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, 2022

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached hereto.

TABLE OF CONTENTS

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PFM MULTI-MANAGER SERIES TRUST
SEMI-ANNUAL REPORT

MARCH 31, 2022

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 https://mmst.pfmam.com

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 schedules of investments with the SEC for the last month of the Trust’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 https://mmst.pfmam.com or (iii) on the SEC’s website at https://www.sec.gov.

The Trust has adopted the proxy voting policies of the 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 https://mmst.pfmam.com or (iii) on the SEC’s website at www.sec.gov. 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)

The semi-annual period ending March 31, 2022 is a story of two halves. The first half, October 1, 2021 to December 31 saw the economy continue to recover and capital markets perform well despite new Covid variants. The continuing economic recovery and strong performance by capital markets were supported by favorable monetary policy. But in January 2022, the Federal Reserve (the “Fed”) hinted that due to continuing high inflation, interest rate increases and balance sheet reduction would likely proceed at a faster pace than expected and more aggressively than the previous rate cycle. As a result, the second half of the semi-annual period saw an equity market correction, unpreceded market volatility and a decline in Gross Domestic Product (“GDP”). In addition to a more hawkish Fed, geopolitical risks that had been in the background burst onto center stage as Russia invaded Ukraine. Inflation, which had increased significantly due to overly aggressive fiscal and monetary policy and supply chain bottlenecks but was expected to begin to moderate, was given a new impetus as commodity prices further increased. With equity valuations elevated and credit spreads at historical low levels, the increased risk from less favorable monetary policy, continuing elevated inflation and a less favorable geopolitical environment led to a brutal sell-off in both equities and fixed income markets.

Starting in the second half of 2020 and continuing to the end of 2021, capital markets were presented with a “goldilocks” scenario of recovering economic growth and favorable monetary policy. In early 2022, both factors have turned into headwinds for capital markets. Economic growth is slowing and the Fed is far less friendly. As a result, valuations for equities as well as other asset classes have come under pressure. The increased volatility is likely to remain with us until markets have visibility as to when the Fed will end its rate hike cycle. While we expect capital markets to remain volatile, we believe equities, credit and other economically sensitive asset classes will perform better in the second half of 2022 as inflation begins to moderate and economic growth stabilizes.

As for inflation, the current elevated inflation rate, and resulting more hawkish monetary policy, is a risk for both consumers and companies. While nominal wage growth is robust, adjusted for inflation, real wage growth is negative. Negative real wage growth combined with a reduced, more normal saving rate than that of 2020-2021 means the US consumer, while currently in good financial position, may come under pressure later in the year. Corporate profit margins are currently at very healthy levels, which support increasing cap-ex spending, growing dividend payouts and share buybacks. However, high inflation may pressure profit margins as consumers begin to rebel against rising prices, which may force companies to absorb some of the higher input costs. The less favorable macro-economic backdrop has increased the risk of recession in 2023 or 2024.

As has been the case in early 2022, developed economies outside of the US are likely to face more challenging conditions due to their greater reliance on Russia for their energy needs. Economic growth in Europe will continue to be particularly challenged. While commodity exporting emerging economies are benefiting from higher prices, others such as China are facing more challenging conditions. China is currently experiencing another wave of Covid cases. Its “zero tolerance” policy is resulting in renewed shutdown of some of its major cities. This has led to a slowdown in economic growth, as seen in its most recent Purchasing Managers Index (“PMI”). As a result, the government has promised greater stimulus and more favorable monetary policy. While these measures will help, China is limited to how much more it can do because of its high and increasing debt levels.

For the rest of 2022, capital market volatility and risk are likely to remain elevated. In addition to possible new Covid variants and geopolitical risks, as the year progresses, investors will begin to turn their attention to the Congressional elections in November. In addition, while we do not currently expect a recession in the near term, the economy is clearly slowing. Whether the Federal Reserve can engineer a “soft landing” in the face of a slowing economy and elevated inflation remains to be seen.

Investors will continue to assess their views about capital markets over the next several years. With interest rates still at historically low levels and the Federal Reserve guiding that it will need to aggressively raise rates as well as reduce its balance sheet to moderate elevated inflation, returns from fixed income instruments are likely to remain muted for the next several years. While the “correction” in equity markets that we had in the first quarter of 2022 is to be expected, rising interest rates combined with a slowing economy will likely continue to pressure equity valuations even if we avoid a recession. While fixed income returns are expected to remain low as interest rates rise, we believe fixed income still has a role to play and, when complemented by additional asset classes and investment strategies, can enhance portfolio return.

Respectfully,

PFM Asset Management LLC

May 4, 2022

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 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, 2022: Aristotle Atlantic Partners LLC, 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, 2022, the Domestic Equity Fund returned 3.30%, underperforming the Russell 3000 Index return of 3.50% for the same period. The underperformance was largely a result of an overweight to the dedicated mid cap manager, Champlain Investment Partners LLC. Nuance All Cap Value, Vaughan Nelson Select and Jacobs Levy Small Cap outperformed their respective benchmarks during this time.

	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Aristotle Atlantic Partners LLC		8.1		70.7	Active U.S. All-Cap
Champlain Investment Partners LLC		8.9		77.9	Active U.S. Mid-Cap
Jacobs Levy Equity Partners Inc		4.0		35.0	Active U.S. Small-Cap
Nuance Investments, LLC		5.9		51.9	Active U.S. All-Cap
Vaughan Nelson Investment Management, L.P		12.5		109.2	Active U.S. All-Cap

Note: Fund Assets % column does not add up to 100% due to $531.4 million invested in the Vanguard Total Stock Market ETF, Fund level cash and rounding differences.

Sector Diversification	%
Communication Services		6.8
Consumer Discretionary		10.3
Consumer Staples		6.3
Energy		3.1
Financials		12.7
Health Care		15.1
Industrials		10.8
Information Technology		23.2
Materials		3.8
Real Estate		3.2
Utilities		3.0
Cash Equivalents and Other		1.7

Note: Percentages above are inclusive of underlying exposures within the Vanguard Total Stock Market ETF and may differ from percentages reflected in the Schedule of Investments.

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, 2022: Acadian Asset Management LLC, Aristotle Capital Management, LLC, Kayne Anderson Rudnick LLC, Ninety One North America, Inc., Schroder Investment Management North America, Inc. and WCM Investment Management, LLC. The Fund also held positions in the Artisan International Small-Mid Fund and the iShares Core MSCI Total International ETF. For the six months ended March 31, 2022, the International Equity Fund returned -7.43%, underperforming the MSCI All Country World ex-U.S. Index return of -3.72% for the same period. Active managers within total international markets and international small/mid cap space detracted the most from performance due to poor stock selection. Within international developed markets, Acadian Non-US Equity added alpha.

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	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Acadian Asset Management		13.6		87.2	Active International Developed Markets
Aristotle Capital Management, LLC		13.8		88.9	Active International Developed Markets
Kayne Anderson Rudnick LLC		4.6		29.4	Active International Small-Cap
Ninety One North America Inc		13.0		83.7	Active Total International Markets
Schroders Investment Management		10.4		67.1	Active Emerging Markets
WCM Investment Management		15.2		97.6	Active Total International Markets

Note: Fund Assets % column does not add up to 100% due to $186.6 million invested in the iShares Core MSCI Total International ETF, Artisan International Small-Mid Fund, Fund level cash and rounding differences.

Region Diversification	%
Europe & Middle East ex-UK		36.9
UK		10.1
Pacific ex-Japan		7.8
Japan		12.1
North America		8.5
EM Europe, Middle East & Africa		2.6
EM Asia		15.7
EM Latin America		3.5
Cash Equivalents and Other		2.8

Sector Diversification	%
Communication Services		4.9
Consumer Discretionary		11.4
Consumer Staples		5.8
Energy		4.4
Financials		17.3
Health Care		12.7
Industrials		14.4
Information Technology		16.7
Materials		7.3
Real Estate		1.4
Utilities		1.2
Cash Equivalents and Other		2.5

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

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 utilized the following sub-advisers as of March 31, 2022: Brown Brothers Harriman & Co., PineBridge Investments LLC, PGIM, Inc., and Teachers Advisors, LLC (“TAL”). The Fund also held positions in the BrandywineGLOBAL High Yield Fund, iShares Core US Aggregate Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, Mainstay Mackay High Yield Corporate Bond Fund, MFS Emerging Markets Debt Fund and the SPDR Blackstone Senior Loan ETF. For the six months ended March 31, 2022, the Fixed Income Fund returned -5.76%, outperforming the Bloomberg US Aggregate Index return of -5.92% for the same period. The outperformance was a result of allocations to lower duration assets such as structured credit (Brown Brothers Harriman and their positive selection) and senior loans (SPDR ETF). High yield bonds and active manager selection were also mildly additive. Detracting from results were overweights to investment grade corporate credit and emerging markets debt. Fixed income assets were volatile in the first few months of 2022 as high inflation prints and a more hawkish tone from the Fed led to a rates selloff. Emerging markets were further disrupted from Russia’s attack on Ukraine.

	Fund Assets Managed
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Brown Brothers Harriman & Co.		9.0		79.8	Active Securitized Assets
PineBridge Investments LLC		4.4		38.9	Active Investment Grade Credit
PGIM, Inc.		36.3		321.0	Active Investment Grade Core
Teachers Advisors, LLC		35.3		312.1	Active Investment Grade Core

Note: Fund Assets % column does not add up to 100% due to $132.3 million invested in the BrandywineGLOBAL High Yield Fund, Mainstay MacKay High Yield Corporate Bond Fund, iShares Core U.S. Aggregate Bond ETF, iShares JP Morgan USD Emerging Markets Bond ETF, MFS Emerging Markets Debt Fund, SPDR Blackstone Senior Loan ETF Fund level cash and rounding differences.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 3

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Credit Quality Diversification	%
AAA/Aaa		39.9
AA/Aa		5.3
A		14.1
BBB/Baa		18.4
BB/Ba		6.7
B		6.9
Below B		1.1
Cash/Not Rated		7.6

Sector Diversification	%
U.S. Gov’t & Related		14.0
Muni/Local Authority		1.1
ABS		10.5
Agency MBS or CMOs		12.4
Non-Agency RMBS		2.5
CMBS		9.1
Investment Grade Corporate		24.0
High Yield Corporate		11.6
CLO		5.8
Emerging Market Debt		6.5
Cash Equivalents and Other		2.6

Note: Percentages above are inclusive of underlying exposures within the BradywineGLOBAL High Yield Fund, Mainstay MacKay High Yield Corporate Bond Fund, iShares Core U.S. Aggregate Bond ETF, iShares JP Morgan USD Emerging Markets Bond ETF, MFS Emerging Markets Debt Fund and SPDR Blackstone Senior Loan ETF and may differ from percentages reflected in the Schedule of Investments.

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Schedule of Investments (unaudited)

March 31, 2022

PFM MULTI-MANAGER Domestic EQUITY FUND

Investments	Shares		Value
COMMON STOCKS – 38.1%
COMMUNICATION SERVICES – 1.7%
Alphabet, Inc., Class A(a)		3,109		$	8,647,217
ATN International, Inc.		1,687			67,277
Cogent Communications Holdings, Inc.		49,236			3,266,809
Comcast Corp., Class A		29,767			1,393,691
comScore, Inc.(a)		5,480			15,947
Consolidated Communications Holdings, Inc.(a)		13,441			79,302
Cumulus Media, Inc., Class A(a)		395			3,930
Ooma, Inc.(a)		1,421			21,301
Walt Disney Co. (The)(a)		7,508			1,029,797
Yelp, Inc.(a)		2,874			98,032
Total Communication Services					14,623,303
CONSUMER DISCRETIONARY – 3.2%
Aaron’s Co., Inc. (The)		9,463			190,017
Advance Auto Parts, Inc.		10,100			2,090,296
Amazon.com, Inc.(a)		2,592			8,449,790
American Axle & Manufacturing Holdings, Inc.(a)		26,832			208,216
Cooper-Standard Holdings, Inc.(a)		1,588			13,927
Dollar General Corp.		13,077			2,911,332
General Motors Co.(a)		18,769			820,956
Genesco, Inc.(a)		3,449			219,391
Goodyear Tire & Rubber Co. (The)(a)		6,616			94,543
GoPro, Inc., Class A(a)		2,823			24,080
Group 1 Automotive, Inc.		2,437			409,002
Haverty Furniture Cos., Inc.		4,970			136,277
Home Depot, Inc. (The)		4,058			1,214,681
Lear Corp.		1,222			174,245
Leslie’s, Inc.(a)		64,300			1,244,848
Luminar Technologies, Inc.(a)		73,600			1,150,368
MarineMax, Inc.(a)		6,311			254,081
Marriott International, Inc., Class A(a)		12,129			2,131,672
O’Reilly Automotive, Inc.(a)		1,336			915,107
Perdoceo Education Corp.(a)		22,039			253,008
Planet Fitness, Inc., Class A(a)		10,000			844,800
PlayAGS, Inc.(a)		3,578			23,865
Signet Jewelers Ltd.		3,687			268,045
Sonic Automotive, Inc., Class A		5,187			220,499
Sonos, Inc.(a)		12,427			350,690
Sportsman’s Warehouse Holdings, Inc.(a)		6,612			70,682
Standard Motor Products, Inc.		4,040			174,286
Stoneridge, Inc.(a)		5,368			111,440

Investments	Shares		Value
COMMON STOCKS – (continued)
CONSUMER DISCRETIONARY – (continued)
Terminix Global Holdings, Inc.(a)		13,500		$	616,005
Tractor Supply Co.		4,200			980,154
Ulta Beauty, Inc.(a)		2,150			856,173
Unifi, Inc.(a)		2,653			48,019
Universal Electronics, Inc.(a)		2,224			69,478
Universal Technical Institute, Inc.(a)		4,784			42,338
Vera Bradley, Inc.(a)		9,342			71,653
Vista Outdoor, Inc.(a)		6,088			217,281
Total Consumer Discretionary					27,871,245
CONSUMER STAPLES – 2.9%
Andersons, Inc. (The)		7,028			353,227
Beiersdorf AG, ADR		77,784			1,632,686
Boston Beer Co., Inc. (The), Class A(a)		1,700			660,399
Cal-Maine Foods, Inc.		20,332			1,122,733
Calavo Growers, Inc.		3,017			109,970
Church & Dwight Co., Inc.		5,600			556,528
Clorox Co. (The)		43,836			6,094,519
Coca-Cola Consolidated, Inc.		576			286,186
Costco Wholesale Corp.		2,628			1,513,334
Darling Ingredients, Inc.(a)		14,319			1,150,961
Estee Lauder Cos., Inc. (The), Class A		2,992			814,781
Fresh Del Monte Produce, Inc.		6,266			162,352
Freshpet, Inc.(a)		14,300			1,467,752
Henkel AG & Co. KGaA, ADR		37,536			609,960
Hormel Foods Corp.		20,800			1,072,032
JM Smucker Co. (The)		10,800			1,462,428
Kimberly-Clark Corp.		10,458			1,288,007
Lamb Weston Holdings, Inc.		13,500			808,785
Landec Corp.(a)		5,601			64,860
McCormick & Co., Inc., NVDR		33,300			3,323,340
Nature’s Sunshine Products, Inc.(a)		823			13,843
PepsiCo, Inc.		5,718			957,079
Sanderson Farms, Inc.		718			134,618
USANA Health Sciences, Inc.(a)		2,562			203,551
Vector Group Ltd.		3,100			37,324
Total Consumer Staples					25,901,255
ENERGY – 0.7%
Delek US Holdings, Inc.(a)		4,373			92,795
Dorian LPG Ltd.		7,006			101,517
HF Sinclair Corp.		4,699			187,255
Kosmos Energy Ltd.(a)		591,480			4,252,741
Par Pacific Holdings, Inc.(a)		15,380			200,248
Phillips 66		14,230			1,229,330

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 5

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Schedule of Investments (unaudited)

March 31, 2022

PFM MULTI-MANAGER Domestic EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
ENERGY – (continued)
Plains GP Holdings L.P., Class A		9,476		$	109,448
REX American Resources Corp.(a)		1,129			112,448
Whiting Petroleum Corp.		419			34,153
World Fuel Services Corp.		5,760			155,750
Total Energy					6,475,685
FINANCIALS – 5.7%
Alleghany Corp.(a)		2,430			2,058,210
Allegiance Bancshares, Inc.		2,919			130,421
American Equity Investment Life Holding Co.		11,743			468,663
Ameriprise Financial, Inc.		4,766			1,431,516
Aon PLC, Class A		14,030			4,568,589
Arthur J Gallagher & Co.		12,600			2,199,960
Banc of California, Inc.		12,715			246,162
Bank of America Corp.		37,471			1,544,555
BankUnited, Inc.		5,661			248,858
Bankwell Financial Group, Inc.		1,219			41,239
Banner Corp.		5,264			308,102
BCB Bancorp, Inc.		1,623			29,620
Berkshire Hathaway, Inc., Class B(a)		16,920			5,971,237
Blucora, Inc.(a)		19,092			373,249
Chubb Ltd.		7,441			1,591,630
Cowen, Inc., Class A		1,192			32,303
Cullen/Frost Bankers, Inc.		5,300			733,573
Customers Bancorp, Inc.(a)		5,452			284,267
Donegal Group, Inc., Class A		3,171			42,523
Donnelley Financial Solutions, Inc.(a)		4,471			148,705
Employers Holdings, Inc.		8,533			350,024
Enova International, Inc.(a)		8,378			318,113
Everest Re Group Ltd.		10,534			3,174,737
EZCORP, Inc., Class A(a)		14,442			87,230
First BanCorp		28,989			380,336
First Business Financial Services, Inc.		641			21,031
First Commonwealth Financial Corp.		6,050			91,718
First Internet Bancorp		1,414			60,816
FS Bancorp, Inc.		827			25,637
Genworth Financial, Inc., Class A(a)		70,024			264,691
Greenhill & Co., Inc.		10,708			165,653
Hanmi Financial Corp.		5,022			123,591
Hartford Financial Services Group, Inc. (The)		11,068			794,793
Hilltop Holdings, Inc.		5,888			173,107

Investments	Shares		Value
COMMON STOCKS – (continued)
FINANCIALS – (continued)
HomeStreet, Inc.		7,608		$	360,467
Horace Mann Educators Corp.		2,622			109,678
Intercontinental Exchange, Inc.		48,185			6,366,202
James River Group Holdings Ltd.		3,492			86,392
JPMorgan Chase & Co.		12,028			1,639,657
MetLife, Inc.		3,557			249,986
National Bank Holdings Corp., Class A		6,195			249,535
NBT Bancorp, Inc.		794			28,687
Northeast Bank		789			26,913
Northern Trust Corp.		25,025			2,914,161
Northfield Bancorp, Inc.		5,644			81,048
Northrim BanCorp, Inc.		1,144			49,844
Piper Sandler Cos.		2,970			389,812
Preferred Bank		2,831			209,749
ProAssurance Corp.		8,017			215,497
Prosperity Bancshares, Inc.		11,400			790,932
Regional Management Corp.		320			15,542
Reinsurance Group of America, Inc.		6,019			658,840
S&T Bancorp, Inc.		787			23,279
SiriusPoint Ltd.(a)		13,439			100,524
Stewart Information Services Corp.		5,246			317,960
StoneX Group, Inc.(a)		2,884			214,079
SVB Financial Group(a)		1,900			1,062,955
Towne Bank		16,043			480,327
Tradeweb Markets, Inc., Class A		15,400			1,353,198
Travelers Cos., Inc. (The)		11,319			2,068,321
UMB Financial Corp.		3,575			347,347
United Fire Group, Inc.		4,107			127,604
Universal Insurance Holdings, Inc.		9,883			133,322
Valley National Bancorp		27,086			352,660
Waterstone Financial, Inc.		700			13,538
Western New England Bancorp, Inc.		1,603			14,331
White Mountains Insurance Group Ltd.		235			267,016
WR Berkley Corp.		2,027			134,945
Total Financials					49,939,207
HEALTH CARE – 7.0%
Abbott Laboratories		9,812			1,161,348
Abcam PLC, ADR(a)		15,580			284,958
Accuray, Inc.(a)		9,741			32,243
Adaptive Biotechnologies Corp.(a)		26,609			369,333

See Notes to Financial Statements.

6 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

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Schedule of Investments (unaudited)

March 31, 2022

PFM MULTI-MANAGER Domestic EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
HEALTH CARE – (continued)
Aerie Pharmaceuticals, Inc.(a)		15,758		$	143,398
Align Technology, Inc.(a)		3,200			1,395,200
Allscripts Healthcare Solutions, Inc.(a)		21,241			478,347
AMN Healthcare Services, Inc.(a)		1,610			167,971
Amphastar Pharmaceuticals, Inc.(a)		1,742			62,538
Anika Therapeutics, Inc.(a)		2,816			70,710
Baxter International, Inc.		30,324			2,351,323
Becton Dickinson and Co.		3,341			888,706
Bio-Rad Laboratories, Inc., Class A(a)		1,480			833,580
Bio-Techne Corp.		6,654			2,881,448
Bioventus, Inc., Class A(a)		19,410			273,681
Bristol-Myers Squibb Co.		11,205			818,301
Catalent, Inc.(a)		17,355			1,924,669
Cerner Corp.		2,723			254,764
Cigna Corp.		5,489			1,315,219
Computer Programs & Systems, Inc.(a)		2,504			86,263
Cooper Cos., Inc. (The)		2,700			1,127,493
Cross Country Healthcare, Inc.(a)		8,739			189,374
Cutera, Inc.(a)		7,274			501,906
Danaher Corp.		18,600			5,455,938
DENTSPLY SIRONA, Inc.		56,820			2,796,680
DexCom, Inc.(a)		900			460,440
Edwards Lifesciences Corp.(a)		18,900			2,224,908
Emergent BioSolutions, Inc.(a)		5,637			231,455
Enanta Pharmaceuticals, Inc.(a)		4,592			326,859
Endo International PLC(a)		21,784			50,321
Exelixis, Inc.(a)		4,897			111,015
FibroGen, Inc.(a)		3,932			47,263
Guardant Health, Inc.(a)		5,853			387,703
HealthStream, Inc.(a)		8,407			167,467
ICU Medical, Inc.(a)		6,009			1,337,844
Inogen, Inc.(a)		7,418			240,492
Integra LifeSciences Holdings Corp.(a)		17,000			1,092,420
Intercept Pharmaceuticals, Inc.(a)		9,618			156,485
Intersect ENT, Inc.(a)		4,758			133,272
iTeos Therapeutics, Inc.(a)		2,027			65,229
Johnson & Johnson		28,690			5,084,729
Maravai LifeSciences Holdings, Inc., Class A(a)		22,300			786,521
Masimo Corp.(a)		5,100			742,254
NextGen Healthcare, Inc.(a)		14,907			311,705

Investments	Shares		Value
COMMON STOCKS – (continued)
HEALTH CARE – (continued)
NuVasive, Inc.(a)		7,046		$	399,508
Orthofix Medical, Inc.(a)		3,134			102,482
Radius Health, Inc.(a)		7,119			62,861
REGENXBIO, Inc.(a)		2,460			81,647
Smith & Nephew PLC, ADR		72,596			2,315,812
STERIS PLC		6,600			1,595,682
Surmodics, Inc.(a)		1,151			52,175
Tandem Diabetes Care, Inc.(a)		9,500			1,104,755
Teleflex, Inc.		2,524			895,591
Thermo Fisher Scientific, Inc.		2,201			1,300,021
Universal Health Services, Inc., Class B		14,421			2,090,324
Varex Imaging Corp.(a)		7,157			152,372
Veeva Systems, Inc., Class A(a)		5,800			1,232,268
Vertex Pharmaceuticals, Inc.(a)		20,245			5,283,338
Waters Corp.(a)		6,200			1,924,418
Xencor, Inc.(a)		10,429			278,246
Zimmer Biomet Holdings, Inc.		18,739			2,396,718
Total Health Care					61,091,991
INDUSTRIALS – 5.4%
3M Co.		13,610			2,026,257
AAR Corp.(a)		3,547			171,781
ABM Industries, Inc.		10,882			501,007
ACCO Brands Corp.		5,500			44,000
Aerojet Rocketdyne Holdings, Inc.(a)		21,556			848,229
AMETEK, Inc.		29,536			3,933,604
Apogee Enterprises, Inc.		5,220			247,741
ArcBest Corp.		4,553			366,517
Argan, Inc.		3,905			158,504
Astec Industries, Inc.		4,742			203,906
Astronics Corp.(a)		3,596			46,496
Barrett Business Services, Inc.		468			36,256
Boise Cascade Co.		6,998			486,151
Caterpillar, Inc.		10,705			2,385,288
Chart Industries, Inc.(a)		5,082			872,935
Clarivate PLC(a)		51,200			858,112
CoreCivic, Inc.(a)		2,045			22,843
CoStar Group, Inc.(a)		17,600			1,172,336
DXP Enterprises, Inc.(a)		2,886			78,182
Encore Wire Corp.		3,709			423,086
Forrester Research, Inc.(a)		2,312			130,443
Fortive Corp.		35,200			2,144,736
Generac Holdings, Inc.(a)		6,700			1,991,642
Graco, Inc.		16,088			1,121,655
Granite Construction, Inc.		10,521			345,089
Heidrick & Struggles International, Inc.		4,784			189,351

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 7

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM MULTI-MANAGER Domestic EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
INDUSTRIALS – (continued)
HNI Corp.		5,559		$	205,961
Honeywell International, Inc.		5,415			1,053,651
Hub Group, Inc., Class A(a)		4,528			349,607
Hyster-Yale Materials Handling, Inc.		3,229			107,235
IDEX Corp.		6,900			1,322,937
Interface, Inc.		4,232			57,428
Kelly Services, Inc., Class A		4,242			92,009
Kimball International, Inc., Class B		7,000			59,150
Lindsay Corp.		1,912			300,203
LSI Industries, Inc.		2,351			14,106
Manitowoc Co., Inc. (The)(a)		600			9,048
ManpowerGroup, Inc.		1,734			162,857
Matthews International Corp., Class A		4,965			160,667
Mistras Group, Inc.(a)		2,206			14,582
Moog, Inc., Class A		3,740			328,372
Mueller Industries, Inc.		5,503			298,098
Mueller Water Products, Inc., Class A		106,949			1,381,781
MYR Group, Inc.(a)		3,703			348,230
Nordson Corp.		5,400			1,226,232
Norfolk Southern Corp.		6,965			1,986,557
Northrop Grumman Corp.		795			355,540
NOW, Inc.(a)		29,744			328,076
Quanex Building Products Corp.		7,322			153,689
Resources Connection, Inc.		9,630			165,058
REV Group, Inc.		7,339			98,343
Rockwell Automation, Inc.		5,300			1,484,159
Saia, Inc.(a)		13,005			3,170,879
Spirit AeroSystems Holdings, Inc., Class A		16,143			789,231
Tennant Co.		2,536			199,837
Titan International, Inc.(a)		15,067			221,937
Toro Co. (The)		16,900			1,444,781
Trane Technologies PLC		4,267			651,571
TrueBlue, Inc.(a)		3,544			102,386
Union Pacific Corp.		20,405			5,574,850
US Ecology, Inc.(a)		9,069			434,224
Verisk Analytics, Inc.		5,400			1,159,002
Wabash National Corp.		15,724			233,344
Werner Enterprises, Inc.		8,730			357,930
Total Industrials					47,209,695
INFORMATION TECHNOLOGY – 6.9%
8x8, Inc.(a)		1,517			19,099
Adobe, Inc.(a)		2,500			1,139,050
ADTRAN, Inc.		11,462			211,474

Investments	Shares		Value
COMMON STOCKS – (continued)
INFORMATION TECHNOLOGY – (continued)
Akamai Technologies, Inc.(a)		10,400		$	1,241,656
Amphenol Corp., Class A		20,678			1,558,087
Anaplan, Inc.(a)		12,400			806,620
Apple, Inc.		30,100			5,255,761
Applied Materials, Inc.		5,200			685,360
Asana, Inc., Class A(a)		29,100			1,163,127
Avaya Holdings Corp.(a)		3,341			42,331
Avnet, Inc.		2,631			106,792
Benchmark Electronics, Inc.		1,773			44,396
Broadcom, Inc.		3,200			2,014,976
CalAmp Corp.(a)		10,862			79,401
CommScope Holding Co., Inc.(a)		32,649			257,274
CSG Systems International, Inc.		6,342			403,161
Daktronics, Inc.(a)		10,110			38,822
Diebold Nixdorf, Inc.(a)		3,823			25,729
Entegris, Inc.		11,785			1,546,899
Extreme Networks, Inc.(a)		25,590			312,454
Fidelity National Information Services, Inc.		9,600			964,032
InterDigital, Inc.		3,216			205,181
Jack Henry & Associates, Inc.		20,085			3,957,749
Microchip Technology, Inc.		19,900			1,495,286
Microsoft Corp.		34,870			10,750,770
Monolithic Power Systems, Inc.		3,690			1,792,159
Motorola Solutions, Inc.		21,045			5,097,099
NETGEAR, Inc.(a)		8,301			204,869
Nutanix, Inc., Class A(a)		37,457			1,004,597
NVIDIA Corp.		16,000			4,365,760
Okta, Inc.(a)		7,200			1,086,912
OneSpan, Inc.(a)		6,741			97,340
Palo Alto Networks, Inc.(a)		3,300			2,054,283
PC Connection, Inc.		761			39,869
Progress Software Corp.		1,243			58,533
Pure Storage, Inc., Class A(a)		49,500			1,747,845
Sanmina Corp.(a)		3,832			154,889
ScanSource, Inc.(a)		4,543			158,051
SMART Global Holdings, Inc.(a)		9,396			242,699
Smartsheet, Inc., Class A(a)		11,200			613,536
Synopsys, Inc.(a)		3,300			1,099,791
Visa, Inc., Class A		5,600			1,241,912
Workday, Inc., Class A(a)		8,300			1,987,518
Xerox Holdings Cop.		16,837			339,602
Zendesk, Inc.(a)		11,600			1,395,364
Zscaler, Inc.(a)		6,500			1,568,320
Total Information Technology					60,676,435

See Notes to Financial Statements.

8 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM MULTI-MANAGER Domestic EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
MATERIALS – 2.1%
AdvanSix, Inc.		5,729		$	292,695
American Vanguard Corp.		6,773			137,627
AptarGroup, Inc.		13,433			1,578,377
Avery Dennison Corp.		5,940			1,033,382
Ball Corp.		7,430			668,700
Clearwater Paper Corp.(a)		3,588			100,572
Ecolab, Inc.		732			129,242
GCP Applied Technologies, Inc.(a)		52,051			1,635,442
Glatfelter Corp.		7,477			92,565
Koppers Holdings, Inc.		4,396			120,978
Mercer International, Inc.		9,482			132,274
Myers Industries, Inc.		4,098			88,517
Neenah, Inc.		2,909			115,371
Nutrien Ltd.		32,340			3,363,036
O-I Glass, Inc.(a)		23,371			308,030
Rayonier Advanced Materials, Inc.(a)		8,245			54,170
Schweitzer-Mauduit International, Inc.		8,210			225,775
Sherwin-Williams Co. (The)		10,260			2,561,101
Stepan Co.		1,363			134,678
SunCoke Energy, Inc.		46,770			416,721
Trinseo PLC		8,553			409,860
Wheaton Precious Metals Corp.		102,855			4,893,841
Total Materials					18,492,954
REAL ESTATE – 1.1%
Alexandria Real Estate Equities, Inc.		3,528			710,010
Armada Hoffler Properties, Inc.		10,707			156,322
Boston Properties, Inc.		1,054			135,755
Chatham Lodging Trust(a)		11,961			164,942
Community Healthcare Trust, Inc.		5,476			231,142
Cousins Properties, Inc.		18,710			753,826
Diversified Healthcare Trust		68,541			219,331
Equity Commonwealth(a)		89,628			2,528,406
Forestar Group, Inc.(a)		3,808			67,630
Four Corners Property Trust, Inc.		15,245			412,225
Franklin Street Properties Corp.		16,322			96,300
Healthcare Realty Trust, Inc.		54,012			1,484,250
Industrial Logistics Properties Trust		18,096			410,236
Marcus & Millichap, Inc.		4,562			240,326
NexPoint Residential Trust, Inc.		3,537			319,427

Investments	Shares		Value
COMMON STOCKS – (continued)
REAL ESTATE – (continued)
Prologis, Inc.		4,170		$	673,372
Realogy Holdings Corp.(a)		20,098			315,137
RPT Realty		10,694			147,256
Veris Residential ,Inc.(a)		7,067			122,895
Whitestone REIT		12,969			171,839
Xenia Hotels & Resorts, Inc.(a)		2,976			57,407
Total Real Estate					9,418,034
UTILITIES – 1.4%
American Water Works Co., Inc.		2,978			492,948
Avista Corp.		18,340			828,051
California Water Service Group		6,524			386,743
Essential Utilities, Inc.		2,452			125,371
IDACORP, Inc.		1,160			133,818
NextEra Energy, Inc.		72,723			6,160,365
Northwest Natural Holding Co.		8,031			415,363
SJW Group		25,911			1,802,887
United Utilities Group PLC, ADR		57,742			1,696,460
Total Utilities					12,042,006
TOTAL COMMON STOCKS (Cost: $307,028,343)					333,741,810
EXCHANGE-TRADED FUND – 60.0%
Vanguard Total Stock Market ETF (Cost: $414,337,091)		2,309,734			525,857,140
SHORT-TERM INVESTMENTS – 1.7%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.09%(b) (Cost: $14,843,699)		14,843,699			14,843,699
TOTAL INVESTMENTS – 99.8% (Cost: $736,209,133)					874,442,649
OTHER ASSETS AND LIABILITIES, NET – 0.2%					1,394,311
NET ASSETS – 100.0%				$	875,836,960

(a)

Non-income producing Security.

(b)

The rate shown is the annualized seven-day yield of March 31, 2022.

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

NVDR

Non-Voting Depositary Receipt

REIT

Real Estate Investment Trust

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 9

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

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, 2022 (see Note 2 to the Financial Statements):

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*		$	333,741,810		$	—		$	—		$	333,741,810
Exchange-Traded Fund			525,857,140			—			—			525,857,140
Money Market Fund			14,843,699			—			—			14,843,699
Total Investments in Securities		$	874,442,649		$	—		$	—		$	874,442,649

See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

10 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund

Investments	Shares		Value
COMMON STOCKS – 68.8%
AUSTRALIA – 2.9%
Ardent Leisure Group Ltd.(a)		230,005		$	228,764
Atlassian Corp. PLC, Class A(a)		9,166			2,693,246
Australian Clinical Labs Ltd.		5,244			20,066
Australian Vintage Ltd.		2,853			1,524
BHP Group Ltd.		31,702			1,234,791
BlueScope Steel Ltd.		45,419			701,841
ClearView Wealth Ltd.		32,954			18,543
Computershare Ltd.		49,492			905,458
CSL Ltd.		17,250			3,425,798
CSR Ltd.		23,515			107,450
DGL Group Ltd.(a)		62,319			151,949
Hansen Technologies Ltd.		5,933			25,462
IGO Ltd.		199,434			2,085,348
Iluka Resources Ltd.		10,352			86,879
Incitec Pivot Ltd.		423,163			1,195,270
Macmahon Holdings Ltd.		136,065			19,803
MotorCycle Holdings Ltd.		4,504			9,888
New Hope Corp. Ltd.		84,470			212,914
Nufarm Ltd.		4,508			21,169
OFX Group Ltd.(a)		13,042			23,603
Pact Group Holdings Ltd.		17,018			29,499
ReadyTech Holdings Ltd.(a)		6,116			14,812
Ridley Corp. Ltd.		41,209			51,845
Santos Ltd.		446,351			2,566,608
Seven West Media Ltd.(a)		197,596			100,048
South32 Ltd.		377,653			1,406,309
Trajan Group Holdings Ltd.(a)		7,617			18,710
Wagners Holding Co., Ltd.(a)		12,951			14,191
Whitehaven Coal Ltd.		277,752			854,402
WiseTech Global Ltd.		7,590			285,940
Zimplats Holdings Ltd.		1,092			22,958
Total Australia					18,535,088
AUSTRIA – 0.8%
ANDRITZ AG		11,012			508,340
BAWAG Group AG(b)		30,733			1,550,437
Erste Group Bank AG		45,100			1,635,702
OMV AG		19,717			940,184
Raiffeisen Bank International AG		9,738			137,656
Zumtobel Group AG		6,704			54,079
Total Austria					4,826,398
BELGIUM – 0.0%(c)
Cie d’Entreprises CFE		1,130			158,588
EVS Broadcast Equipment S.A.		1,170			26,316
Total Belgium					184,904

Investments	Shares		Value
COMMON STOCKS – (continued)
BRAZIL – 1.2%
B3 S.A. – Brasil Bolsa Balcao		175,529		$	579,192
Boa Vista Servicos S.A.		453,946			815,206
Dexco S.A.		62,535			192,817
Itau Unibanco Holding S.A., ADR		283,354			1,617,951
Klabin S.A., (Unit)		41,984			212,696
Localiza Rent a Car S.A.		15,599			200,187
Lojas Renner S.A.		62,048			358,392
Petroleo Brasileiro S.A., ADR		52,159			771,953
Raia Drogasil S.A.		96,235			483,899
Telefonica Brasil S.A.		25,642			289,163
Vale S.A., ADR		67,124			1,341,809
WEG S.A.		42,980			314,786
YDUQS Participacoes SA		52,461			230,733
Total Brazil					7,408,784
BRITAIN – 6.0%
AJ Bell PLC		140,696			559,130
Anglo American PLC		25,716			1,326,340
Aptitude Software Group PLC		3,430			13,831
Ascential PLC(a)		151,067			686,745
Ashtead Group PLC		49,400			3,114,082
Auto Trader Group PLC(b)		128,612			1,064,669
BP PLC, ADR		33,703			990,868
Burberry Group PLC		8,904			194,438
Cerillion PLC		7,141			73,138
Close Brothers Group PLC		83,900			1,302,286
CNH Industrial N.V.		58,913			932,833
Coca-Cola European Partners PLC		39,400			1,915,234
Dr. Martens PLC		398,639			1,240,146
FDM Group Holdings PLC		32,198			447,148
Ferguson PLC		14,887			2,020,761
Galliford Try Holdings PLC		6,934			16,139
Games Workshop Group PLC		12,701			1,208,142
GlaxoSmithKline PLC		151,133			3,259,022
GlaxoSmithKline PLC, ADR		30,669			1,335,942
Greggs PLC		2,313			74,453
Gulf Keystone Petroleum Ltd.		25,883			80,796
Hargreaves Services PLC		6,908			51,776
Howden Joinery Group PLC		46,094			462,320
HSBC Holdings PLC		319,501			2,189,236
IntegraFin Holdings PLC		72,923			402,839
Keystone Law Group PLC		2,569			21,740
Man Group PLC		131,585			401,081
Moneysupermarket.com Group PLC		129,953			323,784

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 11

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
BRITAIN – (continued)
Mortgage Advice Bureau Holdings Ltd.		76,847		$	1,153,244
Norcros PLC		4,661			15,750
Numis Corp. PLC		70,930			238,457
Prudential PLC		22,632			334,315
Reckitt Benckiser Group PLC		19,600			1,498,165
Rentokil Initial PLC		331,100			2,280,487
Rightmove PLC		123,361			1,020,444
Rotork PLC		91,299			388,843
Royal Bank of Scotland Group PLC		235,752			663,363
S4 Capital PLC(a)		166,503			625,119
Sabre Insurance Group PLC(b)		219,232			667,475
Sage Group PLC (The)		32,522			298,237
Schroders PLC		16,875			711,130
ScS Group PLC		4,004			10,277
SThree PLC		6,893			37,216
Unilever PLC		35,700			1,615,940
Victorian Plumbing Group PLC(a)		253,918			161,756
Vivo Energy PLC(b)		563,483			1,009,234
Total Britain					38,438,371
CANADA – 4.2%
Alaris Equity Partners Income, UNIT		11,300			182,676
Altius Minerals Corp.		7,800			150,366
Bonterra Energy Corp.(a)		6,450			66,814
Brookfield Asset Management, Inc., Class A		72,400			4,093,294
CAE, Inc.(a)		34,018			885,450
Cameco Corp.		73,600			2,143,563
Canadian Pacific Railway Ltd.		55,350			4,568,589
Canfor Corp.(a)		3,200			65,938
Canfor Pulp Products, Inc.(a)		3,900			16,721
Capstone Copper Corp.(a)		98,500			557,049
Cardinal Energy Ltd.(a)		10,800			66,002
CES Energy Solutions Corp.		10,400			19,966
Cogeco, Inc.		800			49,325
Computer Modelling Group Ltd.		125,856			539,606
Crew Energy, Inc.(a)		25,300			104,831
Descartes Systems Group, Inc. (The)(a)		27,061			1,981,277
E-L Financial Corp. Ltd.		45			31,784
Guardian Capital Group Ltd., Class A		1,100			35,196
IBI Group, Inc.(a)		9,300			105,115

Investments	Shares		Value
COMMON STOCKS – (continued)
CANADA – (continued)
Imperial Oil Ltd.		6,100		$	295,205
Intertape Polymer Group, Inc.		2,600			82,524
Linamar Corp.		2,900			128,907
Lucara Diamond Corp.(a)		48,000			25,725
Lululemon Athletica, Inc.(a)		8,300			3,031,409
Magna International, Inc.		36,200			2,324,051
MEG Energy Corp.(a)		8,500			116,062
Melcor Developments Ltd.		2,000			27,981
Methanex Corp.		1,700			92,700
Neo Performance Materials, Inc.		3,000			36,524
North West Co., Inc. (The)		18,300			560,645
Parex Resources, Inc.		7,400			151,830
Pason Systems, Inc.		59,873			733,236
Peyto Exploration & Development Corp.		9,800			99,399
PHX Energy Services Corp.		5,600			29,609
Pine Cliff Energy Ltd.(a)		45,000			41,035
Richelieu Hardware Ltd.		1,200			43,713
Shopify, Inc., Class A(a)		2,650			1,791,294
Stelco Holdings, Inc.		14,400			598,853
Tourmaline Oil Corp.		26,200			1,207,151
Uni-Select, Inc.(a)		1,500			36,596
Total Canada					27,118,011
CHILE – 0.1%
Banco Santander Chile, ADR		15,788			356,651
SACI Falabella		72,374			231,334
Total Chile					587,985
CHINA – 4.2%
Alibaba Group Holding Ltd.(a)		145,316			1,988,981
Alibaba Group Holding Ltd., ADR(a)		238			25,894
Anhui Gujing Distillery Co., Ltd., Class B		47,000			605,537
Baidu, Inc., ADR(a)		609			80,571
Baidu, Inc., Class A(a)		34,316			574,004
Centre Testing International Group Co., Ltd., Class A		70,800			218,737
China Pacific Insurance Group Co., Ltd., Class H		145,200			352,621
ENN Energy Holdings Ltd.		40,300			600,588
Great Wall Motor Co., Ltd., Class H		243,000			387,347
Haitian International Holdings Ltd.		356,914			923,503
Huazhu Group Ltd., ADR		12,916			426,099
JD.com, Inc., ADR(a)		2,531			146,469

See Notes to Financial Statements.

12 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
CHINA – (continued)
JD.com, Inc., Class A(a)		52,195		$	1,528,679
Kinetic Mines and Energy Ltd.		878,000			67,197
Li Ning Co., Ltd.		196,000			1,679,912
LONGi Green Energy Technology Co., Ltd., Class A		69,760			787,396
Midea Group Co., Ltd., Class A		110,500			988,395
Midea Group Co., Ltd., Class A		178,800			1,603,701
Modern Land China Co., Ltd.		430,000			5,834
PICC Property & Casualty Co., Ltd., Class H		578,000			589,774
Satellite Chemical Co., Ltd., Class A		93,100			576,710
Shanghai Baosight Software Co., Ltd., Class A		21,700			166,462
Shanghai Baosight Software Co., Ltd., Class A		149,130			1,140,550
Shenzhou International Group Holdings Ltd.		135,100			1,801,951
SITC International Holdings Co., Ltd.		165,000			582,449
Tencent Holdings Ltd.		108,400			5,113,812
Weichai Power Co., Ltd., Class A		110,095			230,665
Wuliangye Yibin Co., Ltd., Class A		5,700			139,077
Wuliangye Yibin Co., Ltd., Class A		39,609			962,372
Wuxi Biologics Cayman, Inc.(a)(b)		62,500			507,014
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		14,800			136,098
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		101,500			930,177
XPeng, Inc., ADR(a)		8,001			220,748
XPeng, Inc., Class A(a)		17,100			235,710
Yum China Holdings, Inc.		4,100			179,221
Yum China Holdings, Inc.		8,956			372,032
Zhejiang Supor Co., Ltd., Class A		24,761			194,765
Total China					27,071,052
EGYPT – 0.0%(c)
Commercial International Bank Egypt SAE, GDR(a) (Cost: $205,708)		65,160			152,474

Investments	Shares		Value
COMMON STOCKS – (continued)
FINLAND – 0.4%
Alma Media Oyj		1,354		$	14,542
Digia Oyj		375			3,147
Enento Group Oyj(b)		28,285			846,900
Fiskars Oyj Abp		3,395			80,533
Fortum Oyj		10,000			181,533
Kesko Oyj, Class A		1,720			44,413
Kesko Oyj, Class B		35,937			991,898
Orion Oyj, Class B		11,582			525,555
Ponsse Oyj		144			5,207
Scanfil Oyj		303			2,528
Total Finland					2,696,256
FRANCE – 5.5%
Alten S.A.		6,760			1,019,963
Amundi S.A.(b)		25,500			1,739,949
BILENDI COMMON STOCK EUR.08(a)		815			26,223
Catana Group		3,241			32,701
CBo Territoria		4,714			19,850
Cie de Saint-Gobain		6,133			364,975
Cie Generale des Etablissements Michelin SCA		17,100			2,310,088
Dassault Aviation S.A.		3,727			592,528
Dassault Systemes SE		68,500			3,375,335
Derichebourg S.A.		2,407			25,068
Eiffage S.A.		18,268			1,872,427
Haulotte Group S.A.(a)		5,851			26,661
Infotel S.A.		299			17,856
Jacquet Metal S.A.		7,045			152,219
LVMH Moet Hennessy Louis Vuitton SE		10,592			7,542,240
Manitou BF S.A.		1,138			31,761
MOULINVEST S.A. COMMON STOCK EUR1.2		576			35,552
Pernod Ricard S.A.		10,000			2,193,221
Publicis Groupe S.A.		17,907			1,087,787
Rexel S.A.		16,762			357,081
Safran S.A.		15,100			1,774,706
Sanofi		18,326			1,868,963
Sartorius Stedim Biotech		514			210,662
Schneider Electric SE		14,850			2,479,303
Societe Generale S.A.		12,246			327,601
Societe pour l’Informatique Industrielle		1,585			78,512
Somfy S.A.		380			61,159
Teleperformance		4,618			1,760,938
Thales S.A.		17,021			2,149,324

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 13

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
FRANCE – (continued)
TOTAL S.A.		40,279		$	2,043,706
Vente-Unique.Com S.A.		107			1,432
Total France					35,579,791
GERMANY – 5.1%
Ad Pepper Media International N.V.(a)		1,881			7,842
AP Moller – Maersk A/S, Class B		367			1,106,193
Aurubis AG		651			77,812
Bastei Luebbe AG		1,032			7,893
Bayer AG		20,951			1,433,409
Bayerische Motoren Werke AG		1,592			137,890
Brockhaus Capital Management AG(a)(b)		11,357			245,943
Carl Zeiss Meditec AG		2,210			358,346
Carlsberg A/S, Class B		11,445			1,397,370
Deutsche Bank AG(a)		58,773			750,477
Deutsche Post AG		2,965			142,375
DSV PANALPINA A/S		13,120			2,508,763
Hawesko Holding AG		889			48,124
Infineon Technologies AG		48,664			1,662,528
KION Group AG		18,907			1,257,340
Krones AG		336			27,965
KSB SE & Co. KGaA		32			15,396
Merck KGaA		6,490			1,359,193
Nemetschek SE		32,700			3,172,095
New Work SE		4,806			982,970
Novo Nordisk A/S, Class B		55,469			6,143,007
Pandora A/S		5,841			552,616
Roche Holding AG		14,133			5,589,253
Siemens AG		11,396			1,579,055
Surteco Group SE		1,111			36,948
Symrise AG		16,300			1,956,861
Total Germany					32,557,664
GIBRALTAR – 0.0%(c)
888 Holdings PLC (Cost: $61,865)		11,183			26,960
GREECE – 0.1%
Alpha Bank AE(a)		135,168			165,869
Eurobank Ergasias S.A.(a)		164,696			192,591
Hellenic Telecommunications Organization S.A.		11,930			215,839
National Bank of Greece S.A.(a)		23,427			86,458
Total Greece					660,757

Investments	Shares		Value
COMMON STOCKS – (continued)
HONG KONG – 1.9%
AIA Group Ltd.		832,100		$	8,711,615
APT Satellite Holdings Ltd.		94,000			28,467
ASM Pacific Technology Ltd.		15,100			152,721
Chen Hsong Holdings		44,000			12,996
China Mengniu Dairy Co., Ltd.		150,000			805,468
Chinese Estates Holdings Ltd.		137,500			39,371
Chow Tai Fook Jewellery Group Ltd.		8,600			15,576
Dah Sing Financial Holdings Ltd.		18,400			59,576
Guotai Junan International Holdings Ltd.		590,000			66,006
Hang Lung Properties Ltd.		147,000			295,755
Kerry Logistics Network Ltd.		188,538			430,312
Kerry Properties Ltd.		12,500			35,225
Luk Fook Holdings International Ltd.		24,000			58,376
Orient Overseas International Ltd.		31,500			837,175
PC Partner Group Ltd.		54,000			78,418
Pico Far East Holdings Ltd.		298,000			41,377
Plover Bay Technologies Ltd.		48,000			19,728
Singamas Container Holdings Ltd.		306,000			44,786
Stella International Holdings Ltd.		52,500			50,939
Texhong Textile Group Ltd.		131,500			162,569
Value Partners Group Ltd.		69,000			29,632
VSTECS Holdings Ltd.		206,000			193,306
VTech Holdings Ltd.		34,200			248,299
Total Hong Kong					12,417,693
HUNGARY – 0.1%
OTP Bank Nyrt(a)		13,017			472,220
Richter Gedeon Nyrt		18,477			389,704
Total Hungary					861,924
ICELAND – 0.1%
Marel HF(b) (Cost: $915,794)		130,524			761,512
INDIA – 1.2%
Cipla Ltd., GDR		22,888			306,699
Dr Reddy’s Laboratories Ltd., ADR		1,126			62,752
HDFC Bank Ltd., ADR		47,452			2,910,231
ICICI Bank Ltd., ADR		86,628			1,640,735
Infosys Ltd., ADR		73,117			1,819,882
Reliance Industries Ltd., GDR(b)		4,920			336,247

See Notes to Financial Statements.

14 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
INDIA – (continued)
Reliance Industries Ltd., GDR(b)		8,369		$	577,461
Total India					7,654,007
INDONESIA – 0.3%
Bank Mandiri Persero Tbk PT		955,200			524,123
Bank Rakyat Indonesia Persero Tbk PT		1,339,869			431,417
Bumitama Agri Ltd.		60,200			33,754
Sarana Menara Nusantara Tbk PT		8,574,000			637,801
Total Indonesia					1,627,095
IRELAND – 3.1%
Accenture PLC, Class A		23,865			8,047,994
Bank of Ireland Group PLC(a)		335,834			2,133,437
Experian PLC		140,000			5,399,099
Fineos Corp. Ltd.(a)		162,798			293,132
ICON PLC(a)		12,320			2,996,470
James Hardie Industries PLC		32,074			965,229
Total Ireland					19,835,361
ISLE OF MAN – 0.2%
Entain PLC(a) (Cost: $1,832,493)		70,297			1,507,765
ISRAEL – 0.6%
Bank Hapoalim BM		76,372			752,985
Bank Leumi Le-Israel BM		113,790			1,221,542
Carasso Motors Ltd.		11,343			81,600
Castro Model Ltd.(a)		620			22,737
Check Point Software Technologies Ltd.(a)		2,598			359,199
FIBI Holdings Ltd.		838			40,337
Ilex Medical Ltd.		1,246			58,078
Israel Chemicals Ltd.		25,959			308,618
Israel Discount Bank Ltd., Class A		25,016			155,436
Max Stock Ltd.		143,114			380,442
Neto ME Holdings Ltd.		160			11,332
NR Spuntech Industries Ltd.(a)		8,850			16,440
SARFATI COMMON STOCK ILS1.0		4,066			36,962
ZIM Integrated Shipping Services Ltd.		8,162			593,459
Total Israel					4,039,167
ITALY – 1.1%
Cembre SpA		578			17,742
Eni SpA		115,367			1,691,405
Equita Group SpA		8,266			34,169

Investments	Shares		Value
COMMON STOCKS – (continued)
ITALY – (continued)
Ferrari N.V.		13,800		$	3,017,830
Fine Foods & Pharmaceuticals NTM		1,469			18,958
Gruppo MutuiOnline SpA		20,625			737,055
Orsero SpA		5,174			80,262
Recordati Industria Chimica e Farmaceutica SpA		1,246			62,639
UniCredit SpA		138,553			1,495,952
Total Italy					7,156,012
JAPAN – 7.1%
77 Bank Ltd. (The)		4,900			61,444
Acom Co., Ltd.		12,500			32,585
AEON Financial Service Co., Ltd.		26,100			258,750
Aoyama Trading Co., Ltd.		6,200			34,076
Arcs Co., Ltd.		1,000			17,348
Asahi Kogyosha Co., Ltd.		1,400			18,409
ASAHI YUKIZAI Corp.		3,900			63,662
Asia Air Survey Co., Ltd.		3,500			21,678
Atled Corp.		26,000			484,961
Axial Retailing, Inc.		1,000			26,167
Brother Industries Ltd.		42,700			777,577
Canon, Inc.		11,400			277,506
Carlit Holdings Co., Ltd.		4,500			24,328
Chiba Kogyo Bank Ltd. (The)		12,800			27,487
Chori Co., Ltd.		1,800			25,888
Cota Co., Ltd.		3,850			44,753
Creek & River Co., Ltd.		1,800			30,024
Dai-ichi Life Holdings, Inc.		58,100			1,181,987
Daiichi Jitsugyo Co., Ltd.		900			31,486
Daiken Corp.		3,500			62,080
Daito Trust Construction Co., Ltd.		3,200			339,518
Daitron Co., Ltd.		1,400			21,602
Daiwa House Industry Co., Ltd.		29,700			775,935
Ebara Foods Industry, Inc.		1,400			32,313
Eisai Co., Ltd.		10,300			477,333
Eizo Corp.		2,700			79,358
Exedy Corp.		11,600			149,096
FANUC Corp.		11,000			1,934,443
Food & Life Cos. Ltd.		49,600			1,383,470
Freee KK(a)		14,800			524,386
Gecoss Corp.		2,900			19,045
GLOBERIDE, Inc.		10,000			235,806
Glory Ltd.		2,800			47,356

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 15

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
GungHo Online Entertainment, Inc.		1,100		$	23,391
Himacs Ltd.		1,600			16,826
Himaraya Co., Ltd.		2,700			21,822
Ichimasa Kamaboko Co., Ltd.		5,400			37,414
Ichiyoshi Securities Co., Ltd.		5,300			26,715
ID Holdings Corp.		3,400			23,554
IwaiCosmo Holdings, Inc.		9,000			97,908
Iwaki Co., Ltd.		1,700			15,212
JAC Recruitment Co., Ltd.		1,800			27,212
Japan Post Insurance Co. Ltd.		40,600			710,210
JK Holdings Co., Ltd.		5,100			50,021
Kakiyasu Honten Co., Ltd.		900			17,925
Kanamoto Co., Ltd.		6,400			104,675
KAWADA TECHNOLOGIES, Inc.		900			26,579
KDDI Corp.		70,000			2,299,241
Kenko Mayonnaise Co., Ltd.		4,500			51,107
Keyence Corp.		5,800			2,696,582
Koatsu Gas Kogyo Co., Ltd.		3,200			17,301
Kokuyo Co., Ltd.		3,900			51,430
Konica Minolta, Inc.		24,400			102,920
Kubota Corp.		91,400			1,713,565
Kuriyama Holdings Corp.		5,400			42,416
Kyokuto Securities Co., Ltd.		7,500			44,854
Lasertec Corp.		14,400			2,420,970
Life Corp.		700			18,031
Makino Milling Machine Co., Ltd.		2,100			66,262
Makiya Co., Ltd.		1,100			6,414
MarkLines Co., Ltd.		13,600			318,060
Marui Group Co., Ltd.		84,800			1,554,523
Marusan Securities Co., Ltd.		24,900			101,242
Mazda Motor Corp.		64,200			474,927
Medikit Co., Ltd.		900			17,185
Megachips Corp.(a)		1,200			36,774
Meiko Network Japan Co., Ltd.		11,000			52,175
Meitec Corp.		9,000			488,776
Mito Securities Co., Ltd.		30,100			67,506
Mitsubishi Paper Mills Ltd.		6,100			15,595
MORESCO Corp.		1,400			13,029
Morito Co., Ltd.		1,900			12,072
Nakanishi, Inc.		19,300			355,922
Nanyo Corp.		1,300			20,117
Nidec Corp.		21,900			1,735,044
Nihon Kohden Corp.		8,700			209,096

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Nikon Corp.		10,800		$	115,466
Nippon Concept Corp.		900			11,259
Nippon Hume Corp.		3,000			16,942
Nippon Telegraph & Telephone Corp.		32,900			955,971
Nippon Thompson Co., Ltd.		16,900			74,098
NTT Data Intramart Corp.		800			12,777
OBIC Business Consultants Co., Ltd.		5,300			184,246
Okabe Co., Ltd.		4,700			26,488
Okuwa Co., Ltd.		2,500			18,869
Olympus Corp.		84,500			1,605,364
Osaki Electric Co., Ltd.		4,500			17,211
Otsuka Corp.		4,600			163,349
Otsuka Holdings Co., Ltd.		40,400			1,397,533
Pan Pacific International Holdings Corp.		133,300			2,137,955
Qol Holdings Co., Ltd.		4,800			45,643
Sangetsu Corp.		2,600			32,505
Seiko Epson Corp.		54,300			814,106
Sekisui Kasei Co., Ltd.		5,300			18,900
Shin Maint Holdings Co., Ltd.		1,500			14,047
Shinnihon Corp.		3,100			18,472
Sigma Koki Co., Ltd.		900			12,051
SIGMAXYZ, Inc.		6,200			57,796
SMK Corp.		1,300			23,692
Sompo Holdings, Inc.		30,900			1,359,204
Sony Corp.		56,100			5,790,136
Space Co., Ltd.		2,100			16,525
ST Corp.		2,500			31,299
Step Co., Ltd.		1,200			17,214
Sumitomo Realty & Development Co., Ltd.		5,900			163,082
Sunday Co., Ltd.		700			7,057
T&D Holdings, Inc.		37,200			504,685
TDC Soft, Inc.		1,800			17,140
Techno Medica Co., Ltd.		1,900			24,281
TechnoPro Holdings, Inc.		77,900			2,092,936
Toagosei Co., Ltd.		2,800			24,648
Tokio Marine Holdings, Inc.		27,800			1,616,908
Tokyo Keiki, Inc.		2,400			23,365
Toyo Machinery & Metal Co., Ltd.		5,200			26,862
Transcosmos, Inc.(a)		1,100			28,523
Valqua Ltd.		1,800			39,023
Warabeya Nichiyo Holdings Co., Ltd.		15,000			218,838

See Notes to Financial Statements.

16 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Yushin Precision Equipment Co., Ltd.		3,200		$	17,592
Total Japan					45,518,515
KAZAKHSTAN – 0.1%
Kaspi.KZ JSC, GDR(b)		6,641			332,714
Kaspi.KZ JSC, GDR(b)		191			9,550
Total Kazakhstan					342,264
LUXEMBOURG – 0.2%
Eurofins Scientific SE (Cost: $950,740)		9,809			972,394
MACAU – 0.0%(c)
HAL Trust (Cost: $0)		1			155
MALAYSIA – 0.2%
CIMB Group Holdings Bhd		213,703			270,533
Heineken Malaysia Bhd		138,002			738,380
Lynas Rare Earths Ltd.(a)		74,774			592,708
Total Malaysia					1,601,621
MEXICO – 0.8%
Corp. Moctezuma S.A.B. de C.V., Series *		133,726			426,928
Fomento Economico Mexicano S.A.B. de C.V., ADR		10,601			878,293
Grupo Financiero Banorte S.A.B. de C.V., Class O		114,109			859,518
Grupo Mexico S.A.B. de C.V., Series B		520,360			3,106,724
Total Mexico					5,271,463
NETHERLANDS – 3.2%
Adyen N.V.(a)(b)		1,000			1,975,570
Akzo Nobel N.V.		23,200			1,993,254
ASM International N.V.		5,622			2,037,975
ASML Holding N.V.		199			132,733
ASML Holding N.V.		5,700			3,807,201
EXOR N.V.		10,411			794,068
Heineken N.V.		22,200			2,116,524
Nedap N.V.		450			31,793
NN Group N.V.		6,237			314,350
OCI N.V.(a)		6,861			241,562
QIAGEN N.V.(a)		36,823			1,804,327
QIAGEN N.V.(a)		18,904			927,918
Randstad N.V.		16,538			992,649
Universal Music Group N.V.		70,612			1,874,579
Wolters Kluwer N.V.		14,134			1,504,557
Total Netherlands					20,549,060

Investments	Shares		Value
COMMON STOCKS – (continued)
NEW ZEALAND – 0.0%(c)
EBOS Group Ltd.		3,122		$	89,436
Eroad Ltd.(a)		4,854			14,685
New Zealand Refining Co., Ltd. (The)(a)		101,742			73,232
NZME Ltd.		15,783			18,940
Rakon Ltd.(a)		19,302			22,541
SKY Network Television Ltd.(a)		41,236			82,561
Total New Zealand					301,395
NORWAY – 0.5%
2020 Bulkers Ltd.		2,370			32,420
Aker BP ASA		8,987			334,866
Bouvet ASA		115,926			917,501
Equinor ASA		38,226			1,434,360
Norsk Hydro ASA		54,550			531,546
Sparebanken More		812			40,590
Western Bulk Chartering AS		4,034			24,932
Wilh Wilhelmsen Holding ASA, Class B		958			26,157
Wilson ASA		2,215			18,903
Total Norway					3,361,275
PERU – 0.5%
Credicorp Ltd. (Cost: $2,421,759)		19,423			3,338,231
POLAND – 0.3%
Bank Polska Kasa Opieki S.A.		10,439			278,305
Grupa Pracuj S.A.(a)		69,130			1,024,723
Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		39,730			373,551
Powszechny Zaklad Ubezpieczen S.A.		35,724			285,946
Total Poland					1,962,525
RUSSIA – 0.0%(c)
HeadHunter Group PLC, ADR		39,294			393
LUKOIL PJSC, ADR		4,338			0
Magnit PJSC, GDR		8,114			0
Novatek PJSC, GDR		3,636			0
Polyus PJSC, GDR		1,013			0
Polyus PJSC, GDR		454			0
Raspadskaya OJSC		29,370			0
Rosneft Oil Co. PJSC, GDR		46,758			0
Yandex N.V., Class A(a)		8,610			0
Total Russia					393
SINGAPORE – 1.1%
BRC Asia Ltd.		18,500			21,564
DBS Group Holdings Ltd.		177,600			4,669,164

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 17

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments		Shares		Value
COMMON STOCKS – (continued)
SINGAPORE – (continued)
Delfi Ltd.			35,400		$	19,950
Excelpoint Technology Ltd.			23,300			28,574
Golden Agri-Resources Ltd.			902,800			201,822
Great Eastern Holdings Ltd.			900			14,150
Haw Par Corp. Ltd.			106,900			913,519
HRnetgroup Ltd.			101,100			57,329
IGG, Inc.			94,000			44,599
Jardine Cycle & Carriage Ltd.			40,100			738,424
Propnex Ltd.			16,800			23,263
Raffles Medical Group Ltd.			16,900			14,555
Samudera Shipping Line Ltd.			81,500			52,313
UMS Holdings Ltd.			215,800			194,515
Total Singapore						6,993,741
SOUTH AFRICA – 0.7%
Aspen Pharmacare Holdings Ltd.			27,119			367,097
AVI Ltd.			40,955			202,220
Bid Corp. Ltd.			18,544			403,286
FirstRand Ltd.			278,754			1,471,929
Foschini Group Ltd. (The)			25,146			252,911
Gold Fields Ltd.			44,547			690,280
Impala Platinum Holdings Ltd.			33,227			511,240
Nedbank Group Ltd.			16,815			267,189
Shoprite Holdings Ltd.			31,668			511,034
Vodacom Group Ltd.			10,822			118,269
Total South Africa						4,795,455
SOUTH KOREA – 2.2%
Hana Financial Group, Inc.			7,361			293,862
KB Financial Group, Inc.			6,319			317,671
Kia Motors Corp.			4,750			288,476
Korea Zinc Co., Ltd.			833			401,081
LG Chem Ltd.			1,456			631,257
LG Uplus Corp.			29,257			337,110
NAVER Corp.			3,214			898,709
S-1 Corp.	��		12,188			716,998
Samsung Electronics Co., Ltd.			70,991			4,055,548
Samsung Electronics Co., Ltd., GDR			1,530			2,161,341
Samsung Fire & Marine Insurance Co., Ltd.			1,725			310,346
Samsung SDI Co., Ltd.			1,826			890,987
SK Hynix, Inc.			27,266			2,609,985
Total South Korea						13,913,371
SPAIN – 0.6%
Amadeus IT Group S.A.(a)			34,744			2,263,085
Iberdrola S.A.			141,073			1,535,488

Investments	Shares		Value
COMMON STOCKS – (continued)
SPAIN – (continued)
Naturhouse Health SAU		7,581		$	15,803
Total Spain					3,814,376
SWEDEN – 1.6%
Assa Abloy AB, Class B		68,400			1,844,304
Atlas Copco AB, Class A		28,350			1,471,322
B3 Consulting Group AB		1,461			17,598
BTS Group AB, Class B		10,766			384,618
Elanders AB, Class B		102			1,480
Evolution Gaming Group AB(b)		24,150			2,464,619
FM Mattsson Mora Group AB		1,574			38,575
Getinge AB, Class B		22,707			903,852
Hexagon AB, Class B		139,873			1,962,375
Husqvarna AB, Class B		895			9,329
Inwido AB		6,669			105,349
Kinnevik AB, Class B(a)		10,954			285,087
New Wave Group AB, Class B		9,514			153,876
Nordnet AB publ		18,806			337,896
Ratos AB, Class A		2,265			14,315
Telefonaktiebolaget LM Ericsson, Class B		40,873			373,987
VNV Global AB(a)		39,425			209,311
Total Sweden					10,577,893
SWITZERLAND – 4.7%
Alcon, Inc.		70,500			5,569,014
Burkhalter Holding AG		263			20,534
Cie Financiere Richemont S.A.		3,613			458,304
Glencore PLC		202,321			1,314,838
Kuehne + Nagel International AG		4,196			1,188,920
Lonza Group AG		4,130			2,992,116
Nestle S.A.		23,119			3,001,327
Novartis AG		37,485			3,287,489
Sika AG		10,350			3,409,877
Sonova Holding AG		3,419			1,426,068
STMicroelectronics N.V.		20,969			910,918
Straumann Holding AG		678			1,084,897
TE Connectivity Ltd.		13,812			1,809,096
UBS Group AG		184,584			3,606,218
Total Switzerland					30,079,616
TAIWAN – 2.4%
Accton Technology Corp.		51,000			394,098
ASE Technology Holding Co., Ltd.		152,000			542,155
ASE Technology Holding Co., Ltd., ADR		34,988			248,065

See Notes to Financial Statements.

18 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
TAIWAN – (continued)
CTBC Financial Holding Co., Ltd.		478,000		$	488,890
Hon Hai Precision Industry Co., Ltd.		296,000			1,090,453
Hon Hai Precision Industry Co., Ltd., GDR		11,031			79,754
Kerry TJ Logistics Co., Ltd.		285,000			435,142
Lumax International Corp. Ltd.		94,000			244,665
MediaTek, Inc.		59,000			1,839,554
Nien Made Enterprise Co., Ltd.		49,000			571,349
Taiwan Semiconductor Manufacturing Co., Ltd.		247,000			5,106,585
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		37,925			3,954,060
Uni-President Enterprises Corp.		138,000			315,093
Total Taiwan					15,309,863
THAILAND – 0.1%
Kasikornbank PCL, NVDR (Cost: $671,175)		154,200			748,971
TURKEY – 0.0%(c)
BIM Birlesik Magazalar A/S		26,361			151,978
KOC Holding A/S		43,698			117,375
Total Turkey					269,353
UNITED ARAB EMIRATES – 0.2%
Emaar Properties PJSC		488,839			794,561
First Abu Dhabi Bank PJSC		37,341			239,596
Total United Arab Emirates					1,034,157
UNITED STATES – 3.2%
Aon PLC, Class A		12,750			4,151,782
Baltic Classifieds Group PLC(a)		661,559			1,194,973
Burford Capital Ltd.		152,057			1,397,404
Carnival PLC(a)		37,200			668,072
EPAM Systems, Inc.(a)		4,950			1,468,220
Hamilton Thorne Ltd.(a)		9,700			14,820
Mettler-Toledo International, Inc.(a)		2,100			2,883,699
NVIDIA Corp.		8,179			2,231,722
ResMed, Inc.		15,800			3,831,658
STERIS PLC		11,650			2,816,620
Total United States					20,658,970
TOTAL COMMON STOCKS (Cost: $446,649,451)					443,120,088

Investments	Shares		Value
COMMON STOCKS – (continued)
EXCHANGE-TRADED FUNDS – 27.2%
iShares Core MSCI Total International Stock ETF (Cost: $183,693,557)		2,638,010		$	175,638,706
MUTUAL FUNDS – 1.6%
Artisan International Small-Mid Fund (Cost: $11,851,208)		560,696			10,165,413
PREFERRED STOCKS – 0.1%
Brazil – 0.1%
Gerdau S.A. (Cost: $376,694)		73,801			477,586
Germany – 0.0%(c)
Jungheinrich AG, (Preference Shares) (Cost: $41,155)		844			24,615
TOTAL PREFERRED STOCKS (Cost: $417,849)					502,201
SHORT-TERM INVESTMENTS – 1.9%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.09%(d) (Cost: $12,352,180)		12,352,180			12,352,180
TOTAL INVESTMENTS – 99.6% (Cost: $654,964,245)					641,778,588
OTHER ASSETS AND LIABILITIES, NET – 0.4%					2,515,296
NET ASSETS – 100.0%				$	644,293,884

(a)

Non-income producing security.

(b)

Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At March 31, 2022, the value of these securities was $14,089,294, representing 2.2% of net assets.

(c)

Amount is less than 0.05%.

(d)

The rate shown is the annualized seven-day yield at March 31, 2022.

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

GDR

Global Depositary Receipt

NVDR

Non-Voting Depositary Receipt

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 19

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

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, 2022 (see Note 2 to the Financial Statements):

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks
Australia		$	2,693,246		$	15,841,842		$	—		$	18,535,088
Austria			—			4,826,398			—			4,826,398
Belgium			—			184,904			—			184,904
Brazil			7,408,784			—			—			7,408,784
Britain			4,242,044			34,196,327			—			38,438,371
Canada			27,118,011			—			—			27,118,011
Chile			587,985			—			—			587,985
China			3,317,151			23,753,901			—			27,071,052
Egypt			152,474			—			—			152,474
Finland			—			2,696,256			—			2,696,256
France			—			35,579,791			—			35,579,791
Germany			—			32,557,664			—			32,557,664
Gibraltar			—			26,960			—			26,960
Greece			—			660,757			—			660,757
Hong Kong			—			12,417,693			—			12,417,693
Hungary			—			861,924			—			861,924
Iceland			—			761,512			—			761,512
India			7,317,760			336,247			—			7,654,007
Indonesia			—			1,627,095			—			1,627,095
Ireland			11,044,464			8,790,897			—			19,835,361
Isle Of Man			—			1,507,765			—			1,507,765
Israel			952,658			3,086,509			—			4,039,167
Italy			—			7,156,012			—			7,156,012
Japan			—			45,518,515			—			45,518,515
Kazakhstan			332,714			9,550			—			342,264
Luxembourg			—			972,394			—			972,394
Macau			—			155			—			155
Malaysia			—			1,601,621			—			1,601,621
Mexico			5,271,463			—			—			5,271,463
Netherlands			5,611,528			14,937,532			—			20,549,060
New Zealand			—			301,395			—			301,395
Norway			—			3,361,275			—			3,361,275
Peru			3,338,231			—			—			3,338,231
Poland			—			1,962,525			—			1,962,525
Russia			—			393			—			393
Singapore			—			6,993,741			—			6,993,741
South Africa			—			4,795,455			—			4,795,455
South Korea			—			13,913,371			—			13,913,371
Spain			—			3,814,376			—			3,814,376
Sweden			—			10,577,893			—			10,577,893
Switzerland			1,809,096			28,270,520			—			30,079,616
Taiwan			4,281,879			11,027,984			—			15,309,863

See Notes to Financial Statements.

20 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager International Equity Fund (concluded)

	Level 1			Level 2			Level 3			Total
Thailand		$	748,971		$	—		$	—		$	748,971
Turkey			—			269,353			—			269,353
United Arab Emirates			—			1,034,157			—			1,034,157
United States			18,795,925			1,863,045			—			20,658,970
Total Common Stocks			105,024,384			338,095,704			—			443,120,088
Exchange-Traded Funds			175,638,706			—			—			175,638,706
Mutual Funds			10,165,413			—			—			10,165,413
Preferred Stocks*			477,586			24,615			—			502,201
Money Market Fund			12,352,180			—			—			12,352,180
Total Investments in Securities		$	303,658,269		$	338,120,319		$	—		$	641,778,588

See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 21

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund

Investments	Principal Amount			Value
CORPORATE BONDS – 23.1%
BASIC MATERIALS – 0.5%
CF Industries, Inc., 5.38%, 3/15/44		$	82,000		$	92,202
CNAC HK Finbridge Co., Ltd., 3.50%, 7/19/22(a)			340,000			340,776
Ecolab, Inc., 0.90%, 12/15/23			47,000			45,802
Ecolab, Inc., 2.70%, 12/15/51			78,000			66,809
Georgia-Pacific LLC, 0.95%, 5/15/26(b)			356,000			324,818
International Paper Co., Senior Bond, 4.35%, 8/15/48			532,000			557,029
Inversiones CMPC S.A., 3.00%, 4/6/31(b)			200,000			180,252
Inversiones CMPC S.A., 4.38%, 4/4/27(b)			500,000			522,975
LYB International Finance III LLC, 4.20%, 5/1/50			330,000			325,925
Newmont Corp., 2.25%, 10/1/30			1,475,000			1,348,047
Nucor Corp., 3.13%, 4/1/32			30,000			28,999
RPM International, Inc., 2.95%, 1/15/32			50,000			45,833
RPM International, Inc., 4.55%, 3/1/29			113,000			118,295
SASOL Financing USA LLC, 5.88%, 3/27/24			200,000			202,660
Southern Copper Corp., Senior Bond, 5.25%, 11/8/42			100,000			113,150
Westlake Chemical Corp., 3.38%, 8/15/61			97,000			78,900
Total Basic Materials						4,392,472
COMMUNICATIONS – 1.6%
Amazon.com, Inc., 2.88%, 5/12/41			440,000			406,083
AT&T, Inc., 3.50%, 9/15/53			1,305,000			1,145,064
AT&T, Inc., 3.65%, 9/15/59			28,000			24,554
AT&T, Inc., 3.85%, 6/1/60			28,000			25,063
AT&T, Inc., 4.30%, 2/15/30			25,000			26,414
AT&T, Inc., 4.85%, 7/15/45			205,000			218,093
AT&T, Inc., Senior Bond, 4.50%, 5/15/35			79,000			83,689
AT&T, Inc., Senior Bond, 4.75%, 5/15/46			181,000			196,581
AT&T, Inc., Senior Bond, 4.90%, 8/15/37			112,000			123,326

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41		$	33,000		$	27,427
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61			32,000			25,727
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42			430,000			355,495
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 4/1/51			230,000			189,543
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50			310,000			294,472
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38			20,000			20,543
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47			400,000			409,556
Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35			552,000			623,612
Comcast Corp., 3.90%, 3/1/38			43,000			44,289
Comcast Corp., 4.00%, 3/1/48			600,000			615,386
Comcast Corp., 4.15%, 10/15/28			64,000			67,252
Comcast Corp., 4.25%, 10/15/30			90,000			96,009
Comcast Corp., 4.60%, 10/15/38			110,000			121,551
Corning, Inc., 5.45%, 11/15/79			146,000			161,363
Cox Communications, Inc., 2.60%, 6/15/31(b)			625,000			564,695
Cox Communications, Inc., 3.50%, 8/15/27(b)			600,000			596,871

See Notes to Financial Statements.

22 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
CSC Holdings LLC, 5.50%, 4/15/27(b)		$	250,000		$	247,813
Discovery Communications LLC, 5.30%, 5/15/49			52,000			54,384
Expedia Group, Inc., 2.95%, 3/15/31			109,000			100,917
Level 3 Financing, Inc., 3.40%, 3/1/27(b)			500,000			471,250
Level 3 Financing, Inc., 5.38%, 5/1/25			200,000			201,900
Paramount Global, (5 year CMT + 3.999%), 6.38%, 3/30/62(c)			875,000			883,312
Sprint Corp., 7.88%, 9/15/23			275,000			292,188
T-Mobile USA, Inc., 3.00%, 2/15/41			562,000			475,069
T-Mobile USA, Inc., 3.60%, 11/15/60			10,000			8,589
T-Mobile USA, Inc., 3.60%, 11/15/60(b)			81,000			69,569
T-Mobile USA, Inc., 3.88%, 4/15/30			150,000			150,576
T-Mobile USA, Inc., 4.38%, 4/15/40			475,000			477,015
Time Warner Cable LLC, 6.55%, 5/1/37			4,000			4,600
Verizon Communications, Inc., 1.06%, 3/20/26 (SOFR + 0.790%)(c)			1,000,000			998,944
Verizon Communications, Inc., 1.50%, 9/18/30			1,000,000			868,392
Verizon Communications, Inc., 2.55%, 3/21/31			710,000			659,626
Verizon Communications, Inc., 3.00%, 11/20/60			66,000			53,821
Verizon Communications, Inc., 3.40%, 3/22/41			53,000			49,683
Verizon Communications, Inc., 3.88%, 3/1/52			1,054,000			1,059,048
Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34			89,000			94,690
ViacomCBS, Inc., 4.38%, 3/15/43			424,000			403,542
ViacomCBS, Inc., Senior Bond, 5.85%, 9/1/43			125,000			144,021
Total Communications						14,231,607

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, CYCLICAL – 1.6%
AutoZone, Inc., 1.65%, 1/15/31		$	460,000		$	392,107
AutoZone, Inc., 3.75%, 4/18/29			360,000			361,130
BMW US Capital LLC, 3.90%, 4/9/25(b)			113,000			115,292
Brunswick Corp., 2.40%, 8/18/31			85,000			71,987
Dana, Inc., 5.38%, 11/15/27			75,000			74,531
Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29			400,206			383,146
Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25			150,000			148,823
Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29			1,383,139			1,283,924
Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29			455,155			414,722
Ford Motor Co., 5.29%, 12/8/46			400,000			388,242
Ford Motor Co., Senior Bond, 4.75%, 1/15/43			100,000			90,826
Gap, Inc. (The), 3.63%, 10/1/29(b)			50,000			44,550
Gap, Inc. (The), 3.88%, 10/1/31(b)			150,000			130,665
General Motors Co., Senior Bond, 6.25%, 10/2/43			205,000			232,430
General Motors Financial Co., Inc., 2.70%, 6/10/31			49,000			43,146
Genuine Parts Co., 1.75%, 2/1/25			958,000			914,747
Genuine Parts Co., 2.75%, 2/1/32			1,050,000			963,550
Home Depot, Inc. (The), 2.50%, 4/15/27			475,000			466,259
Hyundai Capital America, 3.40%, 6/20/24(b)			123,000			122,763
Kohl’s Corp., 5.55%, 7/17/45			188,000			187,642
Lowe’s Cos., Inc., 2.80%, 9/15/41			1,250,000			1,070,627
Lowe’s Cos., Inc., 4.45%, 4/1/62			54,000			56,192
Magallanes, Inc., 3.64%, 3/15/25(b)			47,000			47,286
Magallanes, Inc., 4.28%, 3/15/32(b)			79,000			79,351

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 23

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, CYCLICAL – (continued)
Magallanes, Inc., 5.05%, 3/15/42(b)		$	390,000		$	397,812
Magallanes, Inc., 5.14%, 3/15/52(b)			1,131,000			1,157,120
Magallanes, Inc., 5.39%, 3/15/62(b)			156,000			161,160
Marriott International, Inc., Series FF, 4.63%, 6/15/30			145,000			150,175
Marriott International, Inc., Series GG, 3.50%, 10/15/32			530,000			504,491
Marriott International, Inc., Series HH, 2.85%, 4/15/31			149,000			135,991
McDonald’s Corp., 3.63%, 9/1/49			52,000			49,788
Nissan Motor Acceptance Corp., Senior Note, 2.65%, 7/13/22(b)			6,000			6,010
Nordstrom, Inc., 5.00%, 1/15/44			46,000			41,188
PACCAR Financial Corp., 0.80%, 6/8/23			72,000			70,826
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25			200,000			202,750
Starbucks Corp., Senior Note, 2.45%, 6/15/26			500,000			487,535
Stellantis Finance US, Inc., 2.69%, 9/15/31(b)			385,000			337,939
Target Corp., 1.95%, 1/15/27			79,000			76,293
Taylor Morrison Communities, Inc., 5.13%, 8/1/30(b)			150,000			146,625
Taylor Morrison Communities, Inc., 5.63%, 3/1/24(b)			150,000			154,350
Taylor Morrison Communities, Inc., 6.63%, 7/15/27(b)			100,000			102,750
Toyota Motor Credit Corp., 1.90%, 4/6/28			115,000			106,736
United Airlines, Inc., 4.38%, 4/15/26(b)			185,000			181,980
United Airlines, Inc., 4.63%, 4/15/29(b)			35,000			33,283
Walmart, Inc., 1.80%, 9/22/31			1,175,000			1,068,877
William Carter Co. (The), 5.63%, 3/15/27(b)			250,000			253,690
Wolverine World Wide, Inc., 4.00%, 8/15/29(b)			150,000			133,125
Total Consumer, Cyclical						14,044,432

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – 4.1%
AbbVie, Inc., 4.05%, 11/21/39		$	31,000		$	31,850
AbbVie, Inc., 4.25%, 11/21/49			718,000			745,081
AbbVie, Inc., 4.55%, 3/15/35			380,000			407,932
AbbVie, Inc., 4.75%, 3/15/45			150,000			163,294
AbbVie, Inc., Senior Bond, 4.50%, 5/14/35			200,000			214,659
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 3/15/29(b)			200,000			180,494
Allina Health System, 3.89%, 4/15/49			90,000			90,887
AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47			100,000			100,870
Amgen, Inc., 2.80%, 8/15/41			610,000			523,718
Amgen, Inc., 3.00%, 1/15/52			1,000,000			845,773
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46			203,000			225,765
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 4/15/38			110,000			115,585
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48			144,000			155,415
Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39			200,000			233,555
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49			355,000			432,843
Ascension Health, 2.53%, 11/15/29			630,000			606,382
Ascension Health, 3.11%, 11/15/39			120,000			112,025
BAT Capital Corp., 2.73%, 3/25/31			620,000			546,405
Bio-Rad Laboratories, Inc., 3.30%, 3/15/27			33,000			32,469
Bristol-Myers Squibb Co., 0.75%, 11/13/25			130,000			120,390
Bristol-Myers Squibb Co., 3.70%, 3/15/52			1,200,000			1,205,927
Bristol-Myers Squibb Co., 4.13%, 6/15/39			40,000			42,953
Bush Foundation, 2.75%, 10/1/50			300,000			257,011

See Notes to Financial Statements.

24 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Cardinal Health, Inc., 4.50%, 11/15/44		$	150,000		$	148,083
Cigna Corp., 2.40%, 3/15/30			1,125,000			1,039,652
Cigna Corp., 3.40%, 3/15/50			64,000			57,659
Cigna Corp., 4.38%, 10/15/28			190,000			199,865
Conagra Brands, Inc., 7.00%, 10/1/28			83,000			97,968
CVS Health Corp., 5.13%, 7/20/45			390,000			440,236
CVS Health Corp., Senior Bond, 4.78%, 3/25/38			420,000			458,992
Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47			70,000			72,820
ERAC USA Finance LLC, 4.20%, 11/1/46(b)			325,000			325,425
Ford Foundation (The), 2.82%, 6/1/70			776,000			640,145
Gilead Sciences, Inc., 2.60%, 10/1/40			1,075,000			905,140
Gilead Sciences, Inc., 2.80%, 10/1/50			1,000,000			818,324
GlaxoSmithKline Capital, Inc., 3.38%, 5/15/23			88,000			89,264
GSK Consumer Healthcare Capital US LLC, 4.00%, 3/24/52(b)			250,000			250,478
HCA, Inc., 3.13%, 3/15/27(b)			1,000,000			977,093
HCA, Inc., 3.50%, 7/15/51			105,000			91,044
HCA, Inc., 4.38%, 3/15/42(b)			1,325,000			1,306,419
HCA, Inc., 4.63%, 3/15/52(b)			57,000			57,443
HCA, Inc., 5.88%, 2/1/29			50,000			54,660
HCA, Inc., 7.75%, 7/15/36			150,000			188,625
Hormel Foods Corp., 0.65%, 6/3/24			84,000			80,642
Humana, Inc., 1.35%, 2/3/27			47,000			42,571
Kimberly-Clark Corp., Senior Note, 3.95%, 11/1/28			400,000			419,350
Kraft Heinz Foods Co., 4.38%, 6/1/46			85,000			83,949
Kraft Heinz Foods Co., 4.88%, 10/1/49			195,000			205,458
Lamb Weston Holdings, Inc., 4.13%, 1/31/30(b)			125,000			116,729
Lamb Weston Holdings, Inc., 4.38%, 1/31/32(b)			225,000			210,199
Massachusetts Institute of Technology, 3.89%, 7/1/2116			75,000			73,003

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Massachusetts Institute of Technology, 4.68%, 7/1/2114		$	150,000		$	172,064
Mather Foundation, Series 2021, 2.68%, 10/1/31			750,000			697,017
Merck & Co., Inc., 2.15%, 12/10/31			1,150,000			1,063,672
Merck & Co., Inc., 2.75%, 12/10/51			625,000			544,400
Mylan, Inc., 3.13%, 1/15/23(b)			480,000			481,882
Mylan, Inc., 5.20%, 4/15/48			275,000			269,564
Mylan, Inc., 5.40%, 11/29/43			180,000			175,488
NBM US Holdings, Inc., 6.63%, 8/6/29(b)			800,000			841,760
Nestle Holdings, Inc., 3.50%, 9/24/25(b)			547,000			556,854
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28(b)			275,000			261,994
Orlando Health Obligated Group, 4.09%, 10/1/48			50,000			51,402
PepsiCo, Inc., 2.25%, 3/19/25			103,000			101,923
PepsiCo, Inc., 2.88%, 10/15/49			1,000,000			926,367
Pilgrim’s Pride Corp., 5.88%, 9/30/27(b)			300,000			302,817
President & Fellows of Harvard College, 5.63%, 10/1/38			515,000			638,005
President & Fellows of Harvard College, 3.62%, 10/1/37			50,000			52,429
President & Fellows of Harvard College, 6.50%, 1/15/39(b)			105,000			146,013
Procter & Gamble Co. (The), 1.20%, 10/29/30			1,150,000			1,001,549
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29			110,000			103,957
Roche Holdings, Inc., 1.93%, 12/13/28(b)			1,000,000			929,733
Roche Holdings, Inc., 2.13%, 3/10/25(b)			203,000			198,983
S&P Global, Inc., 2.70%, 3/1/29(b)			100,000			96,931
Shire Acquisitions Investments Ireland DAC, 2.88%, 9/23/23			180,000			180,499
Smithfield Foods, Inc., 4.25%, 2/1/27(b)			63,000			63,679

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 25

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Smithfield Foods, Inc., 5.20%, 4/1/29(b)		$	85,000		$	89,173
Stanford Health Care, 3.03%, 8/15/51			1,000,000			884,218
Sutter Health, 4.09%, 8/15/48			125,000			126,723
Sysco Corp., 4.45%, 3/15/48			153,000			158,665
Sysco Corp., 4.50%, 4/1/46			87,000			90,326
Sysco Corp., 5.95%, 4/1/30			20,000			23,199
Sysco Corp., 6.60%, 4/1/50			51,000			68,545
Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30			1,000,000			902,636
Tenet Healthcare Corp., 4.38%, 1/15/30(b)			25,000			23,998
Tenet Healthcare Corp., 4.63%, 7/15/24			123,000			123,529
Trustees of Boston College, 3.13%, 7/1/52			169,000			160,071
Trustees of Princeton University (The), 2.52%, 7/1/50			90,000			75,928
Trustees of Princeton University (The), 5.70%, 3/1/39			495,000			636,897
Unilever Capital Corp., 1.38%, 9/14/30			1,175,000			1,015,100
Unilever Capital Corp., 2.00%, 7/28/26			1,000,000			963,036
Unilever Capital Corp., 2.13%, 9/6/29			675,000			633,245
Unilever Capital Corp., Series 30Y, 2.63%, 8/12/51			1,000,000			831,520
United Rentals North America, Inc., 3.75%, 1/15/32			50,000			46,625
United Rentals North America, Inc., 5.25%, 1/15/30			70,000			72,188
United Rentals North America, Inc., 5.50%, 5/15/27			125,000			129,288
UnitedHealth Group, Inc., 1.25%, 1/15/26			125,000			117,517
UnitedHealth Group, Inc., Senior Note, 3.75%, 7/15/25			237,000			243,734
UnitedHealth Group, Inc., Senior Note, 3.85%, 6/15/28			610,000			634,845
University of Chicago (The), 0, 2.76%, 4/1/45			100,000			88,902
Vector Group Ltd., 5.75%, 2/1/29(b)			250,000			227,692

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Viatris, Inc., 3.85%, 6/22/40		$	100,000		$	86,491
Viatris, Inc., 4.00%, 6/22/50			198,000			166,335
Wisconsin Alumni Research Foundation, 3.56%, 10/1/49			1,300,000			1,262,630
Total Consumer, Non-cyclical						36,584,557
ENERGY – 1.4%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26(b)			175,000			189,371
BP Capital Markets America, Inc., 2.77%, 11/10/50			1,000,000			834,847
BP Capital Markets America, Inc., 3.00%, 2/24/50			111,000			95,875
BP Capital Markets America, Inc., 3.54%, 4/6/27			240,000			242,951
Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38			200,000			238,986
Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37			205,000			222,074
Chaparral Energy, Inc., 9.00%, 2/14/25			7,417			6,824
Chevron Corp., 1.55%, 5/11/25			140,000			135,066
Chevron USA, Inc., 4.20%, 10/15/49			52,000			56,000
Colonial Enterprises, Inc., 3.25%, 5/15/30(b)			510,000			500,055
Continental Resources, Inc., 3.80%, 6/1/24			775,000			777,837
Diamondback Energy, Inc., 3.50%, 12/1/29			38,000			37,642
Diamondback Energy, Inc., 4.40%, 3/24/51			72,000			73,040
DT Midstream, Inc., 4.30%, 4/15/32(b)			53,000			53,138
Duke Energy Carolinas LLC, 3.55%, 3/15/52			28,000			27,660
Ecopetrol S.A., Senior Note, 4.13%, 1/16/25			200,000			197,006
Enable Midstream Partners L.P., Senior Note, 4.95%, 5/15/28			87,000			90,101
Energy Transfer Operating L.P., 4.90%, 3/15/35			85,000			85,912
Energy Transfer Operating L.P., 4.95%, 6/15/28			115,000			120,777

See Notes to Financial Statements.

26 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Energy Transfer Operating L.P., 5.00%, 5/15/50		$	505,000		$	510,979
Energy Transfer Operating L.P., 5.30%, 4/15/47			110,000			113,040
Energy Transfer Operating L.P., 6.13%, 12/15/45			12,000			13,233
EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45			4,000			3,230
Enterprise Products Operating LLC, 3.20%, 2/15/52			43,000			36,280
Enterprise Products Operating LLC, 4.85%, 8/15/42			200,000			211,883
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)			66,000			62,047
EQT Corp., 3.63%, 5/15/31			36,000			34,380
Florida Gas Transmission Co. LLC, 2.30%, 10/1/31(b)			355,000			314,163
Gray Oak Pipeline LLC, 2.00%, 9/15/23(b)			59,000			58,125
Gray Oak Pipeline LLC, 3.45%, 10/15/27(b)			143,000			137,730
Halliburton Co., 4.75%, 8/1/43			51,000			53,362
Halliburton Co., Senior Bond, 4.85%, 11/15/35			90,000			96,697
Helmerich & Payne, Inc., 2.90%, 9/29/31(b)			375,000			342,900
Hess Corp., 6.00%, 1/15/40			166,000			193,279
Marathon Oil Corp., 6.80%, 3/15/32			78,000			93,328
Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37			80,000			97,265
MPLX L.P., Senior Bond, 4.70%, 4/15/48			150,000			151,109
MPLX L.P., Senior Bond, 5.50%, 2/15/49			85,000			94,140
Murray Energy Corp., Secured Note, 12.00%, 4/15/24(b)(d)			180,991			18
ONEOK Partners L.P., 6.65%, 10/1/36			80,000			91,531
ONEOK, Inc., 3.10%, 3/15/30			1,810,000			1,696,414
ONEOK, Inc., 4.50%, 3/15/50			250,000			239,133
ONEOK, Inc., 4.95%, 7/13/47			150,000			151,033
Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31			231,000			283,190

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Petroleos Mexicanos, 6.50%, 3/13/27		$	200,000		$	203,100
Petroleos Mexicanos, 6.75%, 9/21/47			400,000			325,160
Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 6/15/44			420,000			394,088
Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37			83,000			94,163
Qatar Petroleum, 2.25%, 7/12/31(b)			200,000			184,028
Sanchez Energy Corp., 6.13%, 1/15/23			100,000			1,000
Sanchez Energy Corp., 7.75%, 6/15/21			150,000			1,500
Schlumberger Holdings Corp., 3.90%, 5/17/28(b)			49,000			49,503
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30(b)			175,000			169,811
Targa Resources Corp., 4.20%, 2/1/33			36,000			36,328
Topaz Solar Farms LLC, 4.88%, 9/30/39(b)			337,155			356,541
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50			230,000			223,650
Valero Energy Corp., 2.85%, 4/15/25			48,000			47,426
Valero Energy Corp., 4.00%, 4/1/29			45,000			45,898
Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28			350,000			358,524
Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29(b)			25,000			24,303
Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31(b)			25,000			24,529
Western Midstream Operating L.P., 4.00%, 7/1/22			450,000			450,000
Western Midstream Operating L.P., 5.30%, 3/1/48			10,000			9,900
Williams Cos., Inc. (The), 3.50%, 10/15/51			55,000			48,140
Williams Cos., Inc. (The), 5.75%, 6/24/44			183,000			210,767

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 27

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45		$	200,000		$	208,784
Total Energy						12,530,794
FINANCIAL – 8.7%
Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34			1,026,000			965,253
American Express Co., 3.40%, 2/22/24			72,000			72,980
American Express Co., Senior Note, 4.20%, 11/6/25			60,000			62,481
American International Group, Inc., Senior Bond, 3.88%, 1/15/35			6,000			6,114
Americo Life, Inc., 3.45%, 4/15/31(b)			59,000			53,190
Athene Global Funding, 1.73%, 10/2/26(b)			129,000			117,135
Bank of America Corp., 1.49%, 5/19/24 (SOFR + 1.460%)(c)			69,000			67,992
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)			984,000			966,879
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			43,543
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)			113,000			113,723
Bank of America Corp., 4.45%, 3/3/26			1,525,000			1,577,137
Bank of America Corp., (3 month USD LIBOR + 1.320%), 4.08%, 4/23/40(c)			108,000			110,889
Bank of America Corp., (3 month USD LIBOR + 2.664%), 4.30%, 1/28/25(c)(e)			475,000			451,250
Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25(c)			1,000,000			947,810

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Bank of America Corp., (SOFR + 0.910%), 1.11%, 7/22/27(c)		$	1,000,000		$	995,190
Bank of America Corp., (SOFR + 1.320%), 2.69%, 4/22/32(c)			1,000,000			919,637
Bank of America Corp., (SOFR + 1.580%), 3.31%, 4/22/42(c)			82,000			75,913
Bank of America Corp., (SOFR + 1.210%), 2.57%, 10/20/32(c)			530,000			481,592
Bank of America Corp., (SOFR + 1.330%), 3.38%, 4/2/26(c)			54,000			53,927
Bank of America Corp., (SOFR + 2.150%), 2.59%, 4/29/31(c)			42,000			38,748
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			2,250,667
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			619,283
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			292,175
Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27			285,000			290,571
BankUnited, Inc., 4.88%, 11/17/25			254,000			265,081
BankUnited, Inc., 5.13%, 6/11/30			158,000			162,645
BOC Aviation USA Corp., 1.63%, 4/29/24(b)			200,000			192,110
Brandywine Operating Partnership L.P., 3.95%, 2/15/23			500,000			503,251
Brighthouse Financial Global Funding, 0.60%, 6/28/23(b)			95,000			92,707
Brixmor Operating Partnership L.P., 3.65%, 6/15/24			500,000			503,625
Brixmor Operating Partnership L.P., 4.05%, 7/1/30			625,000			627,086

See Notes to Financial Statements.

28 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount				Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27		$	500,000			$	504,145
Broadstone Net Lease LLC, 2.60%, 9/15/31			515,000				458,584
Charles Schwab Corp. (The), 2.45%, 3/3/27			45,000				43,685
Charles Schwab Corp. (The), Series H, (1 year CMT + 3.079%), 4.00%, 12/1/30(c)(e)			1,000,000				898,120
Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)(c)			820,000				752,261
Citigroup, Inc., 4.70%, 1/30/25 (SOFR + 3.234%)(c)(e)			55,000				52,663
Citigroup, Inc., 5.88%, 2/22/33			119,000				136,801
Citigroup, Inc., (SOFR + 0.686%), 0.78%, 10/30/24(c)			1,000,000				966,081
Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32(c)			300,000				270,531
Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30(c)			160,000				151,761
Citigroup, Inc., (SOFR + 0.528%), 1.28%, 11/3/25(c)			775,000				737,496
Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)(c)			22,000				22,005
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				713,426
Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)(c)(e)			225,000				222,750
Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33			240,000	��			278,668
Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27			1,526,000				1,573,972
Citizens Financial Group, Inc., 2.64%, 9/30/32			227,000				200,234
Citizens Financial Group, Inc., 3.25%, 4/30/30			34,000				33,230
CNA Financial Corp., 3.95%, 5/15/24			365,000				370,669
Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30			1,000,000				950,481

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Corebridge Financial, Inc., 4.40%, 4/5/52(b)		$	62,000		$	61,989
Corporate Office Properties L.P., 2.90%, 12/1/33			50,000			44,138
Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26(b)			970,000			938,826
Duke Realty L.P., 2.88%, 11/15/29			1,000,000			958,608
Empower Finance 2020 L.P., 1.36%, 9/17/27(b)			1,125,000			1,013,033
Empower Finance 2020 L.P., 1.78%, 3/17/31(b)			1,000,000			865,489
EPR Properties, 3.60%, 11/15/31			42,000			38,077
Equitable Financial Life Global Funding, 0.50%, 4/6/23(b)			158,000			155,186
Equitable Financial Life Global Funding, 1.30%, 7/12/26(b)			97,000			89,078
Everest Reinsurance Holding, Inc., 3.13%, 10/15/52			590,000			487,780
F&G Global Funding, 0.90%, 9/20/24(b)			88,000			82,955
F&G Global Funding, 2.30%, 4/11/27(b)			168,000			157,038
Federal Realty Investment Trust, 1.25%, 2/15/26			1,150,000			1,058,282
First Horizon Bank, 5.75%, 5/1/30			250,000			282,642
Five Corners Funding Trust, Senior Note, 4.42%, 11/15/23(b)			600,000			613,225
Five Corners Funding Trust II, 2.85%, 5/15/30(b)			1,000,000			947,675
FS KKR Capital Corp., 4.13%, 2/1/25			1,550,000			1,537,989
GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/31(b)			940,000			858,032
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35			260,000			279,185
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26			150,000			156,740
Goldman Sachs Group, Inc. (The), 0.86%, 2/12/26 (SOFR + 0.609%)(c)			1,000,000			931,622

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 29

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26		$	201,000		$	201,836
Goldman Sachs Group, Inc. (The), (3 month USD LIBOR + 1.158%), 3.81%, 4/23/29(c)			925,000			931,707
Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27(c)			99,000			90,479
Goldman Sachs Group, Inc. (The), (SOFR + 1.248%), 2.38%, 7/21/32(c)			69,000			61,113
Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32(c)			770,000			699,823
Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42(c)			69,000			62,448
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			419,796
Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37			206,000			259,589
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30(b)			1,000,000			900,000
Healthpeak Properties, Inc., 2.13%, 12/1/28			925,000			850,578
HNA 2015 LLC, 2.37%, 9/18/27			299,778			294,427
Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30			59,000			56,254
Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31			850,000			759,776
JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)(c)			320,000			308,502
JPMorgan Chase & Co., 4.00%, 4/1/25 (SOFR + 2.745%)(c)(e)			975,000			919,425
JPMorgan Chase & Co., 4.60%, 2/1/25 (SOFR + 3.125%)(c)(e)			165,000			159,019
JPMorgan Chase & Co., (3 month USD LIBOR + 1.337%), 3.78%, 2/1/28(c)			1,525,000			1,544,514

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
JPMorgan Chase & Co., (SOFR + 0.60%), 0.65%, 9/16/24(c)		$	147,000		$	142,938
JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29(c)			63,000			58,058
JPMorgan Chase & Co., (SOFR + 1.25%), 2.58%, 4/22/32(c)			405,000			371,042
JPMorgan Chase & Co., (SOFR + 1.51%), 2.53%, 11/19/41(c)			304,000			249,669
JPMorgan Chase & Co., (SOFR + 0.49%), 0.77%, 8/9/25(c)			1,000,000			947,868
JPMorgan Chase & Co., (SOFR + 1.18%), 2.55%, 11/8/32(c)			535,000			488,854
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)			142,000			143,278
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			1,267,776
KeyBank NA, Subordinated Note, 3.40%, 5/20/26			500,000			498,147
Kimco Realty Corp., 2.25%, 12/1/31			1,100,000			985,153
Landwirtschaftliche Rentenbank, 0.88%, 9/3/30			1,000,000			880,252
Liberty Mutual Group, Inc., 3.95%, 5/15/60(b)			85,000			77,337
Liberty Mutual Group, Inc., 3.95%, 10/15/50(b)			120,000			113,504
Liberty Mutual Group, Inc., 4.57%, 2/1/29(b)			700,000			741,975
Low Income Investment Fund, 3.39%, 7/1/26			1,000,000			999,052
LPL Holdings, Inc., 4.38%, 5/15/31(b)			325,000			314,257
Macquarie Group Ltd., Senior Bond, 3.76%, 11/28/28 (3.76% fixed rate until 11/28/27; 1.37% + 3 month USD LIBOR thereafter)(b)(c)			4,000			3,920

See Notes to Financial Statements.

30 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Mastercard, Inc., 1.90%, 3/15/31		$	1,000,000		$	925,137
Mastercard, Inc., 2.00%, 3/3/25			119,000			117,095
Morgan Stanley, 3.63%, 1/20/27			294,000			296,527
Morgan Stanley, 3.95%, 4/23/27			950,000			965,345
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			460,057
Morgan Stanley, 4.50%, 2/11/27(b)			1,310,000			1,244,791
Morgan Stanley, (SOFR + 0.858%), 1.51%, 7/20/27(c)			130,000			119,496
Morgan Stanley, (SOFR + 1.178%), 2.24%, 7/21/32(c)			210,000			186,087
Morgan Stanley, (SOFR + 1.360%), 2.48%, 9/16/36(c)			1,313,000			1,125,693
Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42(c)			77,000			70,833
Morgan Stanley, (SOFR + 0.56%), 1.16%, 10/21/25(c)			49,000			46,547
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			1,164,013
Morgan Stanley, Subordinated Note, 5.00%, 11/24/25			25,000			26,353
Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29(b)			175,000			161,875
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31			225,000			208,960
National Community Renaissance Of California, 3.27%, 12/1/32			1,000,000			935,367
National Health Investors, Inc., 3.00%, 2/1/31			54,000			46,991
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)			128,000			133,109
Nuveen Finance LLC, 4.13%, 11/1/24(b)			400,000			407,505

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Office Properties Income Trust, 3.45%, 10/15/31		$	52,000		$	44,800
OFS Capital Corp., 4.75%, 2/10/26			1,300,000			1,290,011
Ohio National Financial Services, Inc., 5.80%, 1/24/30(b)			200,000			206,303
Omega Healthcare Investors, Inc., 3.25%, 4/15/33			144,000			125,584
Omega Healthcare Investors, Inc., 3.38%, 2/1/31			81,000			74,203
OneMain Finance Corp., 6.63%, 1/15/28			225,000			235,687
OneMain Finance Corp., 8.25%, 10/1/23			125,000			131,707
Primerica, Inc., 2.80%, 11/19/31			44,000			40,591
Principal Life Global Funding II, 0.50%, 1/8/24(b)			92,000			88,349
Private Export Funding Corp., Series II, 2.05%, 11/15/22			1,000,000			1,002,778
Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45			500,000			487,573
Prudential Financial, Inc., 1.50%, 3/10/26			1,232,000			1,159,953
Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)(c)			36,000			36,726
Prudential Financial, Inc., Junior Subordinated Bond, 5.63%, 6/15/43 (5.63% fixed rate until 6/15/23; 3.92% + 3 month USD LIBOR thereafter)(c)			97,000			97,606
Realty Income Corp., 2.85%, 12/15/32			550,000			519,621
Realty Income Corp., 3.25%, 1/15/31			285,000			279,872
Regency Centers L.P., 3.75%, 6/15/24			500,000			505,666
Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37			138,000			181,781
Reinvestment Fund, Inc. (The), 3.88%, 2/15/27			500,000			508,990
SBL Holdings, Inc., 5.00%, 2/18/31(b)			67,000			64,591

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 31

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Sculptor Alternative Solutions LLC, 6.00%, 5/15/37(b)		$	1,720,000		$	1,717,076
Security Benefit Global Funding, 1.25%, 5/17/24(b)			48,000			45,869
Signature Bank, 4.00%, 10/15/30(c)			150,000			148,002
SVB Financial Group, 2.10%, 5/15/28			1,050,000			956,953
Synchrony Financial, 2.88%, 10/28/31			46,000			40,784
Synchrony Financial, 4.50%, 7/23/25			374,000			381,502
Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50(b)			210,000			185,920
Thirax 2 LLC, 2.32%, 1/22/34			1,000,000			953,288
Truist Financial Corp., Senior Note, 4.00%, 5/1/25			187,000			191,892
US Bancorp, (5 year CMT + 0.95%), 2.49%, 11/3/36(c)			215,000			192,791
USAA Capital Corp., 2.13%, 5/1/30(b)			1,000,000			922,025
Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31(c)			138,000			131,882
Visa, Inc., 0.75%, 8/15/27			42,000			38,041
Visa, Inc., 1.90%, 4/15/27			1,000,000			960,990
Vornado Realty L.P., 2.15%, 6/1/26			595,000			556,094
Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)(c)			739,000			664,343
Wells Fargo & Co., 4.30%, 7/22/27			476,000			494,257
Wells Fargo & Co., 5.61%, 1/15/44			44,000			52,372
Wells Fargo & Co., (SOFR + 1.262%), 2.57%, 2/11/31(c)			670,000			622,443
Weyerhaeuser Co., 4.00%, 3/9/52			36,000			35,928
WR Berkley Corp., 4.00%, 5/12/50			160,000			155,224
Zions Bancorp NA, 3.25%, 10/29/29			271,000			258,977
Total Financial						77,048,928
INDUSTRIAL – 1.2%
AECOM, 5.13%, 3/15/27			125,000			127,841
Amcor Flexibles North America, Inc., 2.69%, 5/25/31			39,000			35,804

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
Amsted Industries, Inc., 5.63%, 7/1/27(b)		$	200,000		$	200,500
Ball Corp., 3.13%, 9/15/31			100,000			89,370
Berry Global, Inc., 1.57%, 1/15/26			1,010,000			940,894
Boeing Co. (The), 2.20%, 2/4/26			1,150,000			1,087,229
Boeing Co. (The), 3.75%, 2/1/50			525,000			467,479
Carlisle Cos., Inc., 2.20%, 3/1/32			985,000			858,147
Carrier Global Corp., 3.38%, 4/5/40			89,000			80,898
Caterpillar Financial Services Corp., 0.65%, 7/7/23			149,000			146,085
Caterpillar Financial Services Corp., 0.95%, 1/10/24			103,000			100,339
Caterpillar Financial Services Corp., 1.70%, 1/8/27			70,000			65,908
CNH Industrial Capital LLC, 4.20%, 1/15/24			58,000			59,151
Flowserve Corp., 2.80%, 1/15/32			245,000			216,692
Illinois Tool Works, Inc., 3.50%, 3/1/24			75,000			76,233
John Deere Capital Corp., 0.63%, 9/10/24			60,000			57,418
John Deere Capital Corp., 0.90%, 1/10/24			98,000			95,359
John Deere Capital Corp., 1.30%, 10/13/26			47,000			43,730
Kansas City Southern, 4.70%, 5/1/48			38,000			41,942
Nature Conservancy (The), 1.40%, 2/1/24 (3 month USD LIBOR + 1.08%)(c)			520,000			519,999
Nature Conservancy (The), Series A, 1.51%, 7/1/29			300,000			262,522
Norfolk Southern Corp., 3.70%, 3/15/53			60,000			59,306
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26(b)			139,000			138,373
Penske Truck Leasing Co. L.P./PTL Finance Corp., Senior Note, 4.13%, 8/1/23(b)			330,000			333,993
Sonoco Products Co., 1.80%, 2/1/25			215,000			206,031

See Notes to Financial Statements.

32 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
Sonoco Products Co., 2.25%, 2/1/27		$	1,300,000		$	1,230,876
Sonoco Products Co., 2.85%, 2/1/32			1,000,000			934,636
Standard Industries, Inc., 4.38%, 7/15/30(b)			175,000			160,292
Standard Industries, Inc., Senior Note, 4.75%, 1/15/28(b)			125,000			119,531
Stanley Black & Decker, Inc., 2.30%, 2/24/25			98,000			96,188
Stanley Black & Decker, Inc., 3.00%, 5/15/32			74,000			71,496
Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60(c)			148,000			146,480
The Nature Conservancy, 3.96%, 3/1/52			1,000,000			1,032,097
Timken Co. (The), 4.13%, 4/1/32			28,000			27,818
Trimble, Inc., 4.75%, 12/1/24			13,000			13,368
Trimble, Inc., Senior Note, 4.15%, 6/15/23			250,000			253,470
Trimble, Inc., Senior Note, 4.90%, 6/15/28			33,000			34,177
Union Pacific Corp., 2.97%, 9/16/62			225,000			190,397
United Parcel Service, Inc., 3.90%, 4/1/25			65,000			66,941
Vontier Corp., 2.95%, 4/1/31			47,000			41,738
Xylem, Inc., 2.25%, 1/30/31			250,000			227,085
Total Industrial						10,957,833
TECHNOLOGY – 0.6%
Apple, Inc., 1.40%, 8/5/28			97,000			88,691
Apple, Inc., Senior Bond, 3.85%, 8/4/46			325,000			343,153
Apple, Inc., Senior Note, 3.00%, 6/20/27			500,000			505,758
Broadcom, Inc., 2.45%, 2/15/31(b)			79,000			70,474
Broadcom, Inc., 3.14%, 11/15/35(b)			434,000			382,394
Broadcom, Inc., 3.19%, 11/15/36(b)			105,000			91,149
Broadcom, Inc., 3.42%, 4/15/33(b)			809,000			755,057
Broadcom, Inc., 4.11%, 9/15/28			224,000			226,661

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
TECHNOLOGY – (continued)
CDW LLC/CDW Finance Corp., 2.67%, 12/1/26		$	315,000		$	296,896
CDW LLC/CDW Finance Corp., 5.50%, 12/1/24			350,000			362,061
Dell International LLC/EMC Corp., 3.38%, 12/15/41(b)			54,000			45,387
Dell International LLC/EMC Corp., 8.10%, 7/15/36			56,000			73,639
Hewlett Packard Enterprise Co., 1.75%, 4/1/26			203,000			190,614
Hewlett Packard Enterprise Co., 6.35%, 10/15/45			35,000			41,209
HP, Inc., 2.65%, 6/17/31			1,000,000			894,701
Kyndryl Holdings, Inc., 2.05%, 10/15/26(b)			67,000			59,815
Kyndryl Holdings, Inc., 3.15%, 10/15/31(b)			24,000			20,221
Microsoft Corp., 3.04%, 3/17/62			269,000			251,206
Oracle Corp., 2.30%, 3/25/28			191,000			174,455
Oracle Corp., 4.00%, 11/15/47			122,000			107,893
Oracle Corp., Senior Bond, 3.80%, 11/15/37			156,000			141,084
Roper Technologies, Inc., 1.40%, 9/15/27			500,000			453,108
Total Technology						5,575,626
UTILITIES – 3.4%
AEP Transmission Co. LLC, 4.25%, 9/15/48			425,000			446,474
AES Corp. (The), 1.38%, 1/15/26			1,000,000			919,572
AES Corp. (The), 2.45%, 1/15/31			1,000,000			894,255
Alabama Power Co., 3.75%, 3/1/45			170,000			162,981
Alexander Funding Trust, 1.84%, 11/15/23(b)			555,000			537,951
Alliant Energy Finance LLC, 3.75%, 6/15/23(b)			300,000			303,330
American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27			77,000			76,296
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26			225,000			224,311
Atmos Energy Corp., 3.38%, 9/15/49			320,000			298,673
Avangrid, Inc., 3.20%, 4/15/25			236,000			235,270

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 33

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Brooklyn Union Gas Co. (The), 4.49%, 3/4/49(b)		$	1,000,000		$	1,005,409
Calpine Corp., 3.75%, 3/1/31(b)			450,000			402,833
Clearway Energy Operating LLC, 3.75%, 2/15/31(b)			925,000			864,963
CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50(c)			63,000			62,370
Commonwealth Edison Co., 3.70%, 8/15/28			820,000			833,153
Commonwealth Edison Co., Series 133, 3.85%, 3/15/52			22,000			22,742
Connecticut Light & Power Co. (The), 4.00%, 4/1/48			105,000			110,338
Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61			132,000			121,347
Dominion Energy South Carolina, Inc., 5.10%, 6/1/65			101,000			119,125
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)			42,000			42,616
Dominion Energy, Inc., Senior Note, 4.25%, 6/1/28			270,000			278,860
DTE Electric Co., 3.95%, 3/1/49			124,000			128,042
Duke Energy Florida LLC, 2.50%, 12/1/29			1,000,000			940,508
Duke Energy Florida LLC, 3.80%, 7/15/28			550,000			561,604
Duke Energy Florida LLC, 4.20%, 7/15/48			50,000			53,271
Electricite de France S.A., Senior Note, 3.63%, 10/13/25(b)			1,000,000			1,001,918
Emera US Finance L.P., 3.55%, 6/15/26			400,000			399,588
Emera US Finance L.P., 4.75%, 6/15/46			102,000			106,327
Entergy Louisiana LLC, 4.20%, 9/1/48			310,000			324,679
Entergy Mississippi LLC, 3.50%, 6/1/51			37,000			34,552
Entergy Texas, Inc., 4.50%, 3/30/39			204,000			211,329

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Essential Utilities, Inc., 3.35%, 4/15/50		$	58,000		$	51,578
FirstEnergy Corp., Senior Bond, Series C, 7.38%, 11/15/31			114,000			140,603
Florida Power & Light Co., 2.88%, 12/4/51			570,000			510,988
Georgia Power Co., Series A, 3.25%, 3/15/51			92,000			79,764
Interstate Power & Light Co., 3.50%, 9/30/49			64,000			58,156
Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23(b)			400,000			417,099
Jersey Central Power & Light Co., 2.75%, 3/1/32(b)			35,000			32,592
Liberty Utilities Finance GP 1, 2.05%, 9/15/30(b)			64,000			56,112
MidAmerican Energy Co., 3.10%, 5/1/27			624,000			623,716
National Fuel Gas Co., 4.75%, 9/1/28			1,000,000			1,004,410
National Fuel Gas Co., 5.50%, 1/15/26			1,225,000			1,297,038
National Rural Utilities Cooperative Finance Corp., 1.88%, 2/7/25			66,000			63,941
National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25			329,000			326,957
New York State Electric & Gas Corp., 2.15%, 10/1/31(b)			1,225,000			1,086,946
NextEra Energy Capital Holdings, Inc., 2.94%, 3/21/24			46,000			46,021
Northwest Natural Gas Co., 3.08%, 12/1/51			1,000,000			844,697
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28			720,000			740,551
Pacific Gas and Electric Co., 3.95%, 12/1/47			107,000			88,532
Pacific Gas and Electric Co., 4.30%, 3/15/45			81,000			68,993
PacifiCorp, 4.13%, 1/15/49			135,000			139,602
Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(b)			425,000			418,119
PPL Electric Utilities Corp., 4.15%, 6/15/48			85,000			89,284

See Notes to Financial Statements.

34 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Public Service Co. of Colorado, 2.70%, 1/15/51		$	179,000		$	151,634
Public Service Co. of Colorado, 3.70%, 6/15/28			85,000			86,718
Public Service Co. of Colorado, 4.10%, 6/15/48			182,000			192,457
Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31			109,000			97,566
Public Service Electric & Gas Co., 2.70%, 5/1/50			420,000			358,090
Public Service Enterprise Group, Inc., 2.45%, 11/15/31			350,000			317,807
Puget Energy, Inc., 4.22%, 3/15/32			750,000			751,509
San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51			1,375,000			1,207,837
SCE Recovery Funding LLC, 2.94%, 11/15/44			1,627,000			1,565,575
Southern California Edison Co., 1.10%, 4/1/24			206,000			198,788
Southern California Edison Co., Series C, 4.13%, 3/1/48			110,000			108,220
Southern California Gas Co., Series VV, 4.30%, 1/15/49			75,000			80,417
Southern Power Co., Senior Note, 4.15%, 12/1/25			500,000			513,553
Southwestern Electric Power Co., 3.25%, 11/1/51			1,100,000			945,823
Southwestern Public Service Co., 3.75%, 6/15/49			360,000			356,321
Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33(b)			419,350			442,414
Tucson Electric Power Co., 1.50%, 8/1/30			525,000			449,141
Union Electric Co., 2.95%, 6/15/27			86,000			84,750
Union Electric Co., 3.90%, 4/1/52			1,115,000			1,153,520
Vistra Operations Co. LLC, 3.55%, 7/15/24(b)			305,000			302,109
Vistra Operations Co. LLC, 5.00%, 7/31/27(b)			100,000			98,381

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Wisconsin Public Service Corp., 2.85%, 12/1/51		$	510,000		$	441,264
Total Utilities						29,814,280
TOTAL CORPORATE BONDS (Cost: $217,236,935)						205,180,529
ASSET-BACKED SECURITIES – 15.3%
ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30(b)			1,620,000			1,535,047
ACC Trust, Series 2022-1, Class A, ABS, 1.19%, 9/20/24(b)			1,621,954			1,611,810
Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48(b)			1,332,505			1,348,919
Americredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, 2/18/25			56,437			56,614
Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25			100,000			100,778
Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25			300,000			301,161
Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25			500,000			501,020
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25			300,000			298,410
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C, ABS, 0.89%, 10/19/26			1,100,000			1,044,876
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27			300,000			281,794
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27			300,000			280,673
AMSR 2019-SFR1 Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39(b)			100,000			94,690

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 35

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Antares CLO 2019-1 Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 2.80%, 7/20/31(b)(c)		$	1,940,000		$	1,940,339
Apres Static CLO Ltd., Series 2019-1A, Class A1R, ABS, (3 month USD LIBOR + 1.070%), 1.31%, 10/15/28(b)(c)			757,296			756,746
Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 1.37%, 7/26/31 (3 month USD LIBOR + 1.10%)(b)(c)			1,000,000			990,444
Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25(b)			200,000			203,133
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25(b)			400,000			401,284
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26(b)			500,000			486,142
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26(b)			300,000			291,062
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27(b)			800,000			741,378
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28(b)			900,000			833,832
Bain Capital Credit CLO Ltd., Series 2019-2A, Class AR, ABS, (3 month USD LIBOR + 1.10%), 1.34%, 10/17/32(b)(c)			1,250,000			1,238,576
Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.12%), 1.37%, 1/20/32(b)(c)			1,000,000			992,510
Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.20%), 1.45%, 7/20/34(b)(c)			1,000,000			993,230

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.70%), 1.95%, 4/20/33(b)(c)		$	2,000,000		$	1,991,610
Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35(b)			132,868			127,962
California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.5s0%), 2.74%, 7/16/32(b)(c)			1,840,000			1,796,333
Capital Automotive REIT, Series 2020-1A, Class A1, ABS, 3.35%, 3/15/52(b)			1,160,000			1,124,017
Carlyle Global Market Strategies, Series 2015-5A, Class A1RR, ABS, (3 month USD LIBOR + 1.080%), 1.33%, 1/20/32(b)(c)			2,250,000			2,238,210
Carlyle Global Market Strategies, Series 2021-11A, Class A, ABS, (3 month USD LIBOR + 1.095%), 1.35%, 1/25/33(b)(c)			2,000,000			1,990,146
Carlyle Global Market Strategies, Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.12%), 1.37%, 7/20/34(b)(c)			1,500,000			1,492,264
Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26			400,000			374,724
CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27			200,000			188,598
CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27			190,000			179,476
CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27			200,000			185,511
CarMax Auto Owner Trust, Series 2022-1, Class C, ABS, 2.20%, 11/15/27			300,000			286,501
CarMax Auto Owner Trust, Series 2022-1, Class D, ABS, 2.47%, 7/17/28			100,000			95,774
CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50(b)			540,000			532,537

See Notes to Financial Statements.

36 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Carvana Auto Receivables Trust, Series 2021-P4, Class B, ABS, 1.98%, 2/10/28		$	100,000		$	94,605
CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 1.43%, 7/20/34(b)(c)			1,750,000			1,741,792
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28%, 7/15/60(b)			358,996			338,569
CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32(b)			510,000			502,924
Chase Funding Loan Acquisition Trust, Series 2004-OPT1, 1.31%, 6/25/34 (1 month USD LIBOR +0.855%)(c)			38,890			37,516
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.44%, 10/17/31 (3 month USD LIBOR + 1.20%)(b)(c)			1,000,000			997,253
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30			600,000			638,943
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46(b)			42,744			42,990
Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50(b)			251,901			245,881
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, ABS, 1.00%, 5/15/30(b)			1,000,000			965,010
Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31(b)			830,000			786,152
Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 3.66%, 4/25/29(b)(c)			1,300,000			1,284,796
DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51(b)			1,020,000			976,245
Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25			200,000			198,234

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 1.59%, 5/15/32(b)(c)		$	1,510,000		$	1,499,373
Elevation CLO Ltd., Series 2014-2A, Class A1R, 1.47%, 10/15/29 (3 month USD LIBOR + 1.23%)(b)(c)			490,420			489,493
Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 1.43%, 7/15/34(b)(c)			1,000,000			989,616
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 1.56%, 5/25/37 (1 month USD LIBOR + 1.10%)(b)(c)			8,679			8,659
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31(b)			49,432			49,506
Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51(b)			1,700,000			1,609,535
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31(b)			300,000			298,954
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30(b)			1,000,000			1,011,169
Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33(b)			800,000			741,911
Ford Credit Auto Owner Trust, Series 2020-REV1, 2.04%, 8/15/31(b)			800,000			772,654
Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33(b)			120,000			111,104
Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34(b)			100,000			93,455
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27			600,000			559,567
FREED ABS Trust, Series 2022-2CP, Class A, ABS, 3.03%, 5/18/29(b)			1,250,000			1,249,920
Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40(b)			475,504			451,427

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 37

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40(b)		$	254,588		$	242,637
Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40(b)			212,154			203,345
GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, 6/17/24			100,000			100,849
GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34(b)			100,000			92,103
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29(b)			800,000			772,510
Golub Capital Partners TALF LLC, Series 2020-2A, Class C, ABS, (3 month USD LIBOR + 3.650%), 3.97%, 2/5/30(b)(c)			650,000			650,416
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48(b)			360,157			331,814
GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48(b)			1,404,767			1,286,555
GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, ABS, 2.70%, 1/20/49(b)			1,008,065			942,583
HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41(b)			371,396			373,119
HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42(b)			168,100			165,949
HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57(b)			598,719			576,547
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27(b)			400,000			364,712
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25(b)			400,000			378,773
Hertz Vehicle Financing LLC, Series 2022-2A, Class A, ABS, 2.33%, 6/26/28(b)			1,100,000			1,028,528

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Home Equity Asset Trust, Series 2003-1, Class M1, 1.96%, 6/25/33 (1 month USD LIBOR + 1.50%)(c)		$	3,689		$	3,687
Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41(b)			391,689			372,591
HPS Loan Management Ltd., Series 10A-16, Class A1RR, ABS, (3 month USD LIBOR + 1.140%), 1.39%, 4/20/34(b)(c)			1,000,000			992,473
Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.20%), 1.45%, 10/20/34(b)(c)			1,125,000			1,118,203
KKR Clo 32 Ltd., Series 32A, Class A1, ABS, (3 month USD LIBOR + 1.32%), 1.56%, 1/15/32(b)(c)			1,500,000			1,494,996
KVK CLO Ltd., Series 2016-1A, Class A1R2, ABS, (3 month USD LIBOR + 1.210%), 1.45%, 10/15/34(b)(c)			750,000			748,214
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48(b)			58,932			58,599
Lendmark Funding Trust, Series 2019-2A, Class A, ABS, 2.78%, 4/20/28(b)			800,000			791,545
LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48			1,117,620			1,141,262
Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48(b)			765,932			699,850
Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48(b)			419,646			388,938
Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.16%), 1.41%, 7/20/34(b)(c)			1,000,000			991,162
MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35(b)			642,993			634,634

See Notes to Financial Statements.

38 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Midocean Credit CLO IX, Series 2018-9A, Class A1, 1.40%, 7/20/31 (3 month USD LIBOR + 1.15%)(b)(c)		$	500,000		$	497,607
MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42(b)			100,000			101,295
MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41(b)			300,000			300,316
MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41(b)			300,000			289,858
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31(b)			2,200,000			2,080,907
Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46(b)			598,098			565,041
Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46(b)			668,096			608,671
Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46(b)			754,297			695,346
Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52(b)			1,569,515			1,431,277
Mosaic Solar Loan Trust, Series 2021-3A, Class C, ABS, 1.77%, 6/20/52(b)			400,000			369,683
Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 1.36%, 7/15/31 (3 month USD LIBOR + 1.12%)(b)(c)			1,000,000			989,125
NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49(b)			385,613			376,196
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34(b)			981,613			971,467
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42(b)			51,397			51,727
Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68(b)			159,969			158,988
Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69(b)			197,738			193,963

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69(b)		$	160,193		$	155,914
Neuberger Berman Loan Advisers Clo 40 Ltd., Series 2021-40A, Class A, ABS, (3 month USD LIBOR + 1.06%), 1.30%, 4/16/33(b)(c)			1,010,000			1,004,919
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61(b)			1,730,000			1,632,140
New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2020-APT1, Class AT1, ABS, 1.04%, 12/16/52(b)			540,000			532,282
Newtek Small Business Loan Trust, Series 2018-1, Class A ( PRIME - 0.55%), 2.95%, 2/25/44 (1 month USD LIBOR + 1.70%)(b)(c)			380,063			378,417
Newtek Small Business Loan Trust, Series 2019-2, Class A ( PRIME + 0.75%), 4.25%, 2/25/44 (1 month USD LIBOR + 3.00%)(b)(c)			182,905			182,597
NextGear Floorplan Master Owner Trust, Series 2022-1, Class A, ABS, 2.80%, 3/15/27(b)			1,320,000			1,297,727
Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.21%), 2.14%, 6/20/34(b)(c)			2,000,000			1,980,378
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53(b)			510,000			495,780
NRZ Advance Receivables Trust, Series 2020-T3, Class AT3, ABS, 1.32%, 10/15/52(b)			300,000			298,729
NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 3.60%, 1/20/31(b)(c)			1,620,000			1,620,194

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 39

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Oaktree CLO Ltd., Series 2015-1A, Class A1R, 1.12%, 10/20/27 (3 month USD LIBOR + 0.87%)(b)(c)		$	347,296		$	347,107
Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.28%), 1.52%, 10/13/31(b)(c)			1,474,373			1,461,887
OCP CLO Ltd., Series 2015-9A, Class A1R2, (SOFR + 1.25%), 1.52%, 1/15/33(b)(c)			1,000,000			997,662
Octagon Investment Partners, Ltd., Series 2017-1A, Class AR, ABS, (3 month USD LIBOR + 1.05%), 1.30%, 7/20/30(b)(c)			875,000			870,809
OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27(b)			2,050,000			1,932,336
OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27(b)			900,000			903,378
OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28(b)			600,000			563,011
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32(b)			200,000			201,547
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35(b)			600,000			556,786
OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.76%), 0.81%, 6/16/36(b)(c)			600,000			590,959
Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28(b)			1,500,000			1,456,358
Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31(b)			1,290,000			1,254,964
Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27(b)			482,534			486,384
Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28(b)			765,269			765,976

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Palmer Square CLO Ltd., Series 2015-1A, Class A1A4, ABS, (3 month USD LIBOR + 1.13%), 1.61%, 5/21/34(b)(c)		$	1,500,000		$	1,493,163
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.30%), 2.80%, 11/25/28 Zero Coupon,(b)(c)			730,000			730,025
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.53%), 0.99%, 5/25/70(b)(c)			484,836			480,431
Progress Residential Trust, Series 2021-SFR8, Class D, ABS, 2.08%, 10/17/38(b)			100,000			89,143
ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A ( PRIME - 0.50%), 3.0%, 12/27/44(b)(c)			295,551			290,870
Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.15%), 2.08%, 6/20/34(b)(c)			1,500,000			1,490,499
Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30(b)			320,000			310,167
Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31(b)			1,870,000			1,767,690
Renew, Series 2018-1, Class A, 3.95%, 9/20/53(b)			203,491			200,708
Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56(b)			818,966			761,891
Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30(b)			600,000			585,053
Rockford Tower CLO 2020-1 Ltd., Series 2020-1A, Class A, ABS, (3 month USD LIBOR + 1.28%), 1.53%, 1/20/32(b)(c)			1,250,000			1,247,711

See Notes to Financial Statements.

40 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45(b)		$	740,000		$	735,027
Santander Drive Auto Receivables Trust, Series 2019-2, Class C, 2.90%, 10/15/24			110,274			110,423
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25			78,743			78,908
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26			400,000			396,990
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26			300,000			296,595
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26			500,000			485,940
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27			600,000			574,328
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27			600,000			582,192
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27			600,000			572,724
Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1A, ABS, (3 month USD LIBOR + 1.32%), 1.57%, 10/20/32(b)(c)			1,750,000			1,743,439
SoFi Consumer Loan Program Trust, Series 2020-1, Class 1A, 2.02%, 1/25/29(b)			24,646			24,658
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.95%, 2/15/46(b)			174,800			171,262
Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48(b)			99,658			100,056

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48(b)		$	196,786		$	194,964
SoFi Professional Loan Program Trust, Series 2020-A, Class A2FX, 2.54%, 5/15/46(b)			347,361			342,402
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, 1.34%, 1/26/31 (3 month USD LIBOR + 1.07%)(b)(c)			250,000			247,317
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44(b)			1,230,842			1,236,345
Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49(b)			1,005,026			966,359
STWD Ltd., Series 2019-FL1, Class B (SOFR30A + 1.714%), 2.02%, 7/15/38 (SOFR + 1.71%)(b)(c)			470,000			467,436
STWD Ltd., Series 2019-FL1, Class C (SOFR30A + 1.714%), 2.37%, 7/15/38 (SOFR + 1.06%)1(b)(c)			280,000			278,587
Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50(b)			1,620,000			1,526,718
Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49(b)			231,219			237,683
Sunrun Demeter Issuer, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57(b)			1,270,598			1,156,656
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(b)			393,296			386,935
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33(b)			1,065,913			1,065,149
TCW CLO 2017-1A Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.18%), 1.48%, 10/29/34(b)(c)			750,000			745,943
Tesla Auto Lease Trust, Series 2019-A, Class A3, 2.16%, 10/20/22(b)			525,343			526,017

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 41

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Tesla Auto Lease Trust, Series 2019-A, Class A4, 2.20%, 11/21/22(b)		$	500,000		$	500,836
Tesla Auto Lease Trust, Series 2020-A, Class D, ABS, 2.33%, 2/20/24(b)			800,000			795,157
Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25(b)			1,000,000			969,325
Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25(b)			1,200,000			1,158,574
TH Msrissuer Trust, Series 2019-FT1, Class A, 3.26%, 6/25/24 (1 month USD LIBOR + 2.80%)(b)(c)			450,000			441,171
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.39%, 1/20/31 (3 month USD LIBOR + 1.14%)(b)(c)			1,000,000			992,978
Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60(b)			171,504			161,903
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33(b)			300,000			283,964
Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24			1,309,606			1,304,338
Trimaran Cavu Ltd., Series 2019-1A, Class A1, 1.71%, 7/20/32 (3 month USD LIBOR + 1.46%)(b)(c)			500,000			499,439
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44(b)			823,171			815,974
VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31(b)			815,739			787,686
Veros Auto Receivables Trust, Series 2022-1, Class A, ABS, 3.47%, 12/15/25(b)			1,000,000			1,000,273
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(b)			235,464			236,293
Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48(b)			733,422			735,915
Wellfleet CLO Ltd., Series 2018-1A, Class A, 1.34%, 7/17/31 (3 month USD LIBOR + 1.10%)(b)(c)			1,000,000			990,820

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49(b)		$	458,750		$	452,907
World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25			400,000			399,665
World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25			100,000			99,564
World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27			100,000			92,779
Zais CLO 9 Ltd., Series 2018-2A, Class A, 1.45%, 7/20/31 (3 month USD LIBOR + 1.20%)(b)(c)			970,261			959,067
TOTAL ASSET-BACKED SECURITIES (Cost: $138,908,851)						135,688,718
U.S. GOVERNMENT AGENCIES – 14.5%
Federal Home Loan Mortgage Corp., 0.25%, 8/24/23			1,050,000			1,023,245
Federal Home Loan Mortgage Corp., 1.50%, 11/1/50			454,062			405,832
Federal Home Loan Mortgage Corp., 2.00%, 1/1/32			122,190			119,226
Federal Home Loan Mortgage Corp., 2.00%, 9/1/50			2,601,094			2,422,683
Federal Home Loan Mortgage Corp., 2.50%, 6/1/28			83,290			82,540
Federal Home Loan Mortgage Corp., 2.50%, 3/1/51			333,847			320,442
Federal Home Loan Mortgage Corp., 2.50%, 4/1/51			2,795,298			2,671,775
Federal Home Loan Mortgage Corp., 2.50%, 10/1/51			414,683			397,516
Federal Home Loan Mortgage Corp., 2.50%, 2/1/52			3,493,373			3,339,153
Federal Home Loan Mortgage Corp., 3.00%, 1/1/32			193,902			196,342
Federal Home Loan Mortgage Corp., 3.00%, 12/1/37			272,448			271,799
Federal Home Loan Mortgage Corp., 3.00%, 1/1/43			546,835			546,698
Federal Home Loan Mortgage Corp., 3.00%, 8/1/45			228,801			227,619
Federal Home Loan Mortgage Corp., 3.00%, 1/1/47			773,324			768,048
Federal Home Loan Mortgage Corp., 3.00%, 4/1/47			281,866			279,472
Federal Home Loan Mortgage Corp., 3.00%, 10/1/49			71,728			70,492

See Notes to Financial Statements.

42 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal Home Loan Mortgage Corp., 3.00%, 2/1/50		$	399,849		$	392,679
Federal Home Loan Mortgage Corp., 3.50%, 10/1/41			70,862			72,137
Federal Home Loan Mortgage Corp., 3.50%, 10/1/42			337,603			344,036
Federal Home Loan Mortgage Corp., 3.50%, 7/1/43			151,134			154,274
Federal Home Loan Mortgage Corp., 3.50%, 1/1/45			215,380			219,809
Federal Home Loan Mortgage Corp., 3.50%, 7/1/45			139,924			142,638
Federal Home Loan Mortgage Corp., 3.50%, 8/1/46			516,050			526,099
Federal Home Loan Mortgage Corp., 3.50%, 1/1/47			172,589			175,343
Federal Home Loan Mortgage Corp., 3.50%, 11/1/47			149,164			151,176
Federal Home Loan Mortgage Corp., 3.50%, 11/1/51			526,373			531,443
Federal Home Loan Mortgage Corp., 4.00%, 3/1/41			105,201			110,128
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42			4,271			4,446
Federal Home Loan Mortgage Corp., 4.00%, 6/1/42			197,904			207,093
Federal Home Loan Mortgage Corp., 4.00%, 10/1/47			81,575			84,621
Federal Home Loan Mortgage Corp., 4.00%, 6/1/48			816,461			844,913
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48			44,208			45,867
Federal Home Loan Mortgage Corp., 4.00%, 7/1/48			2,178,577			2,258,716
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47			29,528			31,504
Federal Home Loan Mortgage Corp., 4.50%, 6/1/47			253,896			266,232
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47			56,307			58,716
Federal Home Loan Mortgage Corp., 4.50%, 7/1/47			59,393			62,296
Federal Home Loan Mortgage Corp., 4.50%, 2/1/48			138,980			145,241
Federal Home Loan Mortgage Corp., 4.50%, 8/1/48			146,665			154,773
Federal Home Loan Mortgage Corp., 5.00%, 2/1/42			124,980			135,329
Federal National Mortgage Association, 0.63%, 4/22/25			1,000,000			944,360

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 0.88%, 8/5/30		$	1,615,000		$	1,410,191
Federal National Mortgage Association, 1.50%, 10/1/50			420,728			376,336
Federal National Mortgage Association, 1.50%, 12/1/50			1,914,416			1,712,038
Federal National Mortgage Association, 1.63%, 1/7/25			520,000			507,668
Federal National Mortgage Association, 2.00%, 4/1/37(f)			2,070,000			2,010,407
Federal National Mortgage Association, 2.00%, 12/1/40			547,177			513,599
Federal National Mortgage Association, 2.00%, 2/1/41			455,839			427,830
Federal National Mortgage Association, 2.00%, 5/1/41			908,750			852,899
Federal National Mortgage Association, 2.00%, 10/1/50			1,661,820			1,548,267
Federal National Mortgage Association, 2.00%, 11/1/50			421,356			392,532
Federal National Mortgage Association, 2.00%, 1/1/51			888,957			827,961
Federal National Mortgage Association, 2.00%, 1/1/51			434,765			404,971
Federal National Mortgage Association, 2.00%, 2/1/51			473,111			440,523
Federal National Mortgage Association, 2.00%, 4/1/51			2,080,460			1,936,120
Federal National Mortgage Association, 2.00%, 5/1/51			989,952			921,128
Federal National Mortgage Association, 2.00%, 12/1/51			2,487,562			2,312,550
Federal National Mortgage Association, 2.00%, 2/1/52			2,067,022			1,923,022
Federal National Mortgage Association, 2.00%, 2/1/52			1,945,168			1,809,651
Federal National Mortgage Association, 2.00%, 3/1/52			1,911,482			1,777,126
Federal National Mortgage Association, 2.00%, 3/1/52			1,820,265			1,692,322
Federal National Mortgage Association, 2.00%, 4/1/52(f)			1,830,000			1,698,683
Federal National Mortgage Association, 2.50%, 4/1/31			457,412			453,467

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 43

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 2.50%, 4/1/37(f)		$	1,280,000		$	1,264,950
Federal National Mortgage Association, 2.50%, 5/1/43			207,765			200,576
Federal National Mortgage Association, 2.50%, 8/1/46			535,580			515,179
Federal National Mortgage Association, 2.50%, 9/1/46			43,989			42,311
Federal National Mortgage Association, 2.50%, 10/1/46			134,482			128,867
Federal National Mortgage Association, 2.50%, 8/1/50			668,175			639,019
Federal National Mortgage Association, 2.50%, 10/1/50			343,584			328,618
Federal National Mortgage Association, 2.50%, 2/1/51			260,719			250,419
Federal National Mortgage Association, 2.50%, 4/1/51			1,710,762			1,635,028
Federal National Mortgage Association, 2.50%, 4/1/51			397,791			381,396
Federal National Mortgage Association, 2.50%, 1/1/52			1,843,190			1,761,346
Federal National Mortgage Association, 2.50%, 2/1/52			2,781,882			2,660,829
Federal National Mortgage Association, 2.50%, 2/1/52			1,110,326			1,062,999
Federal National Mortgage Association, 2.50%, 2/1/52			3,153,094			3,013,077
Federal National Mortgage Association, 2.50%, 2/1/52			1,191,665			1,138,511
Federal National Mortgage Association, 2.50%, 3/1/52			1,295,589			1,240,366
Federal National Mortgage Association, 2.50%, 3/1/52			1,696,427			1,621,098
Federal National Mortgage Association, 2.50%, 4/1/52(f)			1,100,000			1,049,469
Federal National Mortgage Association, 2.50%, 4/1/52			2,478,208			2,368,160
Federal National Mortgage Association, 2.63%, 9/6/24			1,000,000			1,005,502
Federal National Mortgage Association, 3.00%, 5/1/30			138,566			140,011
Federal National Mortgage Association, 3.00%, 5/1/32			438,587			443,157
Federal National Mortgage Association, 3.00%, 10/1/32			343,885			347,465

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 3.00%, 4/18/37		$	630,000		$	634,331
Federal National Mortgage Association, 3.00%, 5/1/40			247,419			245,428
Federal National Mortgage Association, 3.00%, 5/1/43			387,018			385,679
Federal National Mortgage Association, 3.00%, 9/1/46			130,433			129,592
Federal National Mortgage Association, 3.00%, 11/1/46			234,058			232,183
Federal National Mortgage Association, 3.00%, 11/1/46			198,597			197,232
Federal National Mortgage Association, 3.00%, 1/1/47			233,352			231,582
Federal National Mortgage Association, 3.00%, 2/1/47			1,187,338			1,185,470
Federal National Mortgage Association, 3.00%, 2/25/47			391,782			382,938
Federal National Mortgage Association, 3.00%, 12/1/49			380,646			373,242
Federal National Mortgage Association, 3.00%, 2/1/50			947,301			930,260
Federal National Mortgage Association, 3.00%, 7/1/50			4,816,239			4,742,178
Federal National Mortgage Association, 3.00%, 9/1/51			355,036			349,977
Federal National Mortgage Association, 3.00%, 2/1/52			19,760			19,351
Federal National Mortgage Association, 3.00%, 4/1/52(f)			6,750,000			6,602,344
Federal National Mortgage Association, 3.00%, 5/1/52(f)			4,000,000			3,903,349
Federal National Mortgage Association, 3.50%, 12/1/30			35,000			35,943
Federal National Mortgage Association, 3.50%, 1/1/35			134,840			138,848
Federal National Mortgage Association, 3.50%, 5/1/40			86,265			87,177
Federal National Mortgage Association, 3.50%, 1/1/41			206,757			210,514
Federal National Mortgage Association, 3.50%, 8/1/42			177,371			180,910

See Notes to Financial Statements.

44 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 3.50%, 11/1/42		$	249,790		$	254,780
Federal National Mortgage Association, 3.50%, 8/1/43			113,186			115,457
Federal National Mortgage Association, 3.50%, 1/1/45			12,891			13,184
Federal National Mortgage Association, 3.50%, 12/1/45			297,261			301,649
Federal National Mortgage Association, 3.50%, 12/1/45			184,986			187,987
Federal National Mortgage Association, 3.50%, 8/1/46			202,760			206,489
Federal National Mortgage Association, 3.50%, 12/1/46			95,586			97,070
Federal National Mortgage Association, 3.50%, 12/1/46			110,889			113,090
Federal National Mortgage Association, 3.50%, 1/1/47			110,165			111,665
Federal National Mortgage Association, 3.50%, 4/1/47			334,195			340,067
Federal National Mortgage Association, 3.50%, 9/1/47			152,533			154,285
Federal National Mortgage Association, 3.50%, 11/1/47			47,164			47,687
Federal National Mortgage Association, 3.50%, 11/1/47			5,553			5,663
Federal National Mortgage Association, 3.50%, 6/1/48			178,109			180,700
Federal National Mortgage Association, 3.50%, 6/1/48			171,141			172,790
Federal National Mortgage Association, 3.50%, 11/1/48			236,639			239,456
Federal National Mortgage Association, 3.50%, 3/1/49			200,863			202,708
Federal National Mortgage Association, 3.50%, 6/1/49			82,758			83,704
Federal National Mortgage Association, 3.50%, 4/1/50			1,335,953			1,339,952
Federal National Mortgage Association, 3.50%, 2/1/52			1,035,475			1,047,647
Federal National Mortgage Association, 3.50%, 3/1/52			1,660,911			1,666,034

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 3.50%, 4/1/52(f)		$	550,000		$	550,945
Federal National Mortgage Association, 4.00%, 9/1/40			151,614			158,595
Federal National Mortgage Association, 4.00%, 3/1/41			288,372			301,631
Federal National Mortgage Association, 4.00%, 9/1/42			30,673			31,894
Federal National Mortgage Association, 4.00%, 1/1/44			8,859			9,260
Federal National Mortgage Association, 4.00%, 1/1/45			12,141			12,641
Federal National Mortgage Association, 4.00%, 6/1/45			4,229			4,421
Federal National Mortgage Association, 4.00%, 12/1/45			290,338			302,266
Federal National Mortgage Association, 4.00%, 12/1/45			11,022			11,499
Federal National Mortgage Association, 4.00%, 7/1/46			269,903			279,036
Federal National Mortgage Association, 4.00%, 3/1/47			139,135			142,316
Federal National Mortgage Association, 4.00%, 9/1/47			428,362			441,335
Federal National Mortgage Association, 4.00%, 9/1/47			17,832			18,397
Federal National Mortgage Association, 4.00%, 10/1/47			98,679			101,395
Federal National Mortgage Association, 4.00%, 12/1/47			209,893			216,351
Federal National Mortgage Association, 4.00%, 12/1/47			55,905			57,863
Federal National Mortgage Association, 4.00%, 1/1/48			242,277			249,096
Federal National Mortgage Association, 4.00%, 2/1/48			84,013			86,228
Federal National Mortgage Association, 4.00%, 4/1/48			411,447			420,675
Federal National Mortgage Association, 4.00%, 3/1/49			1,522,682			1,558,142
Federal National Mortgage Association, 4.00%, 4/1/52			500,000			512,315
Federal National Mortgage Association, 4.00%, 4/1/52(f)			700,000			714,438

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 45

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Federal National Mortgage Association, 4.50%, 9/1/40		$	150,810		$	159,930
Federal National Mortgage Association, 4.50%, 2/1/41			297,898			316,986
Federal National Mortgage Association, 4.50%, 9/1/42			2,745			2,919
Federal National Mortgage Association, 4.50%, 12/1/43			15,370			16,278
Federal National Mortgage Association, 4.50%, 7/1/46			112,427			118,266
Federal National Mortgage Association, 4.50%, 11/1/47			47,802			50,359
Federal National Mortgage Association, 4.50%, 1/1/48			132,693			139,914
Federal National Mortgage Association, 4.50%, 2/1/48			24,004			25,310
Federal National Mortgage Association, 4.50%, 3/1/48			98,222			103,560
Federal National Mortgage Association, 4.50%, 3/1/48			86,106			89,982
Federal National Mortgage Association, 4.50%, 5/1/48			100,851			106,337
Federal National Mortgage Association, 4.50%, 5/1/48			77,904			82,142
Federal National Mortgage Association, 5.00%, 9/1/40			123,032			133,115
Federal National Mortgage Association, 5.00%, 2/1/41			88,200			95,427
Federal National Mortgage Association, 5.00%, 7/1/44			224,352			243,017
Federal National Mortgage Association, 5.00%, 5/1/48			55,472			58,912
Federal National Mortgage Association, 5.00%, 8/1/48			21,806			23,364
Federal National Mortgage Association, 5.50%, 2/1/42			50,633			55,332
Government National Mortgage Association, 2.00%, 3/20/51			434,539			414,987
Government National Mortgage Association, 2.00%, 7/20/51			525,455			501,800
Government National Mortgage Association, 2.00%, 4/1/52(f)			2,170,000			2,064,213
Government National Mortgage Association, 2.50%, 12/20/46			95,571			92,819

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 2.50%, 10/20/50		$	1,512,253		$	1,462,794
Government National Mortgage Association, 2.50%, 8/20/51			383,991			372,934
Government National Mortgage Association, 2.50%, 4/1/52(f)			2,270,000			2,201,634
Government National Mortgage Association, 3.00%, 12/20/42			210,463			209,902
Government National Mortgage Association, 3.00%, 12/20/45			65,791			65,563
Government National Mortgage Association, 3.00%, 9/20/46			99,045			98,903
Government National Mortgage Association, 3.00%, 10/20/46			204,892			204,096
Government National Mortgage Association, 3.00%, 2/20/47			236,311			235,396
Government National Mortgage Association, 3.00%, 4/20/47			160,405			159,784
Government National Mortgage Association, 3.00%, 12/20/47			72,433			72,120
Government National Mortgage Association, 3.00%, 1/20/48			150,394			149,743
Government National Mortgage Association, 3.00%, 9/20/49			119,152			118,330
Government National Mortgage Association, 3.00%, 12/20/49			236,172			234,398
Government National Mortgage Association, 3.00%, 4/15/50			227,035			224,458
Government National Mortgage Association, 3.00%, 8/20/50			311,736			308,215
Government National Mortgage Association, 3.00%, 8/20/50			502,633			496,956
Government National Mortgage Association, 3.00%, 8/20/50			234,045			231,461

See Notes to Financial Statements.

46 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 3.00%, 10/20/50		$	187,992		$	185,984
Government National Mortgage Association, 3.00%, 10/20/50			320,973			317,496
Government National Mortgage Association, 3.00%, 7/20/51			286,728			283,468
Government National Mortgage Association, 3.00%, 4/1/52(f)			3,955,000			3,908,498
Government National Mortgage Association, 3.50%, 2/20/42			174,148			178,342
Government National Mortgage Association, 3.50%, 7/20/42			255,529			262,370
Government National Mortgage Association, 3.50%, 11/20/42			115,686			117,517
Government National Mortgage Association, 3.50%, 8/20/45			45,938			46,945
Government National Mortgage Association, 3.50%, 9/20/45			45,983			46,983
Government National Mortgage Association, 3.50%, 4/20/46			66,538			67,826
Government National Mortgage Association, 3.50%, 12/20/46			373,815			379,675
Government National Mortgage Association, 3.50%, 1/20/47			235,034			238,885
Government National Mortgage Association, 3.50%, 11/20/47			126,431			128,254
Government National Mortgage Association, 3.50%, 1/20/48			131,648			133,427
Government National Mortgage Association, 3.50%, 11/20/48			525,982			531,665
Government National Mortgage Association, 3.50%, 8/20/50			177,452			180,394
Government National Mortgage Association, 3.50%, 8/20/50			152,127			154,535

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Government National Mortgage Association, 3.50%, 8/20/50		$	210,902		$	212,909
Government National Mortgage Association, 3.50%, 10/20/50			76,297			77,114
Government National Mortgage Association, 4.00%, 11/20/40			87,287			91,709
Government National Mortgage Association, 4.00%, 2/20/46			184,335			192,823
Government National Mortgage Association, 4.00%, 3/20/46			70,842			72,983
Government National Mortgage Association, 4.00%, 5/20/47			104,228			107,761
Government National Mortgage Association, 4.00%, 8/20/47			53,445			55,202
Government National Mortgage Association, 4.00%, 9/20/47			817,471			844,362
Government National Mortgage Association, 4.50%, 9/20/39			92,024			97,980
Government National Mortgage Association, 4.50%, 7/20/41			51,821			55,174
Government National Mortgage Association, 4.50%, 2/20/47			32,650			34,567
Government National Mortgage Association, 4.50%, 8/20/47			52,081			55,004
Government National Mortgage Association, 4.50%, 1/20/48			171,971			180,695
Government National Mortgage Association, 4.50%, 3/20/48			33,216			34,903
Government National Mortgage Association, 4.50%, 7/20/48			68,678			71,778
Government National Mortgage Association, 4.50%, 6/20/49			188,883			196,499
Government National Mortgage Association, 5.00%, 7/20/45			133,637			145,913

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 47

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Tennessee Valley Authority, 1.50%, 9/15/31		$	145,000		$	130,285
United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27			1,000,000			1,000,022
United States International Development Finance Corp., Series 1, 1.65%, 4/15/28			1,000,000			941,261
United States International Development Finance Corp., Series 3, 1.05%, 10/15/29			893,706			833,415
TOTAL U.S. GOVERNMENT AGENCIES (Cost: $132,999,746)						128,992,005
COMMERCIAL MORTGAGE-BACKED SECURITIES – 11.8%
Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25(b)(c)			839,821			802,245
Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 2.65%, 4/15/34(b)(c)			1,000,000			976,795
Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66(b)(c)			100,000			93,328
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.25%, 9/15/34 (1 month USD LIBOR + 0.85%)(b)(c)			400,000			394,968
BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61			575,000			599,295
BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52			500,000			483,508
BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63			1,200,000			1,055,240
BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53			500,000			441,940
Bellemeade Re Ltd., Series 2019-3A, Class M1B, 2.06%, 7/25/29 (1 month USD LIBOR + 1.60%)(b)(c)			91,390			91,285
Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 1.30%, 6/25/31(b)(c)			605,000			598,963
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30 + 1.000%), 1.10%, 9/25/31(b)(c)			300,000			297,252

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 1.85%, 3/25/31(b)(c)		$	257,034		$	256,692
Bellemeade Re Ltd., Series 2022-1, Class M1A, CMO, (SOFR30A + 1.750%), 1.85%, 1/26/32(b)(c)			760,000			758,262
Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51			500,000			504,431
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 3/15/62(b)(c)			250,000			238,115
Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62			850,000			846,000
Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53			1,200,000			1,068,821
Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53			1,300,000			1,160,817
Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53			500,000			441,156
Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48(b)			1,500,000			1,469,569
Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54			550,000			511,571
Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54			600,000			552,006
Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54			1,200,000			1,113,231
Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54			800,000			742,833
Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54			3,000,000			2,757,486
Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54			1,200,000			1,112,241
Benchmark Mortgage Trust, Series 2021-B33, Class A5, 3.46%, 3/15/55			1,100,000			1,110,469

See Notes to Financial Statements.

48 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
BMO 2022-C1 Mortgage Trust, Series 2022-C1, Class 360B, 3.94%, 2/15/42(b)(c)		$	1,000,000		$	963,841
BX Commercial Mortgage Trust, Series 2021-XL2, Class C, (1 month USD LIBOR + 1.197%), 1.59%, 10/15/38(b)(c)			975,964			952,682
BX Commercial Mortgage Trust 2022-AHP, Series 2022-AHP, Class C (SOFR30A +2.090%), 2.39%, 1/17/39(b)(c)			1,000,000			985,286
BXMT Ltd., Series 2020-FL2, Class A, (SOFR30 + 1.014%), 1.07%, 2/15/38(b)(c)			840,000			834,280
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53			800,000			760,048
CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49(c)			500,000			484,448
CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57			900,000			842,660
Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39(b)			250,000			235,909
Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/39(b)(c)			488,000			416,334
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.59%, 12/10/54			2,286,759			2,288,634
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class B, 2.15%, 7/15/30 (1 month USD LIBOR + 1.75%)(b)(c)			1,300,000			1,296,614
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47			93,125			92,730
Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.78%, 11/10/31(b)(c)			1,000,000			990,295
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49			114,286			109,248

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51		$	750,000		$	770,984
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72			280,000			269,459
COMM Mortgage Trust, Series 2013-LC13, Class D, 5.26%, 8/10/46(b)(c)			500,000			469,181
COMM Mortgage Trust, Series 2016-CR28, Class B, 4.64%, 2/10/49(c)			500,000			507,763
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2, CMO, (SOFR30A + 1.55%), 1.65%, 10/25/41(b)(c)			30,000			28,982
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, CMO, (SOFR30A + 1.90%), 2.00%, 12/25/41(b)(c)			630,000			600,809
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, , (SOFR30A + 3.750%), 3.60%, 3/25/42(b)(c)			325,000			328,466
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57			135,894			133,975
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51			700,000			713,533
CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54			1,250,000			1,171,234
CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57(b)(c)			147,457			147,780
CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59(b)(c)			152,252			149,029
DBJPM Mortgage Trust, Series 2016-C3, Class A4, 2.63%, 8/10/49			1,100,000			1,074,357
Eagle RE Ltd., Series 2021-1, Class M1A, CMO, (SOFR30A + 1.700%), 1.80%, 10/25/33(b)(c)			682,014			681,750

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 49

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 1.65%, 4/25/34(b)(c)		$	1,350,000		$	1,342,421
Federal Home Loan Mortgage Corp, Series 2021-3, Class 3JI, 2.50%, 2/25/51			857,380			113,315
Federal Home Loan Mortgage Corp., Series 2020-HQA3, Class M2, CMO, REMIC, (1 month USD LIBOR + 3.600%), 4.06%, 7/25/50(b)(c)			35,567			35,609
Federal Home Loan Mortgage Corp., Series 2021-DNA2, Class M2, CMO, (SOFR30A + 2.300%), 2.40%, 8/25/33(b)(c)			50,000			49,288
Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 2.20%, 10/25/33(c)			639,000			624,329
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M1, CMO, REMIC, (SOFR30A +0.65%), 0.75%, 1/25/34(b)(c)			35,589			35,525
Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A +1.65%), 1.75%, 1/25/34(b)(c)			270,000			265,618
Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A +0.85%), 0.95%, 9/25/41(b)(c)			1,550,000			1,512,018
Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31			964,235			891,503
Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, CMO, REMIC, (SOFR30A + 1.000%), 1.10%, 1/25/42(b)(c)			400,000			392,945
Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M1B, CMO, REMIC, (SOFR30A + 3.50%), 3.55%, 3/25/42(b)(c)			60,000			61,089

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36		$	866,804		$	862,433
Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47			1,117,387			1,117,129
Federal Home Loan Mortgage Corp., Series 4835, Class AS, 9.21%, 10/15/48 (1 month USD LIBOR + 9.84%)(c)			89,535			96,610
Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50(g)			502,135			58,139
Federal Home Loan Mortgage Corp., Series 5034, Class IJ, CMO, IO, REMIC, 2.50%, 11/25/50(g)			1,540,101			258,346
Federal Home Loan Mortgage Corp., Series K088, Class AM, 3.76%, 1/25/29(c)			360,000			377,093
Federal Home Loan Mortgage Corp., Series K091, Class AM, 3.57%, 3/25/29			750,000			778,920
Federal Home Loan Mortgage Corp., Series K157, Class A2, 3.99%, 5/25/33(c)			600,000			646,912
Federal National Mortgage Association, 3.00%, 7/25/50			1,999,999			266,739
Federal National Mortgage Association, 3.15%, 10/15/36			1,000,000			1,001,151
Federal National Mortgage Association, Series 2014-C02, Class 1M2, 3.06%, 5/25/24 (1 month USD LIBOR + 2.60%)(c)			55,758			55,828
Federal National Mortgage Association, Series 2018-M10, Class A1, 3.36%, 7/25/28(c)			58,881			59,912
Federal National Mortgage Association, Series 2018-M8, Class A2, 3.32%, 6/25/28(c)			458,809			473,248

See Notes to Financial Statements.

50 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34		$	862,435		$	831,993
Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50(g)			392,536			51,636
Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50(g)			642,748			93,473
Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51(g)			245,990			35,390
Federal National Mortgage Association, Series 2021-M1G, Class A2, 1.51%, 11/25/30(c)			1,000,000			895,621
Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.25%, 1/25/31(c)			1,000,000			875,910
Flagstar Mortgage Trust, Series 2021-10IN, Class A1, CMO, 3.00%, 10/25/51(b)(c)			189,544			179,889
Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51(b)(c)			224,699			204,998
GMSC, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 1.55%, 10/15/36(b)(c)			1,720,000			1,683,881
Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43			176,773			174,527
Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45			194,875			198,886
Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46(g)			46,934			5,901
GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.70%), 1.15%, 11/21/35(b)(c)			296,924			293,749

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51(c)		$	800,000		$	824,717
GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48			1,080,543			1,072,335
GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.96%, 11/10/49(c)			500,000			463,128
GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52			1,000,000			981,657
GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52			1,100,000			1,046,178
GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53			1,400,000			1,259,529
GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53			1,100,000			970,999
GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54			1,400,000			1,283,930
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50(b)(c)			22,489			22,375
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51(b)(c)			90,478			82,617
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52(b)(c)			214,302			195,502
GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A8, CMO, 2.50%, 3/25/52(b)(c)			149,857			142,915
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51(b)(c)			84,132			76,837
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51(b)(c)			261,196			238,251
GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52(b)(c)			418,178			381,581

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 51

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52(b)(c)		$	200,988		$	183,562
HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 1.07%, 8/19/45 (1 month USD LIBOR + 0.62%)(c)			32,682			32,171
Home RE 2021-2 Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.250%), 1.35%, 1/25/34(b)(c)			260,000			257,855
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 8/5/34(b)(c)			900,000			685,659
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49			1,071,000			1,060,616
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.40%, 9/15/29 (1 month USD LIBOR + 1.00%)(b)(c)			344,251			342,528
JP Morgan Mortgage Trust, Series 2015-HB10, Class C10, 2.50%, 5/25/52(b)(c)			124,798			113,911
JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47(b)(c)			7,802			7,639
JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.05%, 10/26/48(b)(c)			47,640			47,810
JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48(b)(c)			32,387			31,381
JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 1.21%, 4/25/46 (1 month USD LIBOR + 0.75%)(b)(c)			26,636			26,509
JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49(b)(c)			2,494			2,497
JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49(b)(c)			1,820			1,822

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49(b)(c)		$	6,517		$	6,531
JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 1.41%, 10/25/49 (1 month USD LIBOR + 0.95%)(b)(c)			19,249			19,289
JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.86%, 6/25/50(b)(c)			33,441			32,552
JP Morgan Mortgage Trust, Series 2020-10, Class A15, 2.50%, 12/25/51(b)(c)			93,337			85,236
JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52(b)(c)			198,124			180,868
JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52(b)(c)			409,936			374,216
JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51(b)(c)			194,086			177,248
JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51(b)(c)			171,694			156,804
JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51(b)(c)			125,714			114,825
JP Morgan Mortgage Trust, Series 2022-2, Class A25, 3.00%, 8/25/52(b)(c)			98,554			92,918
JP Morgan Mortgage Trust, Series 2022-3, Class A25, 3.00%, 8/25/52(b)(c)			445,000			415,779
JP Morgan Mortgage Trust, Series 2022-LTV1, Class A1, 3.25%, 7/25/52(b)(c)			147,057			140,998
JP Morgan Trust, Series 2015-1, Class B1, CMO, 2.10%, 12/25/44(b)(c)			111,046			112,638
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.89%, 11/15/47(b)(c)			470,000			331,535
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47			263,871			261,756

See Notes to Financial Statements.

52 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48		$	104,272		$	104,110
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class A3, 3.50%, 12/15/48			1,069,194			1,056,116
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50			1,000,000			988,381
Manhattan West 2020-1MW Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39(b)			1,000,000			924,286
Manhattan West 2020-1MW Mortgage Trust, Series 2020-1MW, Class C, 2.34%, 9/10/39(b)(c)			500,000			451,477
MBRT, Series 2019-MBR, Class A, 1.50%, 11/15/36 (1 month USD LIBOR + 0.85%)(b)(c)			420,000			415,775
Mello Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.70%), 1.16%, 2/25/55(b)(c)			500,000			496,059
MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60(b)(c)			651,038			617,335
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 4.90%, 11/15/46(c)			375,000			366,508
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50			166,820			165,140
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49			237,229			233,039
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49(b)			400,000			332,025
Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51			600,000			608,354

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 1.80%, 5/15/36 (1 month USD LIBOR + 1.40%)(b)(c)		$	1,000,000		$	986,657
Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52			1,000,000			969,579
Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.43%, 4/5/42(b)(c)			1,000,000			924,876
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51(b)(c)			164,975			150,707
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51(b)(c)			143,597			137,096
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51(b)(c)			152,314			139,153
Mortgage Repurchase Agreement Financing Trust, Series 2021-S1, Class A1, CMO, (1 month USD LIBOR + 0.50%), 0.63%, 9/10/22(b)(c)			900,000			898,117
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35(b)			76,927			75,528
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C (SOFR30A + 2.394%), 2.90%, 3/15/39(b)(c)			1,090,000			1,083,227
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (1 month USD LIBOR + 2.75%), 3.15%, 7/15/36(b)(c)			1,000,000			991,028
Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 4.65%, 7/15/36 (1 month USD LIBOR + 4.25%)(b)(c)			750,000			723,838
New Residential Mortgage Loan Trust, Series 2015-1A, Class A3, CMO, 3.75%, 5/28/52(b)(c)			50,514			50,379

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 53

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 1.21%, 1/25/48 (1 month USD LIBOR + 0.75%)(b)(c)		$	61,493		$	61,093
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59(b)(c)			100,000			95,123
Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.60%), 1.70%, 4/25/34(b)(c)			900,000			889,200
OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.65%), 1.11%, 6/25/57(b)(c)			18,769			18,536
OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51(b)(c)			277,530			253,120
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54(b)			350,000			323,708
PFP Ltd., Series 2021-8, Class A, (1 month USD LIBOR + 1.00%), 1.43%, 8/9/37(b)(c)			1,620,000			1,591,708
PMT Credit Risk Transfer Trust, Series 2020-2R, Class A, CMO, (1 month USD LIBOR + 3.815%), 4.26%, 12/25/22(b)(c)			137,436			137,255
PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.90%), 3.36%, 2/27/24(b)(c)			585,010			587,880
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, CMO, (1 month USD LIBOR + 0.70%), 0.89%, 2/25/55(b)(c)			366,667			361,749
RCKT Mortgage Trust, Series 2021-4, Class A21, 2.50%, 9/25/51(b)(c)			347,358			317,428
RCKT Mortgage Trust, Series 2022-2, Class A22, 2.50%, 2/25/52(b)(c)			445,778			407,163

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 1.34%, 2/7/52 Zero Coupon,(b)(c)		$	191,996		$	192,192
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58			296,013			297,192
Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45(b)(c)			11,816			11,545
Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47(b)(c)			11,829			11,644
Sequoia Mortgage Trust, Series 2019-2, Class A1, 4.00%, 6/25/49(b)(c)			17,362			17,378
Sequoia Mortgage Trust, Series 2019-5, Class A1, 3.50%, 12/25/49(b)(c)			23,306			23,019
Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50(b)(c)			58,938			56,811
Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51(b)(c)			94,997			86,484
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41(b)			960,000			892,546
Station Place Securitization Trust, Series 2021-4, Class A, CMO, (1 month USD LIBOR + 0.900%), 1.36%, 4/11/22(b)(c)			700,000			699,075
STWD Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 2.35%, 11/15/36(b)(c)			1,075,000			1,052,110
Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68(b)(c)			613,538			605,246
Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 12/25/61(b)(c)			981,576			970,366
UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50			600,000			582,837
UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50			148,558			147,739

See Notes to Financial Statements.

54 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50		$	305,000		$	302,908
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51			1,100,000			1,124,945
UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51			500,000			505,567
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30(b)			1,300,000			1,297,800
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.07%, 3/10/46(b)(c)			225,000			171,690
Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59(b)(c)			100,000			99,493
Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66(b)(c)			138,430			130,556
VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35(b)			600,000			600,657
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class AS, 3.54%, 10/15/45			140,000			140,469
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A3, 3.32%, 10/15/50			450,000			444,723
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52			950,000			940,566
Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 2.14%, 2/15/37 (1 month USD LIBOR +1.740%)(b)(c)			1,295,000			1,267,515
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.15%), 1.55%, 2/15/40(b)(c)			1,999,848			1,979,843
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49(b)(c)			3,228			3,226

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51(b)(c)		$	339,547		$	309,852
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.14%, 5/15/45(b)(c)			225,000			217,250
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 4.86%, 12/15/46(c)			350,000			340,265
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost: $108,793,133)						104,476,770
U.S. GOVERNMENT OBLIGATIONS – 9.4%
U.S. Treasury Bonds, 1.75%, 8/15/41			1,907,000			1,652,833
U.S. Treasury Bonds, 1.88%, 2/15/41			350,000			311,650
U.S. Treasury Bonds, 1.88%, 11/15/51			6,347,000			5,567,509
U.S. Treasury Bonds, 2.00%, 11/15/41			1,757,000			1,589,810
U.S. Treasury Bonds, 2.00%, 8/15/51			779,000			702,804
U.S. Treasury Bonds, 2.25%, 5/15/41			9,265,000			8,746,377
U.S. Treasury Bonds, 2.25%, 2/15/52			2,500,000			2,397,656
U.S. Treasury Bonds, 2.38%, 5/15/51			1,924,000			1,885,370
U.S. Treasury Bonds, 2.50%, 5/15/46			1,690,000			1,655,870
U.S. Treasury Bonds, 2.88%, 5/15/43			960,000			993,825
U.S. Treasury Bonds, 3.00%, 5/15/47			2,365,000			2,553,461
U.S. Treasury Bonds, 3.63%, 8/15/43			420,000			487,266
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44			205,000			111,220
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44			975,000			526,558
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45			355,000			188,634
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/40			1,485,000			895,944
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41			6,745,000			3,994,900
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42			90,000			51,978

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 55

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT OBLIGATIONS – (continued)
U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42		$	80,000		$	45,840
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/42			820,000			461,872
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43			650,000			364,136
U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43			480,000			265,231
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/43			485,000			266,546
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44			1,670,000			910,643
U.S. Treasury Coupon STRIP, Zero Coupon 11/15/44			490,000			262,313
U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45			560,000			294,432
U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46			405,000			212,022
U.S. Treasury Notes, 0.13%, 3/31/23			1,500,000			1,476,621
U.S. Treasury Notes, 0.13%, 8/31/23			500,000			486,445
U.S. Treasury Notes, 0.50%, 10/31/27			2,755,000			2,473,258
U.S. Treasury Notes, 0.63%, 11/30/27			250,000			225,703
U.S. Treasury Notes, 0.75%, 12/31/23			10,000,000			9,740,625
U.S. Treasury Notes, 1.13%, 8/31/28			1,000,000			921,328
U.S. Treasury Notes, 1.25%, 12/31/26			60,000			56,688
U.S. Treasury Notes, 1.38%, 9/30/23			750,000			741,709
U.S. Treasury Notes, 1.50%, 2/29/24			340,000			335,046
U.S. Treasury Notes, 1.88%, 2/28/27			13,180,000			12,826,817
U.S. Treasury Notes, 1.88%, 2/28/29			25,000			24,133
U.S. Treasury Notes, 1.88%, 2/15/32			9,146,000			8,783,018
U.S. Treasury Notes, 2.38%, 2/15/42			2,985,000			2,879,126
U.S. Treasury Notes, 2.88%, 5/31/25			3,860,000			3,899,505
U.S. Treasury Notes, 1.75%, 3/15/25			1,375,000			1,345,889
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost: $87,768,148)						83,612,611

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – 6.4%
BASIC MATERIALS – 0.5%
AngloGold Ashanti Holdings PLC, 3.38%, 11/1/28		$	200,000		$	187,584
Celulosa Arauco y Constitucion S.A., 5.15%, 1/29/50(b)			700,000			692,132
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23(b)			400,000			413,748
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23(a)			225,000			232,733
Kinross Gold Corp., 4.50%, 7/15/27			595,000			609,567
LG Chem Ltd., 3.25%, 10/15/24(b)			660,000			661,528
NOVA Chemicals Corp., 4.88%, 6/1/24(b)			200,000			202,249
Suzano Austria GmbH, 3.13%, 1/15/32			58,000			51,352
Suzano Austria GmbH, 3.75%, 1/15/31			110,000			103,565
Teck Resources Ltd., 3.90%, 7/15/30			1,000,000			998,485
Teck Resources Ltd., 6.25%, 7/15/41			77,000			91,997
Total Basic Materials						4,244,940
COMMUNICATIONS – 0.0%(i)
NTT Finance Corp., 1.16%, 4/3/26(b)			203,000			187,164
Telefonica Emisiones S.A., 4.90%, 3/6/48			150,000			155,101
Vodafone Group PLC, 5.25%, 5/30/48			47,000			52,647
Total Communications						394,912
CONSUMER, CYCLICAL – 0.2%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28(b)			150,000			142,130
Falabella S.A., 4.38%, 1/27/25(b)			400,000			418,504
Hyundai Capital Services, Inc., 1.25%, 2/8/26(b)			1,050,000			963,141
Kia Corp., 1.00%, 4/16/24(b)			91,000			86,912
Total Consumer, Cyclical						1,610,687
CONSUMER, NON-CYCLICAL – 0.4%
BAT International Finance PLC, 4.45%, 3/16/28			740,000			741,574

See Notes to Financial Statements.

56 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27(b)		$	1,200,000		$	1,094,827
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29(b)			150,000			159,000
Royalty Pharma PLC, 2.15%, 9/2/31			114,000			97,740
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26			100,000			100,173
STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51			292,000			271,640
Triton Container International Ltd., 1.15%, 6/7/24(b)			1,000,000			948,723
Triton Container International Ltd., 3.15%, 6/15/31(b)			449,000			410,514
Triton Container International Ltd./TAL International Container Corp., 3.25%, 3/15/32			51,000			46,977
Total Consumer, Non-cyclical						3,871,168
ENERGY – 1.1%
Aker BP ASA, 2.88%, 1/15/26(b)			1,000,000			972,143
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(b)			475,000			485,688
BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30(c)(e)			54,000			54,135
Cenovus Energy, Inc., 2.65%, 1/15/32			500,000			452,840
Cenovus Energy, Inc., 3.75%, 2/15/52			1,265,000			1,131,266
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(b)			961,594			924,572
EIG Pearl Holdings Sarl, 3.55%, 8/31/36(b)			350,000			333,404
Equinor ASA, 3.25%, 11/18/49			1,000,000			941,840
Lundin Energy Finance B.V., 3.10%, 7/15/31(b)			200,000			185,216
Noble Finance Co., PIK, 11.00%, 2/15/28(b)(j)			1,034			1,158
Noble Finance Co., PIK, 11.00%, 2/15/28(j)			7,489			8,388
Petroleos Mexicanos, 6.35%, 2/12/48			54,000			42,449
Petroleos Mexicanos, 6.49%, 1/23/27			262,000			265,299

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
ENERGY – (continued)
Qatar Petroleum, 1.38%, 9/12/26(b)		$	400,000		$	373,016
Santos Finance Ltd., 3.65%, 4/29/31(b)			1,185,000			1,107,289
Sinopec Group Overseas Development 2018 Ltd., 3.68%, 8/8/49(b)			200,000			177,210
Suncor Energy, Inc., 5.95%, 5/15/35			49,000			57,217
Sweihan PV Power Co. PJSC, 3.63%, 1/31/49(b)			1,000,000			923,520
Total Capital International S.A., 3.13%, 5/29/50			375,000			342,124
UEP Penonome II S.A., 6.50%, 10/1/38(b)			981,155			932,098
Total Energy						9,710,872
FINANCIAL – 3.4%
ABN AMRO Bank N.V., (1 year CMT + 1.10%), 2.47%, 12/13/29(b)(c)			1,000,000			913,997
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26			150,000			138,743
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28			1,000,000			922,187
Athene Holding Ltd., 3.45%, 5/15/52			25,000			21,109
Banco Santander S.A., 2.71%, 6/27/24			200,000			197,878
Bank Hapoalim BM, (5 year CMT + 2.155%), 3.26%, 1/21/32(a)(b)(c)			2,000,000			1,840,000
Bank of Montreal, 1.50%, 1/10/25			165,000			158,071
Bank of Nova Scotia (The), 0.40%, 9/15/23			81,000			78,692
Banque Federative du Credit Mutuel S.A., 3.75%, 7/20/23(b)			490,000			496,307
Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35(c)			200,000			184,207
BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)(b)(c)			730,000			664,714
BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27(b)(c)			440,000			402,345

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 57

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32(b)(c)		$	406,000		$	369,257
BPCE S.A., (SOFR + 1.730%), 3.12%, 10/19/32(b)(c)			1,275,000			1,153,974
Canadian Imperial Bank of Commerce, 0.50%, 12/14/23			85,000			82,079
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25			64,000			58,876
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25			150,000			146,501
Canadian Imperial Bank of Commerce, 3.30%, 4/7/25			134,000			133,882
Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26(b)(c)			261,000			240,290
Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)(b)(c)			545,000			495,827
Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)(b)(c)			250,000			235,990
Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32(b)(c)			985,000			888,369
Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)(b)(c)			201,000			198,044
Deutsche Bank AG, (SOFR + 1.219%), 1.41%, 11/16/27(c)			240,000			232,527
Deutsche Bank AG, (SOFR + 1.219%), 2.31%, 11/16/27(c)			330,000			302,418
Enstar Group Ltd., 4.95%, 6/1/29			214,000			222,145
Federation of Caisses Desjardins du Quebec, 1.20%, 10/14/26(b)			1,000,000			930,487
HSBC Holdings PLC, (SOFR + 1.29%), 1.59%, 5/24/27(c)			200,000			182,544
HSBC Holdings PLC, (SOFR + 1.100%), 2.25%, 11/22/27(c)			200,000			186,347
ING Groep N.V., (1 year CMT + 1.10%), 1.40%, 7/1/26(b)(c)			1,280,000			1,184,169

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
ING Groep N.V., (SOFR + 1.83%), 4.02%, 3/28/28(c)		$	1,000,000		$	1,005,496
ING Groep N.V., (SOFR + 2.07%), 4.25%, 3/28/33(c)			1,250,000			1,286,723
Intesa Sanpaolo SpA, (1 year CMT + 2.75%), 4.95%, 6/1/42(b)(c)			700,000			598,885
Intesa Sanpaolo SpA, Series XR, 4.0%, 9/23/29(b)			600,000			582,861
Kookmin Bank, 2.50%, 11/4/30(b)			950,000			844,943
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)			481,000			471,121
National Bank of Canada, (1 year CMT + 0.40%), 0.55%, 11/15/24(c)			250,000			240,532
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			223,601
NatWest Markets PLC, 3.63%, 9/29/22(b)			450,000			453,601
Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26(b)			500,000			494,628
Nomura Holdings, Inc., 2.61%, 7/14/31			200,000			179,762
Royal Bank of Canada, 2.30%, 11/3/31			66,000			60,007
Societe Generale S.A., 3.88%, 3/28/24(b)			350,000			350,612
Societe Generale S.A., (1 year CMT + 1.00%), 1.79%, 6/9/27(b)(c)			915,000			824,479
Societe Generale S.A., (1 year CMT + 1.30%), 2.89%, 6/9/32(b)(c)			950,000			851,258
Societe Generale S.A., (SOFR + 1.05%), 1.18%, 1/21/26(b)(c)			1,000,000			986,970
State Bank of India, 4.38%, 1/24/24(b)			205,000			208,116
Swedbank AB, 1.54%, 11/16/26(b)			213,000			197,763

See Notes to Financial Statements.

58 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Swiss Re Finance Luxembourg S.A., (5 year CMT + 3.582%), 5.0%, 4/2/49(b)(c)		$	1,000,000		$	1,035,000
Toronto-Dominion Bank (The), 1.25%, 12/13/24			107,000			102,807
UBS AG, (SOFR + 0.450%), 0.63%, 8/9/24(b)(c)			600,000			596,756
UBS Group AG, (1 year CMT + 0.85%), 1.49%, 8/10/27(b)(c)			1,075,000			975,769
UniCredit SpA, 5.86%, 6/19/32 (5.86% fixed rate until 6/19/27; 3.7% + USD 5 year Mid-Market Swap Rate thereafter)(b)(c)			200,000			196,500
UniCredit SpA, (1 year CMT + 1.55%), 3.13%, 6/3/32(b)(c)			200,000			175,835
UniCredit SpA, (1 year CMT + 2.30%), 2.57%, 9/22/26(b)(c)			1,000,000			923,901
Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.43%), 1.40%, 6/26/24(c)			502,316			503,459
WLB Asset II B Pte Ltd., 3.95%, 12/10/24(b)			1,000,000			970,000
WLB Asset II C Pte Ltd., 3.90%, 12/23/25(b)			1,000,000			955,210
WLB Asset II Pte Ltd., 4.00%, 1/14/24(b)			250,000			250,000
Total Financial						29,808,571
INDUSTRIAL – 0.2%
Canadian Pacific Railway Co., 1.35%, 12/2/24			106,000			101,633
Canadian Pacific Railway Co., 3.00%, 12/2/41			21,000			18,891
Embraer Netherlands Finance B.V., 5.05%, 6/15/25			138,000			139,381
Embraer Overseas Ltd., 5.70%, 9/16/23(b)			135,000			139,389
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30			1,050,000			937,413
Masonite International Corp., 3.50%, 2/15/30(b)			200,000			179,750
Mexico City Airport Trust, 3.88%, 4/30/28(b)			200,000			191,070
Mexico City Airport Trust, 5.50%, 7/31/47(b)			200,000			176,252

Investments	Principal Amount			Value
FOREIGN CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
nVent Finance Sarl, 2.75%, 11/15/31		$	178,000		$	160,011
Tyco Electronics Group SA, 2.50%, 2/4/32			54,000			50,486
Waste Connections, Inc., 2.20%, 1/15/32			33,000			29,487
Total Industrial						2,123,763
TECHNOLOGY – 0.1%
SK Hynix, Inc., 2.38%, 1/19/31(b)			1,075,000			937,018
TSMC Global Ltd., 0.75%, 9/28/25(b)			200,000			185,215
Total Technology						1,122,233
UTILITIES – 0.5%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(b)			200,000			186,268
AES Gener S.A., (5 year CMT + 4.917%), 6.35%, 10/7/79(b)(c)			1,000,000			987,510
Alfa Desarrollo SpA, 4.55%, 9/27/51(b)			199,461			173,032
Comision Federal de Electricidad, 4.69%, 5/15/29(b)			400,000			392,000
Consorcio Transmantaro S.A., 4.70%, 4/16/34(b)			430,000			433,870
Engie Energia Chile S.A., 3.40%, 1/28/30(b)			209,000			192,282
India Cleantech Energy, 4.70%, 8/10/26(b)			876,150			821,040
Sociedad de Transmision Austral S.A., 4.00%, 1/27/32(b)			1,000,000			969,560
Total Utilities						4,155,562
TOTAL FOREIGN CORPORATE BONDS (Cost: $60,493,696)						57,042,708
MUNICIPAL BONDS – 1.5%
CALIFORNIA – 0.6%
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49			150,000			213,134

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 59

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
CALIFORNIA – (continued)
Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31		$	215,000		$	203,603
California Health Facilities Financing Authority,Revenue Bonds, 4.35%, 6/1/41			250,000			254,439
Chula Vista Municipal Financing Authority, Revenue Bonds, 4.28%, 12/1/48			1,000,000			1,043,381
City of Los Angeles CA, General Obligation, 3.50%, 9/1/37			315,000			321,954
City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39			1,230,000			1,167,251
Los Angeles Community College District, 2.11%, 8/1/32			770,000			692,535
State of California, General Obligation, 4.60%, 4/1/38			500,000			547,001
State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39			275,000			389,219
Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48			500,000			505,596
Total California						5,338,113
CONNECTICUT – 0.1%
Connecticut Housing Finance Authority, Revenue Bonds, 0.93%, 5/15/49 ( SOFR + 0.00%)(c)			500,000			500,116
ILLINOIS – 0.1%
Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38			500,000			550,281
State of Illinois, General Obligation, 5.00%, 10/1/22			210,000			213,413
Total Illinois						763,694
INDIANA – 0.0%(i)
Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51			215,000			195,742

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
MICHIGAN – 0.3%
City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25		$	650,000		$	620,319
Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39			940,000			883,090
Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41			1,330,000			1,298,442
Total Michigan						2,801,851
NEW JERSEY – 0.1%
Morris County Improvement Authority, 1.05%, 6/15/26			200,000			187,623
New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40			300,000			436,986
Total New Jersey						624,609
NEW YORK – 0.2%
Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37			989,490			867,805
Metropolitan Transportation Authority, 5.18%, 11/15/49			670,000			766,602
Total New York						1,634,407
OHIO – 0.1%
Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34			1,000,000			1,099,267
OREGON – 0.0%(i)
Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31(b)(d)			500,000			36,500
TEXAS – 0.0%(i)
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49			80,000			82,009
TOTAL MUNICIPAL BONDS (Cost: $13,729,091)						13,076,308
SUPRANATIONAL BONDS – 1.3%
African Development Bank, 0.75%, 4/3/23			1,165,000			1,151,628
Aptiv PLC/Aptiv Corp., 3.25%, 3/1/32			35,000			33,173

See Notes to Financial Statements.

60 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
SUPRANATIONAL BONDS – (continued)
Arab Petroleum Invstment Corp., 1.48%, 10/6/26(b)		$	1,200,000		$	1,125,485
Asian Development Bank, 3.13%, 9/26/28			1,500,000			1,555,204
Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24			158,000			149,500
European Bank for Reconstruction & Development, 1.50%, 2/13/25			172,000			166,774
European Investment Bank, 0.63%, 10/21/27			700,000			629,312
European Investment Bank, 2.38%, 5/24/27			500,000			496,347
European Investment Bank, 2.50%, 10/15/24			1,000,000			1,000,595
Inter-American Development Bank, 1.13%, 7/20/28			187,000			171,660
International Bank for Reconstruction & Development, 0.00%, 3/31/27			1,000,000			943,724
International Bank for Reconstruction & Development, 0.75%, 11/24/27			174,000			157,298
International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25			598,000			608,182
International Finance Corp., 0.50%, 3/20/23			187,000			184,599
Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30			1,000,000			871,567
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26			805,000			753,558
Kreditanstalt fuer Wiederaufbau, 2.00%, 9/29/22			1,000,000			1,004,147
Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 1.18%, 2/12/24(c)			800,000			812,710
TOTAL SUPRANATIONAL BONDS (Cost: $12,209,089)						11,815,463

Investments	Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS – 0.7%
BERMUDA – 0.0%(i)
Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30(b)		$	200,000		$	183,000
CHILE – 0.1%
Chile Government International Bond, 3.10%, 5/7/41			215,000			189,148
Chile Government International Bond, 3.50%, 1/25/50			1,000,000			914,190
Total Chile						1,103,338
GUATEMALA – 0.1%
Guatemala Government Bond, 5.38%, 4/24/32(b)			350,000			365,753
INDONESIA – 0.2%
Indonesia Government International Bond, 2.95%, 1/11/23			200,000			201,500
Indonesia Government International Bond, 3.50%, 1/11/28			280,000			286,926
Indonesia Government International Bond, 4.13%, 1/15/25(b)			400,000			410,900
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 3/1/23(b)			300,000			303,750
Total Indonesia						1,203,076
ITALY – 0.1%
Republic of Italy Government International Bond, 4.00%, 10/17/49			1,000,000			958,568
MEXICO – 0.0%(i)
Mexico Government International Bond, 4.28%, 8/14/41			251,000			233,975
Mexico Government International Bond, 4.75%, 3/8/44			80,000			78,609
Total Mexico						312,584
PANAMA – 0.0%(i)
Panama Government International Bond, Senior Bond, 6.70%, 1/26/36			100,000			123,077

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 61

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS – (continued)
PERU – 0.2%
Peruvian Government International Bond, 2.78%, 1/23/31		$	107,000		$	100,741
Peruvian Government International Bond, 3.00%, 1/15/34			1,315,000			1,225,790
Total Peru						1,326,531
QATAR – 0.0%(i)
Qatar Government International Bond, 4.50%, 4/23/28(b)			200,000			218,000
ROMANIA – 0.0%(i)
Romanian Government International Bond, 5.13%, 6/15/48(b)			50,000			51,850
UNITED ARAB EMIRATES – 0.0%(i)
Abu Dhabi Government International Bond, 3.13%, 10/11/27(b)			250,000			256,300
URUGUAY – 0.0%(i)
Uruguay Government International Bond, 4.98%, 4/20/55			150,000			174,866
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost: $6,520,759)						6,276,943
FOREIGN GOVERNMENT AGENCIES – 0.5%
CANADA – 0.3%
CDP Financial, Inc., Series 144A, 1.00%, 5/26/26(b)			1,000,000			933,639
Province of Quebec Canada, 1.90%, 4/21/31			1,000,000			934,499
Province of Quebec Canada, 2.75%, 4/12/27			1,000,000			1,002,390
Total Canada						2,870,528
EGYPT – 0.1%
Arab Republic of Egypt, 5.25%, 10/6/25(b)			300,000			288,540
JAPAN – 0.0%(i)
Development Bank of Japan, Inc., 1.75%, 2/18/25(b)			226,000			219,819
NORWAY – 0.1%
Kommunalbanken A/S, 2.13%, 2/11/25(b)			500,000			494,000

Investments	Principal Amount			Value
FOREIGN GOVERNMENT AGENCIES – (continued)
SOUTH KOREA – 0.0%(i)
Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23(b)		$	200,000		$	202,886
TOTAL FOREIGN GOVERNMENT AGENCIES (Cost: $4,184,009)						4,075,773
PREFERRED STOCK – 0.2%
Financial – 0.2%
Gladstone Investment Corp., 4.88%, 11/1/28 (Cost: $1,830,000)			73,200			1,827,072
BANK LOANS – 0.1%
UTILITIES – 0.1%
Exgen Renewables IV LLC 2020 Term Loan, 0.00%, 12/15/27 (Cost: $973,216)			977,496			967,115

Investments	Shares		Value
EXCHANGE-TRADED FUNDS – 8.9%
iShares Core U.S. Aggregate Bond ETF		6,410			686,511
iShares JP Morgan USD Emerging Markets Bond ETF		174,219			17,031,649
MFS Emerging Markets Debt Fund(h)		1,405,152			18,435,597
SPDR Blackstone Senior Loan ETF		944,111			42,447,231
TOTAL EXCHANGE-TRADED FUNDS (Cost: $80,444,573)					78,600,988
MUTUAL FUNDS – 5.6%
BrandywineGLOBAL High Yield Fund		2,345,996			24,632,959
MainStay MacKay High Yield Corporate Bond Fund,		4,609,743			24,800,417
TOTAL MUTUAL FUNDS (Cost: $52,367,998)					49,433,376
COMMON STOCKS – 0.0%(i)
DIVERSIFIED FINANCIAL SERVICES – 0.0%(i)
Bruin Blocker LLC (Cost: $3,931)		4,367			3,931
OIL, GAS & CONSUMABLE FUELS – 0.0%(i)
Noble Corp.		76		$	1,024
Chaparral Energy, Inc.		423			18,400

See Notes to Financial Statements.

62 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
OIL, GAS & CONSUMABLE FUELS – (continued)
Total Oil, Gas & Consumable Fuels					19,424
TOTAL COMMON STOCKS (Cost: $3,930)					23,355
SHORT-TERM INVESTMENTS – 7.1%
State Street Institutional Treasury Money Market Fund – Investor Class Shares, 0.09%(k) (Cost: $62,555,045)		62,555,045			62,555,045
TOTAL INVESTMENTS – 106.4% (Cost: $981,018,219)					943,644,779
OTHER ASSETS AND LIABILITIES, NET – (6.4)%					(56,490,479)
NET ASSETS – 100.0%				$	887,154,300

(a)

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. At March 31, 2022, the value of these securities was $2,413,509, representing 0.3% of net assets.

(b)

Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At March 31, 2022, the value of these securities was $261,456,028, representing 29.5% 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)

Non-income producing.

(i)

Amount is less than 0.05%.

(j)

Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash.

(k)

The rate shown is the annualized seven-day yield at March 31, 2022.

ABS

Asset Backed Securities

CLO

Collaterlized Mortgage Obligation

CMO

Collateralized Mortgage Obligation

CMT

Constant Maturity Treasury Indexes

ETF

Exchange Traded Fund

LIBOR

Lond Interbank Offered Rate

PIK

Paid-In-Kind

REIT

Real Estate Investment Trust

REMIC

Real Estate Mortgage Investment Conduit

SOFR

Secured Overnight Funding Rate

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2022 63

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2022

PFM Multi-Manager Fixed-Income Fund (concluded)

Futures contracts open at March 31, 2022:

Description	Type		Contracts		Expiration Date		Notional Amount			Value / Net Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED – 4.4%
U.S. Treasury Ultra Bonds		Long		6,000,000		06/21/2022		$	10,627,500		$	(353,413)
U.S. Treasury 2-Year Notes		Long		2,000,000		06/30/2022			2,119,219			(23,996)
U.S. Treasury 5-Year Notes		Long		20,700,000		06/30/2022			23,740,312			(560,540)
U.S. Treasury 10-Year Notes		Long		1,800,000		06/21/2022			2,211,750			4,757
Total								$	38,698,781		$	(933,192)
CONTRACTS SOLD – (0.7)%
U.S. Treasury Long-Term Bonds		Short		(4,200,000)		06/21/2022		$	(6,302,625)		$	191,100

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*		$	—		$	205,180,529		$	—		$	205,180,529
Asset-Backed Securities			—			135,688,718			—			135,688,718
U.S. Government Agencies			—			128,992,005			—			128,992,005
Commercial Mortgage-Backed Securities			—			104,476,770			—			104,476,770
U.S. Government Obligations			—			83,612,611			—			83,612,611
Exchange-Traded Funds			78,600,988			—			—			78,600,988
Foreign Corporate Bonds*			—			57,042,708			—			57,042,708
Mutual Funds			49,433,376			—			—			49,433,376
Municipal Bonds*			—			13,076,308			—			13,076,308
Supranational Bonds			—			11,815,463			—			11,815,463
Foreign Government Obligations*			—			6,276,943			—			6,276,943
Foreign Government Agencies*			—			4,075,773			—			4,075,773
Preferred Stock*			1,827,072			—			—			1,827,072
Bank Loans*			—			967,115			—			967,115
Common Stocks
Financial			—			3,931			—			3,931
Energy			—			1,024			—			1,024
			—			18,400			—			18,400
Money Market Fund			62,555,045			—			—			62,555,045
Total Investments in Securities		$	192,416,481		$	751,228,298		$	—		$	943,644,779
Other Financial Instruments Futures Contracts(a)		$	195,857		$	—		$	—		$	195,857
Other Financial Instruments Futures Contracts(a)		$	(937,949)		$	—		$	—		$	(937,949)

(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.

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Statements of Assets and Liabilities (unaudited)

March 31, 2022

	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 $736,209,133, $654,964,245 and $981,018,219, respectively)		$	874,442,649		$	641,778,588		$	943,644,779
Foreign Currency, at Value (Cost $–, $377,405 and $–, respectively)			—			1,004,798			—
Cash			1,344			130,475			—
Receivables:
Investment Securities Sold			5,931,885			346,101			26,866,731
Dividends			219,110			1,285,840			240,786
Interest			—			291			3,801,273
Foreign Tax Reclaims			5,177			513,137			4,116
Prepaid Expenses			35,090			24,911			31,773
Net Variation Margin on Futures Contracts			—			—			72,743
Total Assets			880,635,255			645,084,141			974,662,201
Liabilities:
Due to Custodian			—			—			186,623
Payables:(1)
Investment Securities Purchased			4,479,942			341,145			86,920,015
Advisory Fees Payable			225,422			282,102			296,187
Other Accrued Expenses			92,931			167,010			105,076
Total Liabilities			4,798,295			790,257			87,507,901
Net Assets		$	875,836,960		$	644,293,884		$	887,154,300
Net Assets Consists of:
Paid-In Capital		$	717,940,182		$	645,200,992		$	933,743,656
Total Distributable Earnings (Loss)			157,896,778			(907,108)			(46,589,356)
Net Assets		$	875,836,960		$	644,293,884		$	887,154,300
Capital Shares Outstanding (no par value, unlimited shares authorized; all shares outstanding are of each Fund’s Institutional Class)			70,456,557			60,895,608			92,041,354
Net Asset Value, Offering Price and Redemption Price per Share		$	12.43		$	10.58		$	9.64

(1)

There were no fees payable to the Trust’s Independent Trustees at March 31, 2022.

See Notes to Financial Statements.

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Statements of Operations (unaudited)

For the Six Months Ended March 31, 2022

	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 $7,205, $434,485 and $–, respectively)		$	5,421,168		$	9,293,245		$	2,553,181
Interest (net of taxes withheld of $–, $– and $277, respectively)			—			—			8,430,027
Total Investment Income			5,421,168			9,293,245			10,983,208
Expenses:
Accounting Fees			43,363			47,711			127,740
Administration Fees			41,192			32,479			47,865
Advisory Fees (Note 4)			1,295,753			1,831,274			1,670,046
Audit and Tax Fees			29,359			59,338			39,814
Custodian Fees			23,260			128,119			50,841
Insurance Premiums			21,677			15,901			20,153
Legal Fees			75,160			67,421			59,425
Registration Fees			13,896			14,361			17,876
Transfer Agent Fees			18,457			18,731			19,675
Trustees Fees			39,141			27,712			33,262
Other Expenses			5,128			7,804			6,085
Total Expenses			1,606,386			2,250,851			2,092,782
Expenses Recouped			91,498			58,441			—
Net Expenses			1,697,884			2,309,292			2,092,782
Net Investment Income			3,723,284			6,983,953			8,890,426
Net Realized and Unrealized Gain (Loss) on investments:
Net Realized Gain (Loss) From:
Investments			41,491,366			14,611,282			(6,619,424)
Futures Contracts			—			—			(2,528,449)
Foreign Currency Related Transactions			—			(61,203)			—
Net Realized Gain (Loss)			41,491,366			14,550,079			(9,147,873)
Net Increase (Decrease) in Unrealized Appreciation/Depreciation From:
Investments			(19,248,105)			(88,929,788)			(50,312,533)
Futures Contracts			—			—			(249,712)
Translation of Assets and Liabilities Denominated in Foreign Currencies			—			(40,577)			—
Net Increase (Decrease) in Unrealized Appreciation/Depreciation			(19,248,105)			(88,970,365)			(50,562,245)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	25,966,545		$	(67,436,333)		$	(50,819,692)

See Notes to Financial Statements.

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Statements of Changes in Net Assets

	PFM Multi-Manger Domestic Equity Fund						PFM Multi-Manger International Equity Fund
	For the Six Months Ended March 31, 2022 (unaudited)			For the Year Ended September 30, 2021			For the Six Months Ended March 31, 2022 (unaudited)			For the Year Ended September 30, 2021
Increase in Net Assets Resulting From Operations:
Net investment income		$	3,723,284		$	7,135,911		$	6,983,953		$	7,241,533
Net Realized Gain			41,491,366			110,416,034			14,550,079			51,976,767
Net Increase (Decrease) in Unrealized Appreciation/Depreciation			(19,248,105)			97,053,620			(88,970,365)			42,113,515
Net Increase (Decrease) in Net Assets Resulting from Operations			25,966,545			214,605,565			(67,436,333)			101,331,815
Distributions from:
Distributable Earnings			(133,323,650)			(94,960,269)			(36,649,447)			(4,833,251)
Capital Share Transactions:
Proceeds from Sale of Shares			58,220,645			130,166,499			138,413,630			227,546,770
Reinvestment of Distributions			133,323,650			94,960,269			36,649,447			4,833,251
Cost of Shares Redeemed			(55,365,909)			(220,255,843)			(107,475,620)			(36,268,810)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			136,178,386			4,870,925			67,587,457			196,111,211
Net Increase (Decrease) in Net Assets			28,821,281			124,516,221			(36,498,323)			292,609,775
Net Assets:
Beginning of Period		$	847,015,679		$	722,499,458		$	680,792,207		$	388,182,432
End of Period		$	875,836,960		$	847,015,679		$	644,293,884		$	680,792,207
Shares Subscribed and Redeemed:
Shares Outstanding, Beginning of Period			60,563,989			59,485,338			56,729,207			40,027,375
Shares Subscribed			4,242,425			9,566,281			11,750,327			19,296,669
Shares Issued from Reinvestment of Distributions			10,130,976			7,933,189			3,127,086			429,241
Shares Redeemed			(4,480,833)			(16,420,819)			(10,711,012)			(3,024,078)
Shares Outstanding, End of Period			70,456,557			60,563,989			60,895,608			56,729,207

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, 2022 (unaudited)			For the Year Ended September 30, 2021
Increase in Net Assets Resulting From Operations:
Net Investment Income		$	8,890,426		$	15,251,967
Net Realized Gain (Loss)			(9,147,873)			6,530,695
Net Increase (Decrease) in Unrealized Appreciation/Depreciation			(50,562,245)			(14,160,368)
Net Increase (Decrease) in Net Assets Resulting from Operations			(50,819,692)			7,622,294
Distributions from:
Distributable Earnings			(13,049,215)			(39,290,469)
Capital Share Transactions:
Proceeds from Sale of Shares			164,544,392			276,446,503
Reinvestment of Distributions			13,049,215			39,290,469
Cost of Shares Redeemed			(49,893,760)			(144,963,301)
Net Increase in Net Assets Resulting from Capital Share Transactions			127,699,847			170,773,671
Net Increase in Net Assets			63,830,940			139,105,496
Net Assets:
Beginning of Period		$	823,323,360		$	684,217,864
End of Period		$	887,154,300		$	823,323,360
Shares Subscribed and Redeemed:
Shares Outstanding, Beginning of Period			79,243,741			63,306,790
Shares Subscribed			16,480,818			26,172,225
Shares Issued from Reinvestment of Distributions			1,289,536			3,723,737
Shares Redeemed			(4,972,741)			(13,959,011)
Shares Outstanding, End of Period			92,041,354			79,243,741

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, 2022 (unaudited)			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Period Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	13.99		$	12.15		$	11.00		$	10.76		$	10.00
Investment Operations:
Net Investment Income(2)			0.06			0.12			0.14			0.17			0.12
Net Realized and Unrealized Gain (Loss)(3)			0.52			3.58			1.32			0.17			0.64
Total from Investment Operations			0.58			3.70			1.46			0.34			0.76
Distributions from:
Net Investment Income			(0.12)			(0.15)			(0.16)			(0.08)			—
Capital gains			(2.02)			(1.71)			(0.15)			(0.02)			—
Total Distributions to Shareholders			(2.14)			(1.86)			(0.31)			(0.10)			—
Net Asset Value, End of Period		$	12.43		$	13.99		$	12.15		$	11.00		$	10.76
Total Return(4),(5)			3.30%			33.08%			13.43%			3.26%			7.60%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	875,837		$	847,016		$	722,499		$	730,457		$	594,994
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.38%			0.38%			0.39%			0.38%			0.38%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.36%			0.37%			0.39%			0.41%			0.55%
Net Investment Income			0.83%			0.91%			1.25%			1.59%			1.54%
Portfolio Turnover Rate			24%(9)			60%			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 Adviser. 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, 2022 (unaudited)			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Period Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	12.00		$	9.70		$	9.41		$	9.69		$	10.00
Investment Operations:
Net Investment Income(2)			0.11			0.15			0.08			0.23			0.15
Net Realized and Unrealized Gain (Loss)(3)			(0.94)			2.25			0.41			(0.42)			(0.46)
Total from Investment Operations			(0.83)			2.40			0.49			(0.19)			(0.31)
Distributions from:
Net Investment Income			(0.17)			(0.10)			(0.20)			(0.09)			—
Capital Gains			(0.42)			—			—			—			—
Total Distributions to Shareholders			(0.59)			(0.10)			(0.20)			(0.09)			—
Net Asset Value, End of Period		$	10.58		$	12.00		$	9.70		$	9.41		$	9.69
Total Return(4),(5)			(7.43)%			24.86%			5.09%			(1.87)%			(3.10)%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	644,294		$	680,792		$	388,182		$	397,967		$	314,739
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.63%			0.66%			0.74%			0.63%			0.63%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.61%			0.65%			0.76%			0.75%			1.09%
Net Investment Income			1.91%			1.31%			0.87%			2.54%			2.08%
Portfolio Turnover Rate			52%(9)			52%			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 Adviser. 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, 2022 (unaudited)			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Period Ended September 30, 2018(1)
Net Asset Value, Beginning of Period		$	10.39		$	10.81		$	10.55		$	10.02		$	10.00
Investment Operations:
Net Investment Income(2)			0.11			0.21			0.27			0.35			0.23
Net Realized and Unrealized Gain (Loss)(3)			(0.70)			(0.08)			0.37			0.55			(0.10)
Total from Investment Operations			(0.59)			0.13			0.64			0.90			0.13
Distributions from:
Net Investment Income			(0.11)			(0.22)			(0.29)			(0.35)			(0.11)
Capital Gains			(0.05)			(0.33)			(0.09)			(0.02)			—
Total Distributions to Shareholders			(0.16)			(0.55)			(0.38)			(0.37)			(0.11)
Net Asset Value, End of Period		$	9.64		$	10.39		$	10.81		$	10.55		$	10.02
Total Return(4),(5)			(5.76)%			1.23%			6.21%			9.17%			1.27%
Ratios/Supplemental Data:
Net Assets, End of Period (000’s omitted)		$	887,154		$	823,323		$	684,218		$	602,522		$	490,127
Ratios to Average Net Assets of:(6)
Expenses, Net of Expense Waived/Reimbursed/Recouped(7)			0.50%			0.55%			0.55%			0.55%			0.55%
Expenses, Prior to Expense Waived/Reimbursed/Recouped(7)			0.50%			0.52%			0.54%			0.55%			0.73%
Net Investment Income			2.13%			2.00%			2.60%			3.46%			3.00%
Portfolio Turnover Rate			46%(9)			107%			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 Adviser. 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, 2022, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

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

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 financial statements have been prepared in accordance 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 in determining the reported amounts of assets and liabilities, including the fair value of investments, 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, 2022, is disclosed in each Fund’s respective Schedule of Investments.

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

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NOTES TO FINANCIAL STATEMENTS (unaudited)

2. Summary of Significant Accounting Policies (continued)

Investment Valuation (continued)

determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools. The SEC recently adopted new Rule 2a-5 under the Investment Company Act, which will establish an updated regulatory framework for registered investment company valuation practices and may impact a Fund’s valuation policies. The Funds will not be required to comply with the new rule until September 8, 2022.

Equity Securities

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

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

Debt Securities

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

Futures Contracts

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

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known

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2. Summary of Significant Accounting Policies (continued)

Futures Contracts (continued)

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.

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 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 real estate investment trusts (“REITs”). 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 REIT distributions 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 as of March 31, 2022, if any, are disclosed in the Funds’ 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 period ended March 31, 2022 and for all open tax years (years ended September 30, 2019, September 30, 2020 and September 30, 2021), and has concluded that no provision for federal income tax is required in the Funds’ 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 31,2022, 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 Act)”, the Funds are permitted to carry forward capital losses incurred for an unlimited period. The following capital loss carryforward information, including any applicable limitations, is estimated as of fiscal year-end and is subject to adjustment. As of September 30, 2021, the Funds’ most recent fiscal year-end, there were no available capital loss carryforwards to offset future capital gains of the Funds.

As of March 31, 2022, 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		$	736,209,133		$	654,964,245		$	981,018,219
Unrealized appreciation		$	151,579,935		$	38,356,239		$	3,453,361
Unrealized depreciation			(13,359,703)			(51,541,896)			(41,585,939)
Net unrealized appreciation (depreciation)		$	138,220,232		$	(13,185,657)		$	(38,132,578)

During the period ended March 31, 2022, 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 Adviser

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 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:

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NOTES TO FINANCIAL STATEMENTS (unaudited)

4. Agreements (continued)

Investment Adviser (continued)

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 as of March 31, 2022 are as follows:

Fund			Sub-Advisers
PFM Multi-Manager Domestic Equity			Aristotle Atlantic Partners, LLC 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 Kayne Anderson Rudnick Investment Management, LLC Ninety One North America, Inc. 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

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%

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

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NOTES TO FINANCIAL STATEMENTS (unaudited)

4. Agreements (continued)

Investment Adviser (continued)

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 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, 2022, 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, 2022		$	144,595		$	210,103		$	—
September 30, 2023			129,416			141,724			—
Total		$	274,011		$	351,827		$	—

Distributor

PFM Fund Distributors, Inc. (“PFMFD” or, the “Distributor”) serves as the Funds’ Distributor. The Distributor is an affiliate of the Adviser. The Distributor is not separately compensated for the services it provides to the Funds.

Change in Control of Adviser and Distributor

On July 7, 2021, U.S. Bancorp Asset Management Inc. (“USBAM”), a subsidiary of U.S. Bank, National Association, entered into a definitive agreement to purchase PFMAM, as well as its subsidiary PFMFD (the “Transaction”). The Transaction was completed on December 7, 2021, following regulatory approval and satisfaction of customary closing conditions. The investment advisory agreement between PFMAM and the Trust, on behalf of the Funds, automatically terminated upon the closing of the Transaction. Following approval from the Board of the Trust, including its current trustees who are not “interested persons” as defined in the 1940 Act (the “Independent Trustees”), and the shareholders of each Fund, a new investment advisory agreement between PFMAM and the Trust, on behalf of the Funds, became effective upon the closing of the Transaction. The distribution agreement between PFMFD and the Trust, on behalf of the Funds, also automatically terminated upon the closing of the Transaction. Following approval from the Board of the Trust, including the Independent Trustees, a new distribution agreement between PFMFD and the Trust, on behalf of the Funds, became effective upon closing of the Transaction. The terms of the new investment advisory agreements and new distribution agreement are substantially identical to the previous investment advisory agreements and previous distribution agreement.

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.

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NOTES TO FINANCIAL STATEMENTS (unaudited)

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, 2022, were as follows:

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund
Non-U.S. Government Purchases		$	211,473,647		$	400,439,577
Non-U.S. Government Sales		$	210,870,252		$	367,508,503

	PFM Multi-Manager Fixed-Income Fund
U.S. Government Purchases		$	284,521,120
Non-U.S. Government Sales		$	219,677,822
U.S. Government Purchases		$	238,713,431
Non-U.S. Government Sales		$	121,548,565

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, 2022, is included in each respective Schedule of Investments. As of March 31, 2022, 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 may 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, 2022.

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, 2022 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*				$	195,858				Net Variation Margin on Futures Contracts*				$	(937,950)

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.

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NOTES TO FINANCIAL STATEMENTS (unaudited)

7. Derivative Financial Instruments (continued)

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, 2022 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				$	(2,528,449)				Futures Contracts				$	(249,712)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the period ended March 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:

			Futures Contracts – Long						Futures Contracts – Short
PFM Multi-Manager Fixed-Income Fund				$	50,473,165					$	6,112,538

8. Related Parties

As of March 31, 2022, 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.

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

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NOTES TO FINANCIAL STATEMENTS (unaudited)

9. Risks (continued)

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. No 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, 2021, the beginning of the period, and held through March 31, 2022. 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 10/1/21			Ending Account Value 3/31/22			Annualized Expense Ratio Based on the Period			Expenses Paid During the Period(1)(2) 10/1/21 to 3/31/22
PFM Multi-Manager Domestic Equity Fund
Actual		$	1,000.00		$	1,033.00		$	0.38		$	1.93
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		$	925.70		$	0.63		$	3.02
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.79		$	0.63		$	3.18
PFM Multi-Manager Fixed-Income Fund
Actual		$	1,000.00		$	942.40		$	0.50		$	2.42
Hypothetical (5% return before expenses)		$	1,000.00		$	1,022.44		$	0.50		$	2.52

(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)

Results of the Special Meeting of Shareholders — The special meeting of the shareholders of the PFM Multi-Manager Series Trust was held on November 22, 2021.

The matters voted on by the shareholders of record as of October 4, 2021 and the results of the vote at the shareholder meeting held November 22, 2021 are as follows:

1. A proposal to approve a new investment advisory agreement for each Fund.

PFM Multi-Manager Domestic Equity Fund
	Affirmative		Against		Abstain		Broker Non-Vote
		66.86%		0%		0%		0%

PFM Multi-Manager International Equity Fund
	Affirmative		Against		Abstain		Broker Non-Vote
		77.85%		0%		0%		0%

PFM Multi-Manager Fixed Income Fund
	Affirmative		Against		Abstain		Broker Non-Vote
		69.10%		0%		0%		0%

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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

(b)

Not applicable.

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, 2022, 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 this report, 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, 2022

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, 2022

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

Date:	June 3, 2022

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