelihood that an issuer will default in the payment of principal and/or interest on a security. Financial strength, solvency of an issuer, and lack of or inadequacy of collateral or credit enhancements for a fixed-income security, may affect credit risk. Credit risk of a security may change over time, and securities which are rated by rating agencies are often reviewed and may be subject to downgrade. Ratings are only opinions of the agencies issuing them and are not absolute guarantees as to quality.

Counterparty Risk — Counterparty risk is the risk that the issuer or the guarantor of a fixed-income security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Additionally, when a Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions. Additionally, when a Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions.

Market Risk — This is the risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual issuers, real or perceived general economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, political or social developments, or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in the markets may negatively affect many issuers, which could adversely affect a Fund. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide and therefore could adversely affect the value of a Fund’s investments. Recent examples include pandemic risks related to the global outbreak caused by a novel coronavirus known as COVID-19 which has resulted in substantial market volatility and global business disruption, affecting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate the other risks that apply to the Funds and could negatively affect a Fund's performance and the value of your investment in a Fund. Securities markets may experience great short-term volatility and may fall sharply at times. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Different markets may behave differently from each other and a foreign market may move in the opposite direction from the U.S. market. The value of a Fund’s investments may also go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Price changes may be temporary or last for extended periods. The value of an investment in a Fund could decline over short periods due to fluctuation in a Fund’s NAV in response to market movements, and over longer periods during market downturns.

10. Recent Accounting Updates

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, assuming certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that certain optional expedients have been elected for and that are retained through the end of the hedging relationship. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. At this time the Funds have not yet elected to apply ASU 2020-04, management is evaluating the implications of these changes on the financial statements.

11. Subsequent Events

The Funds have evaluated subsequent events prior to the issuance of these financial statements. On April 20, 2021, Kayne Anderson Rudnick Investment Management, LLC began managing an allocated portion of the International Equity Fund’s assets. No other events have taken place that meet the definition of a subsequent event that requires adjustment to or disclosure in these financial statements.

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Information About Fund Expenses (unaudited)

As a shareholder of the Funds, it is important for you to understand the costs associated with your investment. Mutual fund costs can generally be categorized as two types: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other fund expenses. The Funds do not charge its shareholders transaction-based fees; however, as with all mutual funds, the Funds do incur operating expenses. When invested in the Funds, you will incur ongoing costs, including management fees and other operating expenses of the Funds.

The example in the table that follows is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested at October 1, 2020, the beginning of the period, and held through March 31, 2021. This example illustrates the Funds’ expenses in two ways:

Actual Returns and Expenses The first section of the table below provides information to help you estimate the actual dollar amount of ongoing expenses (but not transaction costs) you paid on a $1,000 investment in a Fund using its actual return during the period. Simply divide your account value by $1,000, then multiply the result by the number in the line under the heading titled “Expenses Paid per $1,000 During Period” to estimate the expenses you paid on your account with the Fund during this period.

Hypothetical 5% Returns and Actual Expenses The second section of the table below is intended to help you compare the Funds’ ongoing expenses (but not transaction costs) with those of other mutual funds using the Funds’ actual expense ratio and a hypothetical rate of return of 5% per year before expenses. This is not the Funds’ actual rates of return, but is useful in making comparisons of the costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical cost with the actual fund expenses and 5% hypothetical cost examples that appear in the shareholder reports of other mutual funds.

	Beginning Account Value 10/1/20			Ending Account Value 3/31/21			Annualized Expense Ratio Based on the Period		Expenses Paid During the Period(1)(2) 10/1/20 to 3/31/21
PFM MULTI-MANAGER DOMESTIC EQUITY FUND
Actual		$	1,000.00		$	1,231.90		0.38%		$	2.11
Hypothetical (5% return before expenses)		$	1,000.00		$	1,023.04		0.38%		$	1.92
PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND
Actual		$	1,000.00		$	1,207.00		0.66%		$	3.63
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.64		0.66%		$	3.33
PFM MULTI-MANAGER FIXED-INCOME FUND
Actual		$	1,000.00		$	990.60		0.55%		$	2.73
Hypothetical (5% return before expenses)		$	1,000.00		$	1,022.19		0.55%		$	2.77

(1)

Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 182/365 (to reflect the one-half year period).

(2)

Reflects expenses after fee waivers and expense reimbursements.

Please note that the expenses shown in the preceding table are meant to highlight your ongoing costs only and do not reflect any transactional costs. The “Expenses Paid per $1,000 During Period” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. As noted above, the Funds do not charge its shareholders transaction-based fees; however, other funds to which the Funds are compared may charge such fees. If transactional-based fees were included in the 5% hypothetical example above, the overall costs of investing would be higher.

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Other Information (unaudited)

Board Approval of Investment Sub-advisory Agreement for PFM Multi-Manager International Equity Fund (“Fund”)

At a meeting held on February 19, 2021 (“Meeting”), the Board of Trustees (“Board”) of the Fund, including a majority of the trustees who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Trustees”), reviewed and approved a new investment sub-advisory agreement between PFM Asset Management LLC (“Adviser”) and Kayne Anderson Rudnick (“Sub-Adviser”) on behalf of the Fund (“Sub-advisory Agreement”) for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the new Sub-advisory Agreement.

In considering the Sub-advisory Agreement, the Board reviewed and considered information provided at the Meeting specifically related to the Sub-advisory Agreement, as well as information about the management of the Fund by the Adviser and other sub-advisers provided throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Sub-Adviser provided in response to a detailed due diligence request in connection with the approval of the Sub-advisory Agreement. The Board reviewed and considered all of the factors it deemed relevant in approving the Sub-advisory Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; (ii) the costs of the services to be provided to the Fund; and (iii) the extent to which economies of scale may be realized as the Fund grows.

In approving the Sub-advisory Agreement, the Board, including a majority of the Independent Trustees, determined that the terms of the Sub-advisory Agreement are fair and reasonable and that the Sub-advisory Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s determination.

Nature, Extent and Quality of Services

The Board reviewed and considered information regarding the nature, extent and quality of investment sub-advisory services expected to be provided by the Sub-Adviser to the Fund and its shareholders. In doing so, the Board noted that the Fund employs a “manager of managers” structure pursuant to an exemptive order (Order) granted to the Adviser by the U.S. Securities and Exchange Commission, whereby the Adviser is responsible for selecting sub-advisers (subject to Board and shareholder approval, as applicable), allocating the Fund’s assets among such sub-advisers, and overseeing the sub-advisers’ day-to-day management of their respective sleeves of the Fund. The Board further noted the responsibilities that the Sub-Adviser will have with respect to the portion of the Fund’s assets that will be allocated to the Sub-Adviser by the Adviser (“Sub-Advised Portion”), including, among others, security selection for the Sub-Advised Portion consistent with agreed upon investment guidelines. The information reviewed and considered by the Board included, among other things, the Sub-Adviser’s proposed investment strategy, and ability to implement such investment strategy, including, but not limited to, the Sub-Adviser’s trading practices and investment decision processes. The Board also reviewed and considered, among other things, general information on the ownership structure, history, management, affiliations, financial condition and viability, and insurance coverage of the Sub-Adviser; the Sub-Adviser’s professional staff, including the experience and responsibilities of the investment team and potential conflicts of interests; information on how portfolio transactions would be effected; the Sub-Adviser’s risk management controls, including how the Sub-Adviser would comply with the Fund’s investment guidelines; and the Sub-Adviser’s compliance program. The Board also considered the Adviser’s rationale for recommending the approval of the Sub-Adviser.

The Board further considered the Trust’s Chief Compliance Officer’s review of the Sub-Adviser’s compliance program and capabilities as such program and capabilities relate to the operations of the Fund and the monitoring and testing of such program undertaken by the Trust’s Chief Compliance Officer. The Board also considered the selection and due diligence process employed by the Adviser in selecting and deciding to retain the Sub-Adviser as a sub-adviser to the Fund, including the due diligence undertaken with respect to the Sub-Adviser’s compliance and risk management capabilities.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Sub-Adviser to the Fund and its shareholders.

Fund Performance

Because the Sub-Adviser has not yet managed any assets of the Fund, the Board concluded that the Fund’s current performance was not a relevant factor in its consideration of the Sub-advisory Agreement. Notwithstanding, the Board did consider the historic performance of the KAR International Small Cap Portfolio (“KAR Portfolio”), which is a portfolio

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managed by the Sub-Adviser that employs an international small-cap strategy that is comparable to the investment strategy that the Sub-Adviser will employ for the Fund. The Board noted that the KAR Portfolio had outperformed its benchmark, the MSCI ACWI ex U.S. Small Cap Index, for each of the following periods ended December 31, 2020: most recent quarter; one-, three-, five- and seven-year periods; and since inception (January 1, 2012).

Comparative Fees and Expenses

The Board reviewed and considered information regarding the sub-advisory fee to be paid to the Sub-Adviser (“Sub-Advisory Fee”). The Board received confirmation that the Sub-Advisory Fee will be paid by the Adviser to the Sub-Adviser and is not an additional fee to be borne by the Fund. The Board noted that the Sub-Advisory Fee to be paid by the Adviser to the Sub-Adviser was the product of arms-length negotiations between the Adviser and the Sub-Adviser. The Board concluded that the Sub-Advisory Fee is reasonable based on the information provided.

Management Profitability and Economies of Scale

The Board noted that it considered information it received at the Meeting regarding the expected impact of retaining the Sub-Adviser on the profitability of the Adviser consistent with the conditions of the Order. The Board determined that its conclusions regarding profitability and economies of scale reached in connection with the September 2020 annual contract renewal of the existing investment management agreement with the Adviser had not changed as a result of the proposal to approve the Sub-advisory Agreement.

Conclusion

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-advisory Agreement for an initial two-year period.

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Investment Adviser

PFM Asset Management LLC

213 Market Street
Harrisburg, Pennsylvania 17101

Distributor

PFM Fund Distributors, Inc.

213 Market Street
Harrisburg, Pennsylvania 17101

Administrator, Custodian & Transfer Agent

State Street Bank and Trust Company

One Lincoln Street
Boston, Massachusetts 02111

Independent Registered Public Accounting Firm

Ernst & Young LLP

2005 Market Street, Suite 700
Philadelphia, Pennsylvania 19103

Legal Counsel

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600
Philadelphia, Pennsylvania 19103

PFM Multi-Manager Series Trust

213 Market Street
Harrisburg, Pennsylvania 17101
1.833.736.6678

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)

Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

During the period ended March 31, 2021, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)

Not applicable to the Registrant.

(b)

Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1)

Not applicable to this filing.

(a)(2)

Certifications of the principal executive officer and principal financial and accounting officer of the Registrant, as required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, are attached hereto.

(a)(3)

Not applicable to the Registrant.

(a)(4)

Not applicable.

(b)

Certifications of the principal executive officer and principal financial and accounting officer of the Registrant, as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	PFM Multi-Manager Series Trust

By:	/s/ John Spagnola
	John Spagnola
	President (Principal Executive Officer)

Date:	June 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ John Spagnola
	John Spagnola
	President (Principal Executive Officer)

Date:	June 3, 2021

By:	/s/ Daniel Hess
	Daniel Hess
	Treasurer (Principal Financial Officer)

Date:	June 3, 2021

PFM Multi-Manager Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)