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: (833) 736-6678

Date of fiscal year end: September 30

Date of reporting period: March 31, 2024

Item 1. Reports to Stockholders.

(a)

The Reports to Shareholders are attached hereto.

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PFM MULTI-MANAGER SERIES TRUST
SEMI-ANNUAL REPORT

MARCH 31, 2024

TABLE OF CONTENTS

Table of Contents

	Message from the Adviser					1
	Management Discussion of Fund Performance					3
	Schedules of Investments					6
	Financial Statements					62
	Financial Highlights					66
	Notes to Financial Statements					69
	Information About Fund Expenses					78

For further information on the PFM Multi-Manager Series Trust (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 https://www.sec.gov.

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Message from the Adviser (unaudited)

We are pleased to present the Semi-Annual Report for the PFM Multi-Manager Series Trust (Trust) and the Trust’s PFM Multi-Manager Domestic Equity Fund (Domestic Equity Fund), PFM Multi-Manager International Equity Fund (International Equity Fund) and PFM Multi-Manager Fixed-Income Fund (Fixed-Income Fund) (each a Fund and, collectively, the Funds), for the six months ended March 31, 2024.

The semi-annual period ending March 31, 2024 was marked by robust returns in equity and credit markets ending with the S&P 500 Index reaching its all-time high of 5,264 on March 28, 2024. The resilient labor market along with decelerating inflation contributed to increased optimism for an economic soft-landing scenario in the U.S. For the six months ending March 31, 2024, the S&P 500 Index returned 23.47% and MSCI All Country World Ex USA Index returned 14.90%. Bonds also performed well as the rate on 10-year Treasuries fell from a high of 4.99% observed in October 2023 to 4.20% at the end of March 2024. Within the fixed income markets, credit sectors performed well as spreads continued to tighten to multi-year lows with very low credit default and downgrade activity. For the six months ending March 31, 2024, Bloomberg Aggregate (core bonds), ICE BofA U.S. 5-10 Year Corporate (investment grade bonds) and ICE BofAML U.S. High Yield (high yield bonds) indices returned 5.99%, 8.11% and 8.68% respectively.

As 2023 progressed, inflation began to cool meaningfully from 2022 levels supporting an outlook for 75 basis points of rate cuts in 2024 based on the Fed’s dot-plots measure. For most of 2023, financial markets priced a much more aggressive rate cut path in 2024 than the Fed’s dot-plot outlook was suggesting. During the first quarter of 2024, core inflation measures surprised to the upside leading to an adjustment in market expectations to fewer than three rate cuts in 2024. Fed officials have reaffirmed that restoring price stability is the priority, but further confidence in inflation moving towards the 2.0% target is needed, which may delay the timing of rate cuts. This has led to an increase in uncertainty around Fed rate cut path in 2024 and beyond and has led to increased volatility across equity and fixed income markets in the second quarter. The 2/10 Yield curve remains inverted as short-term rates reflect the possibility of higher Fed funds rates for longer with slower economic growth later in this year and next year.

As the Fed hiked rates in the first half of 2023, there was an increased concern around possibility of a recession in the U.S. The U.S. economy defied these expectations and continued to show strong growth driven by strength in consumer spending and tailwinds from ongoing fiscal stimulus and government spending . For the fourth quarter of 2023, U.S. economy grew at an annualized rate of 3.4% driven by personal consumption expenditure growth of 3.3% (YoY) and government consumption and investment growth of 4.6% (YoY). For 2023, the U.S. economy grew at 2.5%. This was followed by much more subdued economic growth of 1.6% in the first quarter of 2024 with inventory drawdown and deteriorating trade balance offsetting healthy consumption activity. Labor markets continued to show impressive job gains and low levels of unemployment rates over this time, which has buoyed the economy in spite of the higher level of interest rates. The Unemployment rate currently stands at 3.8% (as of March 2024) with job openings continuing to exceed available labor supply by an estimated 2 million individuals. Wage gains have been slightly outpacing inflation, i.e., positive real wage growth has helped cushion consumer spending during this period of above trend inflation. We are closely watching the labor markets for any signs of weakness and are looking to recent inflation data for any signs of sustained resurgence that could impede economic growth.

Globally, central banks are nearing the start of rate cutting cycle in reaction to moderating inflation. Following the inflation surge in 2022, European Central Bank hiked rates to combat inflation. While inflation has moderated in the Eurozone, higher rates also led to a pullback in growth — for the fourth quarter of 2023, Eurozone growth declined at 0.1% (QoQ), leading to growth of 0.5% for the calendar year 2023. Japan, which has been dealing with deflation for the last 20 years, finally saw an increase in inflation and growth, which led its central bank to move away from negative interest rate regime. Japan reported 0.4% (QoQ) growth for the fourth quarter of 2023, leading to growth of 1.9% for the calendar year 2023. On the other hand, China experienced signs of deflation in recent months as growth stalled, impacted by stressed property values and a sharp slowdown in domestic consumption. China’s economy grew at 1.2% (QoQ) and 1.6% (QoQ) during last quarter of 2023 and first quarter of 2024 respectively.

Over this semi-annual period, geopolitical risks continued to remain elevated. The war between Russia and Ukraine continued and a new war in the Middle East began with the kidnapping of Israelis by Hamas in October of 2023. The conflict between Israel and Hamas has expanded to include Iran and its proxy military forces, thereby leading to concerns of a broader Middle East conflict with implications for trade, inflation, economic growth and geopolitical instability. Numerous national elections across major economies in 2024 also are expected to add to the uncertain global political landscape later this year.

Looking ahead, we believe that domestic macro-economic conditions and capital market conditions remain generally supportive of moderate economic growth and avoidance of near-term recession in the U.S. Globally, weakness in China’s recovery is expected to weigh on growth, particularly in several interdependent emerging market economies with significant trade relations. Europe’s economic recovery has been much slower and more mixed than the U.S., but

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 1

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labor market strength and moderating inflation offer some hopeful signs for Eurozone growth. At this time we are closely monitoring the following capital market risks: (a) inflation that could prove to be stickier and more stubborn than the Fed’s base case outlook (b) geopolitical tensions and upcoming elections that could lead to unexpected political outcomes at regional or global level, (c) rising fiscal deficit in the U.S. with possible impacts on longer term rates and post WWII record levels of Federal government debt, (d) any pockets of idiosyncratic risk within financial markets as a result of commercial real estate stress and other highly leveraged sectors of the economy negatively impacted by higher level of interest rates and finally (e) China’s economic slowdown and geopolitical tensions with the U.S. that could have implications for global manufacturing supply chains and trade. Our base case remains as one of continued moderate economic growth with inflation continuing to abate gradually over time. The path to the Fed’s 2.0% inflation target has proven bumpier and slower than had been anticipated by many in 2023. This bumpy pattern may play out longer which could lead inflation settling at a higher rate than the levels seen during pre-COVID time period.

Respectfully,

PFM Asset Management LLC

April 30, 2024

2 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

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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, 2024: Aristotle Atlantic Partners, LLC, Jacobs Levy Equity Management, Inc. 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, 2024, the Domestic Equity Fund returned 22.80%, underperforming the Russell 3000 Index return of 23.30% for the same period. The underperformance was largely due to Vaughan Nelson Investment Management, L.P. and Jacobs Levy Equity Management, Inc. underperforming their respective benchmarks. The Fund’s slight overweight to small caps also had a negative impact on performance. Aristotle Atlantic Partners, LLC outperformed their respective benchmark during this time.

	Fund Assets Managed As of 3/31/24
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Aristotle Atlantic Partners, LLC.		7.6		84.0	Active U.S. All-Cap
Jacobs Levy Equity Management, Inc.		5.0		55.1	Active U.S. Small-Cap
Vaughan Nelson Investment Management, L.P.		10.8		119.6	Active U.S. All-Cap

Note: Fund assets % column does not add up to 100% due to assets invested in ETFs and/or mutual funds, Fund level cash and rounding differences.

Sector Diversification	%
Communication Services		8.2
Consumer Discretionary		10.8
Consumer Staples		5.2
Energy		3.9
Financials		14.1
Health Care		12.1
Industrials		10.4
Information Technology		27.3
Materials		2.8
Real Estate		2.7
Utilities		1.9
Cash Equivalents and Other		0.7

Note: Percentages above are inclusive of any underlying exposures within ETFs and/or mutual funds and may differ from percentages reflected in the Schedule of Investments. Due to rounding, the Diversification % column may not add up to 100%.

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, 2024: 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. and WCM Investment Management LLC. The Fund also held positions in the iShares Core MSCI Total International ETF and iShares MSCI Emerging Markets ex China ETF.

For the six months ending March 31, 2024, the International Equity Fund returned 16.21%, outperforming the MSCI All Country World ex-U.S. Index return of 14.90% for the same period. Active managers Acadian Asset Management LLC, WCM Investment Management LLC, and Ninety One North America, Inc. contributed the most toward outperformance during this period while the allocation to Aristotle Capital Management, LLC detracted. Schroders Investment Management North America, Inc. and Kayne Anderson Rudnick Investment Management, LLC also had negative impacts on overall performance despite outperforming their respective benchmarks during this period.

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	Fund Assets Managed As of 3/31/24
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Acadian Asset Management LLC.		6.4		53.3	Active International Developed Markets
Aristotle Capital Management, LLC		12.2		102.0	Active International Developed Markets
Kayne Anderson Rudnick Investment Management, LLC.		5.0		41.9	Active International Small-Cap
Ninety One North America, Inc.		16.1		134.6	Active Total International Markets
Schroders Investment Management North America Inc.		4.9		40.6	Active Emerging Markets
WCM Investment Management LLC.		10.5		87.6	Active Total International Markets

Note: Fund assets % column does not add up to 100% due to assets invested in ETFs and/or mutual funds, Fund level cash and rounding differences.

Region Diversification	%
Europe & Middle East ex-UK		35.2
UK		10.7
Pacific ex-Japan		6.3
Japan		12.6
North America		6.8
EM Europe, Middle East & Africa		3.0
EM Asia		18.9
EM Latin America		3.8
Cash Equivalents and Other		2.6

Sector Diversification	%
Communication Services		4.4
Consumer Discretionary		13.1
Consumer Staples		5.8
Energy		4.7
Financials		18.9
Health Care		8.9
Industrials		16.4
Information Technology		16.4
Materials		6.1
Real Estate		1.7
Utilities		1.7
Cash Equivalents and Other		1.9

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, derivatives and other instruments that have similar economic characteristics. The Fund allocated assets to the following separate account sub-advisers as of March 31, 2024: Brown Brothers Harriman & Co., PineBridge Investments LLC, PGIM, Inc., and Teachers Advisors, LLC. The Fund also held positions in the BrandywineGlobal High Yield Fund, iShares 10-20 Year Treasury ETF, iShares Core U.S. Aggregate Bond ETF and Mainstay Mackay High Yield Corporate Fund.

For the six months ending March 31, 2024, the Fixed Income Fund returned 6.41%, outperforming the Bloomberg U.S. Aggregate Index return of 5.99% for the same period. The outperformance was mainly due to the active selection in PGIM, Inc. and Teachers Advisors, LLC. Additionally, an overweight to corporate credit through PineBridge Investments LLC and the high yield mutual funds added to relative returns.

	Fund Assets Managed As of 3/31/24
Investment Sub-Adviser	(%)		($ Million)		Investment Strategy
Brown Brothers Harriman & Co.		7.2		90.5	Active Securitized Assets
PineBridge Investments LLC		5.0		63.7	Active Investment Grade Credit
PGIM, Inc.		32.2		407.4	Active Investment Grade Core
Teachers Advisors, LLC		32.2		406.8	Active Investment Grade Core

Note: Fund assets % column does not add up to 100% due to assets invested in ETFs and/or mutual funds, Fund level cash and rounding differences.

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Credit Quality Diversification	%
AAA/Aaa		15.1
AA/Aa		43.4
A		14.3
BBB/Baa		15.7
BB/Ba		4.1
B		2.6
Below B		0.4
Cash/Not Rated		4.3

Note: Percentages above represent the middle rating assigned in the instance of multiple ratings from different rating agencies or lowest when two ratings available. Due to rounding, the Diversification % column may not add up to 100%.

Sector Diversification	%
U.S. Government & Related		22.2
Municipal/Local Authority		1.8
Asset-Backed Securities		8.9
Agency Mortgage-Backed Securities or Collateralized Mortgage Obligations		20.2
Non-Agency Residential Mortgage-Backed Securities		1.8
Commercial Mortgage-Backed Securities		7.2
Investment Grade Corporate		25.8
High Yield Corporate		6.2
Collateralized Loan Obligations		3.1
Emerging Market Debt		1.3
Cash Equivalents and Other		1.6

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 5

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Schedule of Investments (unaudited)

March 31, 2024

PFM MULTI-MANAGER DOMESTIC EQUITY FUND

Investments	Shares		Value
COMMON STOCKS – 23.1%
COMMUNICATION SERVICES – 1.9%
Alphabet, Inc. – Class A(b)		68,814		$	10,386,096
Eventbrite, Inc. – Class A(b)		5,700			31,236
Integral Ad Science Holding Corp.(b)		5,582			55,653
John Wiley & Sons, Inc. – Class A		9,436			359,795
Madison Square Garden Sports Corp.(b)		2,040			376,421
Meta Platforms, Inc. – Class A		5,870			2,850,355
Netflix, Inc.(b)		1,564			949,864
PubMatic, Inc. – Class A(b)		1,000			23,720
Scholastic Corp.		11,614			437,964
Walt Disney Co.		42,000			5,139,119
Yelp, Inc.(b)		15,959			628,785
ZipRecruiter, Inc. – Class A(b)		8,546			98,194
Total Communication Services					21,337,202
CONSUMER DISCRETIONARY – 2.7%
Aaron’s Co., Inc.		2,730			20,475
Advance Auto Parts, Inc.		10,109			860,175
Amazon.com, Inc.(b)		59,101			10,660,637
American Axle & Manufacturing Holdings, Inc.(b)		56,241			413,934
American Public Education, Inc.(b)		3,906			55,465
Cavco Industries, Inc.(b)		1,698			677,604
Chegg, Inc.(b)		25,976			196,638
Dana, Inc.		30,239			384,035
Designer Brands, Inc. – Class A		4,050			44,267
Expedia Group, Inc.(b)		6,166			849,367
Foot Locker, Inc.		19,367			551,960
General Motors Co.		22,705			1,029,672
GoPro, Inc. – Class A(b)		20,812			46,411
Green Brick Partners, Inc.(b)		2,599			156,538
Home Depot, Inc. (The)		4,748			1,821,333
iRobot Corp.(b)		19,553			171,284
Marriott International, Inc. – Class A		5,506			1,389,219
Meritage Homes Corp.		5,896			1,034,512
Movado Group, Inc.		5,696			159,089
O’Reilly Automotive, Inc.(b)		5,571			6,288,989
Phinia, Inc.		20,830			800,497
PlayAGS, Inc.(b)		9,119			81,889
Sleep Number Corp.(b)		15,994			256,384
Sonic Automotive, Inc. – Class A		8,675			493,955
Sonos, Inc.(b)		39,234			747,800
Stride, Inc.(b)		1,023			64,500

Investments	Shares		Value
COMMON STOCKS – (continued)
CONSUMER DISCRETIONARY – (continued)
Superior Group of Cos., Inc.		1,165		$	19,246
Tri Pointe Homes, Inc.(b)		21,872			845,572
Universal Electronics, Inc.(b)		1,484			14,855
Worthington Enterprises, Inc.		5,767			358,880
Total Consumer Discretionary					30,495,182
CONSUMER STAPLES – 0.9%
Andersons, Inc. (The)		10,029			575,364
Calavo Growers, Inc.		8,548			237,720
Costco Wholesale Corp.		2,987			2,188,366
Darling Ingredients, Inc.(b)		29,884			1,389,905
Estee Lauder Cos., Inc. (The) – Class A		28,844			4,446,302
Fresh Del Monte Produce, Inc.		1,322			34,253
Medifast, Inc.		4,885			187,193
SpartanNash Co.		12,297			248,522
USANA Health Sciences, Inc.(b)		4,002			194,097
Vector Group Ltd.		43,682			478,755
WK Kellogg Co.		4,880			91,744
Total Consumer Staples					10,072,221
ENERGY – 0.9%
Antero Resources Corp.(b)		26,556			770,124
California Resources Corp.		782			43,088
CONSOL Energy, Inc.		1,630			136,529
CVR Energy, Inc.		11,275			402,067
Halliburton Co.		31,741			1,251,230
Helix Energy Solutions Group, Inc.(b)		11,052			119,804
Hess Corp.		16,100			2,457,503
Kosmos Energy Ltd.(b)		415,230			2,474,770
Magnolia Oil & Gas Corp. − Class A		19,844			514,952
Oil States International, Inc.(b)		25,755			158,651
Par Pacific Holdings, Inc.(b)		14,581			540,372
REX American Resources Corp.(b)		4,912			288,384
World Kinect Corp.		13,438			355,435
Total Energy					9,512,909
FINANCIALS – 3.7%
Ameriprise Financial, Inc.		3,979			1,744,553
AMERISAFE, Inc.		1,601			80,322
Bank of America Corp.		41,161			1,560,825
BankUnited, Inc.		19,692			551,376
Berkshire Hathaway, Inc. – Class B(b)		10,665			4,484,846
Berkshire Hills Bancorp, Inc.		15,621			358,033
Bread Financial Holdings, Inc.		10,445			388,972

See Notes to Financial Statements.

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Schedule of Investments (unaudited)

March 31, 2024

PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
FINANCIALS – (continued)
Brightsphere Investment Group, Inc.		8,909		$	203,482
Chubb Ltd.		5,977			1,548,820
Customers Bancorp, Inc.(b)		7,963			422,517
Donnelley Financial Solutions, Inc.(b)		8,949			554,927
Employers Holdings, Inc.		9,503			431,341
Enova International, Inc.(b)		3,771			236,932
EZCORP, Inc. – Class A(b)		52,016			589,341
FB Financial Corp.		4,383			165,064
First BanCorp/Puerto Rico		25,087			440,026
Green Dot Corp. – Class A(b)		20,439			190,696
Hanmi Financial Corp.		3,588			57,121
Hilltop Holdings, Inc.		13,559			424,668
Horace Mann Educators Corp.		7,718			285,489
Intercontinental Exchange, Inc.		45,516			6,255,264
Jackson Financial, Inc. – Class A		10,619			702,341
JPMorgan Chase & Co.		39,178			7,847,353
Kinsale Capital Group, Inc.		7,810			4,098,219
LendingTree, Inc.(b)		6,203			262,635
Lincoln National Corp.		17,190			548,877
Mercury General Corp.		9,180			473,688
Moelis & Co. – Class A		2,130			120,920
Mr Cooper Group, Inc.(b)		9,986			778,409
Northfield Bancorp, Inc.		8,557			83,174
OFG Bancorp		2,687			98,908
Payoneer Global, Inc.(b)		71,114			345,614
Perella Weinberg Partners		10,682			150,937
PRA Group, Inc.(b)		15,242			397,511
Primis Financial Corp.		591			7,192
ProAssurance Corp.		19,412			249,638
PROG Holdings, Inc.		5,056			174,129
Safety Insurance Group, Inc.		2,974			244,433
Southside Bancshares, Inc.		2,588			75,647
Stewart Information Services Corp.		4,070			264,794
StoneX Group, Inc.(b)		6,561			460,976
Tompkins Financial Corp.		459			23,083
Trustmark Corp.		7,981			224,346
United Fire Group, Inc.		4,864			105,889
Visa, Inc. – Class A		6,235			1,740,064
Total Financials					40,453,392
HEALTH CARE – 2.7%
Abbott Laboratories		9,515			1,081,475
Adaptive Biotechnologies Corp.(b)		90,980			292,046
Addus HomeCare Corp.(b)		4,060			419,560

Investments	Shares		Value
COMMON STOCKS – (continued)
HEALTH CARE – (continued)
Alector, Inc.(b)		22,953		$	138,177
American Well Corp. – Class A(b)		25,133			20,375
Amphastar Pharmaceuticals, Inc.(b)		12,157			533,814
Atea Pharmaceuticals, Inc.(b)		2,900			11,716
Becton Dickinson & Co.		4,561			1,128,619
Bio-Techne Corp.		15,370			1,081,894
Catalyst Pharmaceuticals, Inc.(b)		29,227			465,878
Cigna Group/The		4,489			1,630,360
Corcept Therapeutics, Inc.(b)		24,723			622,772
Danaher Corp.		19,250			4,807,110
Dexcom, Inc.(b)		29,710			4,120,777
Eli Lilly & Co.		826			642,595
Embecta Corp.		22,813			302,729
Enanta Pharmaceuticals, Inc.(b)		918			16,028
FibroGen, Inc.(b)		10,015			23,535
Guardant Health, Inc.(b)		24,744			510,469
Harmony Biosciences Holdings, Inc.(b)		7,291			244,832
HealthStream, Inc.		11,463			305,604
Ironwood Pharmaceuticals, Inc.(b)		45,320			394,737
iTeos Therapeutics, Inc.(b)		1,794			24,470
Personalis, Inc.(b)		9,100			13,559
Phibro Animal Health Corp. – Class A		9,405			121,607
Poseida Therapeutics, Inc.(b)		5,200			16,588
PTC Therapeutics, Inc.(b)		6,462			187,980
REGENXBIO, Inc.(b)		5,796			122,122
Rigel Pharmaceuticals, Inc.(b)		34,403			50,916
Sarepta Therapeutics, Inc.(b)		497			64,342
Semler Scientific, Inc.(b)		1,906			55,674
Sight Sciences, Inc.(b)		4,775			25,212
Surmodics, Inc.(b)		5,656			165,947
Sutro Biopharma, Inc.(b)		17,000			96,050
Tandem Diabetes Care, Inc.(b)		16,419			581,397
Teleflex, Inc.		4,079			922,547
Thermo Fisher Scientific, Inc.		2,237			1,300,167
Vanda Pharmaceuticals, Inc.(b)		28,387			116,671
Veradigm, Inc.(b)		16,244			125,079
Vertex Pharmaceuticals, Inc.(b)		2,724			1,138,659
Vir Biotechnology, Inc.(b)		5,850			59,261
Xencor, Inc.(b)		1,000			22,130
Zimvie, Inc.(b)		1,907			31,446
Zoetis, Inc.		33,200			5,617,772
Total Health Care					29,654,698

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 7

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
INDUSTRIALS – 2.6%
Alamo Group, Inc.		1,706		$	389,531
AMETEK, Inc.		11,139			2,037,323
Apogee Enterprises, Inc.		13,349			790,261
ArcBest Corp.		6,015			857,138
Argan, Inc.		2,736			138,277
Astec Industries, Inc.		6,392			279,394
Barnes Group, Inc.		11,013			409,133
Boise Cascade Co.		6,612			1,014,082
Chart Industries, Inc.(b)		5,692			937,586
CSG Systems International, Inc.		5,538			285,429
DNOW, Inc.(b)		11,138			169,298
Enviri Corp.(b)		8,728			79,861
GMS, Inc.(b)		8,517			829,045
Heartland Express, Inc.		9,953			118,839
Heidrick & Struggles International, Inc.		13,859			466,494
Honeywell International, Inc.		5,501			1,129,080
Hub Group, Inc. – Class A		1,818			78,574
Hyster-Yale Materials Handling, Inc.		1,333			85,539
Insteel Industries, Inc.		5,032			192,323
Interface, Inc.		21,259			357,576
Kelly Services, Inc. – Class A		8,795			220,227
Korn Ferry		9,980			656,285
Lyft, Inc. – Class A(b)		22,812			441,412
NEXTracker, Inc. – Class A(b)		1,309			73,657
Norfolk Southern Corp.		6,570			1,674,496
Powell Industries, Inc.		3,651			519,537
Proto Labs, Inc.(b)		8,047			287,680
Resources Connection, Inc.		16,494			217,061
REV Group, Inc.		3,320			73,339
RXO, Inc.(b)		27,662			604,968
Saia, Inc.(b)		10,920			6,388,200
Shyft Group, Inc.		9,643			119,766
SkyWest, Inc.(b)		5,660			390,993
Spirit AeroSystems Holdings, Inc. – Class A(b)		16,724			603,235
Titan International, Inc.(b)		12,196			151,962
Trane Technologies PLC		5,357			1,608,171
Trinity Industries, Inc.		6,716			187,041
TrueBlue, Inc.(b)		17,714			221,779
Union Pacific Corp.		15,840			3,895,531
Vestis Corp.		5,227			100,724
Viad Corp.(b)		5,167			204,045
Total Industrials					29,284,892

Investments	Shares		Value
COMMON STOCKS – (continued)
INFORMATION TECHNOLOGY – 6.1%
8x8, Inc.(b)		12,600		$	34,020
A10 Networks, Inc.		37,183			509,035
Accenture PLC – Class A		15,436			5,350,273
Adeia, Inc.		25,722			280,884
ADTRAN Holdings, Inc.		34,478			187,560
Alpha & Omega Semiconductor Ltd.(b)		5,631			124,107
Apple, Inc.		21,579			3,700,367
Applied Materials, Inc.		7,662			1,580,134
Box, Inc. – Class A(b)		29,072			823,319
Broadcom, Inc.		2,096			2,778,059
CommScope Holding Co., Inc.(b)		17,373			22,759
Digital Turbine, Inc.(b)		39,533			103,576
DigitalOcean Holdings, Inc.(b)		1,404			53,605
Domo, Inc. – Class B(b)		9,949			88,745
DoubleVerify Holdings, Inc.(b)		22,787			801,191
Dropbox, Inc. – Class A(b)		16,725			406,418
DXC Technology Co.(b)		36,852			781,631
DZS, Inc.(b)		2,372			3,131
eGain Corp.(b)		980			6,321
Expensify, Inc. – Class A(b)		20,941			38,531
FARO Technologies, Inc.(b)		218			4,689
MaxLinear, Inc.(b)		24,238			452,523
MeridianLink, Inc.(b)		918			17,167
Microsoft Corp.		33,844			14,238,849
Monolithic Power Systems, Inc.		8,075			5,470,168
NVIDIA Corp.		13,424			12,129,390
ON Semiconductor Corp.(b)		51,700			3,802,535
ON24, Inc.		4,432			31,644
Oracle Corp.		9,100			1,143,051
PC Connection, Inc.		1,479			97,510
Rimini Street, Inc.(b)		4,498			14,663
Salesforce, Inc.		12,745			3,838,539
ScanSource, Inc.(b)		19,414			854,993
ServiceNow, Inc.(b)		2,127			1,621,625
SMART Global Holdings, Inc.(b)		21,449			564,538
Snowflake, Inc. – Class A(b)		22,315			3,606,104
Squarespace, Inc. – Class A(b)		4,123			150,242
Synopsys, Inc.(b)		1,762			1,006,983
Viavi Solutions, Inc.(b)		3,775			34,315
Weave Communications, Inc.(b)		2,001			22,971
Xperi, Inc.(b)		27,351			329,853
Total Information Technology					67,106,018

See Notes to Financial Statements.

8 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM MULTI-MANAGER DOMESTIC EQUITY FUND (concluded)

Investments	Shares		Value
COMMON STOCKS – (continued)
MATERIALS – 0.8%
Alpha Metallurgical Resources, Inc.		677		$	224,202
Avery Dennison Corp.		6,989			1,560,294
Clearwater Paper Corp.(b)		745			32,579
Louisiana-Pacific Corp.		1,768			148,353
Mercer International, Inc.		14,322			142,504
Olympic Steel, Inc.		2,466			174,790
Sherwin-Williams Co. (The)		14,245			4,947,716
SunCoke Energy, Inc.		17,402			196,121
Sylvamo Corp.		8,134			502,193
Warrior Met Coal, Inc.		12,560			762,392
Total Materials					8,691,144
REAL ESTATE – 0.6%
Acadia Realty Trust		24,565			417,851
Alexandria Real Estate Equities, Inc.		5,414			697,919
Armada Hoffler Properties, Inc.		7,556			78,582
Chatham Lodging Trust		30,053			303,836
Community Healthcare Trust, Inc.		1,264			33,559
Compass, Inc. – Class A(b)		11,321			40,756
Douglas Elliman, Inc.		13,688			21,627
Easterly Government Properties, Inc.		28,800			331,488
Forestar Group, Inc.(b)		7,578			304,560
Prologis, Inc.		29,104			3,789,922
Redfin Corp.(b)		12,043			80,086
Sunstone Hotel Investors, Inc.		15,601			173,795
Xenia Hotels & Resorts, Inc.		29,715			446,022
Total Real Estate					6,720,003
UTILITIES – 0.2%
American Water Works Co., Inc.		5,482			669,955

Investments	Shares		Value
COMMON STOCKS – (continued)
UTILITIES – (continued)
Chesapeake Utilities Corp.		4,753		$	509,997
Montauk Renewables, Inc.(b)		11,090			46,134
NextEra Energy, Inc.		17,028			1,088,260
Northwest Natural Holding Co.		8,861			329,806
Total Utilities					2,644,152
TOTAL COMMON STOCKS (Cost $210,957,642)					255,971,813
EXCHANGE-TRADED FUNDS – 76.2%
Vanguard Total Stock Market ETF(a)		3,257,291			846,569,931
TOTAL EXCHANGE-TRADED FUNDS (Cost $634,733,982)					846,569,931
SHORT-TERM INVESTMENTS – 0.7%
BlackRock Liquidity FedFund – Institutional Class, 5.20%(c)		7,794,589			7,794,589
TOTAL SHORT-TERM INVESTMENTS (Cost $7,794,589)					7,794,589
TOTAL INVESTMENTS – 100.0% (Cost $853,474,024)					1,110,336,333
OTHER ASSETS AND LIABILITIES, NET – 0.0%(d)					(143,498)
NET ASSETS – 100.0%				$	1,110,192,835

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

Non-income producing security.

(c)

The rate shown is the annualized seven-day yield at March 31, 2024.

(d)

Represents less than 0.05% of net assets.

ETF

Exchange-Traded Fund

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024 (see Note 2 to the Financial Statements):

PFM Multi-Manager Domestic Equity Fund

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks*		$	255,971,813		$	—		$	—		$	255,971,813
Exchange-Traded Funds			846,569,931			—			—			846,569,931
Money Market Fund			7,794,589			—			—			7,794,589
Total Investments		$	1,110,336,333		$	—		$	—		$	1,110,336,333

See Schedule of Investments for additional detailed categorization.

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 9

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund

Investments	Shares		Value
COMMON STOCKS – 53.0%
AUSTRALIA – 1.9%
Ampol Ltd.		12,215		$	316,894
ANZ Group Holdings Ltd.		28,491			545,882
Aristocrat Leisure Ltd.		105,652			2,960,788
Aspen Group Ltd.		12,481			13,750
Atlassian Corp. – Class A(a)		15,944			3,110,833
Base Resources Ltd.		163,136			12,219
BlueScope Steel Ltd.		46,164			718,325
Brambles Ltd.		133,735			1,410,110
Clarity Pharmaceuticals Ltd.(a)		5,844			10,474
Clarity Pharmaceuticals Ltd.(a)		752			98
Cochlear Ltd.		2,982			655,938
Codan Ltd.		10,628			75,287
DGL Group Ltd.(a)		20,623			9,003
GR Engineering Services Ltd.		29,714			44,150
Horizon Oil Ltd.		215,936			25,350
JB Hi-Fi Ltd.		32,699			1,369,214
Lycopodium Ltd.		4,011			30,583
Macmahon Holdings Ltd.		136,065			19,967
Mount Gibson Iron Ltd.(a)		70,521			19,768
New Hope Corp. Ltd.		5,086			15,413
Northern Star Resources Ltd.		5,085			48,536
Nufarm Ltd.		4,508			16,204
oOh!media Ltd.		1,479,858			1,717,770
Santos Ltd.		276,769			1,397,908
Sierra Rutile Holdings Ltd.(a)		10,352			810
Wagners Holding Co., Ltd.(a)		9,659			6,141
Whitehaven Coal Ltd.		51,275			237,240
Total Australia					14,788,655
AUSTRIA – 0.5%
ANDRITZ AG		7,437			463,768
Erste Group Bank AG		51,184			2,279,185
Fabasoft AG		473			10,154
Palfinger AG		231			5,741
Raiffeisen Bank International AG		9,646			192,642
RHI Magnesita NV		2,785			123,775
Zumtobel Group AG		1,953			12,145
Total Austria					3,087,410
BELGIUM – 0.0%(b)
Colruyt Group N.V		366			16,880
BERMUDA – 0.3%
Arch Capital Group Ltd.(a)		26,320			2,433,021
BRAZIL – 0.9%
B3 SA – Brasil Bolsa Balcao		518,228			1,239,928
Banco BTG Pactual SA		34,202			249,113

Investments	Shares		Value
COMMON STOCKS – (continued)
BRAZIL – (continued)
Centrais Eletricas Brasileiras SA		15,847		$	131,663
Embraer SA(a)		21,141			140,620
Energisa SA		13,400			128,245
Equatorial Energia SA		28,634			186,691
Localiza Rent a Car SA		20,545			225,219
Lojas Renner SA		60,015			202,587
NU Holdings Ltd. – Class A(a)		192,151			2,292,361
Petroleo Brasileiro SA – ADR		31,425			477,974
PRIO SA		27,970			270,922
Raia Drogasil SA		40,070			219,549
Rede D’Or Sao Luiz SA(c)		21,548			108,612
Vale SA – ADR		35,426			431,843
XP, Inc. – Class A		8,913			228,708
YDUQS Participacoes SA		438,277			1,583,439
Total Brazil					8,117,474
BRITAIN – 7.7%
3i Group PLC		66,617			2,359,833
4imprint Group PLC		180			14,424
AJ Bell PLC		250,019			953,786
Ashtead Group PLC		68,475			4,867,272
AstraZeneca PLC		40,662			5,474,769
Auto Trader Group PLC(c)		196,494			1,735,173
BAE Systems PLC		180,880			3,080,928
Barclays PLC		1,048,941			2,437,482
Barclays PLC – ADR		24,231			228,983
BP PLC – ADR		10,742			404,759
BP PLC		492,909			3,097,107
Centrica PLC		247,926			399,253
Cerillion PLC		963			18,778
Coca-Cola Europacific Partners PLC		41,200			2,881,940
Compass Group PLC		55,170			1,616,869
Costain Group PLC		35,140			33,229
dotdigital group PLC		46,816			50,802
FDM Group Holdings PLC		230,777			999,557
Ferguson PLC		12,570			2,751,304
Forterra PLC(c)		195,911			425,807
Gamma Communications PLC		1,182			20,408
GSK PLC – ADR		12,574			539,047
GSK PLC		103,700			2,227,157
Haleon PLC		632,200			2,653,168
Howden Joinery Group PLC		116,703			1,334,497
Ibstock PLC(c)		227,758			433,371
IntegraFin Holdings PLC		290,694			1,018,943

See Notes to Financial Statements.

10 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
BRITAIN – (continued)
Intermediate Capital Group PLC		67,451		$	1,752,814
Kier Group PLC(a)		21,387			35,565
London Stock Exchange Group PLC		14,713			1,762,302
Mortgage Advice Bureau Holdings Ltd.		82,719			952,716
Odfjell Technology Ltd.		9,968			59,614
Record PLC		7,638			6,157
Rentokil Initial PLC		346,300			2,066,612
Rightmove PLC		271,522			1,881,805
Rio Tinto PLC		36,659			2,326,216
Rio Tinto PLC – ADR		1,773			113,011
Rolls-Royce Holdings PLC(a)		472,042			2,538,555
Sage Group PLC (The)		41,201			657,996
Schroders PLC		7,245			34,516
Shell PLC		5,757			191,009
Unilever PLC		37,400			1,877,077
Victorian Plumbing Group PLC		378,252			378,593
Whitbread PLC		2,134			89,388
Total Britain					58,782,592
CANADA – 2.5%
ADENTRA, Inc.		1,180			35,725
Brookfield Corp.		97,600			4,083,990
CAE, Inc.(a)		54,305			1,121,340
Cameco Corp.		77,000			3,333,417
Canadian Natural Resources Ltd.		23,190			1,769,018
Canadian Pacific Kansas City Ltd.		51,280			4,521,357
Canfor Pulp Products, Inc.(a)		2,421			3,021
Cascades, Inc.		4,000			29,205
CES Energy Solutions Corp.		10,400			36,163
Coveo Solutions, Inc.(a)		2,100			15,937
Lucara Diamond Corp.(a)		48,000			11,162
Lucero Energy Corp.(a)		45,000			21,594
Magna International, Inc.		37,900			2,064,627
Martinrea International, Inc.		16,079			144,344
Melcor Developments Ltd.		2,000			16,965
Mullen Group Ltd.		14,266			152,923
Parkland Corp.(a)		4,300			136,947
Pason Systems, Inc.		60,636			700,120
Softchoice Corp.		2,200			29,040
Thomson Reuters Corp.		11,740			1,827,022
Transat AT, Inc.(a)		8,800			24,882
Waste Connections, Inc.		11,870			2,041,759
Total Canada					22,120,558

Investments	Shares		Value
COMMON STOCKS – (continued)
CHILE – 0.0%(b)
Antofagasta PLC		6,757		$	174,431
Banco de Chile		958,247			106,606
Banco Santander Chile – ADR		5,169			102,501
Sociedad Quimica y Minera de Chile SA – ADR		1,899			93,355
Total Chile					476,893
CHINA – 2.0%
Alibaba Group Holding Ltd.		143,416			1,294,303
Anhui Gujing Distillery Co., Ltd. – Class B		17,800			250,539
Beijing Roborock Technology Co., Ltd. – Class A		31,493			1,490,274
China Construction Bank Corp. – Class H		492,000			296,978
China Pacific Insurance Group Co., Ltd. – Class H		111,400			195,297
China Petroleum & Chemical Corp. – Class H		514,000			291,823
Flat Glass Group Co., Ltd. – Class H		97,000			235,739
Fuyao Glass Industry Group Co., Ltd. – Class H(c)		80,400			404,894
H World Group Ltd. – ADR		14,695			568,697
Haier Smart Home Co., Ltd. – Class H		206,800			644,028
Haitian International Holdings Ltd.		511,314			1,486,681
Innovent Biologics, Inc.(a)(c)		65,500			316,109
Kinetic Development Group Ltd.		329,182			33,227
Kweichow Moutai Co., Ltd. – Class A		16			3,773
Kweichow Moutai Co., Ltd. – Class A		7,837			1,847,930
Lenovo Group Ltd.		288,000			333,843
Modern Land China Co., Ltd.(a)		430,000			1,154
Natural Food International Holding Ltd.(a)		174,681			11,169
NetEase, Inc.		143,900			2,990,510
New Hope Service Holdings Ltd.		71,000			14,052
PICC Property & Casualty Co., Ltd. – Class H		274,000			361,296
Ping An Insurance Group Co. of China Ltd. – Class H		410,000			1,744,171
Shenzhou International Group Holdings Ltd.		42,800			406,009
Tencent Holdings Ltd.		57,000			2,224,407

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 11

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
CHINA – (continued)
Trip.com Group Ltd. – ADR(a)		15,197		$	666,996
Tsingtao Brewery Co., Ltd. – Class H		44,000			302,910
Yangzijiang Shipbuilding Holdings Ltd.		172,100			243,495
Total China					18,660,304
DENMARK – 2.1%
AP Moller – Maersk A/S – Class B		266			345,855
Carlsberg AS – Class B		14,767			2,023,272
Columbus AS		10,488			12,198
Demant A/S(a)		6,167			307,453
North Media A/S		743			6,919
Novo Nordisk A/S		105,557			13,521,420
Pandora A/S		4,531			731,866
ROCKWOOL A/S – Class B		1,233			406,947
Total Denmark					17,355,930
FINLAND – 0.0%(b)
Wartsila OYJ Abp		17,049			258,988
FRANCE – 4.8%
AKWEL SADIR		736			11,688
Alten SA		11,195			1,631,826
Amundi SA(c)		26,600			1,825,023
AXA SA		74,891			2,812,069
CBo Territoria		4,714			18,868
Cie de Saint-Gobain SA		26,695			2,070,092
Cie Generale des Etablissements Michelin SCA		71,600			2,745,157
Dassault Aviation SA		2,936			646,173
Elis SA		5,844			132,711
Eurazeo SE		5,725			501,507
Gaztransport Et Technigaz SA		8,634			1,291,411
Hermes International SCA		381			976,749
HEXAOM SA(a)		756			17,291
Kaufman & Broad SA		1,203			35,035
L’Oreal SA		4,090			1,939,738
LVMH Moet Hennessy Louis Vuitton SE		10,342			9,353,720
NRJ Group		1,377			11,677
Publicis Groupe SA		1,644			179,162
Rexel SA		22,896			617,881
Safran SA		28,600			6,476,212
Schneider Electric SE		7,860			1,777,405
Sopra Steria Group SACA		1,464			354,203

Investments	Shares		Value
COMMON STOCKS – (continued)
FRANCE – (continued)
TotalEnergies SE		39,600		$	2,722,904
Vicat SACA		495			19,519
Total France					38,168,021
GERMANY – 2.9%
Brockhaus Technologies AG(a)(c)		1,341			31,541
Continental AG		1,031			74,417
Daimler Truck Holding AG		298			15,096
Deutsche Bank AG		21,371			336,149
Deutsche Boerse AG		2,369			484,723
Deutz AG		18,139			115,177
Heidelberg Materials AG		6,044			664,822
HOCHTIEF AG		3,102			360,440
Hypoport SE(a)		1,627			413,826
Infineon Technologies AG		46,496			1,580,669
KION Group AG		33,952			1,786,901
Knorr-Bremse AG		281			21,253
Krones AG		336			44,481
KSB SE & Co. KGaA		26			18,927
Leifheit AG		365			5,827
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		9,300			4,537,783
Nemetschek SE		34,323			3,396,399
Rheinmetall AG		3,436			1,931,013
SAP SE		22,712			4,421,885
Siemens AG		11,444			2,184,725
Symrise AG		17,000			2,035,064
Traton SE		743			26,727
Total Germany					24,487,845
GREECE – 0.0%(b)
Eurobank Ergasias Services and Holdings SA(a)		97,748			187,923
National Bank of Greece SA(a)		27,527			215,512
Piraeus Financial Holdings SA(a)		32,287			134,936
Total Greece					538,371
GUERNSEY – 0.0%(b)
Zimplats Holdings Ltd.		607			6,727
HONG KONG – 0.6%
AIA Group Ltd.		517,900			3,475,622
APT Satellite Holdings Ltd.		94,000			26,188
Bank of East Asia Ltd. (The)		86,000			102,459
BOC Hong Kong Holdings Ltd.		60,000			160,777
Chen Hsong Holdings		41,042			7,073

See Notes to Financial Statements.

12 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
HONG KONG – (continued)
China Resources Beer Holdings Co., Ltd.		100,000		$	463,965
China Resources Land Ltd.		47,000			148,962
Jardine Matheson Holdings Ltd.		3,000			111,867
Kerry Logistics Network Ltd.		173,038			188,374
Luk Fook Holdings International Ltd.		22,000			60,332
Orient Overseas International Ltd.		5,500			65,612
PC Partner Group Ltd.		16,000			5,950
Pico Far East Holdings Ltd.		264,607			56,117
Singamas Container Holdings Ltd.		276,253			19,783
SITC International Holdings Co., Ltd.		101,043			184,619
Stella International Holdings Ltd.		52,500			83,713
Techtronic Industries Co., Ltd.		30,500			413,508
VTech Holdings Ltd.		3,200			19,407
Total Hong Kong					5,594,328
HUNGARY – 0.0%(b)
OTP Bank Nyrt		4,395			202,275
Richter Gedeon Nyrt		1,893			48,021
Total Hungary					250,296
INDIA – 0.7%
Axis Bank Ltd. – GDR		13,545			850,354
GAIL India Ltd. – GDR		15,189			197,834
HDFC Bank Ltd. – ADR		7,094			397,051
Hindalco Industries Ltd. – GDR(c)		37,304			250,586
ICICI Bank Ltd. – ADR		112,021			2,958,475
Infosys Ltd. – ADR		51,437			922,265
Larsen & Toubro Ltd. – GDR		4,363			196,899
Mahindra & Mahindra Ltd. – GDR		20,303			467,722
MakeMyTrip Ltd.(a)		5,587			396,956
Reliance Industries Ltd. – GDR(c)		5,419			386,167
Reliance Industries Ltd. – GDR(c)		4,920			351,191
Total India					7,375,500
INDONESIA – 0.1%
Bank Central Asia Tbk PT		549,600			349,271
Bank Mandiri Persero Tbk PT		380,100			174,013
Bank Rakyat Indonesia Persero Tbk PT		947,869			362,293

Investments	Shares		Value
COMMON STOCKS – (continued)
INDONESIA – (continued)
Bumitama Agri Ltd.		37,500		$	19,028
Sarana Menara Nusantara Tbk PT		17,166,762			930,993
Total Indonesia					1,835,598
IRELAND – 2.4%
Accenture PLC – Class A		19,260			6,675,710
CRH PLC		7,264			626,593
CRH PLC		3,327			287,025
Experian PLC		117,162			5,114,822
ICON PLC(a)		12,440			4,179,218
James Hardie Industries PLC(a)		21,244			853,043
PDD Holdings, Inc. – ADR(a)		1,631			189,604
Ryanair Holdings PLC – ADR		14,832			2,159,391
Total Ireland					20,085,406
ISRAEL – 0.4%
Check Point Software Technologies Ltd.(a)		4,985			817,590
CyberArk Software Ltd.(a)		471			125,112
Monday.com Ltd.(a)		6,577			1,485,547
Nice Ltd. – ADR(a)		54			14,073
Wix.com Ltd.(a)		3,559			489,291
Zvi Sarfati & Sons Investments & Constructions 1992 Ltd.		1,630			14,640
Total Israel					2,946,253
ITALY – 1.6%
B&C Speakers SpA		555			10,535
Danieli & C Officine Meccaniche SpA		851			22,442
Ferrari NV		14,833			6,465,063
FinecoBank Banca Fineco SpA		87,329			1,307,742
Gruppo MutuiOnline SpA		35,321			1,426,944
Leonardo SpA		38,369			963,910
Orsero SpA		5,184			80,089
Piquadro SpA		1,638			3,357
Powersoft SpA		1,000			17,046
UniCredit SpA		52,427			1,989,535
Total Italy					12,286,663
JAPAN – 5.8%
77 Bank Ltd. (The)		2,800			74,604
Advantest Corp.		47,400			2,118,266
Ajis Co., Ltd.		1,000			16,677
Allied Telesis Holdings KK		15,200			11,054
Alps Logistics Co., Ltd.		1,200			22,199

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 13

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Avant Group Corp.		2,000		$	17,041
Brother Industries Ltd.		3,300			61,324
Capcom Co., Ltd.		9,600			179,979
Chiba Bank Ltd. (The)		408,300			3,398,919
Chilled & Frozen Logistics Holdings Co., Ltd.		1,200			24,449
Comture Corp.		1,700			22,143
Concordia Financial Group Ltd.		4,000			20,107
Creek & River Co., Ltd.		2,000			26,037
CTS Co., Ltd.		4,600			23,992
Daihatsu Diesel Manufacturing Co., Ltd.		12,100			117,953
Dai-Ichi Cutter Kogyo KK		2,800			29,780
Dai-ichi Life Holdings, Inc.		9,500			242,406
Daikin Industries Ltd.		15,500			2,120,244
Densan System Holdings Co., Ltd.		1,400			24,794
Disco Corp.		500			183,702
Elecom Co., Ltd.		5,500			56,401
ENEOS Holdings, Inc.		13,300			64,026
FANUC Corp.		57,700			1,613,806
Fast Retailing Co., Ltd.		500			154,947
Freee KK(a)		36,900			850,325
Fujii Sangyo Corp.		600			10,730
Fujimori Kogyo Co., Ltd.		300			8,475
Fujitsu Ltd.		21,000			336,263
Gecoss Corp.		3,400			25,794
Hanwa Co., Ltd.		1,700			66,366
Higashi Twenty One Co., Ltd.		1,700			14,685
Hokuhoku Financial Group, Inc.		5,300			67,095
Honda Motor Co., Ltd.		4,400			54,419
ID Holdings Corp.		3,400			34,023
Idemitsu Kosan Co., Ltd.		29,300			200,796
JAC Recruitment Co., Ltd.		7,200			37,576
Japan Exchange Group, Inc.		500			13,541
Japan Post Bank Co., Ltd.		32,000			344,352
Japan Post Holdings Co., Ltd.		49,000			493,240
Japan Post Insurance Co., Ltd.		9,000			171,915
Juroku Financial Group, Inc.		1,900			58,966
Justsystems Corp.		1,100			19,248
Kanamoto Co., Ltd.		900			16,101
KAWADA TECHNOLOGIES, Inc.		2,700			58,333
KDDI Corp.		73,200			2,164,375
Keyence Corp.		11,500			5,347,492

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Kimura Unity Co., Ltd.		1,700		$	19,067
Koike Sanso Kogyo Co., Ltd.		500			20,737
Kokuyo Co., Ltd.		3,900			63,681
Konami Group Corp.		3,200			217,842
Kubota Corp.		95,500			1,520,701
Kuriyama Holdings Corp.		900			7,982
Kyokuto Securities Co., Ltd.		3,400			35,777
Lawson, Inc.		1,200			82,011
Makiya Co., Ltd.		1,100			8,088
MarkLines Co., Ltd.		65,100			1,457,421
Maruzen Showa Unyu Co., Ltd.		900			27,515
Matsui Construction Co., Ltd.		4,300			25,636
MCJ Co., Ltd.		3,600			31,902
Medikit Co., Ltd.		800			15,881
Megachips Corp.(a)		1,300			33,181
MEITEC Group Holdings, Inc.		66,300			1,282,672
Mercari, Inc.(a)		53,300			678,985
Mitani Sangyo Co., Ltd.		6,600			17,531
Mitsubishi Corp.		69,341			1,601,481
Mitsuuroko Group Holdings Co., Ltd.		700			6,528
MS&AD Insurance Group Holdings, Inc.		17,100			302,568
NEC Corp.		10,700			778,543
Nicca Chemical Co., Ltd.		6,300			38,947
NIDEC Corp.		22,900			945,271
Nihon Trim Co., Ltd.		2,500			62,055
Nippon Shinyaku Co., Ltd.		7,000			207,681
Nishi-Nippon Financial Holdings, Inc.		4,100			51,301
Nissan Motor Co., Ltd.		77,700			308,140
Nissin Corp.		1,100			20,766
NS Tool Co., Ltd.		1,900			12,292
Obic Co., Ltd.		300			45,213
Optim Corp.(a)		3,700			25,323
Oracle Corp. Japan		500			37,578
Osaki Electric Co., Ltd.		3,700			16,594
Otsuka Corp.		11,200			237,581
Otsuka Holdings Co., Ltd.		43,500			1,804,048
Pan Pacific International Holdings Corp.		139,400			3,706,055
PR Times Corp.(a)		1,400			18,956
Recruit Holdings Co., Ltd.		76,800			3,383,199
Ricoh Co., Ltd.		39,100			348,166
Ryohin Keikaku Co., Ltd.		800			13,088
Sakata INX Corp.		1,400			14,588

See Notes to Financial Statements.

14 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
JAPAN – (continued)
Santen Pharmaceutical Co., Ltd.		4,000		$	39,375
SCREEN Holdings Co., Ltd.		4,800			624,451
Seed Co., Ltd.		2,400			10,153
Sekisui Kasei Co., Ltd.		5,400			17,865
Shofu, Inc.		700			13,414
SMS Co., Ltd.		900			15,438
Sompo Holdings, Inc.		13,800			289,287
Sony Group Corp.		66,700			5,716,360
Subaru Corp.		7,800			177,528
Sugimoto & Co., Ltd.		800			11,940
Sun*, Inc.(a)		2,100			13,365
Suzuken Co., Ltd.		10,300			313,823
Taiko Bank Ltd.		1,500			14,958
Techno Medica Co., Ltd.		400			4,599
TechnoPro Holdings, Inc.		95,600			1,910,451
TIS, Inc.		2,000			42,812
Toho Holdings Co., Ltd.		2,600			61,748
Tokio Marine Holdings, Inc.		11,200			351,778
Tokyo Electron Ltd.		1,500			393,374
Tokyo Seimitsu Co., Ltd.		5,500			428,352
TOPPAN Holdings, Inc.		7,700			192,955
Topy Industries Ltd.		2,200			39,209
Toshiba TEC Corp.		1,100			21,894
Toyo Kanetsu KK		400			11,759
Trend Micro, Inc.		5,700			289,920
Trinity Industrial Corp.		1,500			11,722
Tsubakimoto Kogyo Co., Ltd.		2,100			31,046
TYK Corp.		3,500			11,053
Universal Engeisha KK		600			13,125
USS Co., Ltd.		6,000			49,594
Wacom Co., Ltd.		9,500			40,709
Warabeya Nichiyo Holdings Co., Ltd.		2,800			50,746
WDI Corp.		600			14,095
Yokowo Co., Ltd.		1,000			10,182
Yushin Precision Equipment Co., Ltd.		5,900			26,697
Zero Co., Ltd.		600			6,397
Total Japan					51,823,706
JORDAN – 0.0%(b)
Hikma Pharmaceuticals PLC		1,073			25,956
LITHUANIA – 0.2%
Baltic Classifieds Group PLC		702,697			1,998,869

Investments	Shares		Value
COMMON STOCKS – (continued)
LUXEMBOURG – 0.0%(b)
Tenaris SA – ADR		7,371		$	289,459
Tenaris SA		3,761			74,314
Total Luxembourg					363,773
MACAO – 0.3%
MGM China Holdings Ltd.(a)		1,283,600			2,147,518
MALAYSIA – 0.2%
Frencken Group Ltd.		10,700			13,242
Heineken Malaysia Bhd		332,202			1,629,766
Total Malaysia					1,643,008
MEXICO – 0.9%
Corp. Moctezuma SAB de CV		377,625			1,689,312
Fibra Uno Administracion SAB de CV		743,911			1,240,411
Fomento Economico Mexicano SAB de CV – ADR		3,933			512,352
Grupo Financiero Banorte SAB de CV		25,007			265,737
Grupo Mexico SAB de CV – Class B		443,935			2,624,971
Wal-Mart de Mexico SAB de CV		56,489			228,341
Total Mexico					6,561,124
NETHERLANDS – 3.3%
Adyen NV(a)(c)		2,761			4,676,925
Akzo Nobel NV		24,300			1,812,457
ASM International NV		4,690			2,857,183
ASML Holding NV		3,271			3,174,407
ASML Holding NV		5,800			5,568,499
BE Semiconductor Industries NV		8,538			1,303,598
Heineken NV		23,200			2,235,457
Koninklijke BAM Groep NV		46,493			175,971
Stellantis NV		49,247			1,399,718
Wolters Kluwer NV		7,073			1,107,696
Total Netherlands					24,311,911
NEW ZEALAND – 0.0%(b)
Rakon Ltd.		19,302			13,605
Scales Corp. Ltd.		3,335			6,676
SKY Network Television Ltd.		23,673			40,025
Total New Zealand					60,306
NORWAY – 0.4%
Bouvet ASA		272,732			1,550,372
Cambi ASA		4,755			6,952

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 15

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
NORWAY – (continued)
DNB Bank ASA		9,876		$	196,050
Reach Subsea ASA		30,914			17,135
Salmar ASA		22,308			1,474,722
Sparebanken More		2,257			18,965
Wilh Wilhelmsen Holding ASA – Class B		459			14,318
Wilson ASA		2,111			12,250
Total Norway					3,290,764
PERU – 0.4%
Credicorp Ltd.		18,932			3,207,649
POLAND – 0.3%
Allegro.eu SA(a)(c)		134,492			1,114,563
Bank Polska Kasa Opieki SA		5,862			266,532
Grupa Pracuj SA		93,037			1,569,950
ORLEN SA		6,413			104,417
Powszechna Kasa Oszczednosci Bank Polski SA		10,853			161,074
Powszechny Zaklad Ubezpieczen SA		17,703			216,502
Total Poland					3,433,038
PORTUGAL – 0.0%(b)
Ibersol SGPS SA		3,139			22,893
SAUDI ARABIA – 0.1%
Saudi National Bank (The)		41,938			456,632
SINGAPORE – 0.6%
BRC Asia Ltd.		16,400			22,952
DBS Group Holdings Ltd.		101,000			2,701,466
Delfi Ltd.		35,400			23,598
Genting Singapore Ltd.		114,300			74,799
Golden Agri-Resources Ltd.		302,100			60,675
Haw Par Corp. Ltd.		220,100			1,578,032
HRnetgroup Ltd.		101,100			54,285
iFAST Corp. Ltd.		3,400			16,787
Japfa Ltd.		77,000			15,123
Oversea-Chinese Banking Corp. Ltd.		22,200			222,081
Raffles Medical Group Ltd.		16,900			13,009
Sembcorp Industries Ltd.		71,700			286,836
Singapore Airlines Ltd.		79,500			377,255
Singapore Exchange Ltd.		5,300			36,198
Total Singapore					5,483,096
SOUTH AFRICA – 0.0%(b)
Absa Group Ltd.		22,820			177,990
Aspen Pharmacare Holdings Ltd.		19,656			227,654

Investments	Shares		Value
COMMON STOCKS – (continued)
SOUTH AFRICA – (continued)
AVI Ltd.		22,004		$	106,130
Bid Corp. Ltd.		3,838			93,449
Capitec Bank Holdings Ltd.		1,562			172,840
Foschini Group Ltd. (The)		16,628			87,374
Gold Fields Ltd.		14,200			225,817
Shoprite Holdings Ltd.		9,985			130,418
Total South Africa					1,221,672
SOUTH KOREA – 2.1%
Hyundai Motor Co.		663			116,772
KB Financial Group, Inc.		7,992			415,731
Kia Corp.		37,713			3,137,836
Korea Electric Power Corp.(a)		74,457			1,223,918
NICE Information Service Co., Ltd.		22,884			173,742
S-1 Corp.		18,682			848,121
Samsung Electro-Mechanics Co., Ltd.		1,556			173,314
Samsung Electronics Co., Ltd. – GDR		2,554			3,795,462
Samsung Electronics Co., Ltd.		101,475			6,075,798
Samsung Fire & Marine Insurance Co., Ltd.		899			205,744
Samsung SDI Co., Ltd.		966			342,752
SK Hynix, Inc.		7,055			937,589
Total South Korea					17,446,779
SPAIN – 0.6%
ACS Actividades de Construccion y Servicios SA		1,204			50,379
Banco Bilbao Vizcaya Argentaria SA		40,036			476,952
CaixaBank SA		126,081			611,231
Industria de Diseno Textil SA		60,426			3,042,871
Naturhouse Health SAU		579			1,024
Repsol SA		23,401			390,580
Total Spain					4,573,037
SWEDEN – 1.0%
Assa Abloy AB – Class B		71,600			2,053,831
BTS Group AB – Class B		16,749			512,463
Evolution AB(c)		18,270			2,268,542
Nordic Paper Holding AB		5,860			29,070
Nordnet AB publ		45,442			832,933
Rvrc Holding AB		9,325			59,546
Skandinaviska Enskilda Banken AB – Class A		29,720			401,977
SkiStar AB		79,838			1,202,569
Spotify Technology SA(a)		2,516			663,972

See Notes to Financial Statements.

16 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (continued)

Investments	Shares		Value
COMMON STOCKS – (continued)
SWEDEN – (continued)
Volvo AB – Class B		29,842		$	808,211
Zinzino AB – Class B		3,183			22,660
Total Sweden					8,855,774
SWITZERLAND – 2.1%
ABB Ltd.		24,290			1,127,364
Alcon, Inc.		33,400			2,765,169
APG SGA SA		86			21,073
BKW AG		2,262			347,084
Coca-Cola HBC AG		12,437			393,005
dormakaba Holding AG		52			27,347
DSM-Firmenich AG		16,900			1,920,358
Holcim AG		10,343			941,302
Klingelnberg AG		360			6,646
Kuehne + Nagel International AG		31			8,627
Logitech International SA		8,620			771,377
Lonza Group AG		3,407			2,039,909
Novartis AG		3,634			351,932
Roche Holding AG		18,180			4,640,933
Sandoz Group AG(a)		1,394			42,050
Schindler Holding AG		1,709			430,289
Swatch Group AG (The)		1,098			254,783
UBS Group AG		75,762			2,328,454
Total Switzerland					18,417,702
TAIWAN – 1.5%
Accton Technology Corp.		22,000			315,245
ASE Technology Holding Co., Ltd.		99,000			480,681
Cathay Financial Holding Co., Ltd.		175,037			264,051
Chailease Holding Co., Ltd.		31,580			169,234
CTBC Financial Holding Co., Ltd.		391,000			396,208
Delta Electronics, Inc.		32,000			342,850
E Ink Holdings, Inc.		11,000			78,133
Hon Hai Precision Industry Co., Ltd.		144,000			699,715
Kerry TJ Logistics Co., Ltd.		415,000			503,139
Lumax International Corp. Ltd.		118,900			375,583
MediaTek, Inc.		24,000			871,854
Nien Made Enterprise Co., Ltd.		29,000			321,960
Taiwan Semiconductor Manufacturing Co., Ltd.		141,000			3,397,244

Investments	Shares		Value
COMMON STOCKS – (continued)
TAIWAN – (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. – ADR		35,341		$	4,808,144
Unimicron Technology Corp.		42,000			249,731
Uni-President Enterprises Corp.		80,000			191,044
United Microelectronics Corp.		231,000			375,009
Total Taiwan					13,839,825
THAILAND – 0.0%(b)
Kerry Express Thailand PCL(a)		86,848			12,026
UNITED ARAB EMIRATES – 0.3%
Aldar Properties PJSC		1,392,733			2,093,437
Emaar Properties PJSC		118,770			263,523
Total United Arab Emirates					2,356,960
UNITED STATES – 1.2%
Aon PLC – Class A		8,210			2,739,841
Coupang, Inc.(a)		95,470			1,698,411
EPAM Systems, Inc.(a)		4,320			1,193,011
Freshworks, Inc. – Class A(a)		75,337			1,371,887
Linde PLC		4,030			1,871,209
STERIS PLC		8,800			1,978,416
Viemed Healthcare, Inc.(a)		3,200			30,176
Total United States					10,882,951
URUGUAY – 0.3%
Globant SA(a)		859			173,432
MercadoLibre, Inc.(a)		1,768			2,673,146
Total Uruguay					2,846,578
VIRGIN ISLANDS (BRITISH) – 0.0%(b)
SF Real Estate Investment Trust		41,675			12,782
TOTAL COMMON STOCKS (Cost $383,247,703)					444,970,042
EXCHANGE TRADED FUNDS – 45.8%
Amundi MSCI India II UCITS ETF(a)		160,042			5,001,214
iShares Core MSCI EAFE ETF		521			38,669
iShares Core MSCI Total International Stock ETF(d)		4,908,390			333,083,346
iShares MSCI Emerging Markets ex China ETF		719,267			41,408,201
iShares MSCI India ETF		92,536			4,773,932
TOTAL EXCHANGE TRADED FUNDS (Cost $353,481,693)					384,305,362

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 17

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager International Equity Fund (concluded)

Investments	Shares		Value
PREFERRED STOCKS – 0.1%
BRAZIL – 0.1%
Itau Unibanco Holding SA		95,625		$	662,681
GERMANY – 0.0%(b)
FUCHS SE		464			22,978
TOTAL PREFERRED STOCKS (Cost $524,271)					685,659
SHORT-TERM INVESTMENTS – 1.0%
BlackRock Liquidity FedFund – Institutional Class, 5.20%(e)		8,568,222			8,568,222
TOTAL SHORT-TERM INVESTMENTS (Cost $8,568,222)					8,568,222
TOTAL INVESTMENTS – 99.9% (Cost $745,821,889)					838,529,285
OTHER ASSETS AND LIABILITIES, NET – 0.1%					727,560
NET ASSETS – 100.0%				$	839,256,845

(a)

Non-income producing security.

(b)

Represents less than 0.05% of net assets.

(c)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors or in a public offering registered under the Securities Act of 1933. As of March 31, 2024, the value of these securities total $14,328,504 or 1.7% of the Fund’s net assets.

(d)

(e)

The rate shown is the annualized seven-day yield at March 31, 2024.

ADR

American Depositary Receipt

ASA

Advanced Subscription Agreement

GDR

Global Depositary Receipt

ETF

Exchange-Traded Fund

Forward currency contracts open at March 31, 2024:

Settlement
Date

Currency Purchased

Currency Sold

Counterparty

Value / Unrealized
Appreciation
(Depreciation)

04/03/2024

CHF695,677

USD771,783

State Street Bank & Trust Co.

115

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024 (see Note 2 to the Financial Statements):

PFM Multi-Manager International Equity Fund

	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks		$	105,384,703		$	339,585,339		$	—		$	444,970,042
Exchange-Traded Funds			379,304,148			5,001,214			—			384,305,362
Preferred Stocks			662,681			22,978			—			685,659
Money Market Fund			8,568,222			—			—			8,568,222
Total Investments*		$	493,919,754		$	344,609,531		$	—		$	838,529,285
Other Financial Instruments**:
Forward Currency Contracts		$	—		$	115		$	—		$	115
Total Other Financial Instruments		$	—		$	115		$	—		$	115

See Schedule of Investments for additional detailed categorizations.

The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of March 31, 2024.

See Notes to Financial Statements.

18 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund

Investments	Principal Amount			Value
CORPORATE BONDS – 24.7%
BASIC MATERIALS – 0.5%
Air Products and Chemicals, Inc., 4.80%, 03/03/2033		$	1,000,000		$	994,620
Alcoa Nederland Holding BV, 7.13%, 03/15/2031(a)			345,000			351,436
BHP Billiton Finance USA Ltd., 5.25%, 09/08/2033			980,000			991,120
CF Industries, Inc., 5.38%, 03/15/2044			153,000			143,921
Dow Chemical Co., 5.60%, 02/15/2054			89,000			88,649
Eastman Chemical Co., 5.75%, 03/08/2033			99,000			100,679
Ecolab, Inc.
5.25%, 01/15/2028			92,000			93,737
2.70%, 12/15/2051			147,000			95,050
FMG Resources August 2006 Pty Ltd., 6.13%, 04/15/2032(a)			500,000			494,364
Georgia-Pacific LLC, 0.95%, 05/15/2026(a)			485,000			444,495
LYB International Finance III LLC, 5.50%, 03/01/2034			1,000,000			1,001,848
Newmont Corp., 2.25%, 10/01/2030			775,000			659,491
Newmont Corp. / Newcrest Finance Pty Ltd., 5.30%, 03/15/2026(a)			57,000			57,140
NOVA Chemicals Corp., 4.88%, 06/01/2024(a)			200,000			199,132
Nucor Corp., 4.30%, 05/23/2027			104,000			101,923
RPM International, Inc., 2.95%, 01/15/2032			49,000			41,472
South32 Treasury Ltd., 4.35%, 04/14/2032(a)			160,000			144,364
Westlake Corp., 3.38%, 08/15/2061			167,000			106,131
Total Basic Materials						6,109,572
COMMUNICATIONS – 0.7%
Amazon.com, Inc.
3.30%, 04/13/2027			121,000			116,382
4.65%, 12/01/2029			79,000			79,438
3.60%, 04/13/2032			45,000			41,909
4.10%, 04/13/2062			204,000			171,814
AT&T, Inc.
5.40%, 02/15/2034			1,081,000			1,095,179
4.50%, 05/15/2035			151,000			141,040
4.90%, 08/15/2037			134,000			127,146

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
4.75%, 05/15/2046		$	342,000		$	306,278
3.50%, 09/15/2053			630,000			444,479
3.65%, 09/15/2059			28,000			19,494
3.85%, 06/01/2060			52,000			37,608
Charter Communications Operating LLC / Charter Communications Operating Capital
6.38%, 10/23/2035			550,000			543,553
3.50%, 06/01/2041			79,000			53,047
3.50%, 03/01/2042			430,000			286,911
5.38%, 05/01/2047			400,000			322,306
4.80%, 03/01/2050			398,000			294,604
3.85%, 04/01/2061			51,000			30,260
Cisco Systems, Inc.
4.85%, 02/26/2029			161,000			162,188
5.30%, 02/26/2054			34,000			34,901
Comcast Corp.
4.15%, 10/15/2028			120,000			117,121
3.40%, 04/01/2030			64,000			59,186
4.25%, 10/15/2030			90,000			86,944
4.60%, 10/15/2038			87,000			81,184
4.00%, 03/01/2048			252,000			204,520
5.50%, 05/15/2064			259,000			259,330
Corning, Inc., 5.45%, 11/15/2079			167,000			158,132
Cox Communications, Inc.
5.45%, 09/15/2028(a)			89,000			90,092
2.60%, 06/15/2031(a)			625,000			518,752
CSC Holdings LLC, 5.50%, 04/15/2027(a)			250,000			223,678
Discovery Communications LLC, 5.30%, 05/15/2049			97,000			81,490
Expedia Group, Inc., 2.95%, 03/15/2031			73,000			63,705
Paramount Global
4.85%, 07/01/2042			108,000			79,113
5.85%, 09/01/2043			37,000			29,979
4.60%, 01/15/2045			44,000			30,311
Rogers Communications, Inc., 5.00%, 02/15/2029			160,000			158,888
Telefonica Emisiones SA, 4.90%, 03/06/2048			150,000			131,895
Time Warner Cable LLC, 6.55%, 05/01/2037			4,000			3,781
T-Mobile USA, Inc.
3.88%, 04/15/2030			150,000			140,517

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 19

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
COMMUNICATIONS – (continued)
4.38%, 04/15/2040		$	475,000		$	423,056
3.00%, 02/15/2041			875,000			644,479
5.65%, 01/15/2053			52,000			53,099
3.60%, 11/15/2060			86,000			60,301
Verizon Communications, Inc.
1.50%, 09/18/2030			1,000,000			816,337
1.68%, 10/30/2030			25,000			20,368
2.55%, 03/21/2031			477,000			407,511
5.05%, 05/09/2033			121,000			120,955
3.40%, 03/22/2041			99,000			77,379
2.85%, 09/03/2041			114,000			82,066
3.88%, 03/01/2052			99,000			77,817
3.00%, 11/20/2060			184,000			114,740
Vodafone Group PLC
4.38%, 02/19/2043			62,000			53,567
4.25%, 09/17/2050			45,000			36,324
5.75%, 02/10/2063			74,000			74,807
Total Communications						9,889,961
CONSUMER, CYCLICAL – 1.0%
1011778 BC ULC / New Red Finance, Inc., 3.88%, 01/15/2028(a)			125,000			117,477
Alimentation Couche-Tard, Inc., 5.27%, 02/12/2034(a)			350,000			349,086
AutoZone, Inc., 6.25%, 11/01/2028			39,000			40,899
Caesars Entertainment, Inc., 7.00%, 02/15/2030(a)			150,000			153,973
Costco Wholesale Corp., 1.60%, 04/20/2030			85,000			71,560
Cummins, Inc.
4.90%, 02/20/2029			41,000			41,223
5.45%, 02/20/2054			1,034,000			1,057,122
Daimler Truck Finance North America LLC, 5.13%, 01/19/2028(a)			159,000			159,201
Dana, Inc., 5.38%, 11/15/2027			75,000			73,368
Delta Air Lines 2020-1 Class A Pass Through Trust, 2.50%, 06/10/2028			1,093,990			984,209
Delta Air Lines 2020-1 Class AA Pass Through Trust, 2.00%, 06/10/2028			395,361			357,389
Falabella SA, 4.38%, 01/27/2025(a)			400,000			393,219
Ford Motor Co., 4.75%, 01/15/2043			685,000			568,809

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, CYCLICAL – (continued)
Ford Motor Credit Co. LLC
4.13%, 08/04/2025		$	200,000		$	195,463
6.80%, 11/07/2028			200,000			208,755
Gap, Inc.
3.63%, 10/01/2029(a)			50,000			43,798
3.88%, 10/01/2031(a)			125,000			105,738
General Motors Co., 6.25%, 10/02/2043			205,000			209,704
General Motors Financial Co., Inc.
5.80%, 01/07/2029			259,000			263,563
5.85%, 04/06/2030			131,000			133,613
5.75%, 02/08/2031			42,000			42,455
2.70%, 06/10/2031			95,000			79,188
Genuine Parts Co., 6.50%, 11/01/2028			119,000			125,677
Home Depot, Inc., 4.90%, 04/15/2029			79,000			79,768
Hyatt Hotels Corp., 5.75%, 01/30/2027			61,000			61,949
Hyundai Capital America
5.80%, 06/26/2025(a)			66,000			66,152
5.35%, 03/19/2029(a)			93,000			93,322
International Game Technology PLC, 6.50%, 02/15/2025(a)			200,000			200,659
Lowe’s Cos., Inc.
2.80%, 09/15/2041			1,250,000			888,476
5.75%, 07/01/2053			1,150,000			1,186,907
4.45%, 04/01/2062			68,000			55,528
Marriott International, Inc./MD
4.90%, 04/15/2029			45,000			44,645
2.85%, 04/15/2031			281,000			242,375
3.50%, 10/15/2032			187,000			163,929
McDonald’s Corp.
4.80%, 08/14/2028			235,000			235,679
3.63%, 09/01/2049			156,000			118,470
5.45%, 08/14/2053			132,000			133,947
Mercedes-Benz Finance North America LLC, 5.38%, 11/26/2025(a)			151,000			151,409
O’Reilly Automotive, Inc.
5.75%, 11/20/2026			78,000			79,283
3.60%, 09/01/2027			100,000			95,556
Ritchie Bros Holdings, Inc., 6.75%, 03/15/2028(a)			25,000			25,501

See Notes to Financial Statements.

20 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, CYCLICAL – (continued)
Sands China Ltd., 5.40%, 08/08/2028		$	200,000		$	196,143
Starbucks Corp., 2.45%, 06/15/2026			500,000			472,767
Taylor Morrison Communities, Inc., 5.13%, 08/01/2030(a)			100,000			95,497
Toyota Motor Credit Corp., 4.80%, 01/05/2034			535,000			526,322
United Airlines, Inc.
4.38%, 04/15/2026(a)			185,000			178,847
4.63%, 04/15/2029(a)			35,000			32,550
Walmart, Inc., 1.80%, 09/22/2031			1,175,000			975,538
Warnermedia Holdings, Inc.
4.05%, 03/15/2029			138,000			129,185
5.05%, 03/15/2042			447,000			384,193
5.14%, 03/15/2052			235,000			195,049
5.39%, 03/15/2062			83,000			68,880
William Carter Co., 5.63%, 03/15/2027(a)			250,000			248,302
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a)			150,000			120,391
Total Consumer, Cyclical						13,322,708
CONSUMER, NON-CYCLICAL – 3.7%
AbbVie, Inc.
4.95%, 03/15/2031			101,000			101,721
4.55%, 03/15/2035			380,000			367,287
4.05%, 11/21/2039			174,000			154,929
4.75%, 03/15/2045			150,000			141,261
4.25%, 11/21/2049			482,000			417,438
5.50%, 03/15/2064			72,000			74,045
Agilent Technologies, Inc., 2.30%, 03/12/2031			223,000			187,297
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 03/15/2029(a)			175,000			157,077
Amgen, Inc.
5.25%, 03/02/2030			42,000			42,638
5.25%, 03/02/2033			267,000			269,246
2.80%, 08/15/2041			160,000			115,921
4.40%, 05/01/2045			37,000			32,145
5.65%, 03/02/2053			70,000			71,327
5.75%, 03/02/2063			74,000			75,476

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 02/01/2036		$	120,000		$	116,018
4.90%, 02/01/2046			220,000			209,068
Anheuser-Busch InBev Worldwide, Inc.
4.35%, 06/01/2040			200,000			181,043
4.60%, 04/15/2048			56,000			51,175
Ascension Health
2.53%, 11/15/2029			630,000			561,740
3.11%, 11/15/2039			120,000			95,239
Astrazeneca Finance LLC
4.88%, 03/03/2028			135,000			135,326
4.85%, 02/26/2029			159,000			159,449
4.90%, 03/03/2030			147,000			148,112
Bacardi Ltd., 4.45%, 05/15/2025(a)			880,000			867,699
BAT Capital Corp.
6.34%, 08/02/2030			130,000			135,456
2.73%, 03/25/2031			620,000			521,299
6.00%, 02/20/2034			205,000			207,572
BAT International Finance PLC
4.45%, 03/16/2028			740,000			718,576
5.93%, 02/02/2029			40,000			41,057
Becton Dickinson & Co.
4.69%, 02/13/2028			135,000			133,628
4.30%, 08/22/2032			60,000			56,933
Bristol-Myers Squibb Co.
5.75%, 02/01/2031			152,000			159,530
2.95%, 03/15/2032			117,000			102,193
3.25%, 08/01/2042			48,000			36,680
6.40%, 11/15/2063			89,000			101,719
5.65%, 02/22/2064			70,000			72,014
Bush Foundation, 2.75%, 10/01/2050			300,000			195,793
Campbell Soup Co., 5.20%, 03/21/2029			1,100,000			1,105,271
Cardinal Health, Inc.
5.13%, 02/15/2029			62,000			62,121
4.50%, 11/15/2044			150,000			129,055
Cencora, Inc.
5.13%, 02/15/2034			151,000			150,742

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 21

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
4.30%, 12/15/2047		$	76,000		$	65,845
Cigna Group (The)
4.38%, 10/15/2028			190,000			185,344
5.00%, 05/15/2029			59,000			59,084
2.40%, 03/15/2030			440,000			379,965
3.88%, 10/15/2047			56,000			43,802
3.40%, 03/15/2050			217,000			154,366
CommonSpirit Health, 5.32%, 12/01/2034			1,030,000			1,031,742
Conagra Brands, Inc., 7.00%, 10/01/2028			159,000			171,156
Conservation Fund A Nonprofit Corp., 3.47%, 12/15/2029			1,000,000			907,114
Constellation Brands, Inc., 4.35%, 05/09/2027			67,000			65,601
CVS Health Corp.
4.78%, 03/25/2038			512,000			472,821
5.13%, 07/20/2045			318,000			293,049
6.00%, 06/01/2063			61,000			62,975
Duke University Health System, Inc., 3.92%, 06/01/2047			70,000			58,472
Elevance Health, Inc.
2.88%, 09/15/2029			114,000			102,826
6.10%, 10/15/2052			54,000			58,499
Eli Lilly & Co.
4.70%, 02/27/2033			89,000			88,770
5.00%, 02/09/2054			335,000			333,114
5.10%, 02/09/2064			123,000			122,411
ERAC USA Finance LLC, 4.20%, 11/01/2046(a)			325,000			273,719
Estee Lauder Cos., Inc., 4.38%, 05/15/2028			92,000			90,627
Ford Foundation (The), 2.82%, 06/01/2070			161,000			98,422
General Mills, Inc.
4.70%, 01/30/2027			47,000			46,597
5.50%, 10/17/2028			40,000			40,820
4.95%, 03/29/2033			64,000			63,286
Gilead Sciences, Inc., 5.55%, 10/15/2053			68,000			70,385
Haleon US Capital LLC, 3.63%, 03/24/2032			357,000			321,732
HCA, Inc.
3.38%, 03/15/2029			57,000			52,269
3.50%, 09/01/2030			126,000			113,949

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
5.45%, 04/01/2031		$	86,000		$	86,449
7.75%, 07/15/2036			150,000			171,537
5.25%, 06/15/2049			77,000			70,280
3.50%, 07/15/2051			145,000			100,165
4.63%, 03/15/2052			162,000			135,394
Hormel Foods Corp.
0.65%, 06/03/2024			147,000			145,727
4.80%, 03/30/2027			117,000			116,881
Humana, Inc.
1.35%, 02/03/2027			140,000			126,111
5.88%, 03/01/2033			45,000			46,437
5.50%, 03/15/2053			37,000			36,001
5.75%, 04/15/2054			50,000			50,326
J M Smucker Co.
5.90%, 11/15/2028			78,000			80,880
6.50%, 11/15/2043			48,000			52,078
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL, 6.75%, 03/15/2034(a)			900,000			945,650
Kenvue, Inc., 4.90%, 03/22/2033			109,000			108,908
Kraft Heinz Foods Co.
4.38%, 06/01/2046			279,000			235,628
4.88%, 10/01/2049			78,000			70,584
Kroger Co., 3.88%, 10/15/2046			37,000			28,614
Lamb Weston Holdings, Inc.
4.13%, 01/31/2030(a)			75,000			68,385
4.38%, 01/31/2032(a)			225,000			201,761
Mars, Inc., 4.65%, 04/20/2031(a)			1,094,000			1,079,804
Massachusetts Institute of Technology
4.68%, 07/01/2114			150,000			136,747
3.89%, 07/01/2116			75,000			57,071
Mather Foundation, 2.68%, 10/01/2031			1,000,000			826,170
McCormick & Co., Inc./MD, 4.95%, 04/15/2033			51,000			50,437
Medline Borrower LP, 3.88%, 04/01/2029(a)			175,000			159,286
Merck & Co., Inc.
2.15%, 12/10/2031			1,150,000			962,507
2.75%, 12/10/2051			625,000			408,598
Mylan, Inc.
5.40%, 11/29/2043			180,000			157,903

See Notes to Financial Statements.

22 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
5.20%, 04/15/2048		$	275,000		$	227,306
NBM US Holdings, Inc., 6.63%, 08/06/2029(a)			800,000			794,909
Nestle Holdings, Inc.
5.25%, 03/13/2026(a)			153,000			153,824
4.95%, 03/14/2030(a)			900,000			911,383
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028(a)			275,000			256,270
Orlando Health Obligated Group, 4.09%, 10/01/2048			50,000			42,361
PepsiCo, Inc.
2.25%, 03/19/2025			131,000			127,439
3.60%, 02/18/2028			81,000			78,243
3.90%, 07/18/2032			92,000			87,220
4.00%, 03/05/2042			37,000			33,444
2.88%, 10/15/2049			1,000,000			696,540
Pfizer Investment Enterprises Pte Ltd.
4.75%, 05/19/2033			758,000			746,314
5.11%, 05/19/2043			74,000			72,361
5.30%, 05/19/2053			1,010,000			1,004,176
5.34%, 05/19/2063			221,000			216,554
Philip Morris International, Inc.
5.25%, 09/07/2028			575,000			581,710
5.13%, 02/15/2030			1,285,000			1,284,986
President and Fellows of Harvard College
3.62%, 10/01/2037			50,000			43,275
5.63%, 10/01/2038			515,000			555,074
6.50%, 01/15/2039(a)			105,000			124,117
Procter & Gamble Co.
3.95%, 01/26/2028			139,000			137,054
1.20%, 10/29/2030			1,150,000			940,635
4.55%, 01/29/2034			1,000,000			994,507
Providence St Joseph Health Obligated Group, 2.53%, 10/01/2029			110,000			94,130
Quanta Services, Inc.
2.90%, 10/01/2030			98,000			85,685
2.35%, 01/15/2032			104,000			84,508
Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050			82,000			51,641
Roche Holdings, Inc.
2.13%, 03/10/2025(a)			803,000			780,356
5.49%, 11/13/2030(a)			231,000			239,398

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
4.91%, 03/08/2031(a)		$	200,000		$	200,848
5.59%, 11/13/2033(a)			980,000			1,028,067
Royalty Pharma PLC, 2.15%, 09/02/2031			166,000			133,786
S&P Global, Inc., 2.70%, 03/01/2029			130,000			118,102
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026			190,000			181,733
Smithfield Foods, Inc.
4.25%, 02/01/2027(a)			129,000			123,878
5.20%, 04/01/2029(a)			162,000			155,835
Stanford Health Care, 3.03%, 08/15/2051			1,000,000			692,444
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051			442,000			327,878
Stryker Corp., 4.85%, 12/08/2028			94,000			94,031
Sutter Health
5.16%, 08/15/2033			409,000			412,258
4.09%, 08/15/2048			125,000			105,702
Sysco Corp.
5.75%, 01/17/2029			1,000,000			1,028,936
5.95%, 04/01/2030			38,000			39,622
6.00%, 01/17/2034			1,000,000			1,063,997
4.50%, 04/01/2046			165,000			144,266
4.45%, 03/15/2048			290,000			246,628
6.60%, 04/01/2050			95,000			108,373
Tenet Healthcare Corp., 4.38%, 01/15/2030			200,000			184,854
Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029			78,000			78,739
Triton Container International Ltd.
1.15%, 06/07/2024(a)			1,000,000			991,039
3.15%, 06/15/2031(a)			387,000			312,007
Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032			95,000			77,094
Trustees of Boston College, 3.13%, 07/01/2052			169,000			121,938
Trustees of Princeton University (The)
5.70%, 03/01/2039			495,000			543,827
2.52%, 07/01/2050			90,000			60,189

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 23

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
CONSUMER, NON-CYCLICAL – (continued)
Unilever Capital Corp.
4.88%, 09/08/2028		$	1,000,000		$	1,010,962
2.13%, 09/06/2029			675,000			594,726
5.00%, 12/08/2033			1,000,000			1,011,139
United Rentals North America, Inc.
5.25%, 01/15/2030			70,000			68,279
3.88%, 02/15/2031			62,000			55,552
3.75%, 01/15/2032			50,000			43,649
UnitedHealth Group, Inc.
1.25%, 01/15/2026			234,000			219,253
5.25%, 02/15/2028			97,000			98,778
5.00%, 04/15/2034			470,000			470,821
4.75%, 05/15/2052			677,000			627,870
5.05%, 04/15/2053			265,000			257,373
4.95%, 05/15/2062			52,000			48,559
University of Chicago (The), 2.76%, 04/01/2045			100,000			77,971
Vector Group Ltd., 5.75%, 02/01/2029(a)			250,000			231,579
Viatris, Inc.
3.85%, 06/22/2040			156,000			115,214
4.00%, 06/22/2050			309,000			212,876
Zoetis, Inc.
2.00%, 05/15/2030			675,000			568,769
5.60%, 11/16/2032			64,000			66,422
Total Consumer, Non-cyclical						47,008,680
ENERGY – 3.0%
Aker BP ASA
4.00%, 01/15/2031(a)			500,000			456,696
3.10%, 07/15/2031(a)			900,000			769,174
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.88%, 05/15/2026(a)			175,000			178,660
Apache Corp.
6.00%, 01/15/2037			64,000			63,652
5.35%, 07/01/2049			301,000			254,436
BP Capital Markets America, Inc.
3.54%, 04/06/2027			264,000			254,360
4.70%, 04/10/2029			1,000,000			997,490
4.81%, 02/13/2033			1,000,000			986,903
4.89%, 09/11/2033			1,213,000			1,204,549
4.99%, 04/10/2034			600,000			599,221
3.00%, 02/24/2050			140,000			95,510

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
2.77%, 11/10/2050		$	1,000,000		$	647,292
BP Capital Markets PLC, 6.45% to 03/01/2034 then 5 yr. CMT Rate + 2.15%, Perpetual			1,000,000			1,035,590
Canadian Natural Resources Ltd.
5.85%, 02/01/2035			310,000			313,078
6.25%, 03/15/2038			200,000			208,137
Cenovus Energy, Inc.
5.25%, 06/15/2037			77,000			73,657
3.75%, 02/15/2052			90,000			66,170
Cheniere Energy Partners LP, 5.95%, 06/30/2033			500,000			511,187
Cheniere Energy, Inc., 5.65%, 04/15/2034(a)			950,000			956,784
Chevron Corp., 2.24%, 05/11/2030			217,000			189,796
Chevron USA, Inc., 4.20%, 10/15/2049			52,000			44,224
Civitas Resources, Inc., 8.63%, 11/01/2030(a)			25,000			26,844
Colonial Enterprises, Inc., 3.25%, 05/15/2030(a)			510,000			460,258
Columbia Pipelines Operating Co. LLC, 5.93%, 08/15/2030(a)			215,000			220,584
ConocoPhillips Co.
5.05%, 09/15/2033			750,000			756,782
5.30%, 05/15/2053			950,000			943,333
Continental Resources, Inc./OK, 3.80%, 06/01/2024			775,000			771,887
Continental Wind LLC, 6.00%, 02/28/2033(a)			983,992			996,887
DCP Midstream Operating LP
5.13%, 05/15/2029			320,000			319,090
6.75%, 09/15/2037(a)			550,000			598,190
Diamondback Energy, Inc.
3.50%, 12/01/2029			80,000			74,003
4.40%, 03/24/2051			151,000			125,087
6.25%, 03/15/2053			150,000			161,828
Ecopetrol SA, 8.63%, 01/19/2029			525,000			556,478
EIG Pearl Holdings Sarl, 3.55%, 08/31/2036(a)			350,000			298,470
Enbridge, Inc., 6.00%, 11/15/2028			540,000			561,455

See Notes to Financial Statements.

24 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Energy Transfer LP
4.95%, 05/15/2028		$	165,000		$	163,621
4.95%, 06/15/2028			115,000			114,076
6.55%, 12/01/2033			760,000			815,854
4.90%, 03/15/2035			157,000			148,416
6.13%, 12/15/2045			20,000			20,103
5.30%, 04/15/2047			110,000			100,009
5.40%, 10/01/2047			97,000			89,518
Enterprise Products Operating LLC
4.85%, 08/15/2042			200,000			187,691
3.70%, 01/31/2051			37,000			28,586
EQT Corp., 3.63%, 05/15/2031(a)			91,000			80,090
Equinor ASA, 3.25%, 11/18/2049			1,000,000			728,474
Florida Gas Transmission Co. LLC, 2.30%, 10/01/2031(a)			355,000			287,528
Gray Oak Pipeline LLC, 3.45%, 10/15/2027(a)			173,000			162,380
Greensaif Pipelines Bidco Sarl
6.13%, 02/23/2038(a)			200,000			203,363
6.51%, 02/23/2042(a)			200,000			207,847
Halliburton Co., 4.75%, 08/01/2043			107,000			98,269
Helmerich & Payne, Inc., 2.90%, 09/29/2031			375,000			314,912
Hess Corp., 6.00%, 01/15/2040			46,000			48,547
HF Sinclair Corp., 5.00%, 02/01/2028(a)			84,000			81,602
Hilcorp Energy I LP / Hilcorp Finance Co.
6.00%, 04/15/2030(a)			75,000			73,433
6.25%, 04/15/2032(a)			100,000			98,620
Kinder Morgan Energy Partners LP, 5.50%, 03/01/2044			86,000			81,826
Marathon Oil Corp.
4.40%, 07/15/2027			840,000			816,263
5.30%, 04/01/2029			1,000,000			998,183
6.60%, 10/01/2037			48,000			50,500
MPLX LP
1.75%, 03/01/2026			1,655,000			1,547,085
5.50%, 02/15/2049			225,000			214,191
Murray Energy Corp., 12.00%, 04/15/2024(a)			180,991			0

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Northern Natural Gas Co., 5.63%, 02/01/2054(a)		$	40,000		$	40,744
Occidental Petroleum Corp.
6.13%, 01/01/2031			123,000			127,380
4.40%, 04/15/2046			239,000			194,956
ONEOK Partners LP, 6.65%, 10/01/2036			186,000			199,742
ONEOK, Inc.
3.10%, 03/15/2030			610,000			545,478
4.95%, 07/13/2047			150,000			131,850
5.20%, 07/15/2048			300,000			275,405
4.50%, 03/15/2050			250,000			203,855
Ovintiv, Inc., 7.38%, 11/01/2031			231,000			253,108
Petroleos Mexicanos
6.49%, 01/23/2027			262,000			247,122
6.50%, 03/13/2027			200,000			188,380
6.75%, 09/21/2047			199,000			132,366
6.35%, 02/12/2048			23,000			14,668
Pioneer Natural Resources Co., 5.10%, 03/29/2026			1,144,000			1,142,558
Plains All American Pipeline LP / PAA Finance Corp., 6.65%, 01/15/2037			159,000			170,158
QatarEnergy, 2.25%, 07/12/2031(a)			200,000			167,402
Raizen Fuels Finance SA, 6.45%, 03/05/2034(a)			575,000			589,943
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037			63,000			65,424
SANCHEZ ENERGY CORP PERP SR GLBL NT, 6.13%, 01/15/2050			100,000			5,000
SANCHEZ ENERGY CORP SR GLBL NT 21, 7.75%, 12/31/2050(b)			150,000			7,500
Southwestern Energy Co., 4.75%, 02/01/2032			125,000			115,070
Sweihan PV Power Co. PJSC, 3.63%, 01/31/2049(a)			949,170			754,789
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/2030(a)			175,000			166,238
Targa Resources Corp., 6.50%, 03/30/2034			1,015,000			1,090,591
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 03/01/2030			78,000			77,616

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 25

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
ENERGY – (continued)
Teck Resources Ltd., 3.90%, 07/15/2030		$	1,000,000		$	921,830
Topaz Solar Farms LLC
4.88%, 09/30/2039(a)			303,126			268,267
5.75%, 09/30/2039(a)			943,184			941,930
TotalEnergies Capital International SA, 3.13%, 05/29/2050			375,000			267,059
Transcontinental Gas Pipe Line Co. LLC, 3.95%, 05/15/2050			230,000			181,817
UEP Penonome II SA, 6.50%, 10/01/2038(a)			898,034			700,466
Valero Energy Partners LP, 4.50%, 03/15/2028			350,000			343,468
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029(a)			25,000			22,504
4.13%, 08/15/2031(a)			25,000			22,230
Western Midstream Operating LP
4.05%, 02/01/2030			1,210,000			1,128,962
5.30%, 03/01/2048			10,000			8,774
Williams Cos., Inc.
5.40%, 03/02/2026			1,000,000			1,002,568
5.30%, 08/15/2028			1,000,000			1,008,470
5.75%, 06/24/2044			220,000			219,504
4.90%, 01/15/2045			200,000			179,853
Total Energy						38,663,774
FINANCIAL – 9.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/2026			150,000			139,299
Air Lease Corp., 5.10%, 03/01/2029			1,000,000			993,367
Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035			135,000			127,571
American Express Co., 6.34% to 10/30/2025 then SOFR + 1.33%, 10/30/2026			885,000			896,678
American Tower Corp.
5.20%, 02/15/2029			121,000			120,941
2.30%, 09/15/2031			131,000			106,920
Americo Life, Inc., 3.45%, 04/15/2031(a)			110,000			86,064
Aon North America, Inc.
5.30%, 03/01/2031			161,000			162,203

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
5.75%, 03/01/2054		$	104,000		$	106,621
Arthur J Gallagher & Co.
6.75%, 02/15/2054			48,000			54,496
5.75%, 07/15/2054			38,000			38,052
Athene Global Funding, 1.73%, 10/02/2026(a)			237,000			215,077
Athene Holding Ltd., 3.45%, 05/15/2052			51,000			33,461
Banco Santander SA
6.92%, 08/08/2033			200,000			209,294
6.35%, 03/14/2034			400,000			400,288
Bank of America Corp.
8.74% (3 mo. Term SOFR + 3.40%), Perpetual			1,000,000			1,003,793
5.13% to 06/20/2024 then 3 mo. Term SOFR + 3.55%, Perpetual			290,000			290,267
0.98% to 09/25/2024 then SOFR + 0.91%, 09/25/2025			32,000			31,259
2.46% to 10/22/2024 then 3 mo. Term SOFR + 1.13%, 10/22/2025			496,000			487,087
4.45%, 03/03/2026			1,525,000			1,502,125
4.18%, 11/25/2027			496,000			481,457
3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028			1,367,000			1,316,633
3.97% to 02/07/2029 then 3 mo. Term SOFR + 1.47%, 02/07/2030			186,000			176,262
3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030			45,000			40,867
2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032			1,675,000			1,415,345
2.57% to 10/20/2031 then SOFR + 1.21%, 10/20/2032			530,000			439,700
4.57% to 04/27/2032 then SOFR + 1.83%, 04/27/2033			116,000			110,190
5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034			745,000			742,735
3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037			335,000			296,163

See Notes to Financial Statements.

26 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
4.08% to 04/23/2039 then 3 mo. Term SOFR + 1.58%, 04/23/2040		$	73,000		$	63,071
3.31% to 04/22/2041 then SOFR + 1.58%, 04/22/2042			96,000			73,950
Bank of Montreal, 7.70% to 05/26/2029 then 5 yr. CMT Rate + 3.45%, 05/26/2084			1,000,000			1,011,751
Bank of New York Mellon Corp., 4.98% to 03/14/2029 then SOFR + 1.09%, 03/14/2030			895,000			895,770
Bank of Nova Scotia (The)
5.65%, 02/01/2034			200,000			206,031
4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037			240,000			217,558
BankUnited, Inc.
4.88%, 11/17/2025			218,000			212,612
5.13%, 06/11/2030			157,000			145,646
Barclays PLC
5.83% to 05/09/2026 then SOFR + 2.21%, 05/09/2027			1,430,000			1,433,036
3.56% to 09/23/2030 then 5 yr. CMT Rate + 2.90%, 09/23/2035			400,000			343,022
6.04% to 03/12/2054 then SOFR + 2.42%, 03/12/2055			500,000			520,574
BB Blue Financing DAC
4.40%, 09/20/2029			1,000,000			983,087
4.40%, 09/20/2037			1,000,000			987,646
Blackstone Secured Lending Fund, 2.85%, 09/30/2028			1,300,000			1,146,174
Blue Owl Credit Income Corp., 7.75%, 09/16/2027			1,375,000			1,408,607
BNP Paribas SA
1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027(a)			730,000			678,565
1.68% to 06/30/2026 then SOFR + 0.91%, 06/30/2027(a)			646,000			595,131
5.89% to 12/05/2033 then SOFR + 1.87%, 12/05/2034(a)			1,378,000			1,440,146
BOC Aviation USA Corp., 1.63%, 04/29/2024(a)			200,000			199,365

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Brixmor Operating Partnership LP
3.65%, 06/15/2024		$	500,000		$	497,250
4.05%, 07/01/2030			625,000			579,699
Broadstone Net Lease LLC, 2.60%, 09/15/2031			515,000			406,935
CaixaBank SA
6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027(a)			610,000			623,221
5.67% to 03/15/2029 then SOFR + 1.78%, 03/15/2030(a)			200,000			199,884
Cantor Fitzgerald LP, 4.50%, 04/14/2027(a)			1,225,000			1,167,132
Capital One Financial Corp.
5.70% to 02/01/2029 then SOFR + 1.91%, 02/01/2030			40,000			40,341
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031			260,000			287,169
CDP Financial, Inc., 1.00%, 05/26/2026(a)			1,000,000			922,606
Citigroup, Inc.
5.00% to 09/12/2024 then SOFR + 3.81%, Perpetual			225,000			223,610
4.70% to 01/30/2025 then SOFR + 3.23%, Perpetual			55,000			53,652
3.11% to 04/08/2025 then SOFR + 2.84%, 04/08/2026			151,000			147,178
1.12% to 01/28/2026 then SOFR + 0.77%, 01/28/2027			820,000			758,391
4.45%, 09/29/2027			1,592,000			1,548,690
3.67% to 07/24/2027 then 3 mo. Term SOFR + 1.65%, 07/24/2028			5,000			4,752
3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030			610,000			574,751
2.98% to 11/05/2029 then SOFR + 1.42%, 11/05/2030			160,000			142,125
2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031			58,000			49,561

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 27

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032		$	300,000		$	250,201
5.88%, 02/22/2033			234,000			241,716
6.00%, 10/31/2033			218,000			224,486
6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034			55,000			55,852
2.90% to 11/03/2041 then SOFR + 1.38%, 11/03/2042			51,000			36,622
Citizens Financial Group, Inc., 2.64%, 09/30/2032			363,000			278,128
Community Preservation Corp., 2.87%, 02/01/2030			1,000,000			873,668
Cooperatieve Rabobank UA, 1.00% to 09/24/2025 then 1 yr. CMT Rate + 0.73%, 09/24/2026(a)			261,000			244,187
Credit Agricole SA
5.30%, 07/12/2028(a)			250,000			252,536
6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035(a)			1,256,000			1,276,631
Credit Agricole SA/London,
1.91% to 06/16/2025 then SOFR + 1.68%, 06/16/2026(a)			250,000			239,001
Credit Suisse AG/New York NY, 7.50%, 02/15/2028			250,000			269,572
Crown Castle, Inc.
5.00%, 01/11/2028			91,000			90,042
5.60%, 06/01/2029			79,000			80,060
5.20%, 02/15/2049			44,000			40,791
Danske Bank AS
3.24% to 12/20/2024 then 3 mo. LIBOR US + 1.59%, 12/20/2025(a)(c)			201,000			197,007
6.26% to 09/22/2025 then 1 yr. CMT Rate + 1.18%, 09/22/2026(a)			485,000			489,688
Deutsche Bank AG/New York NY
2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027			180,000			164,567
6.56% (SOFR + 1.22%), 11/16/2027			240,000			237,517

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
2.55% to 01/07/2027 then SOFR + 1.32%, 01/07/2028		$	150,000		$	137,727
6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029			1,100,000			1,149,944
3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033			225,000			185,852
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026(a)			970,000			906,871
Enstar Group Ltd.
4.95%, 06/01/2029			68,000			66,418
3.10%, 09/01/2031			35,000			29,058
Equitable Financial Life Global Funding, 1.30%, 07/12/2026(a)			138,000			125,255
Everest Reinsurance Holdings, Inc., 3.13%, 10/15/2052			590,000			381,613
F&G Global Funding, 2.30%, 04/11/2027(a)			160,000			143,629
Fairfax Financial Holdings Ltd.
5.63%, 08/16/2032			500,000			499,495
6.00%, 12/07/2033(a)			975,000			994,531
Federation des Caisses Desjardins du Quebec
5.15%, 11/27/2028(a)			600,000			608,483
5.25%, 04/26/2029(a)			1,000,000			997,636
Fifth Third Bancorp, 4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033			1,256,000			1,146,449
First Horizon Bank, 5.75%, 05/01/2030			250,000			236,551
GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/2031(a)			940,000			740,735
GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026			150,000			148,693
Goldman Sachs Group, Inc.
1.54% to 09/10/2026 then SOFR + 0.82%, 09/10/2027			188,000			171,786
3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029			925,000			876,874

See Notes to Financial Statements.

28 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029		$	1,198,000		$	1,153,115
2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032			770,000			646,224
2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032			120,000			98,443
6.75%, 10/01/2037			355,000			387,851
3.21% to 04/22/2041 then SOFR + 1.51%, 04/22/2042			132,000			99,257
GPS Blue Financing DAC, 5.65%, 11/09/2041(a)			1,000,000			952,000
HAT Holdings I LLC / HAT Holdings II LLC
8.00%, 06/15/2027(a)			500,000			521,350
3.75%, 09/15/2030(a)			1,000,000			839,898
HNA 2015 LLC, 2.37%, 09/18/2027			194,860			183,326
Host Hotels & Resorts LP, 3.50%, 09/15/2030			96,000			85,366
HSBC Holdings PLC
2.25% to 11/22/2026 then SOFR + 1.10%, 11/22/2027			400,000			368,654
6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029			1,200,000			1,232,949
6.33% to 03/09/2043 then SOFR + 2.65%, 03/09/2044			200,000			214,514
Huntington Bancshares, Inc./OH
6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029			145,000			148,409
2.55%, 02/04/2030			43,000			36,582
ING Groep NV, 6.11% to 09/11/2033 then SOFR + 2.09%, 09/11/2034			800,000			830,595
Intercontinental Exchange, Inc.
4.95%, 06/15/2052			138,000			129,903
5.20%, 06/15/2062			92,000			90,006
Intesa Sanpaolo SpA
7.20%, 11/28/2033(a)			1,000,000			1,077,162
7.80%, 11/28/2053(a)			1,000,000			1,134,558

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054(a)		$	200,000		$	213,287
JPMorgan Chase & Co.
6.13% to 04/30/2024 then 3 mo. Term SOFR + 3.59%, Perpetual			129,000			128,614
4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual			1,140,000			1,120,750
2.01% to 03/13/2025 then 3 mo. Term SOFR + 1.59%, 03/13/2026			420,000			406,041
3.78% to 02/01/2027 then 3 mo. Term SOFR + 1.60%, 02/01/2028			300,000			288,913
3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028			154,000			147,118
4.01% to 04/23/2028 then 3 mo. Term SOFR + 1.38%, 04/23/2029			1,240,000			1,188,566
2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029			307,000			272,325
6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual			1,250,000			1,293,465
2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030			2,250,000			1,992,544
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032			405,000			342,402
2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032			646,000			537,541
4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033			73,000			71,478
2.53% to 11/19/2040 then 3 mo. Term SOFR + 1.51%, 11/19/2041			575,000			401,259
KeyBank NA/Cleveland OH, 3.40%, 05/20/2026			255,000			240,379
KeyCorp, 6.40% to 03/06/2034 then SOFR + 2.42%, 03/06/2035			185,000			188,923
Kimco Realty OP LLC
2.25%, 12/01/2031			1,100,000			886,965

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 29

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
4.60%, 02/01/2033		$	135,000		$	127,796
Liberty Mutual Group, Inc.
4.57%, 02/01/2029(a)			700,000			681,684
3.95%, 10/15/2050(a)			120,000			90,233
3.95%, 05/15/2060(a)			85,000			61,657
Low Income Investment Fund, 3.39%, 07/01/2026			1,000,000			938,763
LPL Holdings, Inc., 4.38%, 05/15/2031(a)			325,000			295,796
Lseg US Fin Corp., 5.30%, 03/28/2034(a)			590,000			593,721
Macquarie Group Ltd., 3.76% to 11/28/2027 then 3 mo. LIBOR US + 1.37%, 11/28/2028(a)(c)			8,000			7,505
Mastercard, Inc., 1.90%, 03/15/2031			1,000,000			835,166
Mitsubishi UFJ Financial Group, Inc.
4.79% to 07/18/2024 then 1 yr. CMT Rate + 1.70%, 07/18/2025			400,000			398,606
5.24% to 04/19/2028 then 1 yr. CMT Rate + 1.70%, 04/19/2029			655,000			659,964
Mizuho Financial Group, Inc.
2.56% to 09/13/2024 then 3 mo. Term SOFR + 1.36%, 09/13/2025			281,000			276,939
5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029			292,000			298,361
Morgan Stanley
1.16% to 10/21/2024 then SOFR + 0.56%, 10/21/2025			92,000			89,580
3.95%, 04/23/2027			950,000			917,227
1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027			80,000			73,999
1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027			246,000			225,779
3.59%, 07/22/2028(d)			405,000			384,793
3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029			1,155,000			1,099,415
4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030			440,000			426,102

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
3.62% to 04/01/2030 then SOFR + 3.12%, 04/01/2031		$	46,000		$	42,188
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032			210,000			171,546
2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033			2,450,000			2,082,313
2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036			32,000			25,308
5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037			168,000			161,179
5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039			62,000			61,626
3.22% to 04/22/2041 then SOFR + 1.49%, 04/22/2042			132,000			100,958
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027			1,310,000			1,261,393
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/2027			150,000			125,625
3.50%, 03/15/2031			200,000			137,324
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.88% to 05/23/2032 then 5 yr. CMT Rate + 3.98%, 05/23/2042(a)			1,000,000			1,013,246
Nasdaq, Inc.
5.95%, 08/15/2053			37,000			38,991
6.10%, 06/28/2063			44,000			46,917
National Community Renaissance of California, 3.27%, 12/01/2032			1,000,000			798,100
National Health Investors, Inc., 3.00%, 02/01/2031			100,000			82,083
New York Life Global Funding, 4.85%, 01/09/2028(a)			65,000			64,772
Nomura Holdings, Inc., 2.61%, 07/14/2031			200,000			166,259
Northwestern Mutual Global Funding, 4.35%, 09/15/2027(a)			89,000			87,081
Nuveen Finance LLC, 4.13%, 11/01/2024(a)			400,000			396,494

See Notes to Financial Statements.

30 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
OFS Capital Corp., 4.75%, 02/10/2026		$	1,300,000		$	1,187,480
Omega Healthcare Investors, Inc.
3.38%, 02/01/2031			56,000			47,800
3.25%, 04/15/2033			119,000			96,369
OMERS Finance Trust
3.50%, 04/19/2032(a)			1,000,000			914,104
4.00%, 04/19/2052(a)			1,000,000			791,329
OneMain Finance Corp., 3.88%, 09/15/2028			100,000			89,208
PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034			280,000			306,608
Preservation Of Affordable Housing, Inc., 4.48%, 12/01/2032			1,000,000			924,434
Private Export Funding Corp.
4.30%, 12/15/2028			1,000,000			997,689
4.60%, 02/15/2034			1,000,000			1,004,017
Prudential Financial, Inc., 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048(c)			70,000			69,231
Prudential Funding Asia PLC, 3.13%, 04/14/2030			56,000			50,382
Public Storage Operating Co., 5.35%, 08/01/2053			36,000			36,163
Realty Income Corp., 3.25%, 01/15/2031			285,000			254,244
Regency Centers LP
3.75%, 06/15/2024			1,000,000			994,269
5.25%, 01/15/2034			1,000,000			996,193
Regions Financial Corp., 7.38%, 12/10/2037			144,000			162,662
Reinvestment Fund, Inc., 3.88%, 02/15/2027			500,000			459,007
Royal Bank of Canada
1.05%, 09/14/2026(a)			1,000,000			911,039
4.85%, 12/14/2026(a)			1,000,000			998,662
SBL Holdings, Inc., 5.00%, 02/18/2031(a)			124,000			104,746
Security Benefit Global Funding, 1.25%, 05/17/2024(a)			84,000			83,455
Shinhan Financial Group Co., Ltd., 5.00%, 07/24/2028(a)			1,000,000			992,270

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
Signature Bank/New York NY, 4.00% to 10/15/2025 then 3 Month AMERIBOR + 3.89%, 10/15/2030		$	150,000		$	69,355
Societe Generale SA
2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028(a)			795,000			734,085
7.13% to 01/19/2054 then 1 yr. CMT Rate + 2.95%, 01/19/2055(a)			1,200,000			1,197,971
Starwood Property Trust, Inc., 7.25%, 04/01/2029(a)			1,000,000			1,007,959
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 03/09/2026(a)			245,000			247,011
Sun Communities Operating LP
2.30%, 11/01/2028			750,000			655,010
5.70%, 01/15/2033			285,000			282,644
Swedbank AB, 1.54%, 11/16/2026(a)			213,000			194,310
Synchrony Financial, 4.50%, 07/23/2025			421,000			412,538
Teachers Insurance & Annuity Association of America, 3.30%, 05/15/2050(a)			210,000			147,162
Thirax 2 LLC, 2.32%, 01/22/2034			851,954			753,770
Truist Financial Corp., 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029			300,000			319,920
UBS Group AG
9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual(a)			625,000			677,172
5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030(a)			1,701,000			1,703,522
7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual(a)			1,000,000			1,028,469
3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032(a)			285,000			242,412
9.25% to 11/13/2033 then 5 yr. CMT Rate + 4.76%, Perpetual(a)			525,000			592,482
6.30% to 09/22/2033 then 1 yr. CMT Rate + 2.00%, 09/22/2034(a)			1,000,000			1,046,763

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 31

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
5.70% to 02/08/2034 then 1 yr. CMT Rate + 1.77%, 02/08/2035(a)		$	1,150,000		$	1,155,820
UniCredit SpA
2.57% to 09/22/2025 then 1 yr. CMT Rate + 2.30%, 09/22/2026(a)			1,000,000			952,416
5.86% to 06/19/2027 then 5 Year Mid Swap Rate USD + 3.70%, 06/19/2032(a)			200,000			195,300
US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036			195,000			153,417
USAA Capital Corp.
3.38%, 05/01/2025(a)			150,000			147,139
2.13%, 05/01/2030(a)			1,000,000			835,905
Valley National Bancorp, 3.00% to 06/15/2026 then 3 mo. Term SOFR + 2.36%, 06/15/2031			166,000			120,795
Visa, Inc., 1.90%, 04/15/2027			1,000,000			924,744
W R Berkley Corp., 4.00%, 05/12/2050			160,000			124,266
Washington Aircraft 2 Co. DAC, 6.00% (3 mo. Term SOFR + 0.69%), 06/26/2024			30,222			30,242
Wells Fargo & Co.
4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026			1,000,000			987,229
4.30%, 07/22/2027			655,000			638,007
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029			1,160,000			1,173,749
2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030			43,000			38,012
2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031			762,000			656,855
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034			435,000			432,291
6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034			380,000			407,578
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035			42,000			42,099

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
FINANCIAL – (continued)
3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041		$	814,000		$	609,046
5.61%, 01/15/2044			84,000			82,750
Weyerhaeuser Co.
4.75%, 05/15/2026			132,000			130,772
4.00%, 03/09/2052			64,000			50,863
Willis North America, Inc.
4.65%, 06/15/2027			181,000			178,083
5.90%, 03/05/2054			138,000			139,703
WLB Asset II B Pte Ltd., 3.95%, 12/10/2024(a)			1,000,000			950,231
WLB Asset II C Pte Ltd., 3.90%, 12/23/2025(a)			1,000,000			933,648
WLB Asset II D Pte Ltd., 6.50%, 12/21/2026(a)			1,000,000			958,065
Zions Bancorp NA, 3.25%, 10/29/2029			271,000			221,981
Total Financial						120,254,919
INDUSTRIAL – 1.6%
AECOM, 5.13%, 03/15/2027			100,000			98,235
AGCO Corp.
5.45%, 03/21/2027			220,000			220,983
5.80%, 03/21/2034			33,000			33,412
Ambipar Lux Sarl, 9.88%, 02/06/2031(a)			825,000			826,609
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031			62,000			52,678
Amsted Industries, Inc., 5.63%, 07/01/2027(a)			200,000			196,996
BAE Systems PLC, 5.13%, 03/26/2029(a)			585,000			587,024
Ball Corp.
6.00%, 06/15/2029			275,000			277,613
3.13%, 09/15/2031			100,000			84,985
Berry Global, Inc., 1.57%, 01/15/2026			1,010,000			944,135
Boeing Co.
2.20%, 02/04/2026			1,150,000			1,076,630
5.15%, 05/01/2030			96,000			92,881
3.38%, 06/15/2046			79,000			53,275
3.63%, 03/01/2048			565,000			384,752
5.81%, 05/01/2050			840,000			794,747
5.93%, 05/01/2060			91,000			85,316

See Notes to Financial Statements.

32 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
Burlington Northern Santa Fe LLC
4.45%, 03/15/2043		$	27,000		$	24,288
4.15%, 12/15/2048			119,000			101,127
4.45%, 01/15/2053			67,000			59,381
Canadian Pacific Railway Co., 4.70%, 05/01/2048			70,000			62,464
Carlisle Cos., Inc., 2.20%, 03/01/2032			382,000			306,566
Carrier Global Corp.
5.90%, 03/15/2034			729,000			766,178
3.38%, 04/05/2040			180,000			140,923
Caterpillar Financial Services Corp.
5.40%, 03/10/2025			135,000			135,222
4.80%, 01/06/2026			109,000			108,799
1.70%, 01/08/2027			89,000			82,042
4.85%, 02/27/2029			80,000			80,459
Cemex SAB de CV, 9.13% to 06/14/2028 then 5 yr. CMT Rate + 5.16%, Perpetual(a)			625,000			678,971
CNH Industrial Capital LLC
5.50%, 01/12/2029			119,000			120,705
5.10%, 04/20/2029			82,000			81,778
CSX Corp., 4.50%, 11/15/2052			110,000			97,271
Flowserve Corp., 2.80%, 01/15/2032			245,000			201,399
GATX Corp.
3.25%, 09/15/2026			107,000			102,117
5.40%, 03/15/2027			80,000			80,547
6.05%, 03/15/2034			88,000			90,576
GFL Environmental, Inc., 6.75%, 01/15/2031(a)			90,000			92,233
Honeywell International, Inc.
4.25%, 01/15/2029			96,000			94,411
1.75%, 09/01/2031			119,000			96,583
4.95%, 09/01/2031			88,000			88,637
5.35%, 03/01/2064			149,000			150,967
Jabil, Inc., 5.45%, 02/01/2029			45,000			45,226
Jacobs Engineering Group, Inc.
6.35%, 08/18/2028			64,000			66,149
5.90%, 03/01/2033			49,000			49,603
John Deere Capital Corp.
3.40%, 06/06/2025			185,000			181,333
1.30%, 10/13/2026			92,000			83,973

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
4.75%, 01/20/2028		$	93,000		$	93,198
4.95%, 07/14/2028			62,000			62,467
L3Harris Technologies, Inc.
5.25%, 06/01/2031			87,000			86,839
5.40%, 07/31/2033			144,000			144,905
Lennox International, Inc., 5.50%, 09/15/2028			175,000			177,368
Lockheed Martin Corp., 4.45%, 05/15/2028			103,000			102,021
Martin Marietta Materials, Inc., 2.40%, 07/15/2031			80,000			67,007
Masonite International Corp., 3.50%, 02/15/2030(a)			125,000			110,590
Mexico City Airport Trust
3.88%, 04/30/2028(a)			200,000			187,658
5.50%, 07/31/2047(a)			200,000			168,779
Nature Conservancy (The), 1.51%, 07/01/2029			300,000			252,106
Northrop Grumman Corp.
4.95%, 03/15/2053			60,000			56,365
5.20%, 06/01/2054			80,000			77,912
nVent Finance Sarl, 2.75%, 11/15/2031			254,000			209,163
Packaging Corp. of America, 5.70%, 12/01/2033			126,000			130,135
Parker-Hannifin Corp., 4.25%, 09/15/2027			125,000			122,575
Penske Truck Leasing Co. Lp / PTL Finance Corp.
6.05%, 08/01/2028(a)			88,000			90,542
5.35%, 03/30/2029(a)			56,000			56,038
6.20%, 06/15/2030(a)			107,000			111,231
Republic Services, Inc., 5.00%, 04/01/2034			109,000			108,203
RTX Corp.
6.10%, 03/15/2034			1,200,000			1,282,542
5.38%, 02/27/2053			118,000			116,373
6.40%, 03/15/2054			73,000			82,589
Ryder System, Inc.
5.25%, 06/01/2028			88,000			88,402
6.60%, 12/01/2033			101,000			109,549
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028(a)			25,000			25,052
Smurfit Kappa Treasury ULC
5.20%, 01/15/2030(a)			900,000			898,221
5.44%, 04/03/2034(a)			1,125,000			1,125,429

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 33

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
INDUSTRIAL – (continued)
5.78%, 04/03/2054(a)		$	1,089,000		$	1,101,519
Sonoco Products Co., 1.80%, 02/01/2025			406,000			392,835
Standard Industries, Inc./NJ
4.75%, 01/15/2028(a)			125,000			119,298
4.38%, 07/15/2030(a)			175,000			157,245
Stanley Black & Decker, Inc., 4.00% to 03/15/2025 then 5 yr. CMT Rate + 2.66%, 03/15/2060			309,000			272,151
Tote Shipholdings LLC, 3.40%, 10/16/2040			919,000			801,623
Trimble, Inc.
4.90%, 06/15/2028			62,000			61,637
6.10%, 03/15/2033			63,000			65,815
Vontier Corp., 2.95%, 04/01/2031			7,000			5,851
Waste Connections, Inc.
4.25%, 12/01/2028			68,000			66,300
2.20%, 01/15/2032			193,000			158,048
Waste Management, Inc.
4.63%, 02/15/2030			44,000			43,791
4.88%, 02/15/2034			233,000			231,406
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034			48,000			48,621
Total Industrial						19,749,598
TECHNOLOGY – 0.7%
Apple, Inc.
3.00%, 06/20/2027			1,000,000			952,605
1.40%, 08/05/2028			240,000			210,925
2.65%, 05/11/2050			106,000			70,386
2.70%, 08/05/2051			75,000			49,637
3.95%, 08/08/2052			95,000			80,068
2.80%, 02/08/2061			10,000			6,397
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033			29,000			30,001
Broadcom, Inc.
2.45%, 02/15/2031(a)			198,000			166,918
3.42%, 04/15/2033(a)			809,000			701,322
3.14%, 11/15/2035(a)			194,000			156,733
3.19%, 11/15/2036(a)			452,000			359,725
CDW LLC / CDW Finance Corp.
5.50%, 12/01/2024			350,000			348,435
2.67%, 12/01/2026			315,000			292,502

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
TECHNOLOGY – (continued)
Dell International LLC / EMC Corp.
8.10%, 07/15/2036		$	108,000		$	130,555
3.38%, 12/15/2041			165,000			122,742
Fiserv, Inc.
5.63%, 08/21/2033			111,000			113,396
4.40%, 07/01/2049			166,000			140,833
Foundry JV Holdco LLC, 5.88%, 01/25/2034(a)			200,000			200,302
Hewlett Packard Enterprise Co.
1.75%, 04/01/2026			200,000			186,678
5.25%, 07/01/2028			137,000			138,153
Intel Corp.
4.15%, 08/05/2032			1,000,000			949,761
5.63%, 02/10/2043			95,000			98,226
5.60%, 02/21/2054			35,000			35,661
Intuit, Inc., 5.20%, 09/15/2033			68,000			69,256
Leidos, Inc.
4.38%, 05/15/2030			119,000			112,758
5.75%, 03/15/2033			68,000			69,711
Oracle Corp.
2.30%, 03/25/2028			244,000			220,315
6.25%, 11/09/2032			2,120,000			2,268,275
4.90%, 02/06/2033			72,000			70,491
3.80%, 11/15/2037			296,000			248,205
4.00%, 11/15/2047			108,000			84,312
5.55%, 02/06/2053			36,000			35,216
QUALCOMM, Inc., 6.00%, 05/20/2053			52,000			58,123
Texas Instruments, Inc.
4.60%, 02/15/2028			90,000			90,031
5.00%, 03/14/2053			74,000			72,603
5.05%, 05/18/2063			103,000			100,310
Total Technology						9,041,567
UTILITIES – 3.9%
Abu Dhabi National Energy Co. PJSC, 2.00%, 04/29/2028(a)			200,000			178,000
AEP Transmission Co. LLC, 4.25%, 09/15/2048			425,000			356,505
AES Corp.
5.45%, 06/01/2028			92,000			91,821
2.45%, 01/15/2031			190,000			155,450
Alabama Power Co., 3.75%, 03/01/2045			170,000			134,681

See Notes to Financial Statements.

34 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Alfa Desarrollo SpA, 4.55%, 09/27/2051(a)		$	198,588		$	151,774
Algonquin Power & Utilities Corp., 1.18%, 06/15/2026(e)			1,290,000			1,283,016
Alliant Energy Finance LLC, 5.95%, 03/30/2029(a)			62,000			63,856
Ameren Corp., 5.70%, 12/01/2026			57,000			57,758
American Electric Power Co., Inc.
3.20%, 11/13/2027			93,000			87,312
5.63%, 03/01/2033			83,000			84,266
AmeriGas Partners LP / AmeriGas Finance Corp., 5.88%, 08/20/2026			225,000			224,627
Arizona Public Service Co.
6.35%, 12/15/2032			630,000			672,352
3.75%, 05/15/2046			500,000			377,425
Atmos Energy Corp., 5.75%, 10/15/2052			61,000			64,630
Avangrid, Inc., 3.20%, 04/15/2025			269,000			262,104
Calpine Corp., 3.75%, 03/01/2031(a)			450,000			394,071
CMS Energy Corp., 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050			117,000			107,758
Comision Federal de Electricidad, 4.69%, 05/15/2029(a)			400,000			376,165
Commonwealth Edison Co., 3.70%, 08/15/2028			320,000			306,043
Connecticut Light and Power Co.
4.65%, 01/01/2029			1,000,000			988,532
4.00%, 04/01/2048			105,000			85,909
Consolidated Edison Co. of New York, Inc.
4.45%, 03/15/2044			55,000			48,375
3.95%, 04/01/2050			90,000			73,072
Consorcio Transmantaro SA, 4.70%, 04/16/2034(a)			430,000			405,417
Consumers Energy Co., 4.60%, 05/30/2029			1,000,000			988,369
Dominion Energy, Inc.
3.38%, 04/01/2030			230,000			209,023
2.25%, 08/15/2031			1,000,000			818,309

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
5.75% to 10/01/2024 then 3 mo. LIBOR US + 3.06%, 10/01/2054(c)		$	55,000		$	54,658
DTE Electric Co.
1.90%, 04/01/2028			1,000,000			896,631
3.95%, 03/01/2049			1,258,000			1,019,977
DTE Energy Co., 4.88%, 06/01/2028			135,000			133,474
Duke Energy Carolinas LLC
2.85%, 03/15/2032			1,000,000			857,687
3.55%, 03/15/2052			52,000			37,859
5.40%, 01/15/2054			37,000			36,822
Duke Energy Florida LLC
3.80%, 07/15/2028			550,000			529,243
2.50%, 12/01/2029			1,000,000			886,551
4.20%, 07/15/2048			50,000			41,422
5.95%, 11/15/2052			51,000			54,166
Duke Energy Indiana LLC, 2.75%, 04/01/2050			930,000			589,351
Duke Energy Ohio, Inc., 5.65%, 04/01/2053			37,000			37,521
Duke Energy Progress LLC, 4.00%, 04/01/2052			80,000			63,478
Electricite de France SA, 5.70%, 05/23/2028(a)			210,000			213,047
Emera US Finance LP
3.55%, 06/15/2026			225,000			215,983
4.75%, 06/15/2046			190,000			156,123
Entergy Mississippi LLC, 3.50%, 06/01/2051			41,000			29,693
Entergy Texas, Inc.
4.50%, 03/30/2039			424,000			383,213
5.00%, 09/15/2052			40,000			36,536
Eskom Holdings SOC Ltd., 6.35%, 08/10/2028(a)			200,000			191,741
Florida Power & Light Co., 2.88%, 12/04/2051			570,000			374,617
Georgia Power Co., 3.25%, 03/15/2051			175,000			122,821
Indiana Michigan Power Co., 5.63%, 04/01/2053			42,000			42,428
Indianapolis Power & Light Co., 5.70%, 04/01/2054(a)			54,000			54,143
Interstate Power and Light Co.
4.10%, 09/26/2028			775,000			743,968
3.50%, 09/30/2049			92,000			66,394

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 35

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
ITC Holdings Corp., 4.95%, 09/22/2027(a)		$	450,000		$	446,773
Jersey Central Power & Light Co., 2.75%, 03/01/2032(a)			62,000			51,516
Kentucky Power Co., 7.00%, 11/15/2033(a)			188,000			201,226
KeySpan Gas East Corp., 5.99%, 03/06/2033(a)			118,000			119,585
Liberty Utilities Finance GP 1, 2.05%, 09/15/2030(a)			1,138,000			921,629
Metropolitan Edison Co., 5.20%, 04/01/2028(a)			157,000			157,154
MidAmerican Energy Co.
3.10%, 05/01/2027			624,000			592,888
5.35%, 01/15/2034			875,000			900,430
5.85%, 09/15/2054			975,000			1,040,299
5.30%, 02/01/2055			1,050,000			1,038,660
Narragansett Electric Co., 5.35%, 05/01/2034(a)			83,000			83,638
National Fuel Gas Co., 5.50%, 01/15/2026			475,000			474,266
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/2025			543,000			531,523
4.15%, 12/15/2032			1,000,000			928,170
New York State Electric & Gas Corp.
5.65%, 08/15/2028(a)			1,000,000			1,022,675
2.15%, 10/01/2031(a)			1,225,000			982,553
5.85%, 08/15/2033(a)			124,000			127,932
NextEra Energy Capital Holdings, Inc.
6.05%, 03/01/2025			190,000			190,723
5.75%, 09/01/2025			61,000			61,262
4.90%, 03/15/2029			1,000,000			995,808
5.25%, 03/15/2034			1,000,000			997,788
NextEra Energy Operating Partners LP, 7.25%, 01/15/2029(a)			1,016,000			1,039,534
Northwest Natural Gas Co., 3.08%, 12/01/2051			1,000,000			616,514
Ohio Edison Co., 5.50%, 01/15/2033(a)			930,000			927,861
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053			37,000			37,005
Oncor Electric Delivery Co. LLC, 4.15%, 06/01/2032			98,000			92,104

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Pacific Gas and Electric Co.
4.95%, 06/08/2025		$	57,000		$	56,528
4.30%, 03/15/2045			243,000			192,014
3.95%, 12/01/2047			107,000			80,044
4.95%, 07/01/2050			320,000			275,261
6.70%, 04/01/2053			1,000,000			1,082,344
PacifiCorp, 4.13%, 01/15/2049			935,000			734,091
PPL Electric Utilities Corp.
4.85%, 02/15/2034			950,000			934,175
4.15%, 06/15/2048			85,000			72,308
Public Service Co. of Colorado
3.70%, 06/15/2028			577,000			551,770
4.10%, 06/15/2048			244,000			192,820
2.70%, 01/15/2051			274,000			165,516
Public Service Co. of Oklahoma, 2.20%, 08/15/2031			1,207,000			986,446
Public Service Electric and Gas Co.
2.70%, 05/01/2050			420,000			275,187
5.13%, 03/15/2053			800,000			786,977
San Diego Gas & Electric Co.
4.95%, 08/15/2028			1,000,000			1,003,751
2.95%, 08/15/2051			1,375,000			925,877
5.55%, 04/15/2054			47,000			47,675
SCE Recovery Funding LLC, 2.94%, 11/15/2042			1,627,000			1,316,866
Sociedad de Transmision Austral SA, 4.00%, 01/27/2032(a)			1,000,000			875,056
Southern California Edison Co.
4.88%, 02/01/2027			647,000			645,030
5.85%, 11/01/2027			770,000			790,460
5.20%, 06/01/2034			575,000			569,237
4.13%, 03/01/2048			110,000			88,792
3.65%, 06/01/2051			1,000,000			738,197
Southern California Gas Co.
4.30%, 01/15/2049			75,000			62,026
5.60%, 04/01/2054			47,000			47,030
Southwestern Public Service Co., 3.75%, 06/15/2049			360,000			265,388
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/2033(a)			405,400			406,795

See Notes to Financial Statements.

36 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
CORPORATE BONDS – (continued)
UTILITIES – (continued)
Union Electric Co.
2.63%, 03/15/2051		$	1,000,000		$	617,226
3.90%, 04/01/2052			1,155,000			913,443
Vistra Corp., 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual(a)			1,000,000			990,146
Vistra Operations Co. LLC
3.55%, 07/15/2024(a)			305,000			302,812
5.63%, 02/15/2027(a)			400,000			393,862
5.00%, 07/31/2027(a)			100,000			96,833
Wisconsin Public Service Corp., 2.85%, 12/01/2051			510,000			325,887
Total Utilities						49,303,553
TOTAL CORPORATE BONDS (Cost $329,294,283)						313,344,332
U.S. GOVERNMENT AGENCIES – 15.7%
Federal Home Loan Mortgage Corp.
Pool A97420, 4.00%, 03/01/2041			81,811			77,613
Pool C04420, 3.00%, 01/01/2043			418,177			374,267
Pool C09044, 3.50%, 07/01/2043			119,769			110,063
Pool C91967, 3.00%, 12/01/2037			204,491			186,817
Pool G06784, 3.50%, 10/01/2041			53,055			49,010
Pool G07025, 5.00%, 02/01/2042			103,524			103,339
Pool G07028, 4.00%, 06/01/2042			146,401			138,887
Pool G08654, 3.50%, 07/01/2045			108,554			99,103
Pool G08658, 3.00%, 08/01/2045			181,999			161,403
Pool G08721, 3.00%, 09/01/2046			1,083,400			954,777
Pool G08741, 3.00%, 01/01/2047			625,021			550,171
Pool G08760, 3.00%, 04/01/2047			226,248			198,903
Pool G08768, 4.50%, 06/01/2047			183,715			178,907
Pool G08772, 4.50%, 07/01/2047			41,629			40,299
Pool G16015, 3.00%, 01/01/2032			123,399			117,229

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool G16177, 2.00%, 01/01/2032		$	82,354		$	75,772
Pool G61713, 3.50%, 01/01/2045			165,896			152,384
Pool G67715, 4.50%, 08/01/2048			107,894			105,264
Pool Q12052, 3.50%, 10/01/2042			263,395			242,601
Pool Q49494, 4.50%, 07/01/2047			43,958			42,782
Pool Q52081, 3.50%, 11/01/2047			129,088			117,846
Pool QA7234, 3.00%, 02/01/2050			319,184			277,862
Pool QC0039, 2.50%, 03/01/2051			259,031			218,278
Pool QC9556, 2.50%, 10/01/2051			302,887			254,167
Pool QD1349, 3.50%, 11/01/2051			438,266			397,905
Pool QE0375, 4.00%, 04/01/2052			421,607			395,474
Pool QE5182, 4.50%, 06/01/2052			343,313			326,896
Pool QE5382, 4.50%, 07/01/2052			335,782			319,725
Pool RA7211, 4.00%, 04/01/2052			522,367			484,557
Pool RA9629, 5.50%, 08/01/2053			1,280,117			1,274,256
Pool SB8062, 2.50%, 09/01/2035			422,351			386,450
Pool SB8189, 4.00%, 11/01/2037			1,360,915			1,318,617
Pool SD0922, 2.50%, 03/01/2052			134,910			112,880
Pool SD1059, 3.50%, 06/01/2052			1,440,256			1,293,784
Pool SD1937, 3.00%, 03/01/2052			342,634			295,096
Pool SD7551, 3.00%, 01/01/2052			1,260,106			1,101,495
Pool SD8016, 3.00%, 10/01/2049			56,733			49,447
Pool SD8090, 2.00%, 09/01/2050			2,256,540			1,799,490
Pool SD8104, 1.50%, 11/01/2050			400,126			301,459
Pool SD8128, 2.00%, 02/01/2051			3,300,784			2,629,116

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 37

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool SD8135, 2.50%, 03/01/2051		$	9,297,188		$	7,744,581
Pool SD8141, 2.50%, 04/01/2051			2,367,120			1,967,907
Pool SD8142, 3.00%, 04/01/2051			2,635,360			2,292,294
Pool SD8155, 2.00%, 07/01/2051			2,700,811			2,145,788
Pool SD8184, 3.00%, 12/01/2051			513,587			442,425
Pool SD8195, 3.00%, 02/01/2052			251,940			217,027
Pool SD8206, 3.00%, 04/01/2052			805,419			693,672
Pool SD8214, 3.50%, 05/01/2052			3,189,412			2,855,897
Pool SD8220, 3.00%, 06/01/2052			274,956			236,764
Pool SD8233, 5.00%, 07/01/2052			1,859,672			1,816,067
Pool SD8244, 4.00%, 09/01/2052			1,019,561			944,477
Pool SD8246, 5.00%, 09/01/2052			2,735,288			2,670,940
Pool U90490, 4.00%, 06/01/2042			3,176			3,016
Pool U99175, 4.50%, 06/01/2047			23,147			22,529
Pool V83956, 4.50%, 02/01/2048			100,497			97,561
Pool ZK5708, 2.50%, 06/01/2028			37,028			35,407
Pool ZM2486, 3.50%, 01/01/2047			133,870			120,730
Pool ZT0536, 3.50%, 03/01/2048			559,633			511,285
Federal National Mortgage Association
2.63%, 09/06/2024			1,000,000			988,670
0.63%, 04/22/2025			1,000,000			954,811
0.88%, 08/05/2030			1,265,000			1,024,212
0.00%, 03/17/2031(f)			260,000			190,371
3.50%, 05/15/2041, TBA			500,000			447,751
Federal National Mortgage Association
Pool 310210, 4.00%, 05/01/2044			2,224,799			2,112,738
Pool AB2459, 4.00%, 03/01/2041			211,082			200,038

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool AB6832, 3.50%, 11/01/2042		$	205,663		$	189,058
Pool AE0481, 5.00%, 09/01/2040			84,274			84,095
Pool AE1761, 4.00%, 09/01/2040			119,267			113,033
Pool AE3049, 4.50%, 09/01/2040			113,463			111,276
Pool AH3384, 3.50%, 01/01/2041			158,164			145,966
Pool AL0028, 5.00%, 02/01/2041			66,500			66,359
Pool AL0054, 4.50%, 02/01/2041			213,883			209,758
Pool AL7343, 5.50%, 02/01/2042			35,930			36,679
Pool AL8858, 4.00%, 07/01/2046			199,904			189,338
Pool AL9072, 5.00%, 07/01/2044			163,760			165,731
Pool AO7352, 3.50%, 08/01/2042			127,885			117,681
Pool AS0212, 3.50%, 08/01/2043			92,090			84,462
Pool AS4952, 3.00%, 05/01/2030			87,674			83,580
Pool AS6311, 3.50%, 12/01/2045			144,240			131,526
Pool AS7051, 2.50%, 04/01/2031			269,416			252,178
Pool AS7568, 4.50%, 07/01/2046			80,934			78,906
Pool AS7660, 2.50%, 08/01/2046			443,871			379,180
Pool AS7742, 3.50%, 08/01/2046			159,746			146,170
Pool AS7847, 3.00%, 09/01/2046			104,137			91,761
Pool AS7877, 2.50%, 09/01/2046			38,128			32,406
Pool AS8073, 2.50%, 10/01/2046			112,048			94,826
Pool AS8299, 3.00%, 11/01/2046			158,910			140,023
Pool AS8583, 3.50%, 01/01/2047			87,834			80,090
Pool AS8960, 4.00%, 03/01/2047			108,966			102,592
Pool AT2725, 3.00%, 05/01/2043			311,264			277,896

See Notes to Financial Statements.

38 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool AX7677, 3.50%, 01/01/2045		$	9,486		$	8,708
Pool BA3907, 3.50%, 12/01/2045			205,523			187,620
Pool BC0769, 4.00%, 12/01/2045			242,271			229,467
Pool BC9096, 3.50%, 12/01/2046			76,586			70,049
Pool BM1278, 3.00%, 05/01/2032			297,376			280,759
Pool BM3148, 4.50%, 11/01/2047			35,438			34,469
Pool BM3881, 4.50%, 05/01/2048			73,908			71,812
Pool BM3904, 5.00%, 05/01/2048			39,051			38,750
Pool BM4012, 4.50%, 05/01/2048			52,327			50,843
Pool BM4716, 3.50%, 12/01/2030			23,112			22,314
Pool BM5261, 4.00%, 01/01/2048			180,823			170,854
Pool BM5654, 3.50%, 06/01/2048			140,983			128,551
Pool BM5839, 3.50%, 11/01/2047			4,412			4,045
Pool BM6038, 4.00%, 01/01/2045			9,215			8,739
Pool BP2403, 3.50%, 04/01/2050			1,057,221			958,331
Pool BP6496, 2.00%, 07/01/2035			2,133,124			1,902,620
Pool BP6618, 2.50%, 08/01/2050			566,064			471,481
Pool BT0267, 3.00%, 09/01/2051			298,360			261,071
Pool BU8763, 3.00%, 04/01/2052			449,662			388,037
Pool BV2540, 4.50%, 06/01/2052			159,163			151,560
Pool BW3382, 4.50%, 07/01/2052			144,840			137,921
Pool CA0549, 4.00%, 10/01/2047			57,305			54,128
Pool CA1020, 4.50%, 01/01/2048			104,591			101,625
Pool CA1210, 4.50%, 02/01/2048			17,746			17,243
Pool CA5083, 3.50%, 01/01/2035			91,233			87,301

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool CA6414, 3.00%, 07/01/2050		$	3,696,408		$	3,243,971
Pool CB2095, 3.00%, 11/01/2051			4,293,807			3,697,784
Pool CB2211, 2.50%, 11/01/2051			274,811			227,715
Pool CB2795, 3.00%, 02/01/2052			422,249			363,375
Pool CB2804, 2.50%, 02/01/2052			867,236			725,425
Pool CB3599, 3.50%, 05/01/2052			488,807			439,326
Pool CB3715, 3.50%, 06/01/2037			833,267			794,997
Pool CB3905, 3.50%, 06/01/2052			507,716			454,668
Pool FM1001, 3.50%, 11/01/2048			180,774			164,833
Pool FM1361, 3.50%, 12/01/2046			88,345			81,309
Pool FM2309, 3.50%, 03/01/2049			156,709			142,891
Pool FM3664, 4.00%, 03/01/2049			1,113,573			1,048,494
Pool FM4216, 3.50%, 06/01/2049			64,721			59,014
Pool FM4962, 3.00%, 02/01/2047			949,640			847,945
Pool FM6272, 2.50%, 02/01/2051			200,373			169,405
Pool FM6687, 2.50%, 04/01/2051			322,767			271,990
Pool FM8325, 2.50%, 07/01/2035			806,399			749,700
Pool FM8422, 2.50%, 08/01/2051			894,939			742,614
Pool FS0522, 2.50%, 02/01/2052			664,667			556,537
Pool FS0548, 2.50%, 02/01/2052			2,153,716			1,794,873
Pool FS0759, 3.50%, 02/01/2052			874,307			793,028
Pool FS1228, 3.00%, 03/01/2052			439,101			380,564
Pool FS1533, 3.00%, 04/01/2052			384,254			334,283
Pool FS1535, 3.00%, 04/01/2052			100,800			87,362
Pool FS5179, 5.00%, 06/01/2053			530,102			521,972

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 39

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool FS5848, 2.50%, 12/01/2051		$	1,324,914		$	1,102,985
Pool MA1178, 4.00%, 09/01/2042			22,906			21,724
Pool MA1221, 4.50%, 09/01/2042			2,062			2,005
Pool MA1439, 2.50%, 05/01/2043			189,097			162,023
Pool MA1711, 4.50%, 12/01/2043			11,507			11,185
Pool MA2806, 3.00%, 11/01/2046			188,396			166,109
Pool MA2863, 3.00%, 01/01/2047			189,300			165,862
Pool MA2959, 3.50%, 04/01/2047			261,979			238,350
Pool MA3076, 2.50%, 07/01/2032			207,513			193,025
Pool MA3114, 2.50%, 08/01/2032			226,729			210,769
Pool MA3120, 3.50%, 09/01/2047			119,156			108,649
Pool MA3121, 4.00%, 09/01/2047			138,920			131,010
Pool MA3124, 2.50%, 09/01/2032			221,828			206,034
Pool MA3155, 3.00%, 10/01/2032			225,546			212,988
Pool MA3182, 3.50%, 11/01/2047			36,850			33,601
Pool MA3211, 4.00%, 12/01/2047			86,069			81,483
Pool MA3307, 4.50%, 03/01/2048			62,260			60,404
Pool MA3333, 4.00%, 04/01/2048			62,699			59,164
Pool MA3383, 3.50%, 06/01/2048			133,648			121,861
Pool MA3871, 3.00%, 12/01/2049			303,080			264,080
Pool MA3937, 3.00%, 02/01/2050			757,357			659,587
Pool MA4017, 3.00%, 05/01/2040			191,430			172,314
Pool MA4027, 3.50%, 05/01/2040			65,275			61,086
Pool MA4119, 2.00%, 09/01/2050			2,849,616			2,271,883
Pool MA4156, 2.50%, 10/01/2035			1,340,745			1,219,379

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool MA4157, 1.50%, 10/01/2050		$	370,183		$	279,552
Pool MA4158, 2.00%, 10/01/2050			1,441,278			1,148,118
Pool MA4159, 2.50%, 10/01/2050			289,322			241,040
Pool MA4182, 2.00%, 11/01/2050			365,470			291,472
Pool MA4204, 2.00%, 12/01/2040			456,084			385,265
Pool MA4209, 1.50%, 12/01/2050			1,692,758			1,275,419
Pool MA4236, 1.50%, 01/01/2051			482,742			364,788
Pool MA4237, 2.00%, 01/01/2051			376,893			300,000
Pool MA4255, 2.00%, 02/01/2051			411,094			327,537
Pool MA4268, 2.00%, 02/01/2041			379,733			320,554
Pool MA4302, 1.50%, 04/01/2036			227,375			197,702
Pool MA4306, 2.50%, 04/01/2051			1,450,036			1,205,878
Pool MA4325, 2.00%, 05/01/2051			5,987,092			4,764,291
Pool MA4328, 1.50%, 05/01/2036			278,242			241,847
Pool MA4329, 2.00%, 05/01/2036			441,636			392,579
Pool MA4333, 2.00%, 05/01/2041			768,306			648,380
Pool MA4355, 2.00%, 06/01/2051			4,232,553			3,365,106
Pool MA4359, 1.50%, 06/01/2036			291,546			253,293
Pool MA4377, 1.50%, 07/01/2051			576,014			434,371
Pool MA4378, 2.00%, 07/01/2051			617,323			490,980
Pool MA4382, 1.50%, 07/01/2036			1,065,694			925,224
Pool MA4497, 2.00%, 12/01/2036			420,144			372,680
Pool MA4565, 3.50%, 03/01/2052			1,392,523			1,251,550
Pool MA4579, 3.00%, 04/01/2052			495,237			426,600
Pool MA4580, 3.50%, 04/01/2052			641,813			574,752

See Notes to Financial Statements.

40 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool MA4626, 4.00%, 06/01/2052		$	439,278		$	407,453
Pool MA4644, 4.00%, 05/01/2052			1,486,670			1,378,967
Pool MA4655, 4.00%, 07/01/2052			1,140,141			1,057,219
Pool MA4684, 4.50%, 06/01/2052			2,588,698			2,465,040
Pool MA4700, 4.00%, 08/01/2052			4,555,080			4,224,829
Pool MA4701, 4.50%, 08/01/2052			3,002,300			2,858,880
Pool MA4709, 5.00%, 07/01/2052			755,743			738,022
Pool MA4732, 4.00%, 09/01/2052			2,353,363			2,182,615
Pool MA4733, 4.50%, 09/01/2052			9,286,745			8,843,111
Pool MA4737, 5.00%, 08/01/2052			1,139,451			1,112,733
Pool MA4761, 5.00%, 09/01/2052			186,637			182,247
Pool MA4783, 4.00%, 10/01/2052			8,012,151			7,430,423
Pool MA4785, 5.00%, 10/01/2052			4,873,661			4,758,631
Pool MA4805, 4.50%, 11/01/2052			4,516,141			4,300,409
Pool MA4842, 5.50%, 12/01/2052			560,972			559,205
Pool MA4918, 5.00%, 02/01/2053			1,843,883			1,799,982
Pool MA4919, 5.50%, 02/01/2053			967,047			964,635
Pool MA4942, 6.00%, 03/01/2053			755,469			762,913
Pool MA4963, 3.50%, 03/01/2053			1,799,311			1,613,408
Pool MA4992, 5.00%, 04/01/2038			1,702,851			1,700,259
Pool MA5011, 6.00%, 05/01/2053			1,832,496			1,849,286
Pool MA5039, 5.50%, 06/01/2053			2,455,666			2,444,030
Pool MA5106, 5.00%, 08/01/2053			1,029,542			1,004,445
Pool MA5165, 5.50%, 10/01/2053			1,448,267			1,440,968
Ginnie Mae I
Pool BU5340, 3.00%, 04/15/2050			175,370			154,939

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Ginnie Mae II Pool
Pool MA7135, 2.00%, 01/20/2051		$	599,079		$	491,173
Pool MA7828, 3.00%, 01/20/2052			440,793			388,694
Pool MA7883, 3.50%, 02/20/2052			2,323,957			2,114,149
Ginnie Mae II Pool
Pool 4540, 4.50%, 09/20/2039			68,574			67,642
Pool 4853, 4.00%, 11/20/2040			66,510			63,952
Pool 5115, 4.50%, 07/20/2041			39,654			39,075
Pool 5304, 3.50%, 02/20/2042			135,887			126,162
Pool 785163, 3.50%, 10/20/2050			59,329			54,271
Pool 785559, 3.00%, 07/20/2051			239,628			212,326
Pool BX3679, 3.00%, 08/20/2050			252,039			221,586
Pool BX3680, 3.00%, 08/20/2050			341,746			300,455
Pool BX3681, 3.00%, 08/20/2050			220,499			193,859
Pool BY0325, 2.50%, 10/20/2050			1,270,748			1,071,101
Pool BY0330, 3.00%, 10/20/2050			119,125			104,732
Pool BY0331, 3.00%, 10/20/2050			236,390			208,407
Pool BY0338, 3.50%, 08/20/2050			142,799			130,801
Pool BY0339, 3.50%, 08/20/2050			145,868			134,087
Pool BY0340, 3.50%, 08/20/2050			147,328			134,675
Pool MA0220, 3.50%, 07/20/2042			198,068			183,983
Pool MA0534, 3.50%, 11/20/2042			89,838			83,472
Pool MA0624, 3.00%, 12/20/2042			165,516			148,835
Pool MA2964, 5.00%, 07/20/2045			98,778			99,619
Pool MA3034, 3.50%, 08/20/2045			34,736			32,114
Pool MA3105, 3.50%, 09/20/2045			34,663			32,047

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 41

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool MA3309, 3.00%, 12/20/2045		$	50,741		$	45,498
Pool MA3455, 4.00%, 02/20/2046			138,112			131,775
Pool MA3522, 4.00%, 03/20/2046			52,345			49,964
Pool MA3597, 3.50%, 04/20/2046			49,756			45,980
Pool MA3936, 3.00%, 09/20/2046			74,224			66,358
Pool MA4003, 3.00%, 10/20/2046			154,996			138,552
Pool MA4125, 2.50%, 12/20/2046			73,182			63,189
Pool MA4127, 3.50%, 12/20/2046			281,929			260,379
Pool MA4261, 3.00%, 02/20/2047			180,808			161,639
Pool MA4264, 4.50%, 02/20/2047			24,294			23,849
Pool MA4381, 3.00%, 04/20/2047			122,591			109,578
Pool MA4452, 4.00%, 05/20/2047			75,467			71,538
Pool MA4653, 4.00%, 08/20/2047			38,957			36,974
Pool MA4654, 4.50%, 08/20/2047			37,048			36,163
Pool MA4720, 4.00%, 09/20/2047			584,868			554,590
Pool MA4837, 3.50%, 11/20/2047			93,323			85,867
Pool MA4899, 3.00%, 12/20/2047			54,608			48,734
Pool MA4961, 3.00%, 01/20/2048			113,410			101,274
Pool MA4962, 3.50%, 01/20/2048			96,143			88,438
Pool MA4964, 4.50%, 01/20/2048			116,144			113,191
Pool MA5079, 4.50%, 03/20/2048			23,050			22,475
Pool MA5331, 4.50%, 07/20/2048			46,020			44,798
Pool MA5594, 3.50%, 11/20/2048			384,431			353,704
Pool MA5987, 4.50%, 06/20/2049			129,536			125,555
Pool MA6153, 3.00%, 09/20/2049			87,979			78,180

Investments	Principal Amount			Value
U.S. GOVERNMENT AGENCIES – (continued)
Pool MA6338, 3.00%, 12/20/2049		$	176,663		$	156,879
Pool MA6409, 3.00%, 01/20/2050			409,693			364,243
Pool MA7254, 2.00%, 03/20/2051			351,110			287,732
Pool MA7367, 2.50%, 05/20/2051			4,245,221			3,619,541
Pool MA7471, 2.00%, 07/20/2051			428,870			351,366
Pool MA7534, 2.50%, 08/20/2051			314,802			268,321
Pool MA7648, 2.00%, 10/20/2051			181,610			148,789
Pool MA7767, 2.50%, 12/20/2051			2,087,909			1,778,531
Pool MA7768, 3.00%, 12/20/2051			1,220,932			1,077,117
Pool MA7829, 3.50%, 01/20/2052			874,317			795,384
Pool MA8149, 3.50%, 07/20/2052			1,784,887			1,623,736
Pool MA8267, 4.00%, 09/20/2052			4,828,567			4,517,252
Pool MA8428, 5.00%, 11/20/2052			626,119			615,761
Pool MA8487, 3.50%, 12/20/2052			2,500,579			2,274,820
Pool MA8489, 4.50%, 12/20/2052			1,650,533			1,586,508
Pool MA8646, 4.50%, 02/20/2053			1,879,395			1,806,241
Pool MA8647, 5.00%, 02/20/2053			1,937,427			1,905,743
Pool MA9101, 3.00%, 08/20/2053			3,309,995			2,918,379
Tennessee Valley Authority, 1.50%, 09/15/2031			145,000			119,613
U.S. Department of Housing and Urban Development, 2.87%, 08/01/2027			1,000,000			931,747
U.S. International Development Finance Corporation
1.65%, 04/15/2028			1,000,000			903,365
1.05%, 10/15/2029			710,755			643,562
3.43%, 06/01/2033			917,270			856,099
TOTAL U.S. GOVERNMENT AGENCIES (Cost $210,418,378)						199,685,667

See Notes to Financial Statements.

42 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
U.S. GOVERMENT OBLIGATIONS – 9.8%
U.S. Treasury Bonds
1.88%, 02/15/2041		$	350,000		$	244,002
2.25%, 05/15/2041			6,225,000			4,599,205
1.75%, 08/15/2041			1,233,000			832,082
2.38%, 02/15/2042			12,225,000			9,092,821
4.00%, 11/15/2042			200,000			188,391
2.75%, 11/15/2042			525,000			410,915
3.88%, 05/15/2043			2,552,000			2,355,317
2.88%, 05/15/2043			4,650,000			3,694,752
4.75%, 11/15/2043			834,000			865,145
4.50%, 02/15/2044			17,303,000			17,397,625
3.38%, 11/15/2048			8,355,000			6,981,973
2.25%, 08/15/2049			8,145,000			5,431,379
2.00%, 02/15/2050			3,730,000			2,336,204
2.00%, 08/15/2051			62,000			38,413
2.25%, 02/15/2052			960,000			631,463
4.00%, 11/15/2052			184,000			172,996
3.63%, 02/15/2053			2,177,000			1,911,678
3.63%, 05/15/2053			31,000			27,236
4.13%, 08/15/2053			190,000			182,608
4.75%, 11/15/2053			14,594,000			15,579,095
U.S. Treasury Notes
0.38%, 11/30/2025			14,545,000			13,531,963
4.00%, 12/15/2025			715,000			706,202
4.63%, 02/28/2026			1,183,000			1,182,030
4.25%, 03/15/2027			5,662,000			5,635,902
0.50%, 10/31/2027			2,755,000			2,405,782
4.13%, 10/31/2027			320,000			317,463
4.00%, 06/30/2028			125,000			123,613
1.13%, 08/31/2028			1,000,000			874,414
4.38%, 08/31/2028			90,000			90,369
4.00%, 01/31/2029			52,000			51,464
4.00%, 10/31/2029			320,000			316,213
3.88%, 12/31/2029			2,640,000			2,592,047
3.75%, 05/31/2030			41,000			39,925
3.75%, 06/30/2030			167,000			162,577
4.63%, 09/30/2030			1,135,000			1,159,872
4.38%, 11/30/2030			72,000			72,599
3.75%, 12/31/2030			225,000			218,769
4.00%, 01/31/2031			160,000			157,900
4.25%, 02/28/2031			2,650,000			2,654,555
1.88%, 02/15/2032			177,000			149,496
2.88%, 05/15/2032			67,000			60,831
2.75%, 08/15/2032			3,327,000			2,984,033
3.38%, 05/15/2033			183,000			171,434

Investments	Principal Amount			Value
U.S. GOVERMENT OBLIGATIONS – (continued)
3.88%, 08/15/2033		$	32,000		$	31,150
4.00%, 02/15/2034			8,963,000			8,814,550
U.S. Treasury STRIP Coupon
Zero Coupon, 05/15/2040(f)			115,000			55,172
Zero Coupon, 11/15/2040(f)			1,280,000			596,521
Zero Coupon, 02/15/2041(f)			1,005,000			462,152
Zero Coupon, 05/15/2041(f)			6,840,000			3,105,768
Zero Coupon, 08/15/2041(f)			205,000			91,826
Zero Coupon, 02/15/2042(f)			90,000			39,270
Zero Coupon, 05/15/2042(f)			80,000			34,493
Zero Coupon, 11/15/2042(f)			820,000			345,401
Zero Coupon, 02/15/2043(f)			315,000			131,179
Zero Coupon, 08/15/2043(f)			480,000			195,476
Zero Coupon, 11/15/2043(f)			370,000			149,323
Zero Coupon, 02/15/2044(f)			1,020,000			405,788
Zero Coupon, 05/15/2044(f)			205,000			80,777
Zero Coupon, 08/15/2044(f)			975,000			379,400
Zero Coupon, 11/15/2044(f)			490,000			188,449
Zero Coupon, 02/15/2045(f)			265,000			100,656
Zero Coupon, 11/15/2045(f)			560,000			206,139
Zero Coupon, 02/15/2046(f)			405,000			147,633
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $130,642,570)						124,193,876
COMMERCIAL MORTGAGE-BACKED SECURITIES – 9.1%
Alen Mortgage Trust, Series 2021-ACEN, Class C, 7.69% (1 mo. Term SOFR + 2.36%), 04/15/2034(a)			1,000,000			744,567
American Tower Depositor Sub LLC, Series 2023-1, 5.49%, 03/15/2028(a)			1,400,000			1,411,689
BANK-2018, Series 2018-BN15, Class A3, 4.14%, 11/15/2061			563,627			546,356
BANK-2020
Series 2020-BN28, Class A3, 1.58%, 03/15/2063			1,191,268			992,758
Series 2020-BN29, Class A3, 1.74%, 11/15/2053			500,000			402,585
BANK5 2023-5YR1, Series 2023-5YR1, Class A3, 6.26%, 04/15/2056(d)			2,100,000			2,176,093

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 43

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
BANK5 2023-5YR2, Series 2023-5YR2, Class A3, 6.66%, 07/15/2056(d)		$	3,000,000		$	3,164,909
BBCMS Trust
Series 2023-5C23, Class A3, 6.68%, 12/15/2056(d)			1,900,000			2,018,312
Series 2023-C21, Class A2, 6.30%, 09/15/2056(d)			800,000			827,067
Benchmark Mortgage Trust
Series 2018-B4, Class A3, 3.89%, 07/15/2051			500,000			485,971
Series 2019-B10, Class A3, 3.46%, 03/15/2062			847,287			790,934
Series 2019-B10, Class 3CCA, 3.90%, 03/15/2062(a)(d)			250,000			177,213
Series 2020-B19, Class A4, 1.55%, 09/15/2053			1,325,000			1,111,853
Series 2020-B20, Class A4, 1.75%, 10/15/2053			1,300,000			1,060,819
Series 2020-B21, Class A4, 1.70%, 12/17/2053			800,000			659,831
Series 2020-IG3, Class A2, 2.48%, 09/15/2048(a)			1,451,997			1,400,299
Series 2021-B24, Class A3, 2.01%, 03/15/2054			550,000			485,611
Series 2021-B24, Class A4, 2.26%, 03/15/2054			600,000			500,618
Series 2021-B25, Class A3, 1.91%, 04/15/2054			1,200,000			1,036,836
Series 2021-B25, Class A4, 2.27%, 04/15/2054			800,000			656,659
Series 2021-B30, Class A4, 2.33%, 11/15/2054			3,000,000			2,488,209
Series 2021-B31, Class A4, 2.42%, 12/15/2054			1,200,000			1,003,882
Series 2023-V4, Class A3, 6.84%, 11/15/2056(d)			1,700,000			1,811,482
BMO Mortgage Trust
Series 2022-C1, Class 360B, 3.94%, 02/17/2055(a)(d)			1,000,000			752,514
Series 2022-C3, Class A5, 5.31%, 09/15/2054			1,000,000			1,015,273
Series 2023-5C1, Class A3, 6.53%, 08/15/2056(d)			1,650,000			1,732,834
Series 2023-5C2, Class A3, 7.05%, 11/15/2056(d)			2,100,000			2,269,736

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
BX Trust, Series 2022-AHP, Class C, 7.42% (1 mo. Term SOFR + 2.09%), 01/17/2039(a)		$	1,000,000		$	976,250
Cantor Commercial Real Estate Lending LP
Series 2019-CF3, Class A3, 2.75%, 01/15/2053			800,000			695,034
Series 2020-P1, Class A1, 2.84%, 04/15/2025(a)(d)			826,106			796,453
Capital Automotive REIT
Series 2020-1A, Class B1, 4.17%, 02/15/2050(a)			540,000			520,672
Series 2022-1A, Class A1, 3.35%, 03/15/2052(a)			1,067,200			937,123
Century Plaza Towers
Series 2019-CPT, Class A, 2.87%, 11/13/2039(a)			250,000			214,617
Series 2019-CPT, Class E, 3.00%, 11/13/2039(a)(d)			488,000			321,809
CF Hippolyta Issuer LLC
Series 2020-1, Class B1, 2.28%, 07/15/2060(a)			350,786			322,688
Series 2022-1A, Class A1, 5.97%, 08/15/2062(a)			488,565			476,272
Citigroup Commercial Mortgage Trust
Series 2014-GC25, Class A3, 3.37%, 10/10/2047			93,125			92,344
Series 2016-GC37, Class A4, 3.31%, 04/10/2049			3,000,000			2,852,551
Series 2016-P3, Class A3, 3.06%, 04/15/2049			2,000,000			1,926,304
Series 2016-P4, Class A3, 2.65%, 07/10/2049			114,286			108,016
Series 2018-C6, Class A3, 4.15%, 11/10/2051			837,000			782,882
Series 2019-C7, Class A3, 2.86%, 12/15/2072			380,000			337,439
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2016-CD2, Class B, 3.88%, 11/10/2049(d)			500,000			434,011
Series 2019-CD8, Class A3, 2.66%, 08/15/2057			900,000			798,228

See Notes to Financial Statements.

44 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, 2.57%, 07/20/2051(a)		$	2,394,262		$	1,879,991
Commercial Mortgage Pass Through Certificates
Series 2013-LC13, Class D, 5.35%, 08/10/2046(a)(d)			500,000			410,296
Series 2022-HC, Class B, 3.17%, 01/10/2039(a)			1,000,000			885,221
Credit Suisse Mortgage Capital Certificates, Series 2020-RPL6, Class A1, 3.40%, 03/25/2059(a)(d)			118,971			118,066
CRSO TR 2023-BRND A 20400712 FLT
Series 2023-BRND, 7.12%, 07/12/2040(a)			1,000,000			1,047,816
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A3, 3.23%, 06/15/2057			115,952			113,997
Series 2018-C14, Class A3, 4.15%, 11/15/2051			665,234			629,846
Series 2021-C20, Class A2, 2.49%, 03/15/2054			1,183,954			1,004,481
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.80%, 09/12/2040(a)			890,000			906,134
Fannie Mae Connecticut Avenue Securities
Series 2022-R01, Class 1M2, 7.22% (30 day avg SOFR U.S. + 1.90%), 12/25/2041(a)			400,000			402,762
Series 2022-R03, Class 1M2, 8.82% (30 day avg SOFR U.S. + 3.50%), 03/25/2042(a)			445,000			466,374
Series 2022-R04, Class 1M2, 8.42% (30 day avg SOFR U.S. + 3.10%), 03/25/2042(a)			315,000			327,376
Series 2022-R05, Class 2M2, 8.32% (30 day avg SOFR U.S. + 3.00%), 04/25/2042(a)			120,000			123,741

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2022-R06, Class 1M2, 9.17% (30 day avg SOFR U.S. + 3.85%), 05/25/2042(a)		$	625,000		$	662,739
Series 2022-R07, Class 1M2, 9.97% (30 day avg SOFR U.S. + 4.65%), 06/25/2042(a)			505,000			548,828
Series 2022-R08, Class 1M2, 8.92% (30 day avg SOFR U.S. + 3.60%), 07/25/2042(a)			160,000			168,901
Series 2022-R09, Class 2M2, 10.07% (30 day avg SOFR U.S. + 4.75%), 09/25/2042(a)			230,000			251,480
Series 2023-R01, Class 1M2, 9.07% (30 day avg SOFR U.S. + 3.75%), 12/25/2042(a)			1,260,000			1,346,553
Federal Home Loan Mortgage Corp.
Series 2021-P011, Class A1, 1.20%, 09/25/2031			584,406			514,538
Series 2022-HQA2, Class M1B, 9.32% (30 day avg SOFR U.S. + 4.00%), 07/25/2042(a)			45,000			47,838
Series 2022-P013, Class A2, 2.76%, 02/25/2032(d)			1,000,000			849,328
Series 406, Class PO, Zero Coupon, 10/25/2053(f)(g)			451,693			361,326
Series 4748, Class Z, 4.00%, 11/15/2047			109,097			100,003
Series 4776, Class WZ, 4.00%, 03/15/2048			317,685			292,228
Series 4783, Class Z, 4.00%, 04/15/2048			279,423			253,537
Series 4835, Class AS, 1.15% (-2 x 30 day avg SOFR U.S. + 9.66%), 10/15/2048(h)			66,967			58,349
Series 5021, Class SB, 0.00% (-1 x 30 day avg SOFR U.S. + 3.55%), 10/25/2050(h)(i)			904,058			26,713
Series 5160, Class ZG, 3.00%, 09/25/2050			70,940			49,641

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 45

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 5296, Class T, 5.00%, 11/25/2052		$	933,545		$	914,897
Federal National Mortgage Association
Series 2017-51, Class CP, 3.00%, 02/25/2047			283,145			256,845
Series 2018-M8, Class A2, 3.30%, 06/25/2028(d)			452,091			429,295
Series 2019-M21, Class 3A1, 2.10%, 06/25/2034			212,476			200,194
Series 2020-24, Class SP, 0.62% (-1 x 30 day avg SOFR U.S. + 5.94%), 04/25/2050(h)(i)			238,870			28,307
Series 2020-56, Class LI, 2.00%, 08/25/2050(i)			336,382			43,358
Series 2020-75, Class LI, 2.50%, 11/25/2050(i)			528,427			73,713
Series 2021-76, Class IY, 2.50%, 11/25/2051(i)			222,082			28,019
Series 2022-51, Class PS, 0.63% (-1 x 30 day avg SOFR U.S. + 5.95%), 08/25/2052(h)(i)			616,153			50,738
Flagstar Mortgage Trust
Series 2021-4, Class A21, 2.50%, 06/01/2051(a)(d)			200,845			159,405
Series 2021-5INV, Class B4, 3.34%, 07/25/2051(a)(d)			188,758			145,672
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2021-DNA3, Class M2, 7.42% (30 day avg SOFR U.S. + 2.10%), 10/25/2033(a)			625,000			635,920
Series 2021-DNA5, Class M2, 6.97% (30 day avg SOFR U.S. + 1.65%), 01/25/2034(a)			35,037			35,161
Series 2021-HQA2, Class M2, 7.37% (30 day avg SOFR US + 2.05%), 12/25/2033(a)			442,415			447,959
Series 2021-HQA3, Class M1, 6.17% (30 day avg SOFR US + 0.85%), 09/25/2041(a)			1,055,337			1,050,366

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2022-DNA1, Class M1A, 6.32% (30 day avg SOFR US + 1.00%), 01/25/2042(a)		$	270,290		$	270,247
Series 2022-DNA3, Class M1B, 8.22% (30 day avg SOFR US + 2.90%), 04/25/2042(a)			495,000			511,734
Series 2022-DNA4, Class M1B, 8.67% (30 day avg SOFR US + 3.35%), 05/25/2042(a)			735,000			767,814
Series 2022-DNA5, Class M1B, 9.82% (30 day avg SOFR US + 4.50%), 06/25/2042(a)			670,000			724,510
Series 2023-HQA1, Class M1B, 8.82% (30 day avg SOFR US + 3.50%), 05/25/2043(a)			263,000			277,497
GS Mortgage Securities Corp. II
Series 2015-GC34, Class A3, 3.24%, 10/10/2048			979,605			949,475
Series 2016-GS4, Class C, 3.95%, 11/10/2049(d)			500,000			424,721
Series 2018-GS10, Class A3, 4.26%, 07/10/2051(d)			800,000			785,848
Series 2019-GC39, Class A3, 3.31%, 05/10/2052			1,022,000			932,190
Series 2019-GC42, Class A3, 2.75%, 09/10/2052			1,230,000			1,091,921
Series 2020-GC47, Class A4, 2.12%, 05/12/2053			1,400,000			1,186,004
Series 2020-GSA2, Class A4, 1.72%, 12/12/2053			1,100,000			880,319
Series 2021-GSA3, Class A4, 2.37%, 12/15/2054			1,400,000			1,155,538
Series 2021-IP, Class B, 6.59% (1 mo. Term SOFR + 1.26%), 10/15/2036(a)			1,720,000			1,676,057

See Notes to Financial Statements.

46 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
GS Mortgage-Backed Securities Trust
Series 2021-PJ10, Class A4, 2.50%, 03/25/2052(a)(d)		$	190,780		$	151,178
Series 2021-PJ2, Class A4, 2.50%, 07/25/2051(a)(d)			75,513			59,932
Series 2021-PJ5, Class A4, 2.50%, 10/25/2051(a)(d)			321,968			255,537
Series 2021-PJ6, Class A4, 2.50%, 11/25/2051(a)(d)			232,903			184,546
Series 2021-PJ7, Class A4, 2.50%, 01/25/2052(a)(d)			377,756			299,814
Series 2021-PJ8, Class A4, 2.50%, 01/25/2052(a)(d)			178,357			141,557
Series 2022-PJ4, Class A36, 3.00%, 09/25/2052(a)(d)			88,313			72,965
Series 2022-PJ5, Class A36, 3.00%, 10/25/2052(a)(d)			255,753			211,306
Series 2023-PJ1, Class A24, 3.50%, 02/25/2053(a)(d)			300,278			258,556
Harborview Mortgage Loan Trust, Series 2005-11, Class 2A1A, 6.06% (1 mo. Term SOFR + 0.73%), 08/19/2045			22,535			20,357
HUD Office of the Secretary
Series 2010-9, Class UI, 5.00%, 01/20/2040(i)			629,703			130,255
Series 2013-99, Class AX, 3.00%, 07/20/2043(e)			138,101			125,005
Series 2015-143, Class WA, 4.00%, 10/20/2045			128,476			122,110
Series 2018-121, Class KS, 0.00% (-1 x 1 mo. Term SOFR + 3.75%), 09/20/2048(h)(i)			260,331			4,951
Series 2018-148, Class DS, 0.00% (-1 x 1 mo. Term SOFR + 3.73%), 10/20/2048(h)(i)			327,976			6,732
Series 2018-151, Class SL, 0.00% (-1 x 1 mo. Term SOFR + 3.69%), 11/20/2048(h)(i)			1,984,494			46,826

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2018-155, Class PS, 0.00% (-1 x 1 mo. Term SOFR + 3.19%), 11/20/2048(h)(i)		$	591,275		$	7,610
Series 2018-76, Class IO, 4.00%, 06/20/2046(i)			30,874			3,793
Series 2019-92, Class S, 0.00% (-1 x 1 mo. Term SOFR + 2.70%), 07/20/2049(h)(i)			1,176,785			13,289
Series 2019-97, Class MS, 0.00% (-1 x 1 mo. Term SOFR + 2.97%), 08/20/2049(h)(i)			605,853			8,165
Series 2019-99, Class SA, 0.00% (-1 x 1 mo. Term SOFR + 3.24%), 08/20/2049(h)(i)			518,847			8,496
Series 2021-165, Class ST, 0.00% (-1 x 1 mo. Term SOFR + 3.25%), 01/20/2050(h)(i)			143,998			34
Series 2021-209, Class Z, 3.00%, 11/20/2051			622,266			441,490
Series 2022-124, Class QZ, 4.00%, 07/20/2052			128,258			102,756
Series 2022-126, Class CS, 0.00% (-1 x 30 day avg SOFR US + 3.76%), 07/20/2052(h)(i)			1,341,439			20,887
Series 2022-133, Class SA, 0.00% (-1 x 30 day avg SOFR US + 3.95%), 07/20/2052(h)(i)			516,925			9,060
Series 2022-148, Class DS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 08/20/2052(h)(i)			527,392			8,397
Series 2022-46, Class S, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052(h)(i)			360,746			6,278
Series 2022-51, Class SC, 0.00% (-1 x 30 day avg SOFR US + 3.50%), 03/20/2052(h)(i)			1,095,497			22,503
Series 2022-66, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052(h)(i)			360,384			7,138

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 47

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2022-68, Class SP, 0.00% (-1 x 30 day avg SOFR US + 3.85%), 04/20/2052(h)(i)		$	291,691		$	6,996
Series 2022-78, Class SB, 0.00% (-1 x 30 day avg SOFR US + 3.75%), 04/20/2052(h)(i)			669,081			13,978
Series 2022-78, Class MS, 0.00% (-1 x 30 day avg SOFR US + 3.60%), 04/20/2052(h)(i)			961,983			18,349
Series 2022-93, Class GS, 0.00% (-1 x 30 day avg SOFR US + 3.65%), 05/20/2052(h)(i)			224,017			4,004
Series 2023-111, Class ZA, 3.00%, 02/20/2052			508,816			344,340
Series 2023-169, Class EO, Zero Coupon, 05/20/2053(f)(g)			479,747			368,074
Series 2023-81, Class IO, 5.00%, 04/20/2052(i)			505,183			97,523
Series 2024-23, Class ID, 5.00%, 03/20/2040(i)			426,129			87,006
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 08/05/2034(a)(d)			900,000			727,474
INTOWN Mortgage Trust, Series 2022-STAY, Class C, 9.01% (1 mo. Term SOFR + 3.69%), 08/15/2039(a)			1,000,000			1,005,611
JP Morgan Chase Commercial Mortgage Securities
Series 2016-JP4, Class A3, 3.39%, 12/15/2049			1,071,000			1,023,236
Series 2019-BKWD, Class A, 6.94% (1 mo. Term SOFR + 1.61%), 09/15/2029(a)			271,826			258,287
JP Morgan Mortgage Trust
Series 2015-1, Class B1, 6.68%, 12/25/2044(a)(d)			52,077			49,880
Series 2017-2, Class A13, 3.50%, 05/25/2047(a)(d)			6,385			5,521
Series 2017-5, Class A2, 4.26%, 10/26/2048(a)(d)			42,513			41,987
Series 2018-5, Class A13, 3.50%, 10/25/2048(a)(d)			30,137			25,953

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2018-7FRB, Class A2, 6.19% (1 mo. Term SOFR + 0.86%), 04/25/2046(a)		$	14,671		$	14,150
Series 2018-8, Class A13, 4.00%, 01/25/2049(a)(d)			1,393			1,268
Series 2018-9, Class A13, 4.00%, 02/25/2049(a)(d)			1,331			1,210
Series 2019-1, Class A15, 4.00%, 05/25/2049(a)(d)			3,383			3,137
Series 2020-1, Class B2, 3.82%, 06/25/2050(a)(d)			31,917			27,682
Series 2021-10, Class A15, 2.50%, 12/25/2051(a)(d)			82,704			65,640
Series 2021-11, Class A15, 2.50%, 01/25/2052(a)(d)			173,057			137,351
Series 2021-14, Class A15, 2.50%, 05/25/2052(a)(d)			107,258			84,993
Series 2021-15, Class A15, 2.50%, 06/25/2052(a)(d)			360,832			285,932
Series 2021-4, Class B2, 2.88%, 08/25/2051(a)(d)			116,141			91,612
Series 2021-7, Class A15, 2.50%, 11/25/2051(a)(d)			152,374			120,935
Series 2021-8, Class A15, 2.50%, 12/25/2051(a)(d)			111,213			88,267
Series 2022-2, Class A25, 3.00%, 08/25/2052(a)(d)			87,991			72,699
Series 2022-3, Class A25, 3.00%, 08/25/2052(a)(d)			386,267			319,138
Series 2022-4, Class A17A, 3.00%, 10/25/2052(a)(d)			264,672			218,675
Series 2022-6, Class A17A, 3.00%, 11/25/2052(a)(d)			224,775			185,993
Series 2022-7, Class 1A17, 3.00%, 12/25/2052(a)(d)			128,629			106,275
Series 2022-LTV1, Class A1, 3.25%, 07/25/2052(a)(d)			127,117			108,249
Series 2022-LTV2, Class A6, 3.50%, 09/25/2052(a)(d)			269,185			232,120
Series 2023-1, Class A15B, 5.50%, 06/25/2053(a)(d)			131,478			127,777
Series 2024-3, Class A9, 3.00%, 05/25/2054(a)(d)			1,010,000			835,617
JPMBB Commercial Mortgage Securities Trust
Series 2014-C24, Class D, 3.87%, 11/15/2047(a)(d)			470,000			344,899

See Notes to Financial Statements.

48 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Series 2014-C25, Class A4A1, 3.41%, 11/15/2047		$	234,627		$	231,559
Series 2015-C30, Class A4, 3.55%, 07/15/2048			72,738			70,404
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/2050			939,850			931,999
Manhattan West
Series 2020-1MW, Class A, 2.13%, 09/10/2039(a)			1,000,000			888,033
Series 2020-1MW, Class C, 2.33%, 09/10/2039(a)(d)			500,000			436,239
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A3, 3.45%, 07/15/2050			163,962			159,867
Series 2016-C29, Class A3, 3.06%, 05/15/2049			230,485			221,304
Series 2016-C29, Class D, 3.00%, 05/15/2049(a)			400,000			325,635
Morgan Stanley Capital I, Inc.
Series 2018-H3, Class A3, 3.92%, 07/15/2051			32,180			31,543
Series 2018-L1, Class A3, 4.14%, 10/15/2051			2,500,000			2,390,584
Series 2019-BPR, Class A, 7.32% (1 mo. Term SOFR + 1.99%), 05/15/2036(a)			757,895			752,715
Series 2019-H6, Class A3, 3.16%, 06/15/2052			1,000,000			912,896
Morgan Stanley Residential Mortgage Loan Trust
Series 2021-5, Class A9, 2.50%, 08/25/2051(a)(d)			143,578			113,954
Series 2021-6, Class A9, 2.50%, 09/25/2051(a)(d)			134,528			106,771
Series 2021-6, Class A4, 2.50%, 09/25/2051(a)(d)			120,601			104,616
MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 06/07/2035(a)			30,382			28,977
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C, 7.72% (1 mo. Term SOFR + 2.39%), 03/15/2039(a)			1,090,000			1,058,663

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Natixis Commercial Mortgage Securities Trust
Series 2019-MILE, Class D, 8.16% (1 mo. Term SOFR + 2.83%), 07/15/2036(a)		$	1,000,000		$	762,327
Series 2019-MILE, Class F, 9.66% (1 mo. Term SOFR + 4.33%), 07/15/2036(a)			750,000			488,522
New Economy Assets LLC, Series 2021-1, Class B1, 2.41%, 10/20/2061(a)			1,730,000			1,452,793
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 6.19% (1 mo. Term SOFR + 0.86%), 01/25/2048(a)			34,262			33,205
Oak Street Real Estate Capital LLC, Series 2023-NLP, Class A, 6.09%, 03/15/2040(a)(d)			1,400,000			1,405,709
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(a)			1,925,000			1,643,863
One Market Plaza Trust
Series 2017-1MKT, Class A, 3.61%, 02/10/2032(a)			730,448			674,272
Series 2017-1MKT, Class B, 3.85%, 02/10/2032(a)			1,000,000			905,601
Series 2017-1MKT, Class D, 4.15%, 02/10/2032(a)			1,000,000			873,113
Onslow Bay Mortgage Loan Trust
Series 2018-1, Class A2, 6.09% (1 mo. Term SOFR + 0.76%), 06/25/2057(a)			12,053			11,577
Series 2021-J2, Class A19, 2.50%, 07/25/2051(a)(d)			246,345			195,517
RCKT Mortgage Trust
Series 2021-4, Class A21, 2.50%, 09/25/2051(a)(d)			305,654			242,589
Series 2021-5, Class B4, 2.92%, 11/25/2051(a)(d)			188,580			142,655
Series 2022-2, Class A22, 2.50%, 02/25/2052(a)(d)			391,714			310,403
Series 2022-3, Class A21, 3.00%, 05/25/2052(a)(d)			146,818			121,303
Series 2022-4, Class A22, 3.50%, 06/25/2052(a)(d)			223,202			192,050

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 49

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Resimac MBS Trust, Series 2020-1A, Class A1A, 6.49% (1 mo. Term SOFR + 1.16%), 02/07/2052(a)		$	28,923		$	28,920
SCOTT Trust 2023-SFS, Series 2023-SFS, Class A, 5.91%, 03/15/2040(a)			1,550,000			1,558,851
Sequoia Mortgage Trust
Series 2015-2, Class A1, 3.50%, 05/25/2045(a)(d)			8,845			7,856
Series 2020-3, Class A19, 3.00%, 04/25/2050(a)(d)			48,665			40,801
Series 2021-4, Class A19, 2.50%, 06/25/2051(a)(d)			82,405			65,403
Series 2023-1, Class A19, 5.00%, 01/25/2053(a)(d)			202,992			192,168
Starwood Property Mortgage Trust, Series 2021-LIH, Class AS, 6.70% (1 mo. Term SOFR + 1.37%), 11/15/2036(a)			1,000,000			991,563
STORE Master Funding LLC
Series 2019-1, Class A1, 2.82%, 11/20/2049(a)			994,526			917,382
Series 2021-1A, Class A1, 2.12%, 06/20/2051(a)			1,134,187			957,886
TYSN 2023-CRNR Mortgage Trust, Series 2023-CRNR, Class A, 6.58%, 12/10/2033(a)(d)			1,000,000			1,045,039
UBS Commercial Mortgage Trust
Series 2017-C4, Class A3, 3.30%, 10/15/2050			810,814			759,110
Series 2017-C4, Class A4, 3.56%, 10/15/2050			148,558			136,555
Series 2017-C7, Class A3, 3.42%, 12/15/2050			239,250			225,576
Series 2018-C10, Class A3, 4.05%, 05/15/2051			1,203,041			1,140,898
Series 2018-C11, Class A3, 4.31%, 06/15/2051			386,102			375,073
UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030(a)			41,197			37,824
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 3.69%, 03/10/2046(a)(d)			225,000			156,231

Investments	Principal Amount			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – (continued)
Verus Securitization Trust, Series 2019-4, Class M1, 3.21%, 11/25/2059(a)(d)		$	100,000		$	89,203
WB Commercial Mortgage Trust, Series 2024-HQ, Class A, 6.13%, 03/15/2040(a)(d)			700,000			703,774
Wells Fargo Commercial Mortgage Trust
Series 2019-C50, Class A4, 3.47%, 05/15/2052			933,131			869,701
Series 2020-SDAL, Class C, 7.18% (1 mo. Term SOFR + 1.85%), 02/15/2037(a)			1,295,000			1,288,562
Wells Fargo Mortgage Backed Securities Trust
Series 2019-2, Class A17, 4.00%, 04/25/2049(a)(d)			1,802			1,673
Series 2021-2, Class A17, 2.50%, 06/25/2051(a)(d)			298,569			236,966
Series 2022-2, Class A18, 2.50%, 12/25/2051(a)(d)			94,054			74,530
WF-RBS Commercial Mortgage Trust, Series 2013-C13, Class D, 3.99%, 05/15/2045(a)(d)			214,249			183,467
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $122,278,108)						114,909,061
ASSET-BACKED SECURITIES – 11.6%
ABPCI Direct Lending Fund ABS Ltd., Series 2020-1A, Class A, 3.20%, 12/20/2030(a)			1,409,767			1,346,110
ACHV ABS TRUST, Series 2023-1PL, Class B, 6.80%, 03/18/2030(a)			762,493			763,510
Adams Outdoor Advertising LP, Series 2023-1, Class A2, 6.97%, 07/15/2053(a)			500,000			519,035
Aligned Data Centers Issuer LLC
Series 2022-1A, Class A2, 6.35%, 10/15/2047(a)			1,000,000			1,012,211
Series 2023-1A, Class A2, 6.00%, 08/17/2048(a)			1,180,000			1,179,708

See Notes to Financial Statements.

50 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
AmeriCredit Automobile Receivables Trust
Series 2021-3, Class C, 1.41%, 08/18/2027		$	300,000		$	279,544
Series 2023-2, Class C, 6.00%, 07/18/2029			500,000			507,890
AMSR Trust, Series 2019-SFR1, Class D, 3.25%, 01/19/2039(a)			100,000			93,049
Anchorage Capital CLO Ltd., Series 2021-17A, Class A1, 6.75% (3 mo. Term SOFR + 1.43%), 07/15/2034(a)			2,000,000			2,001,164
Angel Oak Mortgage Trust LLC, Series 2021-8, Class A3, 2.84%, 11/25/2066(a)(d)			100,000			69,209
ArrowMark Colorado Holdings, Series 2021-13A, Class A1, 6.77% (3 mo. Term SOFR + 1.45%), 07/15/2034(a)			1,000,000			999,017
Atlas Senior Loan Fund Ltd., Series 2018-11A, Class A1L, 6.69% (3 mo. Term SOFR + 1.36%), 07/26/2031(a)			846,439			846,443
Avis Budget Car Rental LLC
Series 2021-1A, Class A, 1.38%, 08/20/2027(a)			800,000			734,972
Series 2021-2A, Class A, 1.66%, 02/20/2028(a)			900,000			819,851
Series 2022-1A, Class A, 3.83%, 08/21/2028(a)			1,000,000			959,318
Series 2023-2A, Class A, 5.20%, 10/20/2027(a)			400,000			399,221
Series 2023-3A, Class A, 5.44%, 02/22/2028(a)			600,000			603,478
Series 2023-4A, Class A, 5.49%, 06/20/2029(a)			2,000,000			2,014,638
Balboa Bay Loan Funding Ltd.
Series 2020-1A, Class AR, 6.70% (3 mo. Term SOFR + 1.38%), 01/20/2032(a)			997,550			998,375
Series 2021-1A, Class A, 6.78% (3 mo. Term SOFR + 1.46%), 07/20/2034(a)			1,000,000			1,000,160
Series 2024-1A, Class A, 5.36%, 06/20/2030(a)			500,000			502,476

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Bankers Healthcare Group, Inc.
Series 2022-C, Class B, 5.93%, 10/17/2035(a)		$	1,690,000		$	1,674,120
Series 2023-B, Class B, 7.45%, 12/17/2036(a)			540,000			558,699
Bellemeade Re Ltd.
Series 2021-3A, Class M1A, 6.32% (30 day avg SOFR US + 1.00%), 09/25/2031(a)			47,328			47,318
Series 2022-1, Class M1A, 7.07% (30 day avg SOFR US + 1.75%), 01/26/2032(a)			332,542			332,691
Blue Stream Communications LLC, Series 2023-1A, Class A2, 5.40%, 05/20/2053(a)			1,300,000			1,254,129
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035(a)			35,920			34,907
Series 2022-1A, Class B, 5.19%, 06/15/2037(a)			640,415			591,563
Carlyle Global Market Strategies, Series 2021-5A, Class A1, 6.70% (3 mo. Term SOFR + 1.38%), 07/20/2034(a)			1,500,000			1,499,979
CarMax Auto Owner Trust
Series 2021-1, Class C, 0.94%, 12/15/2026			400,000			381,283
Series 2021-2, Class C, 1.34%, 02/16/2027			200,000			189,934
Series 2021-3, Class C, 1.25%, 05/17/2027			190,000			178,111
Series 2021-4, Class C, 1.38%, 07/15/2027			200,000			186,159
Series 2022-1, Class C, 2.20%, 11/15/2027			300,000			281,513
Series 2022-1, Class D, 2.47%, 07/17/2028			100,000			93,431
CarVal CLO, Series 2023-1A, Class A1, 7.52% (3 mo. Term SOFR + 2.20%), 01/20/2035(a)			2,000,000			2,006,592
CBAM Ltd., Series 2020-12A, Class AR, 6.76% (3 mo. Term SOFR + 1.44%), 07/20/2034(a)			1,750,000			1,749,900

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 51

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Citibank NA, Series 2018-A7, Class A7, 3.96%, 10/13/2030		$	600,000		$	579,665
Commonbond Student Loan Trust
Series 2018-CGS, Class A1, 3.87%, 02/25/2046(a)			26,233			24,993
Series 2020-AGS, Class A, 1.98%, 08/25/2050(a)			169,721			147,585
Credit Acceptance Corp.
Series 2021-4, Class C, 1.94%, 02/18/2031(a)			830,000			790,829
Series 2023-5A, Class C, 7.30%, 04/17/2034(a)			1,000,000			1,017,178
Credit Suisse Mortgage Capital Certificates, Series 2018-RPL9, Class A, 3.85%, 09/25/2057(a)(d)			111,753			105,334
Diamond CLO Ltd., Series 2019-1A, Class DR, 8.99% (3 mo. Term SOFR + 3.66%), 04/25/2029(a)			209,184			208,925
Delta Air Lines, Inc.
Series 2015-1, 3.88%, 07/30/2027			351,290			328,047
Series 2019-1, 3.40%, 04/25/2024			150,000			149,558
Series 2019-1, 3.20%, 04/25/2024			1,000,000			999,234
DigitalBridge Issuer LLC, Series 2021-1A, Class A2, 3.93%, 09/25/2051(a)			1,020,000			938,417
Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 6.54% (1 mo. Term SOFR + 1.21%), 05/25/2037(a)			3,294			3,263
Fannie Mae or Freddie Mac, Pool 000TBA, 5.50%, 03/25/2053			5,000,000			4,975,181
FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034			55,274			45,798
Flexential Issuer LLC, Series 2021-1A, Class A2, 3.25%, 11/27/2051(a)			1,700,000			1,540,560
Ford Credit Auto Owner Trust
Series 2020-1, Class A, 2.04%, 08/15/2031(a)			800,000			776,400
Series 2020-2, Class A, 1.06%, 04/15/2033(a)			200,000			187,353

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Series 2021-1, Class A, 1.37%, 10/17/2033(a)		$	3,000,000		$	2,778,495
Series 2021-1, Class B, 1.61%, 10/17/2033(a)			120,000			111,134
Series 2021-2, Class B, 1.91%, 05/15/2034(a)			100,000			91,503
Ford Credit Floorplan LLC, Series 2020-2, Class A, 1.06%, 09/15/2027			600,000			564,116
General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027			300,000			282,255
Global Sea Containers Two SRL
Series 2020-1A, Class A, 2.17%, 10/17/2040(a)			707,427			652,632
Series 2020-2A, Class A, 2.26%, 11/19/2040(a)			184,909			170,793
Series 2020-2A, Class B, 3.32%, 11/19/2040(a)			154,086			140,692
GM Financial Consumer Automobile Receivables Trust
Series 2023-4, Class B, 6.16%, 04/16/2029			500,000			513,015
Series 2023-4, Class C, 6.41%, 05/16/2029			300,000			309,059
GM Financial Revolving Receivables Trust
Series 2021-1, Class B, 1.49%, 06/12/2034(a)			100,000			90,461
Series 2023-2, Class A, 5.77%, 08/11/2036(a)			500,000			516,955
Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, 01/22/2029(a)			445,603			428,295
GoodLeap Sustainable Home Solutions Trust
Series 2021-3CS, Class A, 2.10%, 05/20/2048(a)			293,145			230,347
Series 2021-5CS, Class A, 2.31%, 10/20/2048(a)			1,151,515			926,128
Series 2022-1GS, Class A, 2.70%, 01/20/2049(a)			822,960			680,723
Series 2022-3CS, Class A, 4.95%, 07/20/2049(a)			886,158			832,155
Series 2022-4CS, Class B, 5.55%, 11/20/2054(a)			500,000			438,839

See Notes to Financial Statements.

52 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
HERO Funding Trust
Series 2016-1A, Class A, 4.05%, 09/20/2041(a)		$	246,107		$	226,199
Series 2016-3A, Class A1, 3.08%, 09/20/2042(a)			112,614			99,611
Series 2020-1A, Class A, 2.59%, 09/20/2057(a)			433,591			355,286
Hertz Corp., Series 2021-2A, Class A, 1.68%, 12/27/2027(a)			400,000			365,007
Hertz Global Holdings, Inc., Series 2022-2A, Class A, 2.33%, 06/26/2028(a)			1,100,000			1,007,279
Hertz Vehicle Financing LLC
Series 2023-2A, Class C, 7.13%, 09/25/2029(a)			900,000			928,340
Series 2023-3A, Class A, 5.94%, 02/25/2028(a)			500,000			507,403
Home Equity Asset Trust, Series 2003-1, Class M1, 6.94% (1 mo. Term SOFR + 1.61%), 06/25/2033			2,357			2,245
Home Partners of America Trust, Series 2021-3, Class A, 2.20%, 01/17/2041(a)			353,902			310,256
IPFS Corp., Series 2022-D, Class A, 4.27%, 08/15/2027(a)			2,350,000			2,313,043
Jamestown CLO Ltd., Series 2019-14A, Class A1AR, 6.78% (3 mo. Term SOFR + 1.46%), 10/20/2034(a)			1,125,000			1,121,640
KKR Static CLO Trust, Series 2022-2A, Class A1, 7.54% (3 mo. Term SOFR + 2.22%), 10/20/2031(a)			2,296,049			2,296,391
Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/2048(a)			18,824			18,380
Lendmark Funding Trust, Series 2024-1A, Class A, 5.53%, 06/21/2032(a)			2,000,000			2,008,876
LIAS Administration Fee Issuer, Series 2018-1A, Class A, 5.96%, 07/25/2048			988,907			909,177
Loanpal Solar Loan Ltd.
Series 2021-1GS, Class A, 2.29%, 01/20/2048(a)			611,719			490,693

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Series 2021-2GS, Class A, 2.22%, 03/20/2048(a)		$	343,333		$	266,973
Logan CLO, Series 2021-1A, Class A, 6.74% (3 mo. Term SOFR + 1.42%), 07/20/2034(a)			1,000,000			1,000,742
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.86%, 03/20/2036(a)			1,710,000			1,573,764
MidOcean Credit CLO, Series 2018-9A, Class A1, 6.73% (3 mo. Term SOFR + 1.41%), 07/20/2031(a)			391,867			391,880
MCA Fund Holding LLC, Series 2020-1, Class A, 3.25%, 11/15/2035(a)			378,524			364,314
MFRA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060(a)(d)			452,301			398,077
MMAF Equipment Finance LLC
Series 2019-A, Class A5, 3.08%, 11/12/2041(a)			197,546			194,307
Series 2019-B, Class A5, 2.29%, 11/12/2041(a)			300,000			282,004
Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, 2.82%, 04/22/2031(a)			1,949,813			1,893,013
Mosaic Solar Loans LLC
Series 2020-1A, Class A, 2.10%, 04/20/2046(a)			425,222			368,368
Series 2020-2A, Class A, 1.44%, 08/20/2046(a)			481,623			405,204
Series 2021-1A, Class B, 2.05%, 12/20/2046(a)			554,743			435,292
Series 2021-3A, Class A, 1.44%, 06/20/2052(a)			1,155,757			935,802
Series 2021-3A, Class C, 1.77%, 06/20/2052(a)			389,253			327,325
Series 2022-3A, Class A, 6.10%, 06/20/2053(a)			815,523			837,755
Mountain View CLO Ltd., Series 2022-1A, Class A, 7.81% (3 mo. Term SOFR + 2.50%), 10/15/2032(a)			2,500,000			2,499,825
Mountain View Funding CLO, Series 2015-9A, Class A1R, 6.70% (3 mo. Term SOFR + 1.38%), 07/15/2031(a)			945,078			945,404

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 53

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
NADG NNN Operating LP, Series 2019-1, Class A, 3.37%, 12/28/2049(a)		$	375,462		$	362,749
Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 08/15/2034(a)			654,639			618,152
Navient Student Loan Trust
Series 2018-CA, Class A2, 3.52%, 06/16/2042(a)			6,487			6,448
Series 2019-CA, Class A2, 3.13%, 02/15/2068(a)			77,367			74,377
Series 2020-BA, Class A2, 2.12%, 01/15/2069(a)			122,720			112,741
Series 2020-DA, Class A, 1.69%, 05/15/2069(a)			95,919			87,536
Newtek Small Business Loan Trust
Series 2018-1, Class A, 7.95% (Prime Rate + (0.55%)), 02/25/2044(a)			154,862			153,679
Series 2018-1, Class B, 9.25% (Prime Rate + 0.75%), 02/25/2044(a)			74,528			74,100
NFAS2 LLC, Series 2022-1, Class A, 6.86%, 09/15/2028(a)			830,000			818,832
North Mill Equipment Finance LLC, Series 2022-B, Class B, 7.12%, 06/15/2029(a)			1,340,000			1,353,954
Northwoods Capital Ltd., Series 2017-15A, Class A1R, 6.80% (3 mo. Term SOFR + 1.47%), 06/20/2034(a)			2,000,000			1,992,914
NXT Capital CLO LLC, Series 2020-1A, Class C, 8.93% (3 mo. Term SOFR + 3.61%), 01/20/2031(a)			1,620,000			1,620,191
Oaktown Re, Series 2021-2, Class M1A, 6.92% (30 day avg SOFR US + 1.60%), 04/25/2034(a)			446,298			446,429
Ocean Trails CLO, Series 2014-5A, Class ARR, 6.86% (3 mo. Term SOFR + 1.54%), 10/13/2031(a)			1,380,777			1,380,783
OCP CLO Ltd., Series 2015-9A, Class A1R2, 6.57% (3 mo. Term SOFR + 1.25%), 01/15/2033(a)			1,000,000			999,957

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
OFSI Fund Ltd., Series 2023-12A, Class A1, 7.72% (3 mo. Term SOFR + 2.40%), 01/20/2035(a)		$	2,000,000		$	2,013,742
On Deck Capital, Inc., Series 2021-1A, Class B, 2.28%, 05/17/2027(a)			2,050,000			2,036,898
OneMain Direct Auto Receivables Trust
Series 2019-1A, Class A, 3.63%, 09/14/2027(a)			900,000			887,491
Series 2021-1A, Class C, 1.42%, 07/14/2028(a)			500,000			458,717
Series 2021-1A, Class B, 1.26%, 07/14/2028(a)			600,000			553,504
OneMain Financial Issuance Trust
Series 2020-2A, Class A, 1.75%, 09/14/2035(a)			600,000			558,816
Series 2021-1A, Class A2, 6.08% (30 day avg SOFR US + 0.76%), 06/16/2036(a)			600,000			597,859
Series 2022-3A, Class A, 5.94%, 05/15/2034(a)			1,350,000			1,357,327
Series 2023-2A, Class A1, 5.84%, 09/15/2036(a)			1,200,000			1,218,338
Series 2023-2A, Class B, 6.17%, 09/15/2036(a)			1,070,000			1,090,437
Oportun Financial Corp., Series 2021-B, Class C, 3.65%, 05/08/2031(a)			1,290,000			1,223,849
Oxford Finance Funding Trust, Series 2023-1A, Class A2, 6.72%, 02/15/2031(a)			2,700,000			2,720,559
Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, 5.96% (30 day avg SOFR US + 0.64%), 05/25/2070(a)			280,217			278,466
ReadyCap Commercial LLC, Series 2019-2, Class A, 8.00% (Prime Rate + (0.50%)), 12/27/2044(a)			116,880			116,942
Regatta Funding Ltd., Series 2016-1A, Class A1R2, 6.74% (3 mo. Term SOFR + 1.41%), 06/20/2034(a)			1,500,000			1,500,063

See Notes to Financial Statements.

54 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Regional Management Issuance Trust
Series 2020-1, Class A, 2.34%, 10/15/2030(a)		$	159,930		$	157,050
Series 2021-1, Class A, 1.68%, 03/17/2031(a)			1,715,096			1,662,225
Renew, Series 2018-1, Class A, 3.95%, 09/20/2053(a)			149,650			136,781
Renew Financial, Series 2021-1, Class A, 2.06%, 11/20/2056(a)			617,169			492,330
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030(a)			464,851			459,410
Series 2020-A, Class B, 3.54%, 11/20/2030(a)			600,000			584,965
ROMARK CLO LLC, Series 2018-1A, Class A1, 6.61% (3 mo. Term SOFR + 1.29%), 04/20/2031(a)			1,488,562			1,489,159
Sabey Data Center Issuer LLC
Series 2020-1, Class A2, 3.81%, 04/20/2045(a)			740,000			716,372
Series 2022-1, Class A2, 5.00%, 06/20/2047(a)			600,000			564,387
Santander Consumer USA Holdings, Inc.
Series 2023-4, Class C, 6.04%, 12/15/2031			600,000			610,095
Series 2023-5, Class C, 6.43%, 02/18/2031			900,000			929,396
Series 2023-6, Class B, 5.98%, 04/16/2029			300,000			304,324
Series 2023-6, Class C, 6.40%, 03/17/2031			100,000			100,566
Santander Consumer USA, Inc., Series 2023-1, Class C, 5.09%, 05/15/2030			200,000			197,722
Santander Drive Auto Receivables LLC, Series 2021-2, Class D, 1.35%, 07/15/2027			466,416			452,747
SBA Depositor LLC, Series 2022-1, 6.60%, 01/15/2028(a)			1,000,000			1,024,447
Sculptor Alternative Solutions LLC, Series B, 6.00%, 05/15/2029(a)			1,720,000			1,459,419

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
SFS Auto Receivables Securitization Trust
Series 2023-1A, Class B, 5.71%, 01/22/2030(a)		$	100,000		$	101,019
Series 2023-1A, Class C, 5.97%, 02/20/2031(a)			100,000			101,626
SoFi Professional Loan Program LLC
Series 2019-A, Class A2FX, 3.69%, 06/15/2048(a)			48,443			46,742
Series 2019-C, Class A2FX, 2.37%, 11/16/2048(a)			107,789			100,819
Series 2020-A, Class A2FX, 2.54%, 05/15/2046(a)			194,297			182,559
Series 2020-C, Class AFX, 1.95%, 02/15/2046(a)			104,485			95,200
Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, 10/25/2048(a)			1,270,000			1,273,580
Starwood Property Mortgage Trust
Series 2019-FL1, Class B, 7.04% (1 mo. Term SOFR + 1.71%), 07/15/2038(a)			470,000			460,090
Series 2019-FL1, Class C, 7.39% (1 mo. Term SOFR + 2.06%), 07/15/2038(a)			280,000			273,802
Structured Asset Investment Loan Trust, Series 2004-8, Class M1, 6.34% (1 mo. Term SOFR + 1.01%), 09/25/2034			8,408			7,973
Summit Issuer LLC
Series 2020-1A, Class A2, 2.29%, 12/20/2050(a)			1,620,000			1,510,254
Series 2023-1A, Class A2, 5.60%, 02/20/2053(a)			1,000,000			981,217
Sunnova Energy International, Inc.
Series 2023-B, Class A, 5.30%, 08/22/2050(a)			968,741			952,017
Series 2023-GRID1, Class 1A, 5.75%, 12/20/2050(a)			927,880			941,632
Sunrun, Inc.
Series 2018-1, Class A, 5.31%, 04/30/2049(a)			219,215			209,727

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 55

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Series 2019-1A, Class A, 3.98%, 06/30/2054(a)		$	319,362		$	298,012
Series 2021-2A, Class A, 2.27%, 01/30/2057(a)			1,130,071			921,952
Series 2022-1A, Class A, 4.75%, 07/30/2057(a)			924,640			862,419
Series 2023-2A, Class A1, 6.60%, 01/30/2059(a)			1,260,350			1,265,547
SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 08/15/2033(a)			268,305			268,253
Symphony CLO Ltd., Series 2012-9A, Class CR3, 8.08% (3 mo. Term SOFR + 2.76%), 07/16/2032(a)			1,840,000			1,816,717
TCW ClO 2017-1 LLC, Series 2017-1A, Class A1RR, 6.76% (3 mo. Term SOFR + 1.44%), 10/29/2034(a)			750,000			750,347
Tesla Auto Lease Trust
Series 2021-B, Class A3, 0.60%, 09/22/2025(a)			306,232			305,782
Series 2023-A, Class A2, 5.86%, 08/20/2025(a)			609,563			610,369
Series 2023-A, Class A3, 5.89%, 06/22/2026(a)			500,000			502,761
Series 2023-B, Class A3, 6.13%, 09/21/2026(a)			1,222,000			1,233,186
Series 2023-B, Class B, 6.57%, 08/20/2027(a)			1,090,000			1,103,530
Series 2024-A, Class A3, 5.30%, 06/21/2027(a)			1,170,000			1,167,524
Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, 06/20/2028(a)			1,200,000			1,204,534
Tikehau US CLO Ltd., Series 2023-1A, Class A1, 7.51% (3 mo. Term SOFR + 2.20%), 07/15/2034(a)			1,500,000			1,530,042
Towd Point Mortgage Trust
Series 2020-4, Class A1, 1.75%, 10/25/2060(a)			123,151			108,073
Series 2021-SJ1, Class A1, 2.25%, 07/25/2068(a)(d)			324,179			303,862
Series 2021-SJ2, Class A1A, 2.25%, 12/25/2061(a)(d)			488,804			459,980
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033(a)			300,000			286,356

Investments	Principal Amount			Value
ASSET-BACKED SECURITIES – (continued)
Trimaran CAVU LLC, Series 2019-1A, Class A1, 7.04% (3 mo. Term SOFR + 1.72%), 07/20/2032(a)		$	500,000		$	500,158
Two Harbors Investment Corp., Series 2019-FT1, Class A, 8.24% (1 mo. Term SOFR + 2.91%), 06/25/2024(a)			250,000			248,276
VCP RRL ABS, Series 2021-1A, Class A, 2.15%, 10/20/2031(a)			550,374			518,112
Verus Securitization Trust, Series 2021-7, Class A3, 2.24%, 10/25/2066(a)(d)			109,080			90,962
Vivant Solar Financing V Parent LLC
Series 2018-1A, Class A, 4.73%, 04/30/2048(a)			220,270			205,071
Series 2018-1A, Class B, 7.37%, 04/30/2048(a)			506,492			472,311
Voya CLO Ltd., Series 2019-3A, Class AR, 6.66% (3 mo. Term SOFR + 1.34%), 10/17/2032(a)			2,500,000			2,500,008
Wendy’s SPV Guarantor LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049(a)			448,734			430,425
Westlake Automobile Receivables Trust, Series 2023-1A, Class C, 5.74%, 08/15/2028(a)			1,600,000			1,599,101
Wheels Fleet Lease Funding 1 LLC, Series 2023-1A, Class A, 5.80%, 04/18/2038(a)			1,100,000			1,100,661
Wind River CLO Ltd., Series 2016-1KRA, Class A1R2, 6.79% (3 mo. Term SOFR + 1.47%), 10/15/2034(a)			750,000			747,259
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027			100,000			93,875
Zais CLO Ltd., Series 2018-2A, Class A, 6.78% (3 mo. Term SOFR + 1.46%), 07/20/2031(a)			793,213			793,213
TOTAL ASSET-BACKED SECURITIES (Cost $150,299,360)						146,959,680

See Notes to Financial Statements.

56 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
MUNICIPAL BONDS – 1.7%
Arizona Industrial Development Authority (AZ), 3.25%, 07/01/2031 (Obligor: Kipp Nyc Public Chtr Schs)		$	750,000		$	654,381
Bay Area Toll Authority (CA), 6.26%, 04/01/2049			150,000			169,279
California Health Facilities Financing Authority (CA), 4.35%, 06/01/2041			250,000			228,870
Chula Vista Municipal Financing Authority (CA), 4.28%, 12/01/2048			1,000,000			847,634
City & County of San Francisco (CA) Community Facilities District No 2014-1, 3.48%, 09/01/2050			1,000,000			725,575
City of Detroit (MI), 2.51%, 04/01/2025			650,000			627,642
City of Fort Wayne (IN), 10.75%, 12/01/2029 (Obligor: Do Good Foods Ft Wayne Ob)			234,358			23
City of Los Angeles (CA)
3.50%, 09/01/2037			315,000			271,164
5.00%, 09/01/2042			1,000,000			982,569
City of Port Lions (AK), 7.50%, 10/01/2052			1,510,000			1,574,336
Connecticut Green Bank (CT), 2.90%, 11/15/2035 (Obligor: Connecticut Lt & Pwr Co)			1,000,000			835,475
District of Columbia (DC), 3.85%, 02/28/2025 (Obligor: Plenary Infrastructure Dc)			1,750,000			1,720,112
Fairfax County Economic Development Authority (VA), 5.59%, 10/01/2024			500,000			500,806
Florida Development Finance Corp. (FL)
8.00%, 07/01/2057 (Obligor: Brightline Fl Holdings)(a)(e)(j)			1,000,000			1,060,000
8.25%, 07/01/2057(a)(d)(j)			1,000,000			999,681
Freddie Mac Multifamily ML Certificates (NY)
1.88%, 07/25/2037			1,247			984
1.51%, 09/25/2037			9,865,000			1,030,152

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
Freddie Mac Multifamily Variable Rate Certificate (NY)
2.88%, 07/25/2036		$	4,207		$	3,742
3.15%, 10/15/2036			984,430			831,951
4.05%, 08/25/2038			988,321			951,319
3.65%, 11/25/2038(a)			1,155			1,067
Indiana Finance Authority (IN), 3.05%, 01/01/2051 (Obligor: E End Crossing Partners)			215,000			160,817
Los Angeles Community College District (CA), 2.11%, 08/01/2032			770,000			646,195
Massachusetts Housing Finance Agency (MA), 5.56%, 12/01/2052			935,000			931,687
Metropolitan Transportation Authority (NY), 5.18%, 11/15/2049			1,000,000			927,225
Morris County Improvement Authority (NJ), 1.05%, 06/15/2026			200,000			184,894
New Hampshire Business Finance Authority (NH), 5.60%, 02/01/2029 (Obligor: Hanwha Q Cells Usa Inc)(a)(d)			1,000,000			1,000,000
New Jersey Economic Development Authority (NJ), 4.93%, 03/01/2025			750,000			746,175
New Jersey Turnpike Authority (NJ), 7.41%, 01/01/2040			300,000			357,763
Oregon State Business Development Commission (OR), 6.50%, 04/01/2031 (Obligor: Red Rock Biofuels Llc)(a)(b)(e)(j)			500,000			50
Philadelphia Energy Authority (The) (PA), 5.39%, 11/01/2025			500,000			500,994
South Dakota Housing Development Authority (SD), 5.46%, 05/01/2053			295,000			292,920
State of California (CA), 7.35%, 11/01/2039			275,000			324,981
State of Hawaii Department of Business Economic Development & Tourism (HI), 3.24%, 01/01/2031			907,822			872,966

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 57

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
MUNICIPAL BONDS – (continued)
University of Minnesota (MN), 4.05%, 04/01/2052		$	380,000		$	332,253
Upper Santa Clara Valley Joint Powers Authority (CA), 3.88%, 08/01/2048			500,000			413,510
TOTAL MUNICIPAL BONDS (Cost $23,218,245)						21,709,192
SUPRANATIONAL BONDS – 1.3%
African Development Bank, 4.13%, 02/25/2027			1,000,000			988,068
Arab Petroleum Investments Corp., 1.48%, 10/06/2026(a)			1,200,000			1,095,101
Asian Development Bank, 3.13%, 09/26/2028			1,500,000			1,424,356
Asian Infrastructure Investment Bank (The), 4.88%, 09/14/2026			1,000,000			1,005,199
Central American Bank for Economic Integration, 5.00%, 02/09/2026(a)			500,000			497,202
Corp. Andina de Fomento, 5.00%, 01/24/2029			395,000			393,355
Council Of Europe Development Bank, 3.00%, 06/16/2025			1,000,000			975,188
European Investment Bank
2.38%, 05/24/2027			500,000			469,635
0.63%, 10/21/2027			700,000			612,578
3.25%, 11/15/2027			1,110,000			1,065,748
0.75%, 09/23/2030			1,000,000			801,608
Inter-American Development Bank, 1.13%, 07/20/2028			344,000			300,549
Inter-American Investment Corp., 2.63%, 04/22/2025			1,000,000			972,823
International Bank for Reconstruction & Development
3.13%, 11/20/2025			108,000			105,186
0.00%, 03/31/2027(f)			1,000,000			919,160
0.75%, 11/24/2027			322,000			282,046
0.00%, 03/31/2028(f)			1,000,000			971,990
International Finance Corp., 5.44% (SOFR + 0.09%), 04/03/2024			1,348,000			1,348,019
International Finance Facility for Immunisation Co., 1.00%, 04/21/2026			1,000,000			925,125
Kreditanstalt fuer Wiederaufbau, 0.75%, 09/30/2030			1,000,000			802,336

Investments	Principal Amount			Value
SUPRANATIONAL BONDS – (continued)
OPEC Fund for International Development (The), 4.50%, 01/26/2026(a)		$	1,000,000		$	987,474
TOTAL SUPRANATIONAL BONDS (Cost $17,736,219)						16,942,746
FOREIGN GOVERNMENT AGENCIES – 1.1%
BNG Bank NV, 3.50%, 05/19/2028(a)			1,000,000			962,774
Caisse d’Amortissement de la Dette Sociale, 4.88%, 09/19/2026(a)			1,000,000			1,005,133
Development Bank of Japan, Inc., 1.75%, 02/18/2025(a)			226,000			218,734
Export Development Canada
3.38%, 08/26/2025			1,000,000			979,029
3.88%, 02/14/2028			1,800,000			1,763,387
Hydro-Quebec, 8.05%, 07/07/2024			1,000,000			1,005,970
Japan Bank for International Cooperation, 4.38%, 10/05/2027			1,000,000			989,634
Kommunalbanken AS, 2.13%, 02/11/2025(a)			500,000			486,849
Korea National Oil Corp.
4.75%, 04/03/2026(a)			200,000			197,416
4.88%, 04/03/2028(a)			205,000			203,786
Landwirtschaftliche Rentenbank, 0.88%, 09/03/2030			1,000,000			804,704
Nederlandse Waterschapsbank NV
4.00%, 06/01/2028(a)			1,500,000			1,470,895
4.38%, 02/28/2029(a)			1,000,000			998,259
Province of British Columbia Canada, 4.20%, 07/06/2033			235,000			227,900
Province of Quebec Canada
2.75%, 04/12/2027			1,000,000			946,824
1.90%, 04/21/2031			1,000,000			842,707
4.50%, 09/08/2033			1,000,000			989,593
TOTAL FOREIGN GOVERNMENT AGENCIES (Cost $14,605,851)						14,093,594
FOREIGN GOVERNMENT OBLIGATIONS – 0.4%
Bermuda Government International Bond, 2.38%, 08/20/2030(a)			200,000			167,040
Canada Government International Bond, 2.88%, 04/28/2025			1,100,000			1,075,396

See Notes to Financial Statements.

58 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

Investments	Principal Amount			Value
FOREIGN GOVERNMENT OBLIGATIONS – (continued)
Colombia Government International Bond, 8.75%, 11/14/2053		$	1,000,000		$	1,084,987
Indonesia Government International Bond, 3.50%, 01/11/2028			280,000			265,454
Mexico Government International Bond
6.00%, 05/07/2036			461,000			461,948
4.28%, 08/14/2041			260,000			208,490
Panama Government International Bond
3.75%, 03/16/2025			420,000			408,498
6.70%, 01/26/2036			100,000			96,941
Peruvian Government International Bond, 2.78%, 01/23/2031			107,000			91,545
Republic of Italy Government International Bond, 4.00%, 10/17/2049			1,000,000			742,338
Romanian Government International Bond, 6.00%, 05/25/2034(a)			60,000			59,509
Serbia International Bond, 2.13%, 12/01/2030(a)			370,000			292,781
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $5,221,188)						4,954,927
BANK LOANS – 0.1%
INDUSTRIAL – 0.1%
LTR Intermediate Holdings, Inc., 9.95% (1 mo. Term SOFR + 4.50%), 05/07/2028			979,918			917,036
UTILITIES – 0.0%(k)
Constellation Renewables LLC First Lien, 8.15% (3 mo. Term SOFR + 2.50%), 12/15/2027			869,947			869,947
TOTAL BANK LOANS (Cost $1,840,532)						1,786,983

Investments

Value

PREFERRED STOCKS – 0.1%

FINANCIAL – 0.1%

Gladstone Investment Corp.,
4.88%, 11/01/2028

73,200

1,682,868

TOTAL PREFERRED STOCKS
(Cost $1,830,000)

1,682,868

Investments	Shares		Value
COMMON STOCKS – 0.0%(k)
DIVERSIFIED FINANCIAL SERVICES – 0.0%(k)
Bruin Blocker LLC(l)		4,367		$	0
TOTAL COMMON STOCKS (Cost $3,930)					0
EXCHANGE-TRADED FUNDS – 16.8%
iShares 10-20 Year Treasury Bond ETF		139,340			14,634,880
iShares Core U.S. Aggregate Bond ETF		2,030,310			198,848,562
TOTAL EXCHANGE TRADED FUNDS (Cost $210,066,688)					213,483,442
MUTUAL FUNDS – 6.3%
BrandywineGLOBAL High Yield Fund – Class IS		3,512,361			35,826,079
MainStay MacKay High Yield Corporate Bond Fund – Class R6		8,465,820			43,598,972
TOTAL MUTUAL FUNDS (Cost $78,824,567)					79,425,051
SHORT-TERM INVESTMENTS – 2.6%
BlackRock Liquidity FedFund – Institutional Class, 5.20%(n)		33,128,123			33,128,123
TOTAL SHORT-TERM INVESTMENTS (Cost $33,128,123)					33,128,123
TOTAL INVESTMENTS – 101.3% (Cost $1,329,408,042)					1,286,299,542
OTHER ASSETS AND LIABILITIES, NET – (1.3)%					(15,607,204)
NET ASSETS – 100.0%				$	1,270,692,338

Percentages are stated as a percent of net assets.

(a)

(b)

Issuer is currently in default.

(c)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(d)

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.

(e)

Step Bond — Coupon rate increases or decreases in increments to maturity. Rate shown as of March 31, 2024. Maturity date shown is the final maturity.

(f)

Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.

(g)

Principal only security.

See Notes to Financial Statements.

PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024 59

TABLE OF CONTENTS

Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (continued)

(h)

Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(i)

Interest only security.

(j)

Security subject to the Alternative Minimum Tax (AMT). As of March 31, 2024, the total value of securities subject to the AMT was $2,059,731 or 0.2% of net assets.

(k)

Represents less than 0.05% of net assets.

(l)

Non-income producing security.

(m)

The rate shown is the annualized seven-day yield at March 31, 2024.

ASA

Advanced Subscription Agreement

CLO

Collateralized Loan Obligation

CMT

Constant Maturity Treasury Rate

LIBOR

London Interbank Offered Rate

Principal Only

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Financing Rate

STRIP

Separate Trading of Registered Interest and Principal

TBA

To Be Announced

Futures contracts open at March 31, 2024:

Description	Type		Contracts		Expiration Date		Notional Amount			Value / Net Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED – 4.5%
U.S. Treasury 10 Year Notes		Long		111,000		06/18/2024		$	12,298,453		$	46,667
U.S. Treasury 2 Year Notes		Long		176,000		06/28/2024			17,994,625			(22,630)
U.S. Treasury 5 Year Note		Long		180,000		06/28/2024			19,262,813			20,924
U.S. Treasury Ultra Bonds		Long		59,000		06/18/2024			7,611,000			149,081
Total								$	57,166,891		$	194,042
CONTRACTS SOLD – (0.4)%
10 Year U.S. Ultra Treasury Notes		Short		(39,000)		06/18/2024		$	(4,469,766)		$	(43,319)
U.S. Treasury Long Bonds		Short		(43,000)		06/18/2024			(5,178,813)			(75,727)
								$	(9,648,579)		$	(119,046)
Total Unrealized Appreciation (Depreciation)											$	74,996

Swap contracts open at March 31, 2024:

Centrally Cleared Credit Default Swap Agreements

Reference Obligations/Index	Financing Rate Received / (Paid) by the Fund		Credit Spread at March 31, 2024		Termination Date		Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.42		(5.000)%		346.40%		06/20/2029		$	3,150		$	227,058		$	225,669		$	1,389
CDX.NA.HY.41		(5.000)%		329.81%		12/20/2028			267			19,482			20,674			(1,192)
											$	246,540		$	246,343		$	197

Centrally Cleared Interest Rate Swap Agreements

Payments Made by the Fund			Payments Received by the Fund			Termination Date						Notional Amounts (000s)						Value						Upfront Premiums (Received) Paid						Unrealized Appreciation/ (Depreciation)
4.699%			12M SOFR					09/25/2026					$	515					$	(3,637)					$	79					$	(3,716)

See Notes to Financial Statements.

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Schedule of Investments (unaudited)

March 31, 2024

PFM Multi-Manager Fixed-Income Fund (concluded)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2024 (see Note 2 to the Financial Statements):

PFM Multi-Manager Fixed-Income Fund

	Level 1			Level 2			Level 3			Total
Assets:
Corporate Bonds		$	—		$	313,344,332		$	—		$	313,344,332
Exchange-Traded Funds			213,483,442			—			—			213,483,442
U.S. Government Agencies			—			199,685,667			—			199,685,667
U.S. Government Obligations			—			124,193,876			—			124,193,876
Commercial Mortgage-Backed Securities			—			114,909,061			—			114,909,061
Asset-Backed Securities			—			146,959,680			—			146,959,680
Mutual Funds			79,425,051			—			—			79,425,051
Municipal Bonds			—			21,709,192			—			21,709,192
Supranational Bonds			—			16,942,746			—			16,942,746
Foreign Government Agencies			—			14,093,594			—			14,093,594
Foreign Government Obligations			—			4,954,927			—			4,954,927
Bank Loans			—			1,786,983			—			1,786,983
Preferred Stocks			1,682,868			—			—			1,682,868
Common Stocks			—			—			—			—
Money Market Funds			33,128,123			—			—			33,128,123
Total Investments*		$	327,719,484		$	958,580,058		$	—		$	1,286,299,542
Other Financial Instruments**:
Futures Contracts		$	194,042		$	—		$	—		$	194,042
Credit Default Swap Agreements			—			197			—			197
Total – Other Financial Instruments		$	194,042		$	197		$	—		$	194,239
Liabilities:
Other Financial Instruments**:
Futures Contracts		$	(119,046)		$	—		$	—		$	(119,046)
Interest Rate Swap Agreements			—			(3,716)			—			(3,716)
Total – Other Financial Instruments		$	(119,046)		$	(3,716)		$	—		$	(122,762)

See Schedule of Investments for additional detailed categorizations.

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

See Notes to Financial Statements.

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Statements of Assets and Liabilities (unaudited)

March 31, 2024

PFM Multi-Manager Series Trust

	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 $853,474,024, $745,821,889 and $1,329,408,042, respectively)		$	1,110,336,333		$	838,529,285		$	1,286,299,542
Foreign Currencies, at Value (Cost $–, $540,437 and $–, respectively)			—			538,282			—
Unrealized Appreciation on Forward Currency Contracts			—			115			—
Cash			112,875			40,551			280,950
Receivables:
Investment Securities Sold			1,110,919			3,069,414			1,517,470
Dividends			65,550			1,065,937			—
Interest			23,547			39,818			6,780,765
Foreign Tax Reclaims			23,109			829,306			18,447
Prepaid Expenses			30,388			25,226			33,146
Collateral on Swaps Contracts(1)			—			—			592,684
Total Assets			1,111,702,721			844,137,934			1,295,523,004
Liabilities:
Payables:(2)
Investment Securities Purchased			895,923			3,945,516			23,392,561
Advisory Fees Payable			268,249			353,231			421,761
Net Variation Margin on Swap Contracts			—			—			401,613
Net Variation Margin on Futures Contracts			—			—			2,131
Other Accrued Expenses			345,714			582,342			612,600
Total liabilities			1,509,886			4,881,089			24,830,666
Net Assets		$	1,110,192,835		$	839,256,845		$	1,270,692,338
Net Assets Consists of:
Paid-In Capital		$	835,550,190		$	792,305,767		$	1,391,379,630
Total Distributable Earnings (Loss)			274,642,645			46,951,078			(120,687,292)
Net Assets		$	1,110,192,835		$	839,256,845		$	1,270,692,338
Capital Shares Outstanding (no par value, unlimited shares authorized; all shares outstanding are of each Fund’s Institutional Class)			82,859,033			77,713,402			144,622,294
Net Asset Value, Offering Price and Redemption Price per Share		$	13.40		$	10.80		$	8.79

(1)

Represents cash on deposit at broker.

(2)

There were no fees payable to the Trust’s Independent Trustees at March 31, 2024.

See Notes to Financial Statements.

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Statements of Operations (unaudited)

For the Six Months Ended March 31, 2024

PFM Multi-Manager Series Trust

	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 $4,566, $341,964 and $–, respectively)		$	7,704,675		$	9,126,738		$	6,210,673
Interest (net of taxes withheld of $–, $– and $18,450, respectively)			188,382			306,283			22,501,466
Total Investment Income			7,893,057			9,433,021			28,712,139
Expenses:
Advisory Fees (Note 4)			1,524,902			1,966,214			2,429,098
Accounting Fees			44,362			49,393			154,566
Administration Fees			31,274			37,059			52,277
Audit and Tax Fees			46,428			64,820			65,564
Custodian Fees			31,207			149,922			22,510
Insurance Premiums			16,125			12,168			17,560
Legal Fees			68,652			51,049			79,249
Registration Fees			13,045			10,119			14,197
Transfer Agent Fees			34,243			27,938			38,672
Trustees Fees			46,415			39,548			52,732
Other Expenses			44,284			46,703			54,650
Total Expenses			1,900,937			2,454,933			2,981,075
Net Investment Income			5,992,120			6,978,088			25,731,064
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain/(Loss) From:
Investments			25,855,826			(3,178,799)			(11,947,188)
Swap Contracts			—			—			416,601
Futures Contracts			—			—			86,154
Foreign Currency Related Transactions			—			352,221			—
Net Realized Gain/(Loss)			25,855,826			(2,826,578)			(11,444,433)
Net Change in Unrealized Appreciation/Depreciation From:
Investments			185,319,149			115,157,919			62,155,451
Swap Contracts			—			—			(18,145)
Futures Contracts			—			—			515,623
Forward Currency Contracts			—			115			—
Translation of Assets and Liabilities Denominated in Foreign Currencies			—			(22,752)			—
Net Change in Unrealized Appreciation/Depreciation			185,319,149			115,135,282			62,652,929
Net Increase in Net Assets Resulting from Operations		$	217,167,095		$	119,286,792		$	76,939,560

See Notes to Financial Statements.

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Statements of Changes in Net Assets

PFM Multi-Manager Series Trust

	PFM Multi-Manger Domestic Equity Fund						PFM Multi-Manger International Equity Fund
	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
Increase (Decrease) in Net Assets Resulting From Operations:
Net Investment Income		$	5,992,120		$	11,594,234		$	6,978,088		$	13,113,589
Net Realized Gain/(Loss)			25,855,826			(3,249,816)			(2,826,578)			(22,641,520)
Net Change in Unrealized Appreciation/Depreciation			185,319,149			128,668,712			115,135,282			111,148,770
Net Increase (Decrease) in Net Assets Resulting from Operations			217,167,095			137,013,130			119,286,792			101,620,839
Distributions from:
Distributable Earnings			(11,701,237)			(41,106,617)			(12,808,915)			(14,072,410)
Capital Share Transactions:
Proceeds from Sale of Shares			40,768,205			111,190,845			35,300,168			137,890,676
Reinvestment of Distributions			11,701,237			41,106,617			12,808,915			14,072,410
Cost of Shares Redeemed			(120,327,438)			(50,447,652)			(32,058,342)			(29,912,664)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			(67,857,996)			101,849,810			16,050,741			122,050,422
Total Increase (Decrease) in Net Assets			137,607,862			197,756,323			122,528,618			209,598,851
Net Assets:
Beginning of Period		$	972,584,973		$	774,828,650		$	716,728,227		$	507,129,376
End of Period		$	1,110,192,835		$	972,584,973		$	839,256,845		$	716,728,227
Share Transactions:
Shares Outstanding, Beginning of Year			88,166,590			78,484,098			75,898,215			62,131,190
Shares Subscribed			3,594,279			10,228,072			3,707,993			15,312,425
Shares Issued from Reinvestment of Distributions			953,646			4,049,913			1,246,003			1,534,614
Shares Redeemed			(9,855,482)			(4,595,493)			(3,138,809)			(3,080,014)
Shares Outstanding, End of Year			82,859,033			88,166,590			77,713,402			75,898,215

See Notes to Financial Statements.

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Statements of Changes in Net Assets

PFM Multi-Manager Series Trust

	PFM Multi-Manager Fixed-Income Fund
	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
Increase (Decrease) in Net Assets Resulting From Operations:
Net Investment Income		$	25,731,064		$	40,858,196
Net Realized Gain (Loss)			(11,444,433)			(29,936,885)
Net Change in Unrealized Appreciation/Depreciation			62,652,929			3,896,401
Net Increase (Decrease) in Net Assets Resulting from Operations			76,939,560			14,817,712
Distributions from:
Distributable Earnings			(27,736,727)			(39,994,624)
Capital Share Transactions:
Proceeds from Sale of Shares			135,601,795			249,725,850
Reinvestment of Distributions			27,736,727			39,994,624
Cost of Shares Redeemed			(37,901,575)			(72,272,973)
Net Increase in Net Assets Resulting from Capital Share Transactions			125,436,947			217,447,501
Total Increase (Decrease) in Net Assets			174,639,780			192,270,589
Net Assets:
Beginning of Period		$	1,096,052,558		$	903,781,969
End of Period		$	1,270,692,338		$	1,096,052,558
Share Transactions:
Shares Outstanding, Beginning of Year			129,849,494			104,799,034
Shares Subscribed			15,927,804			28,694,346
Shares Issued from Reinvestment of Distributions			3,176,205			4,589,552
Shares Redeemed			(4,331,209)			(8,233,438)
Shares Outstanding, End of Year			144,622,294			129,849,494

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019
Net Asset Value, Beginning of Period		$	11.03		$	9.87		$	13.99		$	12.15		$	11.00		$	10.76
Investment Operations:
Net Investment Income(1)			0.07			0.14			0.12			0.12			0.14			0.17
Net Realized and Unrealized Gain (Loss)(2)			2.43			1.52			(2.10)			3.58			1.32			0.17
Total from Investment Operations			2.50			1.66			(1.98)			3.70			1.46			0.34
Distributions from:
Net Investment Income			(0.13)			(0.11)			(0.12)			(0.15)			(0.16)			(0.08)
Capital Gains			—			(0.39)			(2.02)			(1.71)			(0.15)			(0.02)
Total Distributions to Shareholders			(0.13)			(0.50)			(2.14)			(1.86)			(0.31)			(0.10)
Net Asset Value, End of Period		$	13.40		$	11.03		$	9.87		$	13.99		$	12.15		$	11.00
Total Return(3)(4)			22.80%			17.30%			(17.97)%			33.08%			13.43%			3.26%
Ratios/Supplemental Data:
Net Assets, End of Year (000’s omitted)		$	1,110,193		$	972,585		$	774,829		$	847,016		$	722,499		$	730,457
Ratios to Average Net Assets(5) of:
Expenses, Net of Expenses Waived/Reimbursed/ Recouped(6)			0.36%			0.37%			0.37%			0.38%			0.39%			0.38%
Expenses, Prior to Expenses Waived/Reimbursed/ Recouped(6)			0.36%			0.37%			0.36%			0.37%			0.39%			0.41%
Net Investment Income			1.14%			1.25%			0.97%			0.91%			1.25%			1.59%
Portfolio Turnover Rate			12%(8)			52%			45%			60%			141%(7)			24%

(1)

Based on average daily shares outstanding.

(2)

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.

(3)

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

(4)

Through September 30, 2023, the 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.

(5)

Ratios are annualized for periods less than one year.

(6)

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.

(7)

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.

(8)

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019
Net Asset Value, Beginning of Period		$	9.44		$	8.16		$	12.00		$	9.70		$	9.41		$	9.69
Investment Operations:
Net Investment Income(1)			0.09			0.18			0.22			0.15			0.08			0.23
Net Realized and Unrealized Gain (Loss)(2)			1.36			1.29			(3.47)			2.25			0.41			(0.42)
Total from Investment Operations			1.45			1.47			(3.25)			2.40			0.49			(0.19)
Distributions from:
Net Investment Income			(0.09)			(0.19)			(0.17)			(0.10)			(0.20)			(0.09)
Capital Gains			—			—			(0.42)			—			—			—
Total Distributions to Shareholders			(0.09)			(0.19)			(0.59)			(0.10)			(0.20)			(0.09)
Net Asset Value, End of Period		$	10.80		$	9.44		$	8.16		$	12.00		$	9.70		$	9.41
Total Return(3)(4)			16.21%			18.09%			(28.60)%			24.86%			5.09%			(1.87)%
Ratios/Supplemental Data:
Net Assets, End of Year (000’s omitted)		$	839,257		$	716,728		$	507,129		$	680,792		$	388,182		$	397,967
Ratios to Average Net Assets(5) of:
Expenses, Net of Expenses Waived/Reimbursed/ Recouped(6)			0.62%			0.64%			0.65%			0.66%			0.74%			0.63%
Expenses, Prior to Expenses Waived/Reimbursed/ Recouped(6)			0.62%			0.64%			0.64%			0.65%			0.76%			0.75%
Net Investment Income			1.77%			1.87%			2.06%			1.31%			0.87%			2.54%
Portfolio Turnover Rate			21%(8)			68%			88%			52%			157%(7)			13%

(1)

Based on average daily shares outstanding.

(2)

(3)

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

(4)

(5)

Ratios are annualized for periods less than one year.

(6)

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.

(7)

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.

(8)

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019
Net Asset Value, Beginning of Period		$	8.44		$	8.62		$	10.39		$	10.81		$	10.55		$	10.02
Investment Operations:
Net Investment Income(1)			0.19			0.34			0.23			0.21			0.27			0.35
Net Realized and Unrealized Gain (Loss)(2)			0.36			(0.19)			(1.71)			(0.08)			0.37			0.55
Total from Investment Operations			0.55			0.15			(1.48)			0.13			0.64			0.90
Distributions from:
Net Investment Income			(0.20)			(0.33)			(0.24)			(0.22)			(0.29)			(0.35)
Capital Gains			—			—			(0.05)			(0.33)			(0.09)			(0.02)
Total Distributions to Shareholders			(0.20)			(0.33)			(0.29)			(0.55)			(0.38)			(0.37)
Net Asset Value, End of Period		$	8.79		$	8.44		$	8.62		$	10.39		$	10.81		$	10.55
Total Return(3)(4)			6.41%			1.71%			(14.52)%			1.23%			6.21%			9.17%
Ratios/Supplemental Data:
Net Assets, End of Year (000’s omitted)		$	1,270,692		$	1,096,053		$	903,782		$	823,323		$	684,218		$	602,522
Ratios to Average Net Assets(5) of:
Expenses, Net of Expenses Waived/Reimbursed/ Recouped(6)			0.49%			0.51%			0.51%			0.55%			0.55%			0.55%
Expenses, Prior to Expenses Waived/Reimbursed/ Recouped(6)			0.49%			0.51%			0.51%			0.52%			0.54%			0.55%
Net Investment Income			4.24%			3.88%			2.41%			2.00%			2.60%			3.46%
Portfolio Turnover Rate			51%(8)			100%			124%			107%			174%(7)			84%

(1)

Based on average daily shares outstanding.

(2)

(3)

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

(4)

Through September 30, 2021, the 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.

(5)

Ratios are annualized for periods less than one year.

(6)

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.

(7)

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.

(8)

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 (Trust) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (1940 Act), as an open-end management investment company. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (Domestic Equity Fund), PFM Multi-Manager International Equity Fund (International Equity Fund) and PFM Multi-Manager Fixed-Income Fund (Fixed-Income Fund) (each a Fund and, collectively, the Funds). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of March 31, 2024, 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. Securities traded primarily in non-U.S. markets which are fair valued are generally categorized as Level 2 in the hierarchy.

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, 2024, 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 (Board), the Board has designated the Adviser, PFM Asset Management LLC (PFMAM or, the Adviser), as the Funds’ valuation designee under Rule 2a-5 of the 1940 Act and as such the Adviser performs day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee (VC) to serve as its formal oversight body for the valuation of each Fund’s portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the

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2. Summary of Significant Accounting Policies (continued)

Investment Valuation (continued)

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

Equity Securities

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

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

Debt Securities

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

Futures Contracts

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

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

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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.

Forward Foreign Currency Exchange Contracts

The Funds use forward foreign currency exchange contracts to a limited extent with the objective of hedging against adverse movements in the foreign currencies in which portfolio securities are denominated. Forward foreign currency exchange contracts are marked-to-market daily using third-party pricing vendors who utilize matrix pricing which considers the terms of the contract, including notional amount and contract maturity, and other inputs including currency exchange rates, or counterparty-supplied prices. When independent prices are unavailable or unreliable, forward foreign currency exchange contracts may be valued utilizing pricing methodologies which consider similar factors that would be used by third-party vendors. Changes in value, if any, are recorded as unrealized appreciation or depreciation until the contract is exercised or expires. A Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Foreign currency exchange contracts are generally categorized as Level 2 in the hierarchy.

Swap Contracts

Swap contracts are marked-to-market daily using third-party pricing vendor quotations, or counterparty or clearinghouse prices, and the change in value, if any, is recorded as an unrealized gain or loss. Interest rate swaps are valued by pricing vendors who utilize matrix pricing which considers a discounted cash flow model based on the terms of the contract, including the notional amount and contract maturity, and multiple inputs, including, where applicable, yield curves, prepayment rates, and currency exchange rates, or by counterparty or clearinghouse-supplied prices. Interest rate swaps are generally categorized in Level 2 of the fair value hierarchy. Credit default swaps are valued by pricing vendors who utilize matrix pricing which considers the terms of the contract, including the notional amount and contract maturity, and multiple inputs including yield curves, recovery rates, and credit spreads, or by counterparty or clearinghouse-supplied prices. Credit default swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty, or in some cases, segregated in a triparty account on behalf of the counterparty, which can be adjusted by any mark-to-market gains or losses pursuant to the contract. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap

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2. Summary of Significant Accounting Policies (continued)

Investment Transactions and Income Recognition (continued)

agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

Foreign Currency Translation

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

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

Dividends and Distributions

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

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred by the Funds as of March 31, 2024, 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.

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, 2024 and for all open tax years (years ended September 30, 2021, September 30, 2022 and September 30, 2024), 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, 2024, 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.

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3. Federal Income Taxes (continued)

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 (Act), the Funds are permitted to carry forward capital losses incurred for an unlimited period. The capital loss carryforward information presented below, including any applicable limitations, is estimated as of fiscal year-end and is subject to adjustment. As of September 30, 2023, the Funds’ most recent fiscal year-end, the estimated capital loss carryforwards were as follows:

	Unlimited Short- Term Losses			Unlimited Long- Term Losses
PFM Multi-Manager Domestic Equity Fund		$	—		$	—
PFM Multi-Manager International Equity Fund			(14,432,758)			(16,506,654)
PFM Multi-Manager Fixed-Income Fund			(27,861,089)			(38,479,087)

As of September 30, 2023, the Fund’s most recent fiscal year-end, 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		$	908,299,216		$	752,193,693		$	1,198,358,530
Unrealized appreciation		$	84,423,030		$	16,977,618		$	729,174
Unrealized depreciation			(19,735,984)			(52,090,530)			(106,747,112)
Net unrealized appreciation (depreciation)		$	64,687,046		$	(35,112,912)		$	(106,017,938)

During the fiscal year ended September 30, 2023, 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 is a subsidiary of U.S. Bancorp Asset Management, Inc. (USBAM). USBAM is a subsidiary of U.S. Bank, National Association (U.S. Bank).

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 about the hiring, termination and replacement of a sub-adviser and oversees, monitors and reviews the sub-advisers and their performance and compliance with the applicable Fund’s investment policies and restrictions.

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

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

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

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4. Agreements (continued)

Investment Adviser (continued)

The Sub-Advisers to each Fund as of March 31, 2024 are as follows:

Fund			Sub-Advisers
PFM Multi-Manager Domestic Equity Fund*			Aristotle Atlantic Partners, LLC Jacobs Levy Equity Management, Inc. 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

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.

Administrator, Custodian and Transfer Agent

U.S. Bank N.A. serves as the Trust’s Custodian and its subsidiary, U.S. Bank Global Fund Services (USBGFS), serves as the Trust’s Administrator and Transfer Agent.

5. Capital Shares

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

6. Investment Transactions

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on bank loans for the period ended March 31, 2024, were as follows:

	PFM Multi- Manager Domestic Equity Fund			PFM Multi- Manager International Equity Fund
Non-U.S. Government Purchases		$	127,882,430		175,481,027
Non-U.S. Government Sales			199,978,984		162,235,097

	PFM Multi-Manager Fixed-Income Fund
U.S. Government Purchases		$	366,970,003
Non-U.S. Government Purchases		$	346,990,234
U.S. Government Sales		$	334,929,180
Non-U.S. Government Sales		$	270,066,391

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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, 2024 is included in each respective Schedule of Investments. As of March 31, 2024, 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 and Fixed-Income Funds hold 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.

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

The following table summarizes the value of the Fund’s derivative instruments as of March 31, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

PFM Multi-Manager International Equity Fund

			Asset Derivatives
Currency Risk			Forward Currency Contracts*				$	115

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

PFM Multi-Manager Fixed-Income Fund

	Asset Derivatives			Liability Derivatives
Interest Rate Risk	Net Variation Margin on Futures Contracts*	$	194,042	Net Variation Margin on Futures Contracts*	$	(119,046)
Interest Rate Risk	Net Variation Margin on Swap Contracts*	$	—	Net Variation Margin on Swap Contracts*	$	(3,716)
Credit Risk	Net Variation Margin on Swap Contracts*	$	197	Net Variation Margin on Swap Contracts*	$	—

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

The following tables summarize the realized gain (loss) and change in unrealized appreciation (depreciation) of the Fund’s derivative instruments for the period ended March 31, 2024 and the related location in the accompanying Statement of Operations, presented by primary underlying risk exposure:

PFM Multi-Manager International Equity Fund

			Net Change in Unrealized Appreciation (Depreciation)
Currency Risk			Forward Currency Contracts				$	115

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7. Derivative Financial Instruments (continued)

PFM Multi-Manager Fixed-Income Fund

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate Risk	Futures Contracts	$	86,154	Futures Contracts	$	515,623
Interest Rate Risk	Swap Contracts	$	—	Swap Contracts	$	2,456
Credit Risk	Swap Contracts	$	416,601	Swap Contracts	$	15,689

The average notional cost of futures contracts and average notional amounts of swaps outstanding during the period ended March 31, 2024, which are indicative of the volume of these derivative types, were approximately as follows:

PFM Multi-Manager International Equity Fund

			Forward Currency Contracts – Long
Currency Risk				$	771,783

PFM Multi-Manager Fixed-Income Fund

	Futures Contracts – Long			Futures Contracts – Short			Swap Contracts – Long
Interest Rate Risk		$	50,560,518		$	5,371,002		$	515,000
Credit Risk		$	—		$	—		$	4,254,250

8. Related Parties

As of March 31, 2024, 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.

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 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. 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

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9. Risks (continued)

issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Price changes may be temporary or last for extended periods. The value of an investment in a Fund could decline over short periods due to fluctuation in a Fund’s NAV in response to market movements, and over longer periods during market downturns.

10. Recent Accounting Updates

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) contract modifications on financial reporting, caused by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ”The update extends the sunset date from ASU No. 2020-04 from December 31, 2022, to December 31, 2024. After this date, entities will no longer be permitted to apply the relief in Topic 848. The Funds have not yet elected to apply ASU 2020-04. At this time, management is still evaluating the implications of these changes on the financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions (ASU 2022-03) which clarifies fair value measurement guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, amends a related illustrative example in ASC Topic 820, Fair Value Measurement, and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023. Investment companies with an equity security subject to a contractual sale restriction executed before the date of adoption should continue to account for the equity security until the contractual restrictions expire or are modified using the accounting policy applied before adoption of the ASU 2022-03. The Funds have not yet elected to apply ASU 2022-03. At this time, management is still 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, 2023, the beginning of the period, and held through March 31, 2024. 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 the 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 10/1/23			Ending Account Value 3/31/24			Annualized Expense Ratio Based on the Period		Expenses Paid During the Period(1) 10/1/23 to 3/31/24
PFM Multi-Manager Domestic Equity Fund Institutional Class
Actual Fund Return		$	1,000.00		$	1,228.00		0.36%		$	2.01
Hypothetical 5% Return		$	1,000.00		$	1,023.20		0.36%		$	1.82
PFM Multi-Manager International Equity Fund Institutional Class
Actual Fund Return		$	1,000.00		$	1,162.10		0.62%		$	3.35
Hypothetical 5% Return		$	1,000.00		$	1,021.90		0.62%		$	3.13
PFM Multi-Manager Fixed-Income Fund Institutional Class
Actual Fund Return		$	1,000.00		$	1,064.10		0.49%		$	2.53
Hypothetical 5% Return		$	1,000.00		$	1,022.55		0.49%		$	2.48

(1)

Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/366 (to reflect the one-half year period).

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 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.

78 PFM Multi-Manager Series Trust Semi-Annual Report | March 31, 2024

TABLE OF CONTENTS

Investment Adviser

PFM Asset Management LLC

213 Market Street
Harrisburg, Pennsylvania 17101

Distributor

PFM Fund Distributors, Inc.

213 Market Street
Harrisburg, Pennsylvania 17101

Custodian

U.S. Bank, National Association

425 Walnut Street
Cincinnati, Ohio 45202

Administrator & Transfer Agent

U.S. Bank Global Fund Services

615 East Michigan Street
Milwaukee, Wisconsin 53202

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 for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

Schedule of Investments 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 open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are 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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Not applicable for semi-annual reports.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Not applicable to open-end investment companies.

(4) Change in the Registrant’s independent public accountant. Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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/ Valentine James Link, Jr.
	Valentine James Link, Jr.
	President (Principal Executive Officer)

Date:	June 4, 2024

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/ Valentine James Link, Jr.
	Valentine James Link, Jr.
	President (Principal Executive Officer)

Date:	June 4, 2024


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

Date:	June 4, 2024

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