0001144204-18-063522.txt : 20181207 0001144204-18-063522.hdr.sgml : 20181207 20181207120643 ACCESSION NUMBER: 0001144204-18-063522 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181207 DATE AS OF CHANGE: 20181207 EFFECTIVENESS DATE: 20181207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFM Multi-Manager Series Trust CENTRAL INDEX KEY: 0001696729 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23282 FILM NUMBER: 181222707 BUSINESS ADDRESS: STREET 1: 213 MARKET STREET CITY: HARRISBURG STATE: PA ZIP: 17101 BUSINESS PHONE: 215-567-6100 MAIL ADDRESS: STREET 1: 213 MARKET STREET CITY: HARRISBURG STATE: PA ZIP: 17101 0001696729 S000059561 PFM Multi-Manager Domestic Equity Fund C000195097 Advisor Class C000195098 Institutional Class C000195099 R Class 0001696729 S000059562 PFM Multi-Manager Fixed-Income Fund C000195100 Advisor Class C000195101 Institutional Class C000195102 R Class 0001696729 S000059563 PFM Multi-Manager International Equity Fund C000195103 Advisor Class C000195104 Institutional Class C000195105 R Class N-CSR 1 tv507528_ncsr.htm N-CSR

 

 

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

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-23282

______________________________________________

 

PFM Multi-manager series trust

_____________________________________________________________________________

(Exact name of registrant as specified in charter)

 

 

213 Market Street, Harrisburg, Pennsylvania 17101-2141

______________________________________________________________________________

(Address of principal executive offices) (zip code)

 

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

 

Copy to:

 

Jonathan Kopcsik, Esq.

Stradley Ronon Stevens & Young LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania, 19103-7018

 

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

 

 

Date of fiscal year end: September 30

 

Date of reporting period: September 30, 2018

 

 

 

 

Item 1. Reports to Stockholders.

 

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PFM MULTI-MANAGER SERIES TRUST
ANNUAL REPORT
SEPTEMBER 30, 2018
​
Table of Contents
​
​ ​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ ​ 2 ​ ​
​ ​ ​ ​ ​ 8 ​ ​
​ ​ ​ ​ ​ 105 ​ ​
​ ​ ​ ​ ​ 108 ​ ​
​ ​ ​ ​ ​ 111 ​ ​
​ ​ ​ ​ ​ 119 ​ ​
​ ​ ​ ​ ​ 120 ​ ​
​ ​ ​ ​ ​ 122 ​ ​
​ ​ ​ ​ ​ 123 ​ ​
For further information on the PFM Multi-Manager Series Trust (the “Trust”) portfolios,
call 1-833-736-6678 or visit us online at www.pfm.com/multiassetfunds
​
This annual report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. The prospectus can be obtained from PFM Fund Distributors, Inc., the Trust’s Distributor. The prospectus provides more complete information including charges and expenses. Please read the prospectus carefully before investing.
The Trust will file its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q filings are available (i) without charge, upon request, by calling the Trust at 1-833-736-6678, (ii) on the Trust’s website at www.pfm.com/multiassetfunds, (iii) on the SEC’s website at http://www.sec.gov, or (iv) at the SEC’s public reference room in Washington, D.C. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.
The Trust has adopted the proxy voting policies of 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 www.pfm.com/multiassetfunds, (iii) on the SEC’s website at www.sec.gov, or (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding the Trust’s proxy voting policies and procedures, as well as information regarding how the Trust voted proxies, if any, during the most recent 12-month period ended June 30 is available without charge (1) by calling 1-833-736-6678 (toll free), or (2) on the website of the SEC at www.sec.gov.
Message from the Adviser (unaudited)
​
We are pleased to present the Annual Report for the PFM Multi-Manager Series Trust (the “Trust”) for the period ended September 30, 2018. This marks the first Annual Shareholder Report for the Trust. While the series of the Trust (the “Funds”) began operations on December 29, 2017, subscriptions to the Funds only recently commenced as of May 15, 2018. With the investment strategy of each Fund now fully implemented, we believe the sub-advised, multi-manager approach to investing in the three distinct asset classes of the Trust will serve our investors’ needs in building successful long-term portfolios.
Economic Update and Outlook
In step with 2017, the global economy entered 2018 on a strong footing, with synchronized growth across all major regions. However, as the year progressed, global economic growth began to slow and discrepancies began to appear. The U.S. economy, helped by tax cuts and reform, some deregulation and rising business confidence, began to decouple from both developed markets and emerging markets and continued to grow above its recent trend. Capital markets continued their strong performance in January, but as valuations became stretched, both equities and credit markets experienced a pullback. Both investment-grade and high yield spreads became more volatile. After a strong January, U.S. equities fell in February and experienced their first correction in two years. Despite the volatility in economic growth and capital markets, the labor market continued to improve, with the unemployment rate continuing to trend lower. While inflation began to firm after many years of subdued inflation, the consumer price index (“CPI”) and core CPI remained well behaved and close to the Federal Reserve’s target.
The Federal Reserve (“Fed”) continued on its interest rate path and has guided for further increase in 2019. As a result of the Fed raising short-term rates, the yield curve flattened. Many investors are questioning whether the flattening yield curve is the precursor to an impending recession in 2019. The concern is that the economy will slow in 2019 as the impacts from tax cuts and fiscal stimulus moderate, but the Fed has indicated interest rates will continue to rise into 2019 and possibly beyond. Currently, we do not believe that the yield curve is predicting a recession, but the shape of the yield curve is something we will continue to watch in 2019.
Non-U.S. economies experienced some relative weakness relative to the U.S. The Eurozone, which had showed signs of improvements in 2017, began to report disappointing economic data and GDP growth slowed. Japan, which had reported the longest string of quarterly growth since the 1990s, also saw moderating economic growth. While developed market economies and capital markets showed some turbulence in 2018, emerging markets took the most significant hits. Investors sold emerging market assets as they refocused their attention on the potential risks from rising trade tensions, a strengthening U.S. dollar and rising U.S. interest rates. Emerging Market equities underperformed both U.S. and non-U.S. developed markets, while emerging market currencies weakened to multi-year lows.
For 2019, we expect economic growth to continue in both the U.S. and internationally, but the pace of growth may be slowing due to a variety of economic, political and monetary risks. In Europe, Britain and the rest of the European Union (“EU”) face rising risks from Brexit. The Eurozone faces rising political risk from far right political parties that question some of the basic rules of the EU. While Germany was able to form a coalition government after its last election, the coalition remains fragile due to disagreements over refugee policies. Japan raised its consumption tax from 5% to 8% in 2014 and was expected to increase it to 10%, but delayed the second increase after the economy slowed. It now plans to increase it in October 2019. It is uncertain what impact this will have on the economy and consumer spending. China is facing rising debt and slowing economic growth. We expect China to introduce more accommodative fiscal policy to spur growth, however, the effects of this action will probably be limited. In addition, trade friction with the U.S. is currently unresolved. While overall fundamentals in emerging market economies are better than they were a few years ago, continuing rising U.S. interest rates and political risk bear watching.
Respectfully,
PFM Asset Management LLC
November 29, 2018
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   1​
Management Discussion of Fund Performance (unaudited)
​
PFM Multi-Manager Domestic Equity Fund Review
The PFM Multi-Manager Domestic Equity Fund (“Domestic Equity Fund” or the “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. Assets are primarily invested in U.S. equities. The Fund utilized the following sub-advisers as of September 30, 2018: Champlain Investment Partners LLC, Nuance Investments, LLC, SSGA Funds Management, Inc., and Vaughan Nelson Investment Management, L.P.
The Domestic Equity Fund returned 7.60% since inception, as of September 30, 2018, underperforming the Russell 3000 Index benchmark of 10.57% for the same period. The Domestic Equity Fund commenced operations on December 29, 2017 with initial seed investment invested into the State Street Institutional Treasury Money Market Fund until implementation of the investment strategy began in mid-May 2018. This resulted in the Domestic Equity Fund underperforming the Russell 3000 Index benchmark for the first few months of 2018 as the stock markets performed well, with the Russell 3000 Index returning 2.85% during the period the Domestic Equity Fund was in cash equivalents. From mid-May, when the investment strategy was implemented, the Domestic Equity Fund underperformed the Russell 3000 Index benchmark, primarily due to the underweight allocation to the Information Technology sector. This created a drag on performance as the sector delivered strong results for the period.
PFM Multi-Manager Domestic Equity Fund Investment Sub-Advisers
​ ​ ​
Fund Assets Managed
​ ​
Investment Sub-Adviser
 ​ ​
(%)
​ ​
($ Million)
​ ​
Investment Strategy
​
Champlain Investment Partners LLC
​ ​ ​ ​ 4.0 ​ ​ ​ ​ ​ 24.0 ​ ​ ​
Active U.S. Mid-Cap
​
Nuance Investments, LLC
​ ​ ​ ​ 9.3 ​ ​ ​ ​ ​ 55.2 ​ ​ ​
Active U.S. All-Cap
​
SSGA Funds Management, Inc.
​ ​ ​ ​ 77.2 ​ ​ ​ ​ ​ 459.6 ​ ​ ​
Index Replication
​
Vaughan Nelson Investment Management, L.P
​ ​ ​ ​ 9.5 ​ ​ ​ ​ ​ 56.6 ​ ​ ​
Active U.S. All-Cap
 ​
PFM Multi-Manager Domestic Equity Fund Profile
Sector Diversification
​ ​
%
​
Communication Services
​ ​ ​ ​ 1.9 ​ ​
Consumer Discretionary
​ ​ ​ ​ 11.0 ​ ​
Consumer Staples
​ ​ ​ ​ 6.4 ​ ​
Energy
​ ​ ​ ​ 5.1 ​ ​
Financials
​ ​ ​ ​ 14.6 ​ ​
Health Care
​ ​ ​ ​ 15.3 ​ ​
Industrials
​ ​ ​ ​ 11.1 ​ ​
Information Technology
​ ​ ​ ​ 22.7 ​ ​
Materials
​ ​ ​ ​ 3.5 ​ ​
Real Estate
​ ​ ​ ​ 3.3 ​ ​
Utilities
​ ​ ​ ​ 2.4 ​ ​
Cash Equivalents and Other
​ ​ ​ ​ 2.7 ​ ​
 
​
PFM Multi-Manager Domestic Equity Fund Performance Summary
Implementation of the investment strategy began on May 16, 2018. All assets were held in cash equivalents in the interim between inception (December 29, 2017) and implementation. Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. To obtain the performance of the Fund as of the most recent completed calendar month, please visit www.pfm.com/multiassetfunds. The returns assume reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of Fund shares.
2   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Cumulative Performance: December 29, 2017(1) through September 30, 2018
Initial Investment of  $10,000
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​ ​
Total Returns
​
Performance as of 9/30/2018
 ​ ​
Three Month
 ​ ​
Since
Inception(1)
 ​
PFM Multi-Manager Domestic Equity Fund
​ ​ ​ ​ 6.75% ​ ​ ​ ​ ​ 7.60% ​ ​
Russell 3000 Index(2)
​ ​ ​ ​ 7.12% ​ ​ ​ ​ ​ 10.57% ​ ​
​
(1)
Commencement of operations occurred on December 29, 2017
​
(2)
The Russell 3000 Index is a float-adjusted, market-capitalization weighted equity index that encompasses the top 3,000 stocks (ranked by total market capitalization) traded in the U.S. market and represents large, mid and small-cap stocks capturing approximately 99% of the investable universe. The index is based on the FTSE Russell Index Policies and FTSE Russell is the index provider. The index is reconstituted annually on the last Friday in June (based on ranking in May) unless the last Friday is on the 29th or 30th when reconstitution will occur on the previous Friday. The index is also reviewed on the third Friday of March, September and December for quarterly share changes, free float updates and IPO additions. As of September 30, 2018, the index consisted of 3,024 constituents.
​
​
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   3​
PFM Multi-Manager International Equity Fund Review
The PFM Multi-Manager International Equity Fund (“International Equity Fund” or the “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. Assets are primarily invested in non-U.S. equities. The Fund utilized the following sub-advisers as of September 30, 2018: Aristotle Capital Management, LLC, JO Hambro Capital Management, Lazard Asset Management LLC, and SSGA Funds Management, Inc.
The International Equity Fund returned -3.10% since inception, as of September 30, 2018, performing in line with the MSCI All Country World ex-U.S. Index benchmark of  -3.09% for the same period. The International Equity Fund commenced operations on December 29, 2017 with initial seed investment invested into the State Street Institutional Treasury Money Market Fund until implementation of the investment strategy in mid-May 2018. This resulted in the International Equity Fund underperforming the MSCI All Country World ex-U.S. Index benchmark for the first few months of 2018 as the stock markets performed well, with the MSCI All Country World ex-U.S. Index returning 0.69% during the period the International Equity Fund was in cash equivalents.
As the investment strategy began to take shape, the International Equity Fund performed well vs. its benchmark, driven by a combination of stock selection as well as allocations to specific sectors and countries/regions. The largest positive contribution came from strong stock selection and underweight positioning in emerging Asia. Stock selection in Canada also added to results for the period. In contrast, stock selection in Latin America detracted from results. At the sector level, selection in Consumer Discretionary added most to results for the period, with selection in Consumer Staples aiding as well, though to a lesser extent. However, stock selection in the Energy sector weighed on results, as did the International Equity Fund’s underweight allocation to Energy, as it was amongst the top performing sectors for the period.
PFM Multi-Manager International Equity Fund Investment Sub-Advisers
​ ​ ​
Fund Assets Managed
​ ​
Investment Sub-Adviser
 ​ ​
(%)
​ ​
($ Million)
​ ​
Investment Strategy
​
Aristotle Capital Management, LLC
​ ​ ​ ​ 10.5 ​ ​ ​ ​ ​ 33.0 ​ ​ ​
Active International Developed Markets
​
JO Hambro Capital Management
​ ​ ​ ​ 14.9 ​ ​ ​ ​ ​ 46.9 ​ ​ ​
Active International Small-Cap
​
Lazard Asset Management LLC
​ ​ ​ ​ 30.0 ​ ​ ​ ​ ​ 94.4 ​ ​ ​
Active Total International Markets
​
SSGA Funds Management, Inc.
​ ​ ​ ​ 44.6 ​ ​ ​ ​ ​ 140.0 ​ ​ ​
Index Replication
 ​
PFM Multi-Manager International Equity Fund Profile
Region Diversification
​ ​
%
​
Europe & Middle East ex-UK
​ ​ ​ ​ 35.8 ​ ​
UK
​ ​ ​ ​ 12.4 ​ ​
Pacific ex-Japan
​ ​ ​ ​ 7.2 ​ ​
Japan
​ ​ ​ ​ 16.0 ​ ​
North America
​ ​ ​ ​ 6.6 ​ ​
EM Europe, Middle East & Africa
​ ​ ​ ​ 2.6 ​ ​
EM Asia
​ ​ ​ ​ 12.3 ​ ​
EM Latin America
​ ​ ​ ​ 2.1 ​ ​
Cash Equivalents and Other
​ ​ ​ ​ 5.0 ​ ​
Sector Diversification
 ​ ​
%
 ​
Communication Services
​ ​ ​ ​ 8.7 ​ ​
Consumer Discretionary
​ ​ ​ ​ 12.7 ​ ​
Consumer Staples
​ ​ ​ ​ 19.4 ​ ​
Diversified ​ ​ ​ ​ 0.3 ​ ​
Energy ​ ​ ​ ​ 6.0 ​ ​
Financials ​ ​ ​ ​ 20.0 ​ ​
Industrials ​ ​ ​ ​ 13.6 ​ ​
Information Technology
​ ​ ​ ​ 6.1 ​ ​
Materials ​ ​ ​ ​ 6.4 ​ ​
Utilities ​ ​ ​ ​ 1.8 ​ ​
Cash Equivalents and Other
​ ​ ​ ​ 5.0 ​ ​
​
PFM Multi-Manager International Equity Fund Performance Summary
Implementation of the investment strategy began on May 16, 2018. All assets were held in cash equivalents in the interim between inception (December 29, 2017) and implementation. Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. To obtain the performance of the Fund as of the most recent completed calendar month, please visit www.pfm.com/multiassetfunds. The returns assume reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of Fund shares.
4   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Cumulative Performance: December 29, 2017(1) through September 30, 2018
Initial Investment of  $10,000
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​ ​
Total Returns
​
Performance as of 9/30/2018
 ​ ​
Three Month
 ​ ​
Since
Inception(1)
 ​
PFM Multi-Manager International Equity Fund
​ ​ ​ ​ 0.73% ​ ​ ​ ​ ​ -3.10% ​ ​
MSCI All Country World ex-U.S. Index(2)
​ ​ ​ ​ 0.71% ​ ​ ​ ​ ​ -3.09% ​ ​
​
(1)
Commencement of operations occurred on December 29, 2017
​
(2)
The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the United States) and 24 emerging markets countries. The index covers approximately the top 85% by market capitalization of the global equity opportunity set outside the United States. The index is based on the MSCI Global Investable Market Indexes Methodology and MSCI Inc. is the index provider. The index is reviewed quarterly (February, May, August and November). During the May and November semi-annual index reviews, the index is rebalanced and the large and mid-capitalization cutoff points are recalculated. As of September 30, 2018, the index consisted of 2,166 constituents.
​
​
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   5​
PFM Multi-Manager Fixed-Income Fund Review
The PFM Multi-Manager Fixed-Income Fund (“Fixed-Income Fund” or the “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. Assets are primarily invested in fixed-income securities and in derivatives and other instruments that have similar economic characteristics. The Fund utilized the following sub-advisers as of September 30, 2018: Brown Brothers Harriman & Co., Nomura Corporate Research and Asset Management Inc., PineBridge Investments LLC, PGIM, Inc., and Teachers Advisors, LLC.
The Fixed-Income Fund returned 1.27% since inception, as of September 30, 2018, outperforming the Bloomberg Barclays U.S. Aggregate Index benchmark of  -1.60% for the same period. The Fixed-Income Fund commenced operations on December 29, 2017 with initial seed investment invested into the State Street Institutional Treasury Money Market Fund until implementation of the investment strategy began in mid-May 2018. This resulted in the Fixed-Income Fund outperforming the Bloomberg Barclays U.S. Aggregate Index benchmark for the first few months of 2018 as bond markets retreated, with the Bloomberg Barclays U.S. Aggregate Index down -2.19% during the period the Fixed-Income Fund was in cash equivalents. As the investment strategy began to take shape, the Fixed-Income Fund continued to outperform due to its allocation to high yield investments and overall lower duration versus the benchmark, with the latter being a result of a dedicated structured fixed income allocation. The two core fixed income strategy sub-advisers performance has been additive since their initial investments were made.
PFM Multi-Manager Fixed-Income Fund Investment Sub-Advisers
​ ​ ​
Fund Assets Managed
​ ​
Investment Sub-Adviser
 ​ ​
(%)
​ ​
($ Million)
​ ​
Investment Strategy
​
Brown Brothers Harriman & Co.
​ ​ ​ ​ 9.9 ​ ​ ​ ​ ​ 49.0 ​ ​ ​
Securitized Assets
​
Nomura Corporate Research and Asset Management Inc.
​ ​ ​ ​ 15.0 ​ ​ ​ ​ ​ 73.6 ​ ​ ​
High Yield
​
PineBridge Investments LLC
​ ​ ​ ​ 14.8 ​ ​ ​ ​ ​ 72.6 ​ ​ ​
Investment Grade Credit
​
PGIM, Inc.
​ ​ ​ ​ 30.5 ​ ​ ​ ​ ​ 149.9 ​ ​ ​
Investment Grade Core
​
Teachers Advisors, LLC
​ ​ ​ ​ 29.8 ​ ​ ​ ​ ​ 146.8 ​ ​ ​
Investment Grade Core
 ​
PFM Multi-Manager Fixed-Income Fund Profile
Sector Diversification
 ​ ​
%
 ​
Asset-Backed Securities
​ ​ ​ ​ 13.0 ​ ​
Bank Loans
​ ​ ​ ​ 0.1 ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ 9.3 ​ ​
Corporate Bonds
​ ​ ​ ​ 48.3 ​ ​
Foreign Corporate Bonds
​ ​ ​ ​ 1.2 ​ ​
Foreign Government Agencies
​ ​ ​ ​ 0.5 ​ ​
Foreign Government Obligations
​ ​ ​ ​ 0.8 ​ ​
Municipal Bonds
​ ​ ​ ​ 2.0 ​ ​
Supranational Bonds
​ ​ ​ ​ 1.9 ​ ​
U.S. Government Agencies
​ ​ ​ ​ 10.5 ​ ​
U.S. Government Obligations
​ ​ ​ ​ 10.2 ​ ​
Cash Equivalents and Other
​ ​ ​ ​ 2.2 ​ ​
Credit Quality Diversification
 ​ ​
%
​
AAA
​ ​ ​ ​ 39.8 ​ ​
AA
​ ​ ​ ​ 7.7 ​ ​
A
​ ​ ​ ​ 14.3 ​ ​
BBB
​ ​ ​ ​ 21.9 ​ ​
BB
​ ​ ​ ​ 6.6 ​ ​
B
​ ​ ​ ​ 6.4 ​ ​
Below B
​ ​ ​ ​ 1.9 ​ ​
Cash & Not Rated
​ ​ ​ ​ 1.3 ​ ​
​
Note: Due to rounding, Diversification % column does not add up to 100%.
​
PFM Multi-Manager Fixed-Income Fund Performance Summary
Implementation of the investment strategy began on May 16, 2018. All assets were held in cash equivalents in the interim between inception (December 29, 2017) and implementation. Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. To obtain the performance of the Fund as of the most recent completed calendar month, please visit www.pfm.com/multiassetfunds. The returns assume reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the sale of Fund shares.
6   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Cumulative Performance: December 29, 2017(1) through September 30, 2018
Initial Investment of  $10,000
[MISSING IMAGE: tv507528_mfif-line.jpg]
​ ​
Total Returns
​
Performance as of 9/30/2018
 ​ ​
Three Month
 ​ ​
Since
Inception(1)
 ​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​ ​ 0.61% ​ ​ ​ ​ ​ 1.27% ​ ​
Bloomberg Barclays U.S. Aggregate Index(2)
​ ​ ​ ​ 0.02% ​ ​ ​ ​ ​ -1.60% ​ ​
​
(1)
Commencement of operations occurred on December 29, 2017
​
(2)
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related, corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). To be included issues must have at least one year until final maturity and a minimum par amount outstanding that varies based on sector. For each index, Bloomberg maintains two universes of securities: the Returns (Backward) and the Projected (Forward) Universes. The composition of the Returns Universe is rebalanced at each month-end and represents the fixed set of bonds on which index returns are calculated for the next month. The Projected Universe is a forward-looking projection that changes daily to reflect issues dropping out of and entering the index but is not used for return calculations. On the last business day of the month (the rebalancing date), the composition of the latest Projected Universe becomes the Returns Universe for the following month. As of September 30, 2018, the index consisted of 10,133 constituents.
​
​
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   7​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 97.3% ​
COMMUNICATION SERVICES – 1.9% ​
AT&T, Inc. ​ ​ ​ ​ 195,569 ​ ​ ​ ​ $ 6,567,197 ​ ​
ATN International, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,388 ​ ​
Boingo Wireless, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,960 ​ ​
CenturyLink, Inc. ​ ​ ​ ​ 14,300 ​ ​ ​ ​ ​ 303,160 ​ ​
Cincinnati Bell, Inc.(a) ​ ​ ​ ​ 563 ​ ​ ​ ​ ​ 8,980 ​ ​
Cogent Communications
Holdings, Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 27,900 ​ ​
Consolidated
Communications Holdings,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 9,128 ​ ​
Frontier Communications
Corp.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 5,841 ​ ​
Intelsat S.A.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,000 ​ ​
Iridium Communications,
Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 22,500 ​ ​
ORBCOMM, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 8,688 ​ ​
Shenandoah
Telecommunications Co.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 19,375 ​ ​
Sprint Corp.(a) ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 78,480 ​ ​
T-Mobile US, Inc.(a) ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 336,864 ​ ​
Telephone & Data Systems,
Inc.
​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 57,817 ​ ​
United States Cellular Corp.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,956 ​ ​
Verizon Communications, Inc.
​ ​ ​ ​ 63,500 ​ ​ ​ ​ ​ 3,390,265 ​ ​
Vonage Holdings Corp.(a) ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 55,224 ​ ​
Windstream Holdings, Inc.(a) ​ ​ ​ ​ 420 ​ ​ ​ ​ ​ 2,058 ​ ​
Zayo Group Holdings, Inc.(a) ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 118,048 ​ ​
Total Communication Services ​ ​ ​ ​ 11,053,829 ​ ​
CONSUMER DISCRETIONARY – 11.0% ​
1-800-Flowers.com, Inc.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,540 ​ ​
Aaron’s, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 54,460 ​ ​
Abercrombie & Fitch Co.,
Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 16,896 ​ ​
Acushnet Holdings Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,972 ​ ​
Adient PLC ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 62,896 ​ ​
Adtalem Global Education,
Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 53,020 ​ ​
Advance Auto Parts, Inc. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 555,489 ​ ​
Amazon.com, Inc.(a) ​ ​ ​ ​ 6,220 ​ ​ ​ ​ ​ 12,458,660 ​ ​
AMC Entertainment Holdings,
Inc., Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,300 ​ ​
AMC Networks, Inc., Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 39,804 ​ ​
America’s Car-Mart, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,820 ​ ​
American Axle &
Manufacturing Holdings,
Inc.(a)
 ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 41,856 ​ ​
American Eagle Outfitters, Inc.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 74,490 ​ ​
American Outdoor Brands
Corp.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,318 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
American Public Education,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 6,610 ​ ​
Aptiv PLC ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 352,380 ​ ​
Aramark ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 167,778 ​ ​
Asbury Automotive Group,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 13,750 ​ ​
Ascena Retail Group, Inc.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 9,140 ​ ​
At Home Group, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 18,918 ​ ​
Autoliv, Inc. ​ ​ ​ ​ 2,933 ​ ​ ​ ​ ​ 254,232 ​ ​
AutoNation, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 29,085 ​ ​
AutoZone, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 310,280 ​ ​
Barnes & Noble, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 4,060 ​ ​
Beazer Homes USA, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,200 ​ ​
Bed Bath & Beyond, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 24,000 ​ ​
Belmond Ltd., Class A(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 18,250 ​ ​
Best Buy Co., Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 293,632 ​ ​
Big Lots, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 20,895 ​ ​
BJ’s Restaurants, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 14,440 ​ ​
Bloomin’ Brands, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 19,790 ​ ​
Bojangles’, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,140 ​ ​
Booking Holdings, Inc.(a) ​ ​ ​ ​ 730 ​ ​ ​ ​ ​ 1,448,320 ​ ​
Boot Barn Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,682 ​ ​
BorgWarner, Inc. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 145,452 ​ ​
Boyd Gaming Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 33,850 ​ ​
Bright Horizons Family
Solutions, Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 106,056 ​ ​
Brinker International, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 23,365 ​ ​
Brunswick Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 87,126 ​ ​
Buckle, Inc. (The) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,915 ​ ​
Burlington Stores, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 179,212 ​ ​
Cable One, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 88,361 ​ ​
Caesars Entertainment Corp.(a)
 ​ ​ ​ ​ 8,500 ​ ​ ​ ​ ​ 87,125 ​ ​
Caleres, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 17,930 ​ ​
Callaway Golf Co. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 26,719 ​ ​
Camping World Holdings, Inc.,
Class A
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,528 ​ ​
Career Education Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 11,944 ​ ​
CarMax, Inc.(a) ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 201,609 ​ ​
Carnival Corp. ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 401,751 ​ ​
Carriage Services, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,310 ​ ​
Carrols Restaurant Group,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,840 ​ ​
Carter’s, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 78,880 ​ ​
Carvana Co.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 41,363 ​ ​
Cato Corp. (The), Class A ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,306 ​ ​
Cavco Industries, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 25,300 ​ ​
CBS Corp., Class B, NVDR ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 281,505 ​ ​
Central European Media
Enterprises Ltd., Class A(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 3,375 ​ ​
​
See Notes to Financial Statements.
8   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Century Communities, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 5,250 ​ ​
Charter Communications, Inc.,
Class A(a)
 ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 879,876 ​ ​
Cheesecake Factory, Inc. (The)
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 26,770 ​ ​
Chegg, Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 42,645 ​ ​
Chico’s FAS, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 13,005 ​ ​
Children’s Place, Inc. (The) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 25,560 ​ ​
Chipotle Mexican Grill, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 181,808 ​ ​
Choice Hotels International,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 58,310 ​ ​
Churchill Downs, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 55,540 ​ ​
Chuy’s Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,250 ​ ​
Cinemark Holdings, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 72,360 ​ ​
Citi Trends, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,754 ​ ​
Columbia Sportswear Co. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 55,842 ​ ​
Comcast Corp., Class A ​ ​ ​ ​ 70,200 ​ ​ ​ ​ ​ 2,485,782 ​ ​
Conn’s, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,070 ​ ​
Cooper Tire & Rubber Co. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 16,980 ​ ​
Cooper-Standard Holdings,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 23,996 ​ ​
Core-Mark Holding Co., Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 16,980 ​ ​
Cracker Barrel Old Country
Store, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 44,139 ​ ​
Crocs, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 17,032 ​ ​
Culp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,420 ​ ​
Dana, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 31,739 ​ ​
Darden Restaurants, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 211,261 ​ ​
Dave & Buster’s
Entertainment, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 33,110 ​ ​
Deckers Outdoor Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 47,432 ​ ​
Del Frisco’s Restaurant Group,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 1,660 ​ ​
Del Taco Restaurants, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,724 ​ ​
Denny’s Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 10,304 ​ ​
Dick’s Sporting Goods, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 56,768 ​ ​
Dillard’s, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,268 ​ ​
Dine Brands Global, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 16,262 ​ ​
Discovery, Inc.(a) ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 168,606 ​ ​
Discovery, Inc., Class A(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 83,200 ​ ​
DISH Network Corp.,
Class A(a)
 ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 132,312 ​ ​
Dollar General Corp. ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 459,060 ​ ​
Dollar Tree, Inc.(a) ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 301,735 ​ ​
Domino’s Pizza, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 206,360 ​ ​
Dorman Products, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 23,076 ​ ​
DR Horton, Inc. ​ ​ ​ ​ 5,100 ​ ​ ​ ​ ​ 215,118 ​ ​
Drive Shack, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 4,172 ​ ​
DSW, Inc., Class A ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 27,104 ​ ​
Dunkin’ Brands Group, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 88,464 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Eldorado Resorts, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ $ 43,740 ​ ​
Emerald Expositions Events,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,296 ​ ​
Entercom Communications
Corp., Class A
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 11,850 ​ ​
Entravision Communications
Corp., Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 3,920 ​ ​
Eros International PLC(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,820 ​ ​
Ethan Allen Interiors, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,225 ​ ​
EW Scripps Co. (The), Class A
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 11,550 ​ ​
Expedia Group, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 234,864 ​ ​
Express, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 9,954 ​ ​
Extended Stay America, Inc.,
UNIT
​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 66,759 ​ ​
Fiesta Restaurant Group,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,025 ​ ​
Five Below, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 117,054 ​ ​
Flexsteel Industries, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,974 ​ ​
Floor & Decor Holdings, Inc.,
Class A(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 24,136 ​ ​
Foot Locker, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 96,862 ​ ​
Ford Motor Co. ​ ​ ​ ​ 58,600 ​ ​ ​ ​ ​ 542,050 ​ ​
Fossil Group, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,640 ​ ​
Fox Factory Holding Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 49,035 ​ ​
G-III Apparel Group Ltd.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 24,095 ​ ​
GameStop Corp., Class A ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 16,797 ​ ​
Gannett Co., Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 13,013 ​ ​
Gap, Inc. (The) ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 95,205 ​ ​
Garmin Ltd. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 119,085 ​ ​
GCI Liberty, Inc., Class A(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 81,600 ​ ​
General Motors Co. ​ ​ ​ ​ 20,300 ​ ​ ​ ​ ​ 683,501 ​ ​
Genesco, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,420 ​ ​
Gentex Corp. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 85,840 ​ ​
Gentherm, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,180 ​ ​
Genuine Parts Co. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 218,680 ​ ​
Golden Entertainment, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,802 ​ ​
Goodyear Tire & Rubber Co.
(The)
​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 79,526 ​ ​
GoPro, Inc., Class A(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 8,640 ​ ​
Graham Holdings Co., Class B
​ ​ ​ ​ 70 ​ ​ ​ ​ ​ 40,551 ​ ​
Grand Canyon Education,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 90,240 ​ ​
Gray Television, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,750 ​ ​
Green Brick Partners, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,030 ​ ​
Group 1 Automotive, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,980 ​ ​
Groupon, Inc.(a) ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 23,751 ​ ​
Guess?, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 15,820 ​ ​
H&R Block, Inc. ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 77,250 ​ ​
Hanesbrands, Inc. ​ ​ ​ ​ 5,100 ​ ​ ​ ​ ​ 93,993 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   9​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Harley-Davidson, Inc. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ $ 126,840 ​ ​
Hasbro, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 189,216 ​ ​
Haverty Furniture Cos., Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,420 ​ ​
Helen of Troy Ltd.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 65,450 ​ ​
Hibbett Sports, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,760 ​ ​
Hilton Grand Vacations, Inc.(a)
 ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 46,340 ​ ​
Hilton Worldwide Holdings,
Inc.
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 355,432 ​ ​
Home Depot, Inc. (The) ​ ​ ​ ​ 31,305 ​ ​ ​ ​ ​ 6,484,831 ​ ​
Hooker Furniture Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,380 ​ ​
Houghton Mifflin Harcourt
Co.(a)
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 8,400 ​ ​
Hudson Ltd., Class A(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,280 ​ ​
Hyatt Hotels Corp., Class A ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 55,713 ​ ​
IMAX Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,480 ​ ​
Installed Building Products,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,800 ​ ​
International Game
Technology PLC
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 23,700 ​ ​
International Speedway Corp.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,140 ​ ​
Interpublic Group of Cos., Inc.
(The)
​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 144,081 ​ ​
iRobot Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 54,960 ​ ​
Jack in the Box, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 50,298 ​ ​
JC Penney Co., Inc.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 5,976 ​ ​
John Wiley & Sons, Inc.,
Class A
​ ​ ​ ​ 6,850 ​ ​ ​ ​ ​ 415,110 ​ ​
Johnson Outdoors, Inc.,
Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 9,299 ​ ​
K12, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,080 ​ ​
KB Home ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 23,910 ​ ​
Kohl’s Corp. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 186,375 ​ ​
L Brands, Inc. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 99,990 ​ ​
La-Z-Boy, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 15,800 ​ ​
Lands’ End, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,510 ​ ​
Las Vegas Sands Corp. ​ ​ ​ ​ 5,600 ​ ​ ​ ​ ​ 332,248 ​ ​
Laureate Education, Inc.,
Class A(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 33,968 ​ ​
LCI Industries ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 24,840 ​ ​
Lear Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 145,000 ​ ​
Leggett & Platt, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 83,201 ​ ​
Lennar Corp., Class A ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 210,105 ​ ​
Lennar Corp., Class B ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,700 ​ ​
LGI Homes, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,488 ​ ​
Liberty Broadband Corp.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 126,450 ​ ​
Liberty Broadband Corp.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 25,299 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Liberty Expedia Holdings, Inc.,
Class A(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 51,744 ​ ​
Liberty Latin America Ltd.,
Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,504 ​ ​
Liberty Latin America Ltd.,
Class C(a)
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 33,008 ​ ​
Liberty Media Corp-Liberty
Braves(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,900 ​ ​
Liberty Media Corp-Liberty
Formula One(a)
 ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 111,570 ​ ​
Liberty Media Corp-Liberty
Formula One, Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,674 ​ ​
Liberty Media Corp-Liberty
SiriusXM(a)
 ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 108,625 ​ ​
Liberty Media Corp-Liberty
SiriusXM, Class A(a)
 ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 65,160 ​ ​
Liberty TripAdvisor Holdings,
Inc., Class A(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 11,880 ​ ​
Lions Gate Entertainment
Corp., Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,634 ​ ​
Lions Gate Entertainment
Corp., Class B
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 27,960 ​ ​
Lithia Motors, Inc., Class A ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 24,498 ​ ​
Live Nation Entertainment,
Inc.(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 119,834 ​ ​
LKQ Corp.(a) ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 155,183 ​ ​
Loral Space &
Communications, Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,540 ​ ​
Lowe’s Cos., Inc. ​ ​ ​ ​ 12,500 ​ ​ ​ ​ ​ 1,435,250 ​ ​
Lululemon Athletica, Inc.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 259,984 ​ ​
Lumber Liquidators Holdings,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,647 ​ ​
M/I Homes, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,179 ​ ​
Macy’s, Inc. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 166,704 ​ ​
Madison Square Garden Co.
(The), Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 94,596 ​ ​
Malibu Boats, Inc., Class A(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,944 ​ ​
Marcus Corp. (The) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,410 ​ ​
MarineMax, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,250 ​ ​
Marriott International, Inc.,
Class A
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 580,932 ​ ​
Marriott Vacations Worldwide
Corp.
​ ​ ​ ​ 630 ​ ​ ​ ​ ​ 70,402 ​ ​
Mattel, Inc. ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 86,350 ​ ​
MCBC Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,176 ​ ​
McDonald’s Corp. ​ ​ ​ ​ 11,900 ​ ​ ​ ​ ​ 1,990,751 ​ ​
MDC Holdings, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 14,790 ​ ​
Meredith Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 25,525 ​ ​
Meritage Homes Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,960 ​ ​
MGM Resorts International ​ ​ ​ ​ 8,200 ​ ​ ​ ​ ​ 228,862 ​ ​
​
See Notes to Financial Statements.
10   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Michael Kors Holdings Ltd.(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ $ 157,688 ​ ​
Michaels Cos., Inc. (The)(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 21,099 ​ ​
Modine Manufacturing Co.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 8,940 ​ ​
Mohawk Industries, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 157,815 ​ ​
Monarch Casino & Resort,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,545 ​ ​
Monro, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,840 ​ ​
Motorcar Parts of America,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,690 ​ ​
Movado Group, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,380 ​ ​
MSG Networks, Inc.,
Class A(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 18,060 ​ ​
Murphy USA, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 34,184 ​ ​
National CineMedia, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 7,413 ​ ​
National Vision Holdings,
Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 45,140 ​ ​
Nautilus, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,185 ​ ​
Netflix, Inc.(a) ​ ​ ​ ​ 6,360 ​ ​ ​ ​ ​ 2,379,467 ​ ​
New Media Investment Group,
Inc.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,414 ​ ​
New York Times Co. (The),
Class A
​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 55,560 ​ ​
Newell Brands, Inc. ​ ​ ​ ​ 7,300 ​ ​ ​ ​ ​ 148,190 ​ ​
News Corp., Class A ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 71,226 ​ ​
News Corp., Class B ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 19,040 ​ ​
Nexstar Media Group, Inc.,
Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 65,120 ​ ​
NIKE, Inc., Class B ​ ​ ​ ​ 19,300 ​ ​ ​ ​ ​ 1,635,096 ​ ​
Nordstrom, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 119,620 ​ ​
Norwegian Cruise Line
Holdings Ltd.(a)
 ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 178,033 ​ ​
Nutrisystem, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,115 ​ ​
NVR, Inc.(a) ​ ​ ​ ​ 50 ​ ​ ​ ​ ​ 123,540 ​ ​
O’Reilly Automotive, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 416,784 ​ ​
Office Depot, Inc. ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 18,939 ​ ​
Ollie’s Bargain Outlet
Holdings, Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 67,270 ​ ​
Omnicom Group, Inc. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 231,268 ​ ​
Overstock.com, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,540 ​ ​
Oxford Industries, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 18,040 ​ ​
Papa John’s International, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,384 ​ ​
Party City Holdco, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,420 ​ ​
Penn National Gaming, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 32,920 ​ ​
Penske Automotive Group,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,956 ​ ​
PetMed Express, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,602 ​ ​
PICO Holdings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,765 ​ ​
Pinnacle Entertainment, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 20,214 ​ ​
Planet Fitness, Inc., Class A(a)
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 86,448 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Polaris Industries, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ $ 90,855 ​ ​
Pool Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 100,128 ​ ​
Potbelly Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,690 ​ ​
PulteGroup, Inc. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 106,511 ​ ​
PVH Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 173,280 ​ ​
Qurate Retail, Inc.(a) ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 159,912 ​ ​
Ralph Lauren Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 110,040 ​ ​
RCI Hospitality Holdings, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,961 ​ ​
Reading International, Inc.,
Class A(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,160 ​ ​
Red Robin Gourmet Burgers,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,015 ​ ​
Red Rock Resorts, Inc.,
Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 21,320 ​ ​
Regis Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,172 ​ ​
Rent-A-Center, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 7,190 ​ ​
RH(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 52,404 ​ ​
Roku, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 43,818 ​ ​
Ross Stores, Inc. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 564,870 ​ ​
Royal Caribbean Cruises Ltd. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 324,850 ​ ​
Ruth’s Hospitality Group, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 9,465 ​ ​
Sally Beauty Holdings, Inc.(a) ​ ​ ​ ​ 15,650 ​ ​ ​ ​ ​ 287,803 ​ ​
Scholastic Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,007 ​ ​
Scientific Games Corp.,
Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,240 ​ ​
SeaWorld Entertainment,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 25,144 ​ ​
Service Corp. International/US
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 110,500 ​ ​
ServiceMaster Global
Holdings, Inc.(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 136,466 ​ ​
Shake Shack, Inc., Class A(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,903 ​ ​
Shutterfly, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 26,356 ​ ​
Signet Jewelers Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 79,116 ​ ​
Sinclair Broadcast Group, Inc.,
Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 22,680 ​ ​
Sirius XM Holdings, Inc. ​ ​ ​ ​ 22,600 ​ ​ ​ ​ ​ 142,832 ​ ​
Six Flags Entertainment Corp.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 83,784 ​ ​
Skechers U.S.A., Inc.,
Class A(a)
 ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 67,032 ​ ​
Skyline Champion Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 25,713 ​ ​
Sleep Number Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,712 ​ ​
Sonic Automotive, Inc.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,805 ​ ​
Sonic Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 17,336 ​ ​
Sotheby’s(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 19,676 ​ ​
Standard Motor Products, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,844 ​ ​
Starbucks Corp. ​ ​ ​ ​ 20,400 ​ ​ ​ ​ ​ 1,159,536 ​ ​
Steven Madden Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 58,190 ​ ​
Stoneridge, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,916 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   11​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Strategic Education, Inc. ​ ​ ​ ​ 387 ​ ​ ​ ​ $ 53,031 ​ ​
Sturm Ruger & Co., Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 13,810 ​ ​
Superior Industries
International, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,115 ​ ​
Tailored Brands, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,114 ​ ​
Tapestry, Inc. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 216,161 ​ ​
Target Corp. ​ ​ ​ ​ 8,200 ​ ​ ​ ​ ​ 723,322 ​ ​
Taylor Morrison Home Corp.,
Class A(a)
 ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 23,452 ​ ​
TEGNA, Inc. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 29,900 ​ ​
Tempur Sealy International,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 47,610 ​ ​
Tenneco, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 25,284 ​ ​
Tesla, Inc.(a) ​ ​ ​ ​ 2,110 ​ ​ ​ ​ ​ 558,665 ​ ​
Texas Roadhouse, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 83,148 ​ ​
Thor Industries, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 75,330 ​ ​
Tiffany & Co. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 257,940 ​ ​
Tile Shop Holdings, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 3,575 ​ ​
TJX Cos., Inc. (The) ​ ​ ​ ​ 9,500 ​ ​ ​ ​ ​ 1,064,190 ​ ​
Toll Brothers, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 75,969 ​ ​
TopBuild Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 22,728 ​ ​
Tower International, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,050 ​ ​
Tractor Supply Co. ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 645,248 ​ ​
TRI Pointe Group, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 21,080 ​ ​
Tribune Media Co., Class A ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 49,959 ​ ​
TripAdvisor, Inc.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 81,712 ​ ​
tronc, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,266 ​ ​
Tupperware Brands Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 20,070 ​ ​
Twenty-First Century Fox, Inc.,
Class A
​ ​ ​ ​ 16,200 ​ ​ ​ ​ ​ 750,546 ​ ​
Twenty-First Century Fox, Inc.,
Class B
​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 348,232 ​ ​
Ulta Salon Cosmetics &
Fragrance, Inc.(a)
 ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 677,088 ​ ​
Under Armour, Inc., Class A(a)
 ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 65,782 ​ ​
Under Armour, Inc., Class C(a)
 ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 62,272 ​ ​
Unifi, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,666 ​ ​
Universal Electronics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,870 ​ ​
Urban Outfitters, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 57,260 ​ ​
Vail Resorts, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 164,652 ​ ​
VF Corp. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 467,250 ​ ​
Viacom, Inc., Class A ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,655 ​ ​
Viacom, Inc., Class B ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 182,304 ​ ​
Vista Outdoor, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 12,523 ​ ​
Visteon Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 37,160 ​ ​
Walt Disney Co. (The) ​ ​ ​ ​ 32,300 ​ ​ ​ ​ ​ 3,777,162 ​ ​
Wayfair, Inc., Class A(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 147,670 ​ ​
Weight Watchers International,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 50,393 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER DISCRETIONARY –  (continued) ​
Wendy’s Co. (The) ​ ​ ​ ​ 3,300 ​ ​ ​ ​ $ 56,562 ​ ​
Weyco Group, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,518 ​ ​
Whirlpool Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 130,625 ​ ​
William Lyon Homes,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,356 ​ ​
Williams-Sonoma, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 92,008 ​ ​
Wingstop, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 20,481 ​ ​
Winnebago Industries, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,260 ​ ​
Wolverine World Wide, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 66,385 ​ ​
World Wrestling
Entertainment, Inc., Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 77,384 ​ ​
Wyndham Destinations, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 56,368 ​ ​
Wyndham Hotels & Resorts,
Inc.
​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 94,469 ​ ​
Wynn Resorts Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 190,590 ​ ​
Yum China Holdings, Inc. ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 193,105 ​ ​
Yum! Brands, Inc. ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 445,459 ​ ​
ZAGG, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,425 ​ ​
Zoe’s Kitchen, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,544 ​ ​
Zumiez, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,270 ​ ​
Total Consumer Discretionary ​ ​ ​ ​ 65,556,033 ​ ​
CONSUMER STAPLES – 6.4% ​
Altria Group, Inc. ​ ​ ​ ​ 29,000 ​ ​ ​ ​ ​ 1,748,990 ​ ​
Andersons, Inc. (The) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,295 ​ ​
Archer-Daniels-Midland Co. ​ ​ ​ ​ 8,500 ​ ​ ​ ​ ​ 427,295 ​ ​
B&G Foods, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 21,960 ​ ​
BJ’s Wholesale Club Holdings,
Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 29,458 ​ ​
Boston Beer Co., Inc. (The),
Class A(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 28,750 ​ ​
Brown-Forman Corp., Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 30,480 ​ ​
Brown-Forman Corp., Class B
​ ​ ​ ​ 9,491 ​ ​ ​ ​ ​ 479,770 ​ ​
Bunge Ltd. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 158,033 ​ ​
Cal-Maine Foods, Inc.(a) ​ ​ ​ ​ 10,877 ​ ​ ​ ​ ​ 525,359 ​ ​
Calavo Growers, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 19,320 ​ ​
Campbell Soup Co. ​ ​ ​ ​ 9,450 ​ ​ ​ ​ ​ 346,154 ​ ​
Casey’s General Stores, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 77,466 ​ ​
Central Garden & Pet Co.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,604 ​ ​
Central Garden & Pet Co.,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,256 ​ ​
Chefs’ Warehouse, Inc. (The)(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,270 ​ ​
Church & Dwight Co., Inc. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 225,606 ​ ​
Clorox Co. (The) ​ ​ ​ ​ 3,967 ​ ​ ​ ​ ​ 596,676 ​ ​
Coca-Cola Bottling Co.
Consolidated
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 18,228 ​ ​
Coca-Cola Co. (The) ​ ​ ​ ​ 58,800 ​ ​ ​ ​ ​ 2,715,972 ​ ​
Colgate-Palmolive Co. ​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 870,350 ​ ​
Conagra Brands, Inc. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 193,629 ​ ​
​
See Notes to Financial Statements.
12   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER STAPLES –  (continued) ​
Constellation Brands, Inc.,
Class A
​ ​ ​ ​ 2,400 ​ ​ ​ ​ $ 517,488 ​ ​
Costco Wholesale Corp. ​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 1,573,696 ​ ​
Coty, Inc., Class A ​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 82,896 ​ ​
Darling Ingredients, Inc.(a) ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 61,824 ​ ​
Dean Foods Co. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 7,100 ​ ​
Diageo PLC, ADR ​ ​ ​ ​ 9,517 ​ ​ ​ ​ ​ 1,348,273 ​ ​
Edgewell Personal Care Co.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 50,853 ​ ​
elf Beauty, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,546 ​ ​
Energizer Holdings, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 58,650 ​ ​
Estee Lauder Cos., Inc. (The),
Class A
​ ​ ​ ​ 13,650 ​ ​ ​ ​ ​ 1,983,618 ​ ​
Flowers Foods, Inc. ​ ​ ​ ​ 28,050 ​ ​ ​ ​ ​ 523,413 ​ ​
Fresh Del Monte Produce, Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,556 ​ ​
Freshpet, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,010 ​ ​
General Mills, Inc. ​ ​ ​ ​ 9,400 ​ ​ ​ ​ ​ 403,448 ​ ​
Hain Celestial Group, Inc.
(The)(a)
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 32,544 ​ ​
Henkel AG & Co. KGaA, ADR ​ ​ ​ ​ 2,241 ​ ​ ​ ​ ​ 237,546 ​ ​
Herbalife Nutrition Ltd.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 103,645 ​ ​
Hershey Co. (The) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 214,200 ​ ​
Hormel Foods Corp. ​ ​ ​ ​ 20,600 ​ ​ ​ ​ ​ 811,640 ​ ​
Hostess Brands, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 9,963 ​ ​
Ingles Markets, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,850 ​ ​
Ingredion, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 104,960 ​ ​
Inter Parfums, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,890 ​ ​
J&J Snack Foods Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 30,178 ​ ​
JM Smucker Co. (The) ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 492,528 ​ ​
John B Sanfilippo & Son, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,138 ​ ​
Kellogg Co. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 273,078 ​ ​
Keurig Dr Pepper, Inc. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 60,242 ​ ​
Kimberly-Clark Corp. ​ ​ ​ ​ 5,300 ​ ​ ​ ​ ​ 602,292 ​ ​
Kraft Heinz Co. (The) ​ ​ ​ ​ 9,100 ​ ​ ​ ​ ​ 501,501 ​ ​
Kroger Co. (The) ​ ​ ​ ​ 12,900 ​ ​ ​ ​ ​ 375,519 ​ ​
Lamb Weston Holdings, Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 146,520 ​ ​
Lancaster Colony Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 44,763 ​ ​
Landec Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,320 ​ ​
McCormick & Co., Inc. ​ ​ ​ ​ 4,950 ​ ​ ​ ​ ​ 652,162 ​ ​
Medifast, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 44,310 ​ ​
MGP Ingredients, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,898 ​ ​
Molson Coors Brewing Co.,
Class B
​ ​ ​ ​ 8,550 ​ ​ ​ ​ ​ 525,825 ​ ​
Mondelez International, Inc.,
Class A
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 945,120 ​ ​
Monster Beverage Corp.(a) ​ ​ ​ ​ 6,100 ​ ​ ​ ​ ​ 355,508 ​ ​
National Beverage Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 11,662 ​ ​
Nu Skin Enterprises, Inc.,
Class A
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 74,178 ​ ​
Oil-Dri Corp. of America ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,856 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CONSUMER STAPLES –  (continued) ​
PepsiCo, Inc. ​ ​ ​ ​ 21,600 ​ ​ ​ ​ $ 2,414,880 ​ ​
Performance Food Group
Co.(a)
 ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 59,940 ​ ​
Philip Morris International, Inc.
​ ​ ​ ​ 23,800 ​ ​ ​ ​ ​ 1,940,652 ​ ​
Pilgrim’s Pride Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 10,854 ​ ​
Pinnacle Foods, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 129,620 ​ ​
Post Holdings, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 88,236 ​ ​
PriceSmart, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 24,285 ​ ​
Primo Water Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,415 ​ ​
Procter & Gamble Co. (The) ​ ​ ​ ​ 38,300 ​ ​ ​ ​ ​ 3,187,709 ​ ​
Rite Aid Corp.(a) ​ ​ ​ ​ 12,300 ​ ​ ​ ​ ​ 15,744 ​ ​
Sanderson Farms, Inc. ​ ​ ​ ​ 24,997 ​ ​ ​ ​ ​ 2,583,940 ​ ​
Seaboard Corp. ​ ​ ​ ​ 3 ​ ​ ​ ​ ​ 11,130 ​ ​
Simply Good Foods Co.
(The)(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 17,505 ​ ​
SpartanNash Co. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,024 ​ ​
Spectrum Brands Holdings,
Inc.
​ ​ ​ ​ 825 ​ ​ ​ ​ ​ 61,644 ​ ​
Sprouts Farmers Market,
Inc.(a)
 ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 68,525 ​ ​
SUPERVALU, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,888 ​ ​
Sysco Corp. ​ ​ ​ ​ 10,992 ​ ​ ​ ​ ​ 805,164 ​ ​
Tootsie Roll Industries, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,850 ​ ​
TreeHouse Foods, Inc.(a) ​ ​ ​ ​ 7,650 ​ ​ ​ ​ ​ 366,053 ​ ​
Tyson Foods, Inc., Class A ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 267,885 ​ ​
United Natural Foods, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 17,970 ​ ​
Universal Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 19,500 ​ ​
US Foods Holding Corp.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 110,952 ​ ​
USANA Health Sciences,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 36,165 ​ ​
Vector Group Ltd. ​ ​ ​ ​ 1,155 ​ ​ ​ ​ ​ 15,916 ​ ​
Walgreens Boots Alliance, Inc.
​ ​ ​ ​ 12,900 ​ ​ ​ ​ ​ 940,410 ​ ​
Walmart, Inc. ​ ​ ​ ​ 30,102 ​ ​ ​ ​ ​ 2,826,879 ​ ​
WD-40 Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 34,420 ​ ​
Weis Markets, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,340 ​ ​
Total Consumer Staples ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37,972,623 ​ ​
ENERGY – 5.1% ​
Abraxas Petroleum Corp.(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 4,194 ​ ​
Anadarko Petroleum Corp. ​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 532,539 ​ ​
Andeavor ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 337,700 ​ ​
Antero Resources Corp.(a) ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 69,069 ​ ​
Apache Corp. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 271,719 ​ ​
Apergy Corp.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 65,340 ​ ​
Arch Coal, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 17,880 ​ ​
Archrock, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 18,300 ​ ​
Ardmore Shipping Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 2,600 ​ ​
Baker Hughes a GE Co. ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 216,512 ​ ​
Basic Energy Services, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 1,998 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   13​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
ENERGY –  (continued) ​
Bonanza Creek Energy, Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 5,956 ​ ​
Bristow Group, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,852 ​ ​
C&J Energy Services, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,480 ​ ​
Cabot Oil & Gas Corp. ​ ​ ​ ​ 7,300 ​ ​ ​ ​ ​ 164,396 ​ ​
Cactus, Inc., Class A(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,484 ​ ​
California Resources Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 24,265 ​ ​
Callon Petroleum Co.(a) ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 49,159 ​ ​
Cameco Corp. ​ ​ ​ ​ 161,125 ​ ​ ​ ​ ​ 1,836,825 ​ ​
CARBO Ceramics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,175 ​ ​
Carrizo Oil & Gas, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 47,880 ​ ​
Centennial Resource
Development, Inc.,
Class A(a)
 ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 56,810 ​ ​
Cheniere Energy, Inc.(a) ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 257,113 ​ ​
Chesapeake Energy Corp.(a) ​ ​ ​ ​ 15,300 ​ ​ ​ ​ ​ 68,697 ​ ​
Chevron Corp. ​ ​ ​ ​ 29,100 ​ ​ ​ ​ ​ 3,558,348 ​ ​
Cimarex Energy Co. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 148,704 ​ ​
Clean Energy Fuels Corp.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 4,160 ​ ​
CNX Resources Corp.(a) ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 58,671 ​ ​
Concho Resources, Inc.(a) ​ ​ ​ ​ 2,968 ​ ​ ​ ​ ​ 453,362 ​ ​
ConocoPhillips ​ ​ ​ ​ 18,100 ​ ​ ​ ​ ​ 1,400,940 ​ ​
CONSOL Energy, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,243 ​ ​
Continental Resources, Inc.(a)
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 81,936 ​ ​
Covia Holdings Corp.(a) ​ ​ ​ ​ 360 ​ ​ ​ ​ ​ 3,229 ​ ​
CVR Energy, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,044 ​ ​
Delek US Holdings, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 59,402 ​ ​
Denbury Resources, Inc.(a) ​ ​ ​ ​ 9,100 ​ ​ ​ ​ ​ 56,420 ​ ​
Devon Energy Corp. ​ ​ ​ ​ 7,700 ​ ​ ​ ​ ​ 307,538 ​ ​
DHT Holdings, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 4,700 ​ ​
Diamond Offshore Drilling,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 14,000 ​ ​
Diamondback Energy, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 202,785 ​ ​
Dril-Quip, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 20,900 ​ ​
Energen Corp.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 112,021 ​ ​
EOG Resources, Inc. ​ ​ ​ ​ 8,800 ​ ​ ​ ​ ​ 1,122,616 ​ ​
EQT Corp. ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 181,343 ​ ​
Exterran Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,612 ​ ​
Extraction Oil & Gas, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 15,806 ​ ​
Exxon Mobil Corp. ​ ​ ​ ​ 64,900 ​ ​ ​ ​ ​ 5,517,798 ​ ​
Forum Energy Technologies,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 9,315 ​ ​
Frank’s International N.V. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 5,208 ​ ​
Frontline Ltd.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 5,229 ​ ​
FTS International, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,537 ​ ​
GasLog Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,875 ​ ​
Golar LNG Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 30,580 ​ ​
Green Plains, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,880 ​ ​
Gulfport Energy Corp.(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 18,738 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
ENERGY –  (continued) ​
Halcon Resources Corp.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ $ 7,152 ​ ​
Halliburton Co. ​ ​ ​ ​ 13,100 ​ ​ ​ ​ ​ 530,943 ​ ​
Helix Energy Solutions Group,
Inc.(a)
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 15,808 ​ ​
Helmerich & Payne, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 123,786 ​ ​
Hess Corp. ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 300,636 ​ ​
HighPoint Resources Corp.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 5,368 ​ ​
HollyFrontier Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 188,730 ​ ​
International Seaways, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,006 ​ ​
Jagged Peak Energy, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 9,681 ​ ​
Keane Group, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 7,422 ​ ​
Kinder Morgan, Inc. ​ ​ ​ ​ 29,200 ​ ​ ​ ​ ​ 517,716 ​ ​
KLX Energy Services
Holdings, Inc.(a)
 ​ ​ ​ ​ 360 ​ ​ ​ ​ ​ 11,524 ​ ​
Kosmos Energy Ltd.(a) ​ ​ ​ ​ 308,675 ​ ​ ​ ​ ​ 2,886,111 ​ ​
Laredo Petroleum, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 15,523 ​ ​
Liberty Oilfield Services, Inc.,
Class A(a)
 ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 28,041 ​ ​
Mammoth Energy Services,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,910 ​ ​
Marathon Oil Corp. ​ ​ ​ ​ 12,600 ​ ​ ​ ​ ​ 293,328 ​ ​
Marathon Petroleum Corp. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 559,790 ​ ​
Matador Resources Co.(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 59,490 ​ ​
Matrix Service Co.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,395 ​ ​
McDermott International,
Inc.(a)
 ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 57,133 ​ ​
Murphy Oil Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 90,018 ​ ​
Nabors Industries Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 24,640 ​ ​
National Oilwell Varco, Inc. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 245,556 ​ ​
Newfield Exploration Co.(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 80,724 ​ ​
Newpark Resources, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 10,350 ​ ​
Nine Energy Service, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,058 ​ ​
Noble Corp. PLC(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 19,684 ​ ​
Noble Energy, Inc. ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 221,449 ​ ​
Nordic American Tankers Ltd.
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 3,344 ​ ​
Northern Oil and Gas, Inc.(a) ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 25,600 ​ ​
Oasis Petroleum, Inc.(a) ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 70,900 ​ ​
Occidental Petroleum Corp. ​ ​ ​ ​ 11,700 ​ ​ ​ ​ ​ 961,389 ​ ​
Ocean Rig UDW, Inc.,
Class A(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 27,696 ​ ​
Oceaneering International, Inc.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 55,200 ​ ​
Oil States International, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 43,160 ​ ​
ONEOK, Inc. ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 427,077 ​ ​
Panhandle Oil and Gas, Inc.,
Class A
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,690 ​ ​
Par Pacific Holdings, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,160 ​ ​
Parsley Energy, Inc., Class A(a)
 ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 108,225 ​ ​
Patterson-UTI Energy, Inc. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 61,596 ​ ​
PBF Energy, Inc., Class A ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 89,838 ​ ​
​
See Notes to Financial Statements.
14   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
ENERGY –  (continued) ​
PDC Energy, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 53,856 ​ ​
Peabody Energy Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 39,204 ​ ​
Penn Virginia Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 16,108 ​ ​
Phillips 66 ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 721,408 ​ ​
Pioneer Energy Services
Corp.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 2,655 ​ ​
Pioneer Natural Resources Co.
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 470,313 ​ ​
ProPetro Holding Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 11,543 ​ ​
QEP Resources, Inc.(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 31,696 ​ ​
Range Resources Corp. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 66,261 ​ ​
Renewable Energy Group,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 11,520 ​ ​
Resolute Energy Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,562 ​ ​
REX American Resources
Corp.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,555 ​ ​
Ring Energy, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 5,946 ​ ​
Rowan Cos. PLC, Class A(a) ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 50,841 ​ ​
RPC, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 10,836 ​ ​
Sanchez Energy Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 1,840 ​ ​
SandRidge Energy, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,348 ​ ​
Schlumberger Ltd. ​ ​ ​ ​ 21,400 ​ ​ ​ ​ ​ 1,303,688 ​ ​
Scorpio Tankers, Inc. ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 6,231 ​ ​
SEACOR Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,882 ​ ​
SEACOR Marine Holdings,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,526 ​ ​
Select Energy Services, Inc.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,552 ​ ​
SemGroup Corp., Class A ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 17,640 ​ ​
Ship Finance International Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 9,730 ​ ​
SM Energy Co. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 66,213 ​ ​
Solaris Oilfield Infrastructure,
Inc., Class A(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,778 ​ ​
Southwestern Energy Co.(a) ​ ​ ​ ​ 11,100 ​ ​ ​ ​ ​ 56,721 ​ ​
SRC Energy, Inc.(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 24,892 ​ ​
Superior Energy Services,
Inc.(a)
 ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 16,558 ​ ​
Talos Energy, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,564 ​ ​
Targa Resources Corp. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 191,454 ​ ​
Teekay Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 4,718 ​ ​
Tellurian, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 6,279 ​ ​
TETRA Technologies, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 5,863 ​ ​
Tidewater, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 21,833 ​ ​
Transocean Ltd.(a) ​ ​ ​ ​ 6,200 ​ ​ ​ ​ ​ 86,490 ​ ​
Ultra Petroleum Corp.(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 2,464 ​ ​
Unit Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,636 ​ ​
US Silica Holdings, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 16,947 ​ ​
Valero Energy Corp. ​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 750,750 ​ ​
W&T Offshore, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 10,604 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
ENERGY –  (continued) ​
Weatherford International
PLC(a)
 ​ ​ ​ ​ 14,200 ​ ​ ​ ​ $ 38,482 ​ ​
Whiting Petroleum Corp.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 68,952 ​ ​
WildHorse Resource
Development Corp.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,184 ​ ​
Williams Cos., Inc. (The) ​ ​ ​ ​ 18,700 ​ ​ ​ ​ ​ 508,453 ​ ​
World Fuel Services Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 22,144 ​ ​
WPX Energy, Inc.(a) ​ ​ ​ ​ 5,600 ​ ​ ​ ​ ​ 112,672 ​ ​
Total Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30,662,122 ​ ​
FINANCIALS – 14.6% ​
1st Source Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,524 ​ ​
Access National Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,422 ​ ​
ACNB Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,720 ​ ​
Affiliated Managers Group,
Inc.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 123,048 ​ ​
Aflac, Inc. ​ ​ ​ ​ 28,372 ​ ​ ​ ​ ​ 1,335,470 ​ ​
AG Mortgage Investment
Trust, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,454 ​ ​
AGNC Investment Corp. ​ ​ ​ ​ 6,900 ​ ​ ​ ​ ​ 128,547 ​ ​
Alleghany Corp. ​ ​ ​ ​ 240 ​ ​ ​ ​ ​ 156,607 ​ ​
Allegiance Bancshares, Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,170 ​ ​
Allstate Corp. (The) ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 532,980 ​ ​
Ally Financial, Inc. ​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 174,570 ​ ​
Ambac Financial Group, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,210 ​ ​
American Equity Investment
Life Holding Co.
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 56,576 ​ ​
American Express Co. ​ ​ ​ ​ 10,800 ​ ​ ​ ​ ​ 1,150,092 ​ ​
American Financial Group, Inc.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 133,164 ​ ​
American International Group,
Inc.
​ ​ ​ ​ 13,800 ​ ​ ​ ​ ​ 734,712 ​ ​
American National
Bankshares, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,900 ​ ​
American National Insurance
Co.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 12,929 ​ ​
Ameriprise Financial, Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 324,852 ​ ​
Ameris Bancorp ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 45,700 ​ ​
AMERISAFE, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,390 ​ ​
AmTrust Financial Services,
Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 14,520 ​ ​
Annaly Capital Management,
Inc.
​ ​ ​ ​ 20,586 ​ ​ ​ ​ ​ 210,595 ​ ​
Anworth Mortgage Asset
Corp.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 5,093 ​ ​
Aon PLC ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 584,364 ​ ​
Apollo Commercial Real
Estate Finance, Inc.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 43,401 ​ ​
Arbor Realty Trust, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 21,812 ​ ​
Arch Capital Group Ltd.(a) ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 169,917 ​ ​
Ares Capital Corp. ​ ​ ​ ​ 94,425 ​ ​ ​ ​ ​ 1,623,166 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   15​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Ares Commercial Real Estate
Corp.
​ ​ ​ ​ 300 ​ ​ ​ ​ $ 4,191 ​ ​
Argo Group International
Holdings Ltd.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,220 ​ ​
Arlington Asset Investment
Corp., Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,802 ​ ​
ARMOUR Residential REIT,
Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,225 ​ ​
Arrow Financial Corp. ​ ​ ​ ​ 103 ​ ​ ​ ​ ​ 3,811 ​ ​
Arthur J Gallagher & Co. ​ ​ ​ ​ 10,350 ​ ​ ​ ​ ​ 770,454 ​ ​
Artisan Partners Asset
Management, Inc., Class A
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 16,200 ​ ​
Aspen Insurance Holdings Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 29,260 ​ ​
Associated Banc-Corp ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 65,000 ​ ​
Assurant, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 86,360 ​ ​
Assured Guaranty Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 80,237 ​ ​
Athene Holding Ltd., Class A(a)
 ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 118,818 ​ ​
Atlantic Capital Bancshares,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,350 ​ ​
AXA Equitable Holdings, Inc.(a)
 ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 42,900 ​ ​
Axis Capital Holdings Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 69,252 ​ ​
Axos Financial, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 24,073 ​ ​
B. Riley Financial, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,530 ​ ​
Banc of California, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,450 ​ ​
BancFirst Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 11,990 ​ ​
Banco Latinoamericano de
Comercio Exterior S.A.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,276 ​ ​
Bancorp, Inc. (The)(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 5,754 ​ ​
BancorpSouth Bank ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 45,780 ​ ​
Bank of America Corp. ​ ​ ​ ​ 142,700 ​ ​ ​ ​ ​ 4,203,942 ​ ​
Bank of Hawaii Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 63,128 ​ ​
Bank of Marin Bancorp ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 8,390 ​ ​
Bank of New York Mellon
Corp. (The)
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 713,860 ​ ​
Bank of NT Butterfield & Son
Ltd. (The)
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 51,860 ​ ​
Bank OZK ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 68,328 ​ ​
BankFinancial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,188 ​ ​
BankUnited, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 60,180 ​ ​
Bankwell Financial Group, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,136 ​ ​
Banner Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 24,868 ​ ​
Bar Harbor Bankshares ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,744 ​ ​
BB&T Corp. ​ ​ ​ ​ 11,900 ​ ​ ​ ​ ​ 577,626 ​ ​
Beneficial Bancorp, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 13,520 ​ ​
Berkshire Hathaway, Inc.,
Class B(a)
 ​ ​ ​ ​ 42,835 ​ ​ ​ ​ ​ 9,171,402 ​ ​
Berkshire Hills Bancorp, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 20,350 ​ ​
BGC Partners, Inc., Class A ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 43,734 ​ ​
BlackRock, Inc. ​ ​ ​ ​ 1,890 ​ ​ ​ ​ ​ 890,814 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Blackstone Mortgage Trust,
Inc., Class A
​ ​ ​ ​ 1,500 ​ ​ ​ ​ $ 50,265 ​ ​
Blue Hills Bancorp, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,230 ​ ​
BOK Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 29,184 ​ ​
Boston Private Financial
Holdings, Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 13,650 ​ ​
Bridge Bancorp, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,640 ​ ​
Brighthouse Financial, Inc.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 88,480 ​ ​
BrightSphere Investment
Group PLC
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 11,160 ​ ​
Brookline Bancorp, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,030 ​ ​
Brown & Brown, Inc. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 97,581 ​ ​
Bryn Mawr Bank Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,380 ​ ​
BSB Bancorp, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,260 ​ ​
Byline Bancorp, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,540 ​ ​
Cadence BanCorp ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 28,732 ​ ​
Camden National Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,688 ​ ​
Cannae Holdings, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 14,665 ​ ​
Capital One Financial Corp. ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 702,482 ​ ​
Capitol Federal Financial, Inc.
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 19,110 ​ ​
Capstead Mortgage Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 8,701 ​ ​
Carolina Financial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,544 ​ ​
Cathay General Bancorp ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 58,016 ​ ​
Cboe Global Markets, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 172,728 ​ ​
CBTX, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 21,324 ​ ​
CenterState Bank Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 33,660 ​ ​
Central Pacific Financial Corp.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,929 ​ ​
Charles Schwab Corp. (The) ​ ​ ​ ​ 18,300 ​ ​ ​ ​ ​ 899,445 ​ ​
Chemical Financial Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 64,080 ​ ​
Chimera Investment Corp. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 61,642 ​ ​
Chubb Ltd. ​ ​ ​ ​ 10,892 ​ ​ ​ ​ ​ 1,455,607 ​ ​
Cincinnati Financial Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 176,663 ​ ​
CIT Group, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 92,898 ​ ​
Citigroup, Inc. ​ ​ ​ ​ 61,800 ​ ​ ​ ​ ​ 4,433,532 ​ ​
Citizens Financial Group, Inc. ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 277,704 ​ ​
Citizens, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 4,200 ​ ​
City Holding Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,360 ​ ​
CME Group, Inc. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 885,092 ​ ​
CNA Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,695 ​ ​
CNB Financial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,772 ​ ​
CNO Financial Group, Inc. ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 63,660 ​ ​
CoBiz Financial, Inc. ​ ​ ​ ​ 11,748 ​ ​ ​ ​ ​ 260,101 ​ ​
Codorus Valley Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,124 ​ ​
Cohen & Steers, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,122 ​ ​
Colony Credit Real Estate, Inc.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 26,388 ​ ​
Columbia Banking System,
Inc.
​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 54,278 ​ ​
Columbia Financial, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 11,690 ​ ​
​
See Notes to Financial Statements.
16   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Comerica, Inc. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ $ 234,520 ​ ​
Commerce Bancshares, Inc. ​ ​ ​ ​ 5,300 ​ ​ ​ ​ ​ 349,906 ​ ​
Community Bank System, Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 61,070 ​ ​
Community Trust Bancorp,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,270 ​ ​
ConnectOne Bancorp, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,125 ​ ​
Cowen, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,890 ​ ​
Credit Acceptance Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 87,614 ​ ​
Cullen/Frost Bankers, Inc. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 417,760 ​ ​
Customers Bancorp, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,059 ​ ​
CVB Financial Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 51,336 ​ ​
Diamond Hill Investment
Group, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 16,539 ​ ​
Dime Community Bancshares,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,140 ​ ​
Discover Financial Services ​ ​ ​ ​ 5,300 ​ ​ ​ ​ ​ 405,185 ​ ​
Donnelley Financial Solutions,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,168 ​ ​
Dynex Capital, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,828 ​ ​
E*TRADE Financial Corp.(a) ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 209,560 ​ ​
Eagle Bancorp, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 20,240 ​ ​
East West Bancorp, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 144,888 ​ ​
Eaton Vance Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 84,096 ​ ​
eHealth, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,652 ​ ​
Employers Holdings, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,120 ​ ​
Encore Capital Group, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,755 ​ ​
Enova International, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 11,520 ​ ​
Enstar Group Ltd.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 41,700 ​ ​
Enterprise Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,439 ​ ​
Enterprise Financial Services
Corp.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,915 ​ ​
Equity Bancshares, Inc.,
Class A(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,926 ​ ​
Erie Indemnity Co., Class A ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 38,259 ​ ​
Essent Group Ltd.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 70,800 ​ ​
Evans Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,695 ​ ​
Evercore, Inc., Class A ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 70,385 ​ ​
Everest Re Group Ltd. ​ ​ ​ ​ 5,897 ​ ​ ​ ​ ​ 1,347,287 ​ ​
Exantas Capital Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,294 ​ ​
EZCORP, Inc., Class A(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 6,420 ​ ​
FactSet Research Systems,
Inc.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 134,226 ​ ​
Farmers & Merchants Bancorp
Inc/Archbold
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,259 ​ ​
Farmers National Banc Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,590 ​ ​
FB Financial Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,918 ​ ​
FBL Financial Group, Inc.,
Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,525 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
FCB Financial Holdings, Inc.,
Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ $ 28,440 ​ ​
Federal Agricultural Mortgage
Corp., Class C
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,218 ​ ​
Federated Investors, Inc.,
Class B
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 26,532 ​ ​
FGL Holdings(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 17,900 ​ ​
Fidelity Southern Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,434 ​ ​
Fifth Third Bancorp ​ ​ ​ ​ 10,200 ​ ​ ​ ​ ​ 284,784 ​ ​
Financial Institutions, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,280 ​ ​
First American Financial Corp.
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 77,385 ​ ​
First BanCorp(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 20,020 ​ ​
First Bancorp/Southern Pines
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,153 ​ ​
First Bancshares, Inc. (The) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,905 ​ ​
First Busey Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 15,525 ​ ​
First Citizens BancShares,
Inc., Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 45,228 ​ ​
First Commonwealth Financial
Corp.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 17,754 ​ ​
First Community Bancshares,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,776 ​ ​
First Connecticut Bancorp
Inc/Farmington
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,910 ​ ​
First Defiance Financial Corp.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,022 ​ ​
First Financial Bancorp ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 53,460 ​ ​
First Financial Bankshares,
Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 65,010 ​ ​
First Financial Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,020 ​ ​
First Foundation, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,686 ​ ​
First Hawaiian, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 46,172 ​ ​
First Horizon National Corp. ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 77,670 ​ ​
First Internet Bancorp ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,045 ​ ​
First Interstate BancSystem,
Inc., Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,440 ​ ​
First Merchants Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 40,491 ​ ​
First Mid-Illinois Bancshares,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,033 ​ ​
First Midwest Bancorp, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 31,908 ​ ​
First of Long Island Corp.
(The)
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,525 ​ ​
First Republic Bank ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 230,400 ​ ​
FirstCash, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 57,400 ​ ​
Flagstar Bancorp, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,294 ​ ​
Flushing Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,320 ​ ​
FNB Corp. ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 68,688 ​ ​
FNF Group ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 165,270 ​ ​
Focus Financial Partners, Inc.,
Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 28,476 ​ ​
Franklin Financial Network,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,910 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   17​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Franklin Resources, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ $ 152,050 ​ ​
Fulton Financial Corp. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 54,945 ​ ​
GAIN Capital Holdings, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 2,600 ​ ​
Genworth Financial, Inc.,
Class A(a)
 ​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 24,186 ​ ​
German American Bancorp,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,056 ​ ​
Glacier Bancorp, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 51,708 ​ ​
Global Indemnity Ltd. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,770 ​ ​
Goldman Sachs Group, Inc.
(The)
​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 1,210,896 ​ ​
Granite Point Mortgage Trust,
Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,640 ​ ​
Great Southern Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,535 ​ ​
Great Western Bancorp, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 29,533 ​ ​
Green Bancorp, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,630 ​ ​
Green Dot Corp., Class A(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 71,056 ​ ​
Greenhill & Co., Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,905 ​ ​
Greenlight Capital Re Ltd.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,720 ​ ​
Guaranty Bancorp ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,910 ​ ​
Guaranty Bancshares, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,023 ​ ​
Hamilton Lane, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,856 ​ ​
Hancock Whitney Corp. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 71,325 ​ ​
Hanmi Financial Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,960 ​ ​
Hannon Armstrong
Sustainable Infrastructure
Capital, Inc.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,882 ​ ​
Hanover Insurance Group, Inc.
(The)
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 86,359 ​ ​
HarborOne Bancorp, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,824 ​ ​
Hartford Financial Services
Group, Inc. (The)
​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 289,768 ​ ​
HCI Group, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,375 ​ ​
Health Insurance Innovations,
Inc., Class A(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,165 ​ ​
Heartland Financial USA, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 17,415 ​ ​
Heritage Commerce Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,968 ​ ​
Heritage Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,545 ​ ​
Heritage Insurance Holdings,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,964 ​ ​
Hilltop Holdings, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 16,136 ​ ​
Home Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,348 ​ ​
Home BancShares, Inc. ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 65,700 ​ ​
HomeStreet, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,950 ​ ​
HomeTrust Bancshares, Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,830 ​ ​
Hope Bancorp, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 24,255 ​ ​
Horace Mann Educators Corp.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 22,450 ​ ​
Horizon Bancorp, Inc. ​ ​ ​ ​ 450 ​ ​ ​ ​ ​ 8,887 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Houlihan Lokey, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ $ 13,479 ​ ​
Huntington Bancshares, Inc. ​ ​ ​ ​ 17,200 ​ ​ ​ ​ ​ 256,624 ​ ​
IBERIABANK Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 73,215 ​ ​
Independence Holding Co. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,590 ​ ​
Independent Bank Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 49,560 ​ ​
Independent Bank Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,730 ​ ​
Independent Bank Group, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 13,260 ​ ​
Interactive Brokers Group,
Inc., Class A
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 60,841 ​ ​
Intercontinental Exchange, Inc.
​ ​ ​ ​ 8,700 ​ ​ ​ ​ ​ 651,543 ​ ​
International Bancshares
Corp.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 49,500 ​ ​
INTL. FCStone, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,664 ​ ​
Invesco Ltd. ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 146,432 ​ ​
Invesco Mortgage Capital, Inc.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 20,566 ​ ​
Investment Technology Group,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,664 ​ ​
Investors Bancorp, Inc. ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 60,123 ​ ​
James River Group Holdings
Ltd.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,786 ​ ​
Jefferies Financial Group, Inc.
​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 94,428 ​ ​
JPMorgan Chase & Co. ​ ​ ​ ​ 51,200 ​ ​ ​ ​ ​ 5,777,408 ​ ​
Kearny Financial Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 16,620 ​ ​
Kemper Corp. ​ ​ ​ ​ 923 ​ ​ ​ ​ ​ 74,255 ​ ​
KeyCorp ​ ​ ​ ​ 15,700 ​ ​ ​ ​ ​ 312,273 ​ ​
Kinsale Capital Group, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,772 ​ ​
KKR Real Estate Finance
Trust, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,034 ​ ​
Ladder Capital Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,246 ​ ​
Ladenburg Thalmann Financial
Services, Inc.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 3,240 ​ ​
Lakeland Bancorp, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,025 ​ ​
Lakeland Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,944 ​ ​
Lazard Ltd., Class A ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 91,447 ​ ​
LegacyTexas Financial Group,
Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 46,860 ​ ​
Legg Mason, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 31,230 ​ ​
LendingClub Corp.(a) ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 14,356 ​ ​
LendingTree, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 23,010 ​ ​
Lincoln National Corp. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 223,278 ​ ​
Live Oak Bancshares, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,040 ​ ​
Loews Corp. ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 205,943 ​ ​
LPL Financial Holdings, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 83,863 ​ ​
M&T Bank Corp. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 361,988 ​ ​
Macatawa Bank Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,513 ​ ​
Maiden Holdings Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 2,280 ​ ​
Markel Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 237,698 ​ ​
MarketAxess Holdings, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 107,094 ​ ​
Marsh & McLennan Cos., Inc.
​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 653,488 ​ ​
​
See Notes to Financial Statements.
18   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
MB Financial, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ $ 59,943 ​ ​
MBIA, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 10,690 ​ ​
Mercantile Bank Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,674 ​ ​
Mercury General Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,048 ​ ​
Meridian Bancorp, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,500 ​ ​
Meta Financial Group, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 8,265 ​ ​
MetLife, Inc. ​ ​ ​ ​ 53,676 ​ ​ ​ ​ ​ 2,507,743 ​ ​
MFA Financial, Inc. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 51,450 ​ ​
MGIC Investment Corp.(a) ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 83,853 ​ ​
Midland States Bancorp, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,420 ​ ​
MidWestOne Financial Group,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,331 ​ ​
Moelis & Co., Class A ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 49,320 ​ ​
Moody’s Corp. ​ ​ ​ ​ 9,675 ​ ​ ​ ​ ​ 1,617,660 ​ ​
Morgan Stanley ​ ​ ​ ​ 19,000 ​ ​ ​ ​ ​ 884,830 ​ ​
Morningstar, Inc. ​ ​ ​ ​ 1,350 ​ ​ ​ ​ ​ 169,965 ​ ​
MSCI, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 248,374 ​ ​
MutualFirst Financial, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,685 ​ ​
Nasdaq, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 145,860 ​ ​
National Bank Holdings Corp.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,295 ​ ​
National Bankshares, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,545 ​ ​
National Commerce Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,130 ​ ​
National General Holdings
Corp.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 16,104 ​ ​
National Western Life Group,
Inc., Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 31,920 ​ ​
Navient Corp. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 67,400 ​ ​
Navigators Group, Inc. (The) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 13,820 ​ ​
NBT Bancorp, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 19,190 ​ ​
Nelnet, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 11,434 ​ ​
New Residential Investment
Corp.
​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 85,536 ​ ​
New York Community
Bancorp, Inc.
​ ​ ​ ​ 6,800 ​ ​ ​ ​ ​ 70,516 ​ ​
New York Mortgage Trust, Inc.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 7,904 ​ ​
Nicolet Bankshares, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,451 ​ ​
NMI Holdings, Inc., Class A(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 15,855 ​ ​
Northern Trust Corp. ​ ​ ​ ​ 17,038 ​ ​ ​ ​ ​ 1,740,091 ​ ​
Northfield Bancorp, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 7,960 ​ ​
Northrim BanCorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,155 ​ ​
Northwest Bancshares, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 19,052 ​ ​
Norwood Financial Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,916 ​ ​
OceanFirst Financial Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 13,610 ​ ​
Ocwen Financial Corp.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 4,728 ​ ​
OFG Bancorp ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,075 ​ ​
Old Line Bancshares, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,164 ​ ​
Old National Bancorp ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 40,530 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Old Republic International
Corp.
​ ​ ​ ​ 4,800 ​ ​ ​ ​ $ 107,424 ​ ​
Old Second Bancorp, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,635 ​ ​
On Deck Capital, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,542 ​ ​
OneMain Holdings, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 47,054 ​ ​
Opus Bank ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,480 ​ ​
Orchid Island Capital, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,350 ​ ​
Origin Bancorp, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 22,590 ​ ​
Oritani Financial Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 7,775 ​ ​
Pacific Premier Bancorp, Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 37,200 ​ ​
PacWest Bancorp ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 90,535 ​ ​
Park National Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 21,112 ​ ​
PCSB Financial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,068 ​ ​
Peapack Gladstone Financial
Corp.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,178 ​ ​
Penns Woods Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,345 ​ ​
PennyMac Financial Services,
Inc., Class A(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,180 ​ ​
PennyMac Mortgage
Investment Trust
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 14,168 ​ ​
People’s United Financial, Inc.
​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 83,888 ​ ​
People’s Utah Bancorp ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,790 ​ ​
Peoples Bancorp of North
Carolina, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,884 ​ ​
Peoples Bancorp, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,006 ​ ​
Peoples Financial Services
Corp.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,240 ​ ​
PHH Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,396 ​ ​
Pinnacle Financial Partners,
Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 60,150 ​ ​
Piper Jaffray Cos. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,270 ​ ​
PJT Partners, Inc., Class A ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,470 ​ ​
PNC Financial Services
Group, Inc. (The)
​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 980,568 ​ ​
Popular, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 87,125 ​ ​
PRA Group, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 18,000 ​ ​
Preferred Bank ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 11,700 ​ ​
Primerica, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 84,385 ​ ​
Principal Financial Group, Inc.
​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 263,655 ​ ​
ProAssurance Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 28,170 ​ ​
Progressive Corp. (The) ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 632,256 ​ ​
Prosperity Bancshares, Inc. ​ ​ ​ ​ 5,100 ​ ​ ​ ​ ​ 353,685 ​ ​
Provident Financial Services,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 17,185 ​ ​
Prudential Financial, Inc. ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 648,448 ​ ​
QCR Holdings, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,085 ​ ​
Radian Group, Inc. ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 84,747 ​ ​
Raymond James Financial,
Inc.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 184,100 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   19​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Ready Capital Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 3,330 ​ ​
Redwood Trust, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 14,616 ​ ​
Regional Management Corp.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,883 ​ ​
Regions Financial Corp. ​ ​ ​ ​ 16,700 ​ ​ ​ ​ ​ 306,445 ​ ​
Reinsurance Group of
America, Inc.
​ ​ ​ ​ 14,103 ​ ​ ​ ​ ​ 2,038,730 ​ ​
RenaissanceRe Holdings Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 93,506 ​ ​
Renasant Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 41,210 ​ ​
Republic Bancorp, Inc.,
Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,610 ​ ​
Republic First Bancorp, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,290 ​ ​
RLI Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 62,864 ​ ​
S&P Global, Inc. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 742,482 ​ ​
S&T Bancorp, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 17,344 ​ ​
Safety Insurance Group, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 17,920 ​ ​
Sandy Spring Bancorp, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,724 ​ ​
Santander Consumer USA
Holdings, Inc.
​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 34,068 ​ ​
Seacoast Banking Corp. of
Florida(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 14,600 ​ ​
SEI Investments Co. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 134,420 ​ ​
Selective Insurance Group,
Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 69,850 ​ ​
ServisFirst Bancshares, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 19,575 ​ ​
Sierra Bancorp ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,780 ​ ​
Signature Bank(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 103,356 ​ ​
Simmons First National Corp.,
Class A
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 38,285 ​ ​
SLM Corp.(a) ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 79,165 ​ ​
South State Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 57,400 ​ ​
Southern First Bancshares,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,930 ​ ​
Southern Missouri Bancorp,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,727 ​ ​
Southern National Bancorp of
Virginia, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,240 ​ ​
Southside Bancshares, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,440 ​ ​
Starwood Property Trust, Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 79,624 ​ ​
State Auto Financial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,108 ​ ​
State Bank Financial Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,072 ​ ​
State Street Corp. ​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 485,924 ​ ​
Sterling Bancorp ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 68,200 ​ ​
Stewart Information Services
Corp.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,002 ​ ​
Stifel Financial Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 51,260 ​ ​
Stock Yards Bancorp, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,260 ​ ​
SunTrust Banks, Inc. ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 474,209 ​ ​
SVB Financial Group(a) ​ ​ ​ ​ 1,180 ​ ​ ​ ​ ​ 366,779 ​ ​
Synchrony Financial ​ ​ ​ ​ 11,300 ​ ​ ​ ​ ​ 351,204 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Synovus Financial Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ $ 82,422 ​ ​
T Rowe Price Group, Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 403,966 ​ ​
TCF Financial Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 64,287 ​ ​
TD Ameritrade Holding Corp. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 232,452 ​ ​
Territorial Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,955 ​ ​
Texas Capital Bancshares,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 74,385 ​ ​
TFS Financial Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,006 ​ ​
Third Point Reinsurance Ltd.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 14,300 ​ ​
Timberland Bancorp, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,124 ​ ​
Tompkins Financial Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 16,238 ​ ​
Torchmark Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 156,042 ​ ​
Towne Bank ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 21,595 ​ ​
TPG RE Finance Trust, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,004 ​ ​
Travelers Cos., Inc. (The) ​ ​ ​ ​ 20,733 ​ ​ ​ ​ ​ 2,689,277 ​ ​
TriCo Bancshares ​ ​ ​ ​ 298 ​ ​ ​ ​ ​ 11,509 ​ ​
TriState Capital Holdings,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,280 ​ ​
Triumph Bancorp, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,640 ​ ​
Trupanion, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,719 ​ ​
TrustCo Bank Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 9,350 ​ ​
Trustmark Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 26,920 ​ ​
Two Harbors Investment Corp.
​ ​ ​ ​ 4,242 ​ ​ ​ ​ ​ 63,333 ​ ​
UMB Financial Corp. ​ ​ ​ ​ 23,932 ​ ​ ​ ​ ​ 1,696,779 ​ ​
Umpqua Holdings Corp. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 66,560 ​ ​
Union Bankshares Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 34,677 ​ ​
United Bankshares, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 61,795 ​ ​
United Community Banks, Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 30,679 ​ ​
United Community Financial
Corp.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 5,802 ​ ​
United Financial Bancorp, Inc.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 10,098 ​ ​
United Fire Group, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,154 ​ ​
United Insurance Holdings
Corp.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,476 ​ ​
Universal Insurance Holdings,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 19,420 ​ ​
Univest Corp. of Pennsylvania
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,935 ​ ​
Unum Group ​ ​ ​ ​ 55,442 ​ ​ ​ ​ ​ 2,166,119 ​ ​
US Bancorp ​ ​ ​ ​ 23,700 ​ ​ ​ ​ ​ 1,251,597 ​ ​
Valley National Bancorp ​ ​ ​ ​ 4,600 ​ ​ ​ ​ ​ 51,750 ​ ​
Veritex Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,652 ​ ​
Virtu Financial, Inc., Class A ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,180 ​ ​
Virtus Investment Partners,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 11,375 ​ ​
Voya Financial, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 119,208 ​ ​
Waddell & Reed Financial,
Inc., Class A
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 19,062 ​ ​
Walker & Dunlop, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,864 ​ ​
Washington Federal, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 32,000 ​ ​
​
See Notes to Financial Statements.
20   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FINANCIALS –  (continued) ​
Washington Trust Bancorp,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ $ 11,060 ​ ​
Waterstone Financial, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,145 ​ ​
Webster Financial Corp. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 88,440 ​ ​
Wells Fargo & Co. ​ ​ ​ ​ 66,700 ​ ​ ​ ​ ​ 3,505,752 ​ ​
WesBanco, Inc. ​ ​ ​ ​ 605 ​ ​ ​ ​ ​ 26,971 ​ ​
West Bancorp, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,700 ​ ​
Westamerica Bancorp ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,048 ​ ​
Western Alliance Bancorp(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 79,646 ​ ​
Western Asset Mortgage
Capital Corp.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 5,010 ​ ​
Western New England
Bancorp, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,240 ​ ​
Westwood Holdings Group,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,174 ​ ​
White Mountains Insurance
Group Ltd.
​ ​ ​ ​ 1,501 ​ ​ ​ ​ ​ 1,404,741 ​ ​
Willis Towers Watson PLC ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 295,974 ​ ​
Wintrust Financial Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 67,952 ​ ​
WisdomTree Investments, Inc.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 11,024 ​ ​
WMIH Corp.(a) ​ ​ ​ ​ 6,033 ​ ​ ​ ​ ​ 8,386 ​ ​
World Acceptance Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 11,436 ​ ​
WR Berkley Corp. ​ ​ ​ ​ 8,398 ​ ​ ​ ​ ​ 671,252 ​ ​
WSFS Financial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,145 ​ ​
Zions Bancorp ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 155,465 ​ ​
Total Financials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 86,738,148 ​ ​
HEALTH CARE – 15.3% ​
Abbott Laboratories ​ ​ ​ ​ 42,549 ​ ​ ​ ​ ​ 3,121,395 ​ ​
AbbVie, Inc. ​ ​ ​ ​ 23,300 ​ ​ ​ ​ ​ 2,203,714 ​ ​
Abeona Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,840 ​ ​
ABIOMED, Inc.(a) ​ ​ ​ ​ 670 ​ ​ ​ ​ ​ 301,333 ​ ​
Acadia Healthcare Co., Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 52,800 ​ ​
ACADIA Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 22,836 ​ ​
Accelerate Diagnostics, Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,885 ​ ​
Acceleron Pharma, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 45,784 ​ ​
Accuray, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 4,500 ​ ​
Achaogen, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 1,596 ​ ​
Achillion Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 5,888 ​ ​
Aclaris Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,356 ​ ​
Acorda Therapeutics, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,825 ​ ​
Adamas Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,004 ​ ​
Addus HomeCare Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,015 ​ ​
Aduro Biotech, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 3,675 ​ ​
Aerie Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 24,620 ​ ​
Aetna, Inc. ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 993,965 ​ ​
Agenus, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 1,926 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Agilent Technologies, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ $ 352,700 ​ ​
Agios Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 69,408 ​ ​
Aimmune Therapeutics, Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,912 ​ ​
Akcea Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,004 ​ ​
Akebia Therapeutics, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 4,415 ​ ​
Akorn, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 12,980 ​ ​
Alder Biopharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 11,655 ​ ​
Alexion Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 458,733 ​ ​
Align Technology, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 469,464 ​ ​
Alkermes PLC(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 97,612 ​ ​
Allergan PLC ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 990,496 ​ ​
Allscripts Healthcare
Solutions, Inc.(a)
 ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 29,925 ​ ​
Alnylam Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 122,528 ​ ​
AMAG Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,000 ​ ​
Amedisys, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 62,480 ​ ​
AmerisourceBergen Corp. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 221,328 ​ ​
Amgen, Inc. ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 2,072,900 ​ ​
Amicus Therapeutics, Inc.(a) ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 39,897 ​ ​
AMN Healthcare Services,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 49,230 ​ ​
Amneal Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 42,161 ​ ​
Amphastar Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,696 ​ ​
AnaptysBio, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 19,954 ​ ​
AngioDynamics, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,696 ​ ​
ANI Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,654 ​ ​
Anika Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,436 ​ ​
Antares Pharma, Inc.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 5,376 ​ ​
Anthem, Inc. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 1,096,200 ​ ​
Apellis Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,890 ​ ​
Arena Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 50,622 ​ ​
Array BioPharma, Inc.(a) ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 56,240 ​ ​
Arrowhead Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 23,004 ​ ​
Assembly Biosciences, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,428 ​ ​
Assertio Therapeutics, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 4,116 ​ ​
Atara Biotherapeutics, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 37,215 ​ ​
athenahealth, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 93,520 ​ ​
Athenex, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,324 ​ ​
AtriCure, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,012 ​ ​
Atrion Corp. ​ ​ ​ ​ 30 ​ ​ ​ ​ ​ 20,844 ​ ​
Audentes Therapeutics, Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 27,713 ​ ​
Avanos Medical, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 61,650 ​ ​
AxoGen, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,055 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   21​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Baxter International, Inc. ​ ​ ​ ​ 7,800 ​ ​ ​ ​ $ 601,302 ​ ​
Becton Dickinson and Co. ​ ​ ​ ​ 6,087 ​ ​ ​ ​ ​ 1,588,707 ​ ​
Bio-Rad Laboratories, Inc.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 93,897 ​ ​
Bio-Techne Corp. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 530,686 ​ ​
BioCryst Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 8,393 ​ ​
Biogen, Inc.(a) ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 1,095,261 ​ ​
Biohaven Pharmaceutical
Holding Co., Ltd.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,020 ​ ​
BioMarin Pharmaceutical,
Inc.(a)
 ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 252,122 ​ ​
BioScrip, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 4,030 ​ ​
BioSpecifics Technologies
Corp.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,849 ​ ​
BioTelemetry, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,780 ​ ​
Bluebird Bio, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 116,800 ​ ​
Blueprint Medicines Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 39,030 ​ ​
Boston Scientific Corp.(a) ​ ​ ​ ​ 21,300 ​ ​ ​ ​ ​ 820,050 ​ ​
Bristol-Myers Squibb Co. ​ ​ ​ ​ 25,100 ​ ​ ​ ​ ​ 1,558,208 ​ ​
Brookdale Senior Living, Inc.(a)
 ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 20,643 ​ ​
Bruker Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 60,210 ​ ​
Cambrex Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,360 ​ ​
Cantel Medical Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 46,030 ​ ​
Capital Senior Living Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,832 ​ ​
Cara Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,185 ​ ​
Cardinal Health, Inc. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 253,800 ​ ​
Cardiovascular Systems,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,656 ​ ​
CareDx, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 31,735 ​ ​
Catalent, Inc.(a) ​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 478,275 ​ ​
Catalyst Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 3,780 ​ ​
Celgene Corp.(a) ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 984,390 ​ ​
Centene Corp.(a) ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 448,818 ​ ​
Cerner Corp.(a) ​ ​ ​ ​ 30,312 ​ ​ ​ ​ ​ 1,952,396 ​ ​
Cerus Corp.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 10,815 ​ ​
Charles River Laboratories
International, Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 94,178 ​ ​
Chemed Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 95,874 ​ ​
ChemoCentryx, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,792 ​ ​
Cigna Corp. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 749,700 ​ ​
Clovis Oncology, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 14,685 ​ ​
Codexis, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,575 ​ ​
Coherus Biosciences, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,250 ​ ​
Collegium Pharmaceutical,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,422 ​ ​
Community Health Systems,
Inc.(a)
 ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 3,806 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Computer Programs &
Systems, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ $ 2,685 ​ ​
Concert Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,968 ​ ​
CONMED Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 23,766 ​ ​
Cooper Cos., Inc. (The) ​ ​ ​ ​ 2,350 ​ ​ ​ ​ ​ 651,302 ​ ​
Corbus Pharmaceuticals
Holdings, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,530 ​ ​
Corcept Therapeutics, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 14,020 ​ ​
CorVel Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,025 ​ ​
Cross Country Healthcare,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,492 ​ ​
CryoLife, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,080 ​ ​
Cutera, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,510 ​ ​
CVS Health Corp. ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 1,212,288 ​ ​
Cymabay Therapeutics, Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 8,864 ​ ​
Cytokinetics, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 4,925 ​ ​
CytomX Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,550 ​ ​
Danaher Corp. ​ ​ ​ ​ 9,400 ​ ​ ​ ​ ​ 1,021,404 ​ ​
DaVita, Inc.(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 157,586 ​ ​
Denali Therapeutics, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 28,262 ​ ​
DENTSPLY SIRONA, Inc. ​ ​ ​ ​ 83,528 ​ ​ ​ ​ ​ 3,152,347 ​ ​
Dermira, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,360 ​ ​
DexCom, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 200,256 ​ ​
Dicerna Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 22,890 ​ ​
Diplomat Pharmacy, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 11,646 ​ ​
Dynavax Technologies Corp.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 8,680 ​ ​
Eagle Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,933 ​ ​
Editas Medicine, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,728 ​ ​
Edwards Lifesciences Corp.(a)
 ​ ​ ​ ​ 5,350 ​ ​ ​ ​ ​ 931,435 ​ ​
Eli Lilly & Co. ​ ​ ​ ​ 14,600 ​ ​ ​ ​ ​ 1,566,726 ​ ​
Emergent BioSolutions, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 39,498 ​ ​
Enanta Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 17,092 ​ ​
Encompass Health Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 124,720 ​ ​
Endo International PLC(a) ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 70,686 ​ ​
Endocyte, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,984 ​ ​
Endologix, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 1,719 ​ ​
Ensign Group, Inc. (The) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 22,752 ​ ​
Envision Healthcare Corp.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 91,460 ​ ​
Enzo Biochem, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 2,060 ​ ​
Epizyme, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 6,360 ​ ​
Esperion Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,874 ​ ​
Evolent Health, Inc., Class A(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 19,880 ​ ​
Exact Sciences Corp.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 157,840 ​ ​
Exelixis, Inc.(a) ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 72,652 ​ ​
Express Scripts Holding Co.(a)
 ​ ​ ​ ​ 8,700 ​ ​ ​ ​ ​ 826,587 ​ ​
Fate Therapeutics, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,774 ​ ​
​
See Notes to Financial Statements.
22   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
FibroGen, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ $ 72,900 ​ ​
Five Prime Therapeutics, Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,568 ​ ​
Flexion Therapeutics, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,484 ​ ​
G1 Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,458 ​ ​
GenMark Diagnostics, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,410 ​ ​
Genomic Health, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 14,044 ​ ​
Geron Corp.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 2,992 ​ ​
Gilead Sciences, Inc. ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 1,544,200 ​ ​
Glaukos Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 45,430 ​ ​
Global Blood Therapeutics,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 26,600 ​ ​
Globus Medical, Inc.,
Class A(a)
 ​ ​ ​ ​ 6,359 ​ ​ ​ ​ ​ 360,937 ​ ​
Grifols S.A., ADR ​ ​ ​ ​ 71,075 ​ ​ ​ ​ ​ 1,518,873 ​ ​
Haemonetics Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 91,664 ​ ​
Halozyme Therapeutics, Inc.(a)
 ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 25,438 ​ ​
HCA Healthcare, Inc. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 598,216 ​ ​
HealthEquity, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 84,969 ​ ​
HealthStream, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 9,303 ​ ​
Henry Schein, Inc.(a) ​ ​ ​ ​ 4,950 ​ ​ ​ ​ ​ 420,898 ​ ​
Heron Therapeutics, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 37,980 ​ ​
Heska Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 11,331 ​ ​
Hill-Rom Holdings, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 103,840 ​ ​
HMS Holdings Corp.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 32,810 ​ ​
Hologic, Inc.(a) ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 172,116 ​ ​
Horizon Pharma PLC(a) ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 60,698 ​ ​
Humana, Inc. ​ ​ ​ ​ 2,130 ​ ​ ​ ​ ​ 721,048 ​ ​
ICU Medical, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 84,825 ​ ​
Idera Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 1,782 ​ ​
IDEXX Laboratories, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 324,558 ​ ​
Illumina, Inc.(a) ​ ​ ​ ​ 2,280 ​ ​ ​ ​ ​ 836,897 ​ ​
ImmunoGen, Inc.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 34,092 ​ ​
Immunomedics, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 39,577 ​ ​
Incyte Corp.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 179,608 ​ ​
Innoviva, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 13,716 ​ ​
Inogen, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 73,236 ​ ​
Inovalon Holdings, Inc.,
Class A(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 7,035 ​ ​
Inovio Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 5,004 ​ ​
Insmed, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 18,198 ​ ​
Insulet Corp.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 95,355 ​ ​
Integer Holdings Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 33,180 ​ ​
Integra LifeSciences Holdings
Corp.(a)
 ​ ​ ​ ​ 11,650 ​ ​ ​ ​ ​ 767,385 ​ ​
Intellia Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,724 ​ ​
Intercept Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 50,544 ​ ​
Intersect ENT, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,625 ​ ​
Intra-Cellular Therapies, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,850 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Intrexon Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ $ 12,054 ​ ​
Intuitive Surgical, Inc.(a) ​ ​ ​ ​ 1,750 ​ ​ ​ ​ ​ 1,004,500 ​ ​
Invacare Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,820 ​ ​
Invitae Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,365 ​ ​
Ionis Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 92,844 ​ ​
Iovance Biotherapeutics, Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 9,000 ​ ​
IQVIA Holdings, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 337,324 ​ ​
iRhythm Technologies, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 28,398 ​ ​
Ironwood Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 47,996 ​ ​
Jazz Pharmaceuticals PLC(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 151,317 ​ ​
Johnson & Johnson ​ ​ ​ ​ 53,448 ​ ​ ​ ​ ​ 7,384,910 ​ ​
Jounce Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 1,300 ​ ​
K2M Group Holdings, Inc.(a) ​ ​ ​ ​ 48,009 ​ ​ ​ ​ ​ 1,314,006 ​ ​
Kala Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 1,974 ​ ​
Karyopharm Therapeutics,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,812 ​ ​
Keryx Biopharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 3,400 ​ ​
Kindred Biosciences, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,185 ​ ​
Kura Oncology, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,500 ​ ​
La Jolla Pharmaceutical Co.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,026 ​ ​
Laboratory Corp. of America
Holdings(a)
 ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 677,352 ​ ​
Lannett Co., Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 1,425 ​ ​
Lantheus Holdings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,485 ​ ​
LeMaitre Vascular, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,748 ​ ​
Lexicon Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 5,335 ​ ​
LHC Group, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 41,196 ​ ​
LifePoint Health, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,760 ​ ​
Ligand Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 82,347 ​ ​
LivaNova PLC(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 111,573 ​ ​
Loxo Oncology, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 68,332 ​ ​
Luminex Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 15,155 ​ ​
MacroGenics, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,576 ​ ​
Madrigal Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 21,413 ​ ​
Magellan Health, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 21,615 ​ ​
Mallinckrodt PLC(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 32,241 ​ ​
Masimo Corp.(a) ​ ​ ​ ​ 2,050 ​ ​ ​ ​ ​ 255,307 ​ ​
McKesson Corp. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 424,480 ​ ​
Medicines Co. (The)(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 23,928 ​ ​
MediciNova, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,996 ​ ​
Medidata Solutions, Inc.(a) ​ ​ ​ ​ 4,450 ​ ​ ​ ​ ​ 326,230 ​ ​
MEDNAX, Inc.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 74,656 ​ ​
Medpace Holdings, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 35,946 ​ ​
Medtronic PLC ​ ​ ​ ​ 23,583 ​ ​ ​ ​ ​ 2,319,860 ​ ​
Merck & Co., Inc. ​ ​ ​ ​ 40,900 ​ ​ ​ ​ ​ 2,901,446 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   23​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Meridian Bioscience, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ $ 7,450 ​ ​
Merit Medical Systems, Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 61,450 ​ ​
Mettler-Toledo International,
Inc.(a)
 ​ ​ ​ ​ 370 ​ ​ ​ ​ ​ 225,323 ​ ​
MiMedx Group, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 7,416 ​ ​
Mirati Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,130 ​ ​
Molina Healthcare, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 133,830 ​ ​
Momenta Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 23,670 ​ ​
Mylan N.V.(a) ​ ​ ​ ​ 7,800 ​ ​ ​ ​ ​ 285,480 ​ ​
MyoKardia, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 26,080 ​ ​
Myriad Genetics, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 55,200 ​ ​
Natera, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,576 ​ ​
National HealthCare Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,537 ​ ​
National Research Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,860 ​ ​
Natus Medical, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,695 ​ ​
Nektar Therapeutics(a) ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 152,400 ​ ​
Neogen Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 57,224 ​ ​
NeoGenomics, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,210 ​ ​
Neurocrine Biosciences, Inc.(a)
 ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 172,130 ​ ​
Nevro Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 17,100 ​ ​
NextGen Healthcare, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,048 ​ ​
Novavax, Inc.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 6,768 ​ ​
Novocure Ltd.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 68,120 ​ ​
NuVasive, Inc.(a) ​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 461,370 ​ ​
NxStage Medical, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 19,523 ​ ​
Omeros Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 12,205 ​ ​
Omnicell, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 57,520 ​ ​
OPKO Health, Inc.(a) ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 13,148 ​ ​
OraSure Technologies, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,270 ​ ​
Orthofix Medical, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 11,562 ​ ​
Owens & Minor, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 11,564 ​ ​
Oxford Immunotec Global
PLC(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,869 ​ ​
Pacific Biosciences of
California, Inc.(a)
 ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 7,033 ​ ​
Pacira Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 24,575 ​ ​
Paratek Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,910 ​ ​
Patterson Cos., Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 22,005 ​ ​
PDL BioPharma, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 4,471 ​ ​
Penumbra, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 74,850 ​ ​
PerkinElmer, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 175,086 ​ ​
Perrigo Co. PLC ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 141,600 ​ ​
Pfizer, Inc. ​ ​ ​ ​ 89,000 ​ ​ ​ ​ ​ 3,922,230 ​ ​
Phibro Animal Health Corp.,
Class A
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,580 ​ ​
Portola Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 18,641 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
PRA Health Sciences, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ $ 99,171 ​ ​
Premier, Inc., Class A(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 27,468 ​ ​
Prestige Brands Holdings,
Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 22,734 ​ ​
Progenics Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 5,016 ​ ​
Prothena Corp. PLC(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,232 ​ ​
Providence Service Corp.
(The)(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,728 ​ ​
PTC Therapeutics, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 23,500 ​ ​
Puma Biotechnology, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,755 ​ ​
QIAGEN N.V.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 136,368 ​ ​
Quest Diagnostics, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 215,820 ​ ​
Quidel Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 32,585 ​ ​
R1 RCM, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 11,176 ​ ​
Radius Health, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,120 ​ ​
RadNet, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,020 ​ ​
Reata Pharmaceuticals, Inc.,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 32,704 ​ ​
Regeneron Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 1,260 ​ ​ ​ ​ ​ 509,090 ​ ​
REGENXBIO, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 52,850 ​ ​
Repligen Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 44,368 ​ ​
ResMed, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 242,214 ​ ​
Retrophin, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 14,365 ​ ​
Revance Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,455 ​ ​
Rigel Pharmaceuticals, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 5,457 ​ ​
Sage Therapeutics, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 98,875 ​ ​
Sangamo Therapeutics, Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 16,950 ​ ​
Sarepta Therapeutics, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 145,359 ​ ​
Seattle Genetics, Inc.(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 138,816 ​ ​
Select Medical Holdings
Corp.(a)
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 22,080 ​ ​
Sienna Biopharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,964 ​ ​
Sientra, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,776 ​ ​
Smith & Nephew PLC, ADR ​ ​ ​ ​ 66,901 ​ ​ ​ ​ ​ 2,481,358 ​ ​
Spark Therapeutics, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 21,820 ​ ​
Spectrum Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 33,600 ​ ​
STAAR Surgical Co.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 24,000 ​ ​
Stemline Therapeutics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,980 ​ ​
STERIS PLC ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 137,280 ​ ​
Stryker Corp. ​ ​ ​ ​ 6,780 ​ ​ ​ ​ ​ 1,204,670 ​ ​
Supernus Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 30,210 ​ ​
Surgery Partners, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,300 ​ ​
Surmodics, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,465 ​ ​
Syneos Health, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 56,705 ​ ​
​
See Notes to Financial Statements.
24   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HEALTH CARE –  (continued) ​
Synergy Pharmaceuticals,
Inc.(a)
 ​ ​ ​ ​ 2,800 ​ ​ ​ ​ $ 4,760 ​ ​
Tabula Rasa HealthCare, Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 32,476 ​ ​
Tactile Systems Technology,
Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 35,525 ​ ​
Tandem Diabetes Care, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 25,704 ​ ​
Teladoc, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 77,715 ​ ​
Teleflex, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 186,263 ​ ​
Tenet Healthcare Corp.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 45,536 ​ ​
TESARO, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,604 ​ ​
TG Therapeutics, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,360 ​ ​
TherapeuticsMD, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 12,464 ​ ​
Theravance Biopharma, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 16,335 ​ ​
Thermo Fisher Scientific, Inc. ​ ​ ​ ​ 12,065 ​ ​ ​ ​ ​ 2,944,825 ​ ​
Tivity Health, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,860 ​ ​
TransEnterix, Inc.(a) ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 28,420 ​ ​
Triple-S Management Corp.,
Class B(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,667 ​ ​
Ultragenyx Pharmaceutical,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 61,072 ​ ​
United Therapeutics Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 89,516 ​ ​
UnitedHealth Group, Inc. ​ ​ ​ ​ 25,295 ​ ​ ​ ​ ​ 6,729,482 ​ ​
Universal Health Services,
Inc., Class B
​ ​ ​ ​ 10,206 ​ ​ ​ ​ ​ 1,304,735 ​ ​
US Physical Therapy, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 35,580 ​ ​
Vanda Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,475 ​ ​
Varex Imaging Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 11,464 ​ ​
Varian Medical Systems, Inc.(a)
 ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 167,895 ​ ​
Veeva Systems, Inc., Class A(a)
 ​ ​ ​ ​ 6,150 ​ ​ ​ ​ ​ 669,550 ​ ​
Vertex Pharmaceuticals, Inc.(a)
 ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 751,686 ​ ​
Viking Therapeutics, Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 26,130 ​ ​
Vocera Communications,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,974 ​ ​
Voyager Therapeutics, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,784 ​ ​
Waters Corp.(a) ​ ​ ​ ​ 5,303 ​ ​ ​ ​ ​ 1,032,388 ​ ​
WaVe Life Sciences Ltd.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,000 ​ ​
WellCare Health Plans, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 256,392 ​ ​
West Pharmaceutical
Services, Inc.
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 345,716 ​ ​
Wright Medical Group N.V.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 60,942 ​ ​
Xencor, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 35,073 ​ ​
Zimmer Biomet Holdings, Inc.
​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 420,704 ​ ​
ZIOPHARM Oncology, Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 4,800 ​ ​
Zoetis, Inc. ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 677,544 ​ ​
Zogenix, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 44,640 ​ ​
Total Health Care ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 91,205,668 ​ ​
INDUSTRIALS – 11.1% ​
3M Co. ​ ​ ​ ​ 13,830 ​ ​ ​ ​ ​ 2,914,119 ​ ​
AAON, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 18,900 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
AAR Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ $ 19,156 ​ ​
ABM Industries, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 29,025 ​ ​
ACCO Brands Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 13,560 ​ ​
Actuant Corp., Class A ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 19,530 ​ ​
Acuity Brands, Inc. ​ ​ ​ ​ 13,275 ​ ​ ​ ​ ​ 2,086,830 ​ ​
ADT, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 11,268 ​ ​
Advanced Disposal Services,
Inc.(a)
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 43,328 ​ ​
Advanced Drainage Systems,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,360 ​ ​
AECOM(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 75,118 ​ ​
Aegion Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,152 ​ ​
Aerojet Rocketdyne Holdings,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 27,192 ​ ​
Aerovironment, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 56,085 ​ ​
AGCO Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 72,948 ​ ​
Air Lease Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 73,408 ​ ​
Air Transport Services Group,
Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 15,029 ​ ​
Aircastle Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,955 ​ ​
Alamo Group, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 9,161 ​ ​
Alaska Air Group, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 117,062 ​ ​
Albany International Corp.,
Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 47,700 ​ ​
Allegiant Travel Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 25,360 ​ ​
Allegion PLC ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 144,912 ​ ​
Allied Motion Technologies,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,443 ​ ​
Allison Transmission Holdings,
Inc.
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 93,618 ​ ​
Altra Industrial Motion Corp. ​ ​ ​ ​ 546 ​ ​ ​ ​ ​ 22,529 ​ ​
AMERCO ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 35,665 ​ ​
American Airlines Group, Inc. ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 264,512 ​ ​
American Railcar Industries,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,610 ​ ​
American Woodmark Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,690 ​ ​
AMETEK, Inc. ​ ​ ​ ​ 8,600 ​ ​ ​ ​ ​ 680,432 ​ ​
AO Smith Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 106,740 ​ ​
Apogee Enterprises, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,396 ​ ​
Applied Industrial
Technologies, Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 54,775 ​ ​
ArcBest Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,565 ​ ​
Arconic, Inc. ​ ​ ​ ​ 6,900 ​ ​ ​ ​ ​ 151,869 ​ ​
Argan, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,600 ​ ​
Armstrong World Industries,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 55,680 ​ ​
ASGN, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 71,037 ​ ​
Astec Industries, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,082 ​ ​
Astronics Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,700 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   25​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Atkore International Group,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ $ 10,612 ​ ​
Atlas Air Worldwide Holdings,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 19,125 ​ ​
Avis Budget Group, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 44,996 ​ ​
Axon Enterprise, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 61,587 ​ ​
AZZ, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,150 ​ ​
Babcock & Wilcox Enterprises,
Inc.(a)
 ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 1,957 ​ ​
Barnes Group, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 42,618 ​ ​
Barrett Business Services, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,678 ​ ​
Beacon Roofing Supply, Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 28,952 ​ ​
BMC Stock Holdings, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 13,055 ​ ​
Boeing Co. (The) ​ ​ ​ ​ 8,310 ​ ​ ​ ​ ​ 3,090,489 ​ ​
Brady Corp., Class A ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,875 ​ ​
Briggs & Stratton Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,615 ​ ​
Brink’s Co. (The) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 55,800 ​ ​
Builders FirstSource, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 19,084 ​ ​
BWX Technologies, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 87,556 ​ ​
Caesarstone Ltd. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,565 ​ ​
CAI International, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,574 ​ ​
Carlisle Cos., Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 109,620 ​ ​
Casella Waste Systems, Inc.,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,424 ​ ​
Caterpillar, Inc. ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 1,372,410 ​ ​
CBIZ, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,220 ​ ​
CH Robinson Worldwide, Inc.
​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 205,632 ​ ​
Chart Industries, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 31,332 ​ ​
Cimpress N.V.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 40,983 ​ ​
Cintas Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 257,153 ​ ​
CIRCOR International, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,500 ​ ​
Clean Harbors, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 71,580 ​ ​
Colfax Corp.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 61,302 ​ ​
Columbus McKinnon Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,862 ​ ​
Comfort Systems USA, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 22,560 ​ ​
Continental Building Products,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,020 ​ ​
Copa Holdings S.A., Class A ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 31,936 ​ ​
Copart, Inc.(a) ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 154,590 ​ ​
Costamare, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,894 ​ ​
CoStar Group, Inc.(a) ​ ​ ​ ​ 560 ​ ​ ​ ​ ​ 235,670 ​ ​
Covanta Holding Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 21,125 ​ ​
Covenant Transportation
Group, Inc., Class A(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,906 ​ ​
CRA International, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,022 ​ ​
Crane Co. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 88,515 ​ ​
CSW Industrials, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,740 ​ ​
CSX Corp. ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 940,435 ​ ​
Cubic Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 21,915 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Cummins, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ $ 335,961 ​ ​
Curtiss-Wright Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 82,452 ​ ​
Daseke, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,208 ​ ​
Deere & Co. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 751,650 ​ ​
Delta Air Lines, Inc. ​ ​ ​ ​ 9,900 ​ ​ ​ ​ ​ 572,517 ​ ​
Deluxe Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 45,552 ​ ​
DMC Global, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,160 ​ ​
Donaldson Co., Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 128,172 ​ ​
Douglas Dynamics, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 13,170 ​ ​
Dover Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 203,619 ​ ​
Ducommun, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,084 ​ ​
Dun & Bradstreet Corp. (The) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 71,255 ​ ​
DXP Enterprises, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,014 ​ ​
Dycom Industries, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 33,840 ​ ​
Eastern Co. (The) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,840 ​ ​
Eaton Corp. PLC ​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 581,091 ​ ​
Echo Global Logistics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 9,285 ​ ​
EMCOR Group, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 82,621 ​ ​
Emerson Electric Co. ​ ​ ​ ​ 9,600 ​ ​ ​ ​ ​ 735,168 ​ ​
Encore Wire Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,020 ​ ​
Energous Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,024 ​ ​
Energy Recovery, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,580 ​ ​
EnerSys ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 69,704 ​ ​
Engility Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,198 ​ ​
Ennis, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,135 ​ ​
EnPro Industries, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 14,586 ​ ​
Equifax, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 235,026 ​ ​
ESCO Technologies, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 20,415 ​ ​
Essendant, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,128 ​ ​
Esterline Technologies Corp.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 27,285 ​ ​
Evoqua Water Technologies
Corp.(a)
 ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 30,226 ​ ​
Expeditors International of
Washington, Inc.
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 198,531 ​ ​
Exponent, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 32,160 ​ ​
Fastenal Co. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 249,486 ​ ​
Federal Signal Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 18,746 ​ ​
FedEx Corp. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 915,002 ​ ​
Flowserve Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 103,911 ​ ​
Fluor Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 116,200 ​ ​
Forrester Research, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,590 ​ ​
Fortive Corp. ​ ​ ​ ​ 8,989 ​ ​ ​ ​ ​ 756,874 ​ ​
Fortune Brands Home &
Security, Inc.
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 130,900 ​ ​
Forward Air Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 21,510 ​ ​
Franklin Electric Co., Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 23,625 ​ ​
FTI Consulting, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 51,233 ​ ​
​
See Notes to Financial Statements.
26   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Gardner Denver Holdings,
Inc.(a)
 ​ ​ ​ ​ 1,900 ​ ​ ​ ​ $ 53,846 ​ ​
Gates Industrial Corp. PLC(a) ​ ​ ​ ​ 18,700 ​ ​ ​ ​ ​ 364,650 ​ ​
GATX Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 69,272 ​ ​
Generac Holdings, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 62,051 ​ ​
General Dynamics Corp. ​ ​ ​ ​ 16,960 ​ ​ ​ ​ ​ 3,472,051 ​ ​
General Electric Co. ​ ​ ​ ​ 132,300 ​ ​ ​ ​ ​ 1,493,667 ​ ​
Genesee & Wyoming, Inc.,
Class A(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 90,990 ​ ​
Gibraltar Industries, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,240 ​ ​
Global Brass & Copper
Holdings, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,380 ​ ​
GMS, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,280 ​ ​
Gorman-Rupp Co. (The) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,300 ​ ​
Graco, Inc. ​ ​ ​ ​ 8,083 ​ ​ ​ ​ ​ 374,566 ​ ​
GrafTech International Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,755 ​ ​
Granite Construction, Inc. ​ ​ ​ ​ 554 ​ ​ ​ ​ ​ 25,318 ​ ​
Great Lakes Dredge & Dock
Corp.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 4,340 ​ ​
Greenbrier Cos., Inc. (The) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 42,070 ​ ​
Griffon Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,845 ​ ​
H&E Equipment Services, Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,112 ​ ​
Harris Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 304,578 ​ ​
Harsco Corp.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 25,695 ​ ​
Hawaiian Holdings, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 24,060 ​ ​
HC2 Holdings, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 3,060 ​ ​
HD Supply Holdings, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 111,254 ​ ​
Healthcare Services Group,
Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 44,682 ​ ​
Heartland Express, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,865 ​ ​
HEICO Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 46,305 ​ ​
HEICO Corp., Class A ​ ​ ​ ​ 1,250 ​ ​ ​ ​ ​ 94,375 ​ ​
Heidrick & Struggles
International, Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,770 ​ ​
Herc Holdings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,360 ​ ​
Heritage-Crystal Clean, Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,270 ​ ​
Herman Miller, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 26,880 ​ ​
Hertz Global Holdings, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 9,798 ​ ​
Hexcel Corp. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 100,575 ​ ​
Hillenbrand, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 67,990 ​ ​
HNI Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 22,120 ​ ​
Honeywell International, Inc. ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 1,913,600 ​ ​
Hub Group, Inc., Class A(a) ​ ​ ​ ​ 6,399 ​ ​ ​ ​ ​ 291,794 ​ ​
Hubbell, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 120,213 ​ ​
Huntington Ingalls Industries,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 179,256 ​ ​
Hurco Cos., Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,510 ​ ​
Huron Consulting Group,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,820 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Hyster-Yale Materials
Handling, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ $ 6,153 ​ ​
ICF International, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,090 ​ ​
IDEX Corp. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 391,716 ​ ​
IHS Markit Ltd.(a) ​ ​ ​ ​ 6,100 ​ ​ ​ ​ ​ 329,156 ​ ​
Illinois Tool Works, Inc. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 733,824 ​ ​
Ingersoll-Rand PLC ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 378,510 ​ ​
InnerWorkings, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 3,960 ​ ​
Insperity, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 70,770 ​ ​
Insteel Industries, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,176 ​ ​
Interface, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 16,345 ​ ​
ITT, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 79,638 ​ ​
Jacobs Engineering Group,
Inc.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 153,000 ​ ​
JB Hunt Transport Services,
Inc.
​ ​ ​ ​ 3,367 ​ ​ ​ ​ ​ 400,471 ​ ​
JELD-WEN Holding, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 19,728 ​ ​
JetBlue Airways Corp.(a) ​ ​ ​ ​ 4,600 ​ ​ ​ ​ ​ 89,056 ​ ​
John Bean Technologies Corp.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 47,720 ​ ​
Johnson Controls International
PLC
​ ​ ​ ​ 14,200 ​ ​ ​ ​ ​ 497,000 ​ ​
Kadant, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 10,785 ​ ​
Kaman Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 20,034 ​ ​
Kansas City Southern ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 181,248 ​ ​
KAR Auction Services, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 113,411 ​ ​
KBR, Inc. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 57,051 ​ ​
Kelly Services, Inc., Class A ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,209 ​ ​
Kennametal, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 65,340 ​ ​
KeyW Holding Corp. (The)(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 5,196 ​ ​
Kforce, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,280 ​ ​
Kimball International, Inc.,
Class B
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,700 ​ ​
Kirby Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 65,800 ​ ​
KLX, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 56,502 ​ ​
Knight-Swift Transportation
Holdings, Inc.
​ ​ ​ ​ 34,675 ​ ​ ​ ​ ​ 1,195,594 ​ ​
Knoll, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,070 ​ ​
Korn/Ferry International ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 49,240 ​ ​
Kratos Defense & Security
Solutions, Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 14,780 ​ ​
L3 Technologies, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 255,144 ​ ​
Landstar System, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 85,400 ​ ​
Lennox International, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 131,040 ​ ​
Lincoln Electric Holdings, Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 93,440 ​ ​
Lindsay Corp. ​ ​ ​ ​ 5,853 ​ ​ ​ ​ ​ 586,705 ​ ​
Lockheed Martin Corp. ​ ​ ​ ​ 3,810 ​ ​ ​ ​ ​ 1,318,108 ​ ​
LSC Communications, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,424 ​ ​
Lydall, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,620 ​ ​
Macquarie Infrastructure Corp.
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 69,195 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   27​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Manitowoc Co., Inc. (The)(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ $ 9,596 ​ ​
ManpowerGroup, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 94,556 ​ ​
Marten Transport Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,420 ​ ​
Masco Corp. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 175,680 ​ ​
Masonite International Corp.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 19,230 ​ ​
MasTec, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 35,720 ​ ​
Matson, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 19,820 ​ ​
Matthews International Corp.,
Class A
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 20,060 ​ ​
Maxar Technologies Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 26,456 ​ ​
McGrath RentCorp ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 16,341 ​ ​
Mercury Systems, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 55,320 ​ ​
Meritor, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 19,360 ​ ​
Middleby Corp. (The)(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 103,480 ​ ​
Milacron Holdings Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 16,200 ​ ​
Mistras Group, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,334 ​ ​
Mobile Mini, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,925 ​ ​
Moog, Inc., Class A ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 34,388 ​ ​
MRC Global, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 18,770 ​ ​
MSA Safety, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 63,864 ​ ​
MSC Industrial Direct Co.,
Inc., Class A
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 70,488 ​ ​
Mueller Industries, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 20,286 ​ ​
Mueller Water Products, Inc.,
Class A
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 20,718 ​ ​
Multi-Color Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,450 ​ ​
MYR Group, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,528 ​ ​
National Presto Industries, Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 12,965 ​ ​
Navigant Consulting, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,530 ​ ​
Navistar International Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 23,100 ​ ​
NCI Building Systems, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 7,575 ​ ​
Nielsen Holdings PLC ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 149,364 ​ ​
NN, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,680 ​ ​
Nordson Corp. ​ ​ ​ ​ 5,300 ​ ​ ​ ​ ​ 736,170 ​ ​
Norfolk Southern Corp. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 776,150 ​ ​
Northrop Grumman Corp. ​ ​ ​ ​ 2,510 ​ ​ ​ ​ ​ 796,599 ​ ​
NOW, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 19,860 ​ ​
NV5 Global, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 8,670 ​ ​
nVent Electric PLC(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 76,048 ​ ​
Old Dominion Freight Line, Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 177,386 ​ ​
Oshkosh Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 85,488 ​ ​
Owens Corning ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 97,686 ​ ​
PACCAR, Inc. ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 368,226 ​ ​
Park-Ohio Holdings Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,835 ​ ​
Parker-Hannifin Corp. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 386,253 ​ ​
Patrick Industries, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 17,760 ​ ​
Pentair PLC ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 117,045 ​ ​
PGT Innovations, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,960 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Pitney Bowes, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ $ 14,868 ​ ​
Plug Power, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 4,992 ​ ​
Powell Industries, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,626 ​ ​
Primoris Services Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 12,410 ​ ​
Proto Labs, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 64,700 ​ ​
Quad/Graphics, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 8,336 ​ ​
Quanex Building Products
Corp.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,280 ​ ​
Quanta Services, Inc.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 70,098 ​ ​
Raven Industries, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,300 ​ ​
Raytheon Co. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 909,304 ​ ​
RBC Bearings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 45,108 ​ ​
Regal Beloit Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 65,960 ​ ​
Republic Services, Inc. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 247,044 ​ ​
Resources Connection, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,980 ​ ​
REV Group, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,710 ​ ​
Rexnord Corp.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 61,600 ​ ​
Ritchie Bros Auctioneers, Inc.
​ ​ ​ ​ 11,850 ​ ​ ​ ​ ​ 428,141 ​ ​
Robert Half International, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 119,646 ​ ​
Rockwell Automation, Inc. ​ ​ ​ ​ 4,150 ​ ​ ​ ​ ​ 778,208 ​ ​
Rockwell Collins, Inc. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 365,222 ​ ​
Rollins, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 97,104 ​ ​
Roper Technologies, Inc. ​ ​ ​ ​ 10,910 ​ ​ ​ ​ ​ 3,231,651 ​ ​
RR Donnelley & Sons Co. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 4,320 ​ ​
Rush Enterprises, Inc.,
Class A(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,793 ​ ​
Rush Enterprises, Inc.,
Class B(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,989 ​ ​
Ryder System, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 73,070 ​ ​
Saia, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 22,935 ​ ​
Schneider National, Inc.,
Class B
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 12,490 ​ ​
Scorpio Bulkers, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 5,075 ​ ​
Sensata Technologies Holding
PLC(a)
 ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 133,785 ​ ​
Simpson Manufacturing Co.,
Inc.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 57,968 ​ ​
SiteOne Landscape Supply,
Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 45,204 ​ ​
SkyWest, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 58,900 ​ ​
Snap-on, Inc. ​ ​ ​ ​ 15,800 ​ ​ ​ ​ ​ 2,900,880 ​ ​
Southwest Airlines Co. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 499,600 ​ ​
SP Plus Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 7,300 ​ ​
Spartan Motors, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,900 ​ ​
Spirit AeroSystems Holdings,
Inc., Class A
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 165,006 ​ ​
Spirit Airlines, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 61,061 ​ ​
SPX Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 16,655 ​ ​
SPX FLOW, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 26,000 ​ ​
​
See Notes to Financial Statements.
28   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Standex International Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ $ 41,700 ​ ​
Stanley Black & Decker, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 351,456 ​ ​
Steelcase, Inc., Class A ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 18,500 ​ ​
Stericycle, Inc.(a) ​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 381,420 ​ ​
Sterling Construction Co.,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,296 ​ ​
Sun Hydraulics Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 16,434 ​ ​
Sunrun, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 12,440 ​ ​
Systemax, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,294 ​ ​
Team, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,750 ​ ​
Teledyne Technologies, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 123,340 ​ ​
Tennant Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,190 ​ ​
Terex Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 35,919 ​ ​
Tetra Tech, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 68,300 ​ ​
Textainer Group Holdings
Ltd.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,840 ​ ​
Textron, Inc. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 278,733 ​ ​
Thermon Group Holdings,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,312 ​ ​
Timken Co. (The) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 64,805 ​ ​
Titan International, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,452 ​ ​
Titan Machinery, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,097 ​ ​
Toro Co. (The) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 89,955 ​ ​
TransDigm Group, Inc.(a) ​ ​ ​ ​ 730 ​ ​ ​ ​ ​ 271,779 ​ ​
TransUnion ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 206,024 ​ ​
Trex Co., Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 76,980 ​ ​
TriMas Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 15,200 ​ ​
TriNet Group, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 28,160 ​ ​
Trinity Industries, Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 80,608 ​ ​
Triton International Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 36,597 ​ ​
Triumph Group, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 13,980 ​ ​
TrueBlue, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 13,025 ​ ​
Tutor Perini Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,520 ​ ​
UniFirst Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 34,730 ​ ​
Union Pacific Corp. ​ ​ ​ ​ 11,400 ​ ​ ​ ​ ​ 1,856,262 ​ ​
United Continental Holdings,
Inc.(a)
 ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 356,240 ​ ​
United Parcel Service, Inc.,
Class B
​ ​ ​ ​ 14,938 ​ ​ ​ ​ ​ 1,744,012 ​ ​
United Rentals, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 212,680 ​ ​
United Technologies Corp. ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 1,607,815 ​ ​
Univar, Inc.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 64,386 ​ ​
Universal Forest Products, Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 24,731 ​ ​
US Ecology, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 22,125 ​ ​
USG Corp.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 69,296 ​ ​
Valmont Industries, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 41,550 ​ ​
Vectrus, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,119 ​ ​
Verisk Analytics, Inc.(a) ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 771,520 ​ ​
Veritiv Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,640 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDUSTRIALS –  (continued) ​
Viad Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 11,850 ​ ​
Vicor Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,200 ​ ​
VSE Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,313 ​ ​
Wabash National Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 12,761 ​ ​
WABCO Holdings, Inc.(a) ​ ​ ​ ​ 5,563 ​ ​ ​ ​ ​ 656,100 ​ ​
Wabtec Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 146,832 ​ ​
WageWorks, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,375 ​ ​
Waste Management, Inc. ​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 596,376 ​ ​
Watsco, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 89,050 ​ ​
Watts Water Technologies,
Inc., Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 49,800 ​ ​
Welbilt, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 54,288 ​ ​
Werner Enterprises, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 17,675 ​ ​
Wesco Aircraft Holdings, Inc.(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 6,750 ​ ​
WESCO International, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 55,305 ​ ​
Woodward, Inc. ​ ​ ​ ​ 5,490 ​ ​ ​ ​ ​ 443,921 ​ ​
WW Grainger, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 250,187 ​ ​
XPO Logistics, Inc.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 228,340 ​ ​
Xylem, Inc. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 215,649 ​ ​
YRC Worldwide, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,592 ​ ​
Total Industrials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,147,816 ​ ​
INFORMATION TECHNOLOGY – 22.7% ​
2U, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 60,152 ​ ​
3D Systems Corp.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 24,570 ​ ​
8x8, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 21,250 ​ ​
A10 Networks, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,648 ​ ​
Acacia Communications,
Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,274 ​ ​
Accenture PLC, Class A ​ ​ ​ ​ 9,900 ​ ​ ​ ​ ​ 1,684,980 ​ ​
ACI Worldwide, Inc.(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 64,722 ​ ​
Activision Blizzard, Inc. ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 956,685 ​ ​
Adobe Systems, Inc.(a) ​ ​ ​ ​ 7,500 ​ ​ ​ ​ ​ 2,024,625 ​ ​
ADTRAN, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 10,590 ​ ​
Advanced Energy Industries,
Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 25,825 ​ ​
Advanced Micro Devices,
Inc.(a)
 ​ ​ ​ ​ 13,700 ​ ​ ​ ​ ​ 423,193 ​ ​
Akamai Technologies, Inc.(a) ​ ​ ​ ​ 3,950 ​ ​ ​ ​ ​ 288,943 ​ ​
Alarm.com Holdings, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 22,960 ​ ​
Alibaba Group Holding Ltd.,
ADR(a)
 ​ ​ ​ ​ 6,175 ​ ​ ​ ​ ​ 1,017,393 ​ ​
Alliance Data Systems Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 165,312 ​ ​
Alpha & Omega
Semiconductor Ltd.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 2,326 ​ ​
Alphabet, Inc., Class A(a) ​ ​ ​ ​ 5,482 ​ ​ ​ ​ ​ 6,617,213 ​ ​
Alphabet, Inc., Class C(a) ​ ​ ​ ​ 4,650 ​ ​ ​ ​ ​ 5,549,636 ​ ​
Altaba, Inc.(a) ​ ​ ​ ​ 10,075 ​ ​ ​ ​ ​ 686,309 ​ ​
Altair Engineering, Inc.,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 17,380 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   29​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Alteryx, Inc., Class A(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ $ 17,163 ​ ​
Ambarella, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,472 ​ ​
Amdocs Ltd. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 145,156 ​ ​
American Software, Inc.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,639 ​ ​
Amkor Technology, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 8,868 ​ ​
Amphenol Corp., Class A ​ ​ ​ ​ 21,809 ​ ​ ​ ​ ​ 2,050,482 ​ ​
Analog Devices, Inc. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 527,022 ​ ​
Anixter International, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 42,180 ​ ​
ANSYS, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 485,368 ​ ​
Appfolio, Inc., Class A(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 31,360 ​ ​
Apple, Inc. ​ ​ ​ ​ 77,725 ​ ​ ​ ​ ​ 17,545,641 ​ ​
Applied Materials, Inc. ​ ​ ​ ​ 44,128 ​ ​ ​ ​ ​ 1,705,547 ​ ​
Applied Optoelectronics, Inc.(a)
 ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,932 ​ ​
Apptio, Inc., Class A(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,088 ​ ​
Arista Networks, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 239,274 ​ ​
ARRIS International PLC(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 67,574 ​ ​
Arrow Electronics, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 88,464 ​ ​
Aspen Technology, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 136,692 ​ ​
Atlassian Corp. PLC, Class A(a)
 ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 144,210 ​ ​
Autodesk, Inc.(a) ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 515,163 ​ ​
Automatic Data Processing,
Inc.
​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 1,009,422 ​ ​
Avaya Holdings Corp.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 33,210 ​ ​
Avnet, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 89,540 ​ ​
AVX Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,025 ​ ​
Axcelis Technologies, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,860 ​ ​
Badger Meter, Inc. ​ ​ ​ ​ 5,361 ​ ​ ​ ​ ​ 283,865 ​ ​
Belden, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 35,705 ​ ​
Benchmark Electronics, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,040 ​ ​
Benefitfocus, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,090 ​ ​
Black Knight, Inc.(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 119,485 ​ ​
Blackbaud, Inc. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 487,104 ​ ​
Blackline, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 45,176 ​ ​
Blucora, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 20,125 ​ ​
Booz Allen Hamilton Holding
Corp.
​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 104,223 ​ ​
Bottomline Technologies de,
Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 36,355 ​ ​
Box, Inc., Class A(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 43,038 ​ ​
Brightcove, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,360 ​ ​
Broadcom, Inc. ​ ​ ​ ​ 6,640 ​ ​ ​ ​ ​ 1,638,287 ​ ​
Broadridge Financial
Solutions, Inc.
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 237,510 ​ ​
Brooks Automation, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 28,024 ​ ​
CA, Inc. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 211,920 ​ ​
Cabot Microelectronics Corp.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 30,951 ​ ​
CACI International, Inc.,
Class A(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 73,660 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Cadence Design Systems,
Inc.(a)
 ​ ​ ​ ​ 4,200 ​ ​ ​ ​ $ 190,344 ​ ​
CalAmp Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,584 ​ ​
Calix, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 4,050 ​ ​
Carbonite, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,695 ​ ​
Cardtronics PLC, Class A(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 15,820 ​ ​
Care.com, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,422 ​ ​
Cargurus, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 38,983 ​ ​
Cars.com, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 22,088 ​ ​
Cass Information Systems,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,512 ​ ​
CDK Global, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 118,864 ​ ​
CDW Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 204,516 ​ ​
Ceridian HCM Holding, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,609 ​ ​
CEVA, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,625 ​ ​
ChannelAdvisor Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,735 ​ ​
Ciena Corp.(a) ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 78,100 ​ ​
Cirrus Logic, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 46,320 ​ ​
Cisco Systems, Inc. ​ ​ ​ ​ 72,200 ​ ​ ​ ​ ​ 3,512,530 ​ ​
Cision Ltd.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 21,840 ​ ​
Citrix Systems, Inc.(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 244,552 ​ ​
Cloudera, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 19,415 ​ ​
Cognex Corp. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 145,132 ​ ​
Cognizant Technology
Solutions Corp., Class A
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 694,350 ​ ​
Coherent, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 86,095 ​ ​
Cohu, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 7,530 ​ ​
CommScope Holding Co.,
Inc.(a)
 ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 89,204 ​ ​
CommVault Systems, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 49,000 ​ ​
Comtech Telecommunications
Corp.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,881 ​ ​
Conduent, Inc.(a) ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 78,820 ​ ​
Control4 Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,299 ​ ​
Convergys Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 26,114 ​ ​
CoreLogic, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 59,292 ​ ​
Cornerstone OnDemand,
Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 56,750 ​ ​
Corning, Inc. ​ ​ ​ ​ 12,500 ​ ​ ​ ​ ​ 441,250 ​ ​
Coupa Software, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 63,280 ​ ​
Cray, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,750 ​ ​
Cree, Inc.(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 60,592 ​ ​
CSG Systems International,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 16,056 ​ ​
CTS Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,720 ​ ​
Cypress Semiconductor Corp.
​ ​ ​ ​ 6,200 ​ ​ ​ ​ ​ 89,838 ​ ​
Daktronics, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 3,136 ​ ​
Dell Technologies, Inc.
Class V, Class V(a)
 ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 291,360 ​ ​
​
See Notes to Financial Statements.
30   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Diebold Nixdorf, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ $ 4,050 ​ ​
Digi International, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,035 ​ ​
Digimarc Corp.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,145 ​ ​
Diodes, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,316 ​ ​
DocuSign, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 21,028 ​ ​
Dolby Laboratories, Inc.,
Class A
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 62,973 ​ ​
DXC Technology Co. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 411,488 ​ ​
eBay, Inc.(a) ​ ​ ​ ​ 14,400 ​ ​ ​ ​ ​ 475,488 ​ ​
Ebix, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 23,745 ​ ​
EchoStar Corp., Class A(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 46,370 ​ ​
Electro Scientific Industries,
Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,980 ​ ​
Electronic Arts, Inc.(a) ​ ​ ​ ​ 14,575 ​ ​ ​ ​ ​ 1,756,142 ​ ​
Electronics For Imaging, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 17,040 ​ ​
Ellie Mae, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 56,862 ​ ​
Endurance International Group
Holdings, Inc.(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 6,160 ​ ​
Entegris, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 60,795 ​ ​
Envestnet, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 54,855 ​ ​
EPAM Systems, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 110,160 ​ ​
ePlus, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 27,810 ​ ​
Etsy, Inc.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 107,898 ​ ​
Euronet Worldwide, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 90,198 ​ ​
Everbridge, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 34,584 ​ ​
Everi Holdings, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 6,419 ​ ​
EVERTEC, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 16,870 ​ ​
ExlService Holdings, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 26,480 ​ ​
Extreme Networks, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 7,124 ​ ​
F5 Networks, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 179,478 ​ ​
Fabrinet(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,504 ​ ​
Facebook, Inc., Class A(a) ​ ​ ​ ​ 36,400 ​ ​ ​ ​ ​ 5,986,344 ​ ​
Fair Isaac Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 114,275 ​ ​
FARO Technologies, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,870 ​ ​
Fidelity National Information
Services, Inc.
​ ​ ​ ​ 5,100 ​ ​ ​ ​ ​ 556,257 ​ ​
Finisar Corp.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 24,765 ​ ​
FireEye, Inc.(a) ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 59,500 ​ ​
First Data Corp., Class A(a) ​ ​ ​ ​ 8,700 ​ ​ ​ ​ ​ 212,889 ​ ​
First Solar, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 53,262 ​ ​
Fiserv, Inc.(a) ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 518,994 ​ ​
Fitbit, Inc., Class A(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 11,770 ​ ​
Five9, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 48,059 ​ ​
FleetCor Technologies, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 318,976 ​ ​
FLIR Systems, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 116,793 ​ ​
ForeScout Technologies, Inc.(a)
 ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,104 ​ ​
FormFactor, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 11,000 ​ ​
Fortinet, Inc.(a) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 212,221 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Gartner, Inc.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ $ 206,050 ​ ​
Genpact Ltd. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 76,525 ​ ​
Global Payments, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 305,760 ​ ​
Glu Mobile, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 8,940 ​ ​
GoDaddy, Inc., Class A(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 216,814 ​ ​
Gogo, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 3,633 ​ ​
GrubHub, Inc.(a) ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 194,068 ​ ​
GTT Communications, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 43,400 ​ ​
Guidewire Software, Inc.(a) ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 424,242 ​ ​
Hackett Group, Inc. (The) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,045 ​ ​
Harmonic, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 4,950 ​ ​
Hewlett Packard Enterprise
Co.
​ ​ ​ ​ 24,200 ​ ​ ​ ​ ​ 394,702 ​ ​
Hortonworks, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 38,777 ​ ​
HP, Inc. ​ ​ ​ ​ 25,200 ​ ​ ​ ​ ​ 649,404 ​ ​
HubSpot, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 90,570 ​ ​
IAC/InterActiveCorp(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 238,392 ​ ​
Ichor Holdings Ltd.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,084 ​ ​
II-VI, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 56,760 ​ ​
Immersion Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,171 ​ ​
Imperva, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,580 ​ ​
Impinj, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,964 ​ ​
Infinera Corp.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 12,410 ​ ​
Inphi Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 18,990 ​ ​
Insight Enterprises, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 21,636 ​ ​
Instructure, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,620 ​ ​
Integrated Device Technology,
Inc.(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 103,422 ​ ​
Intel Corp. ​ ​ ​ ​ 70,900 ​ ​ ​ ​ ​ 3,352,861 ​ ​
InterDigital, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 56,000 ​ ​
International Business
Machines Corp.
​ ​ ​ ​ 14,100 ​ ​ ​ ​ ​ 2,132,061 ​ ​
Intuit, Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 841,380 ​ ​
IPG Photonics Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 78,035 ​ ​
Itron, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,680 ​ ​
j2 Global, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 57,995 ​ ​
Jabil, Inc. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 75,824 ​ ​
Jack Henry & Associates, Inc.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 192,096 ​ ​
Juniper Networks, Inc. ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 176,823 ​ ​
KEMET Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 11,130 ​ ​
Keysight Technologies, Inc.(a) ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 198,840 ​ ​
Kimball Electronics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,895 ​ ​
KLA-Tencor Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 233,933 ​ ​
Knowles Corp.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 16,620 ​ ​
Lam Research Corp. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 379,250 ​ ​
Lattice Semiconductor Corp.(a)
 ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 11,200 ​ ​
Leidos Holdings, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 159,068 ​ ​
LIiveRamp Holdings, Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 74,115 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   31​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Limelight Networks, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 5,522 ​ ​
Littelfuse, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 79,156 ​ ​
LivePerson, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,570 ​ ​
LogMeIn, Inc. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 285,120 ​ ​
Lumentum Holdings, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 71,940 ​ ​
MACOM Technology Solutions
Holdings, Inc.(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,300 ​ ​
Manhattan Associates, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 65,520 ​ ​
ManTech International Corp.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,990 ​ ​
Marvell Technology Group Ltd.
​ ​ ​ ​ 8,793 ​ ​ ​ ​ ​ 169,705 ​ ​
Mastercard, Inc., Class A ​ ​ ​ ​ 21,825 ​ ​ ​ ​ ​ 4,858,463 ​ ​
Match Group, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 40,537 ​ ​
Maxim Integrated Products,
Inc.
​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 236,838 ​ ​
MAXIMUS, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 65,060 ​ ​
MaxLinear, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 13,916 ​ ​
Mesa Laboratories, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 18,562 ​ ​
Methode Electronics, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,480 ​ ​
Microchip Technology, Inc. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 284,076 ​ ​
Micron Technology, Inc.(a) ​ ​ ​ ​ 17,600 ​ ​ ​ ​ ​ 796,048 ​ ​
Microsoft Corp. ​ ​ ​ ​ 140,750 ​ ​ ​ ​ ​ 16,097,577 ​ ​
MicroStrategy, Inc., Class A(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 14,062 ​ ​
MINDBODY, Inc., Class A(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 20,325 ​ ​
Mitek Systems, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 2,820 ​ ​
MKS Instruments, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 80,150 ​ ​
MobileIron, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 3,710 ​ ​
Model N, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,755 ​ ​
Monolithic Power Systems,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 87,871 ​ ​
Monotype Imaging Holdings,
Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,100 ​ ​
Motorola Solutions, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 312,336 ​ ​
MTS Systems Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,950 ​ ​
Nanometrics, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,256 ​ ​
National Instruments Corp. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 82,161 ​ ​
NCR Corp.(a) ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 62,502 ​ ​
NetApp, Inc. ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 360,738 ​ ​
NETGEAR, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,140 ​ ​
NetScout Systems, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 25,250 ​ ​
New Relic, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 56,538 ​ ​
NIC, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 10,360 ​ ​
Novanta, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,360 ​ ​
Nuance Communications,
Inc.(a)
 ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 86,600 ​ ​
Nutanix, Inc., Class A(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 72,624 ​ ​
NVE Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 10,588 ​ ​
NVIDIA Corp. ​ ​ ​ ​ 8,920 ​ ​ ​ ​ ​ 2,506,698 ​ ​
NXP Semiconductors N.V.(a) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 444,600 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Oclaro, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ $ 16,986 ​ ​
Okta, Inc.(a) ​ ​ ​ ​ 6,050 ​ ​ ​ ​ ​ 425,678 ​ ​
ON Semiconductor Corp.(a) ​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 123,481 ​ ​
OneSpan, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,715 ​ ​
Oracle Corp. ​ ​ ​ ​ 43,400 ​ ​ ​ ​ ​ 2,237,704 ​ ​
OSI Systems, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,262 ​ ​
Palo Alto Networks, Inc.(a) ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 878,514 ​ ​
Pandora Media, Inc.(a) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 26,628 ​ ​
Park Electrochemical Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,898 ​ ​
Paychex, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 368,250 ​ ​
Paycom Software, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 124,328 ​ ​
Paylocity Holding Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 48,192 ​ ​
PayPal Holdings, Inc.(a) ​ ​ ​ ​ 18,300 ​ ​ ​ ​ ​ 1,607,472 ​ ​
PDF Solutions, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,709 ​ ​
Pegasystems, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 50,080 ​ ​
Perficient, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,660 ​ ​
Perspecta, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 46,296 ​ ​
Photronics, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 7,880 ​ ​
Plantronics, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 24,120 ​ ​
Plexus Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 23,404 ​ ​
Pluralsight, Inc., Class A(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 25,600 ​ ​
Power Integrations, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,960 ​ ​
Presidio, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,100 ​ ​
Progress Software Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 17,645 ​ ​
Proofpoint, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 74,431 ​ ​
PROS Holdings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,506 ​ ​
PTC, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 180,523 ​ ​
Pure Storage, Inc., Class A(a) ​ ​ ​ ​ 11,400 ​ ​ ​ ​ ​ 295,830 ​ ​
Q2 Holdings, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 24,220 ​ ​
QAD, Inc., Class A ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,665 ​ ​
Qorvo, Inc.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 153,780 ​ ​
QUALCOMM, Inc. ​ ​ ​ ​ 22,700 ​ ​ ​ ​ ​ 1,635,081 ​ ​
Qualys, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 62,370 ​ ​
Quantenna Communications,
Inc.(a)
 ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,535 ​ ​
QuinStreet, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,428 ​ ​
Quotient Technology, Inc.(a) ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 13,950 ​ ​
Rambus, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 13,092 ​ ​
Rapid7, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,076 ​ ​
RealPage, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 72,490 ​ ​
Red Hat, Inc.(a) ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 981,216 ​ ​
RingCentral, Inc., Class A(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 102,355 ​ ​
Rogers Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 58,928 ​ ​
Rosetta Stone, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,978 ​ ​
Rudolph Technologies, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,780 ​ ​
Sabre Corp. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 112,144 ​ ​
SailPoint Technologies
Holding, Inc.(a)
 ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 34,020 ​ ​
​
See Notes to Financial Statements.
32   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
salesforce.com, Inc.(a) ​ ​ ​ ​ 10,900 ​ ​ ​ ​ $ 1,733,427 ​ ​
Sanmina Corp.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 22,080 ​ ​
ScanSource, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,970 ​ ​
Science Applications
International Corp.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 64,480 ​ ​
Semtech Corp.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 66,720 ​ ​
SendGrid, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 29,432 ​ ​
ServiceNow, Inc.(a) ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 528,201 ​ ​
ServiceSource International,
Inc.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 2,565 ​ ​
Shutterstock, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,916 ​ ​
Silicon Laboratories, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 73,440 ​ ​
Skyworks Solutions, Inc. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 244,917 ​ ​
SMART Global Holdings,
Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 2,874 ​ ​
Splunk, Inc.(a) ​ ​ ​ ​ 8,300 ​ ​ ​ ​ ​ 1,003,553 ​ ​
SPS Commerce, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 19,848 ​ ​
Square, Inc., Class A(a) ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 445,545 ​ ​
SS&C Technologies Holdings,
Inc.
​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 176,173 ​ ​
Stamps.com, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 67,860 ​ ​
Stratasys Ltd.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 13,866 ​ ​
SunPower Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 5,110 ​ ​
Switch, Inc., Class A ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 4,320 ​ ​
Sykes Enterprises, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 12,196 ​ ​
Symantec Corp. ​ ​ ​ ​ 9,300 ​ ​ ​ ​ ​ 197,904 ​ ​
Synaptics, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,248 ​ ​
SYNNEX Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 42,350 ​ ​
Synopsys, Inc.(a) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 512,772 ​ ​
Syntel, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 16,392 ​ ​
Tableau Software, Inc.,
Class A(a)
 ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 424,612 ​ ​
Take-Two Interactive Software,
Inc.(a)
 ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 234,583 ​ ​
Tech Data Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 35,785 ​ ​
TechTarget, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,884 ​ ​
Teradata Corp.(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 75,420 ​ ​
Teradyne, Inc. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 99,846 ​ ​
Texas Instruments, Inc. ​ ​ ​ ​ 29,600 ​ ​ ​ ​ ​ 3,175,784 ​ ​
TiVo Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 17,430 ​ ​
Total System Services, Inc. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 266,598 ​ ​
Trade Desk, Inc. (The),
Class A(a)
 ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 90,546 ​ ​
Travelport Worldwide Ltd. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 23,618 ​ ​
Trimble, Inc.(a) ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 173,840 ​ ​
TrueCar, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 11,280 ​ ​
TTEC Holdings, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,180 ​ ​
TTM Technologies, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 17,501 ​ ​
Tucows, Inc., Class A(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,575 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INFORMATION TECHNOLOGY –  (continued) ​
Twilio, Inc., Class A(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 94,908 ​ ​
Twitter, Inc.(a) ​ ​ ​ ​ 11,200 ​ ​ ​ ​ ​ 318,752 ​ ​
Tyler Technologies, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 147,036 ​ ​
Ubiquiti Networks, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 29,658 ​ ​
Ultimate Software Group, Inc.
(The)(a)
 ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 161,095 ​ ​
Ultra Clean Holdings, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,020 ​ ​
Unisys Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 12,240 ​ ​
Universal Display Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 82,530 ​ ​
Upland Software, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,231 ​ ​
USA Technologies, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 4,320 ​ ​
Varonis Systems, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 29,300 ​ ​
Veeco Instruments, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 5,125 ​ ​
Verint Systems, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 60,120 ​ ​
VeriSign, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 272,204 ​ ​
Versum Materials, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 72,020 ​ ​
ViaSat, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 63,950 ​ ​
Viavi Solutions, Inc.(a) ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 29,484 ​ ​
Virtusa Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 16,113 ​ ​
Visa, Inc., Class A ​ ​ ​ ​ 27,300 ​ ​ ​ ​ ​ 4,097,457 ​ ​
Vishay Intertechnology, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 46,805 ​ ​
Vishay Precision Group, Inc.(a)
 ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,740 ​ ​
VMware, Inc., Class A(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 171,666 ​ ​
Web.com Group, Inc.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 11,160 ​ ​
Western Digital Corp. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 275,138 ​ ​
Western Union Co. (The) ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 141,044 ​ ​
WEX, Inc.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 120,456 ​ ​
Workday, Inc., Class A(a) ​ ​ ​ ​ 6,200 ​ ​ ​ ​ ​ 905,076 ​ ​
Workiva, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 11,850 ​ ​
Worldpay, Inc., Class A(a) ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 455,715 ​ ​
Xcerra Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 8,562 ​ ​
Xerox Corp. ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 83,638 ​ ​
Xilinx, Inc. ​ ​ ​ ​ 14,033 ​ ​ ​ ​ ​ 1,125,026 ​ ​
XO Group, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,344 ​ ​
Xperi Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 8,910 ​ ​
Yelp, Inc.(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 73,800 ​ ​
Yext, Inc.(a) ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 28,440 ​ ​
Zebra Technologies Corp.,
Class A(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 159,147 ​ ​
Zendesk, Inc.(a) ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 120,700 ​ ​
Zillow Group, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 84,075 ​ ​
Zillow Group, Inc., Class A(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 44,200 ​ ​
Zix Corp.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,330 ​ ​
Zynga, Inc., Class A(a) ​ ​ ​ ​ 14,700 ​ ​ ​ ​ ​ 58,947 ​ ​
Total Information Technology ​ ​ ​ ​ 134,970,907 ​ ​
MATERIALS – 3.5% ​
AdvanSix, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,185 ​ ​
Air Products & Chemicals, Inc.
​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 567,970 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   33​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
MATERIALS –  (continued) ​
AK Steel Holding Corp.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ $ 17,640 ​ ​
Albemarle Corp. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 169,626 ​ ​
Alcoa Corp.(a) ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 121,200 ​ ​
Allegheny Technologies, Inc.(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 65,010 ​ ​
American Vanguard Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,400 ​ ​
AptarGroup, Inc. ​ ​ ​ ​ 12,526 ​ ​ ​ ​ ​ 1,349,551 ​ ​
Ardagh Group S.A. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,338 ​ ​
Ashland Global Holdings, Inc.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 75,474 ​ ​
Avery Dennison Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 151,690 ​ ​
Axalta Coating Systems Ltd.(a)
 ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 107,892 ​ ​
Balchem Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 44,836 ​ ​
Ball Corp. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 228,748 ​ ​
Bemis Co., Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 72,900 ​ ​
Berry Global Group, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 91,941 ​ ​
Boise Cascade Co. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,720 ​ ​
Cabot Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 68,992 ​ ​
Carpenter Technology Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 58,950 ​ ​
Celanese Corp., Series A ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 228,000 ​ ​
Century Aluminum Co.(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 7,182 ​ ​
CF Industries Holdings, Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 201,428 ​ ​
Chase Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 12,015 ​ ​
Chemours Co. (The) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 110,432 ​ ​
Clearwater Paper Corp.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,940 ​ ​
Cleveland-Cliffs, Inc.(a) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 65,832 ​ ​
Coeur Mining, Inc.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 11,193 ​ ​
Commercial Metals Co. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 26,676 ​ ​
Compass Minerals
International, Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 26,880 ​ ​
Crown Holdings, Inc.(a) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 91,200 ​ ​
Domtar Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 57,387 ​ ​
DowDuPont, Inc. ​ ​ ​ ​ 35,700 ​ ​ ​ ​ ​ 2,295,867 ​ ​
Eagle Materials, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 59,668 ​ ​
Eastman Chemical Co. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 201,012 ​ ​
Ecolab, Inc. ​ ​ ​ ​ 22,089 ​ ​ ​ ​ ​ 3,463,114 ​ ​
Ferro Corp.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 23,220 ​ ​
FMC Corp. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 183,078 ​ ​
Freeport-McMoRan, Inc. ​ ​ ​ ​ 22,600 ​ ​ ​ ​ ​ 314,592 ​ ​
FutureFuel Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,562 ​ ​
GCP Applied Technologies,
Inc.(a)
 ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 21,240 ​ ​
Gold Resource Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 3,084 ​ ​
Graphic Packaging Holding
Co.
​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 72,852 ​ ​
Greif, Inc., Class A ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 16,098 ​ ​
Greif, Inc., Class B ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,765 ​ ​
Hawkins, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,145 ​ ​
Haynes International, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,550 ​ ​
HB Fuller Co. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 31,002 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
MATERIALS –  (continued) ​
Hecla Mining Co. ​ ​ ​ ​ 5,304 ​ ​ ​ ​ $ 14,798 ​ ​
Huntsman Corp. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 98,028 ​ ​
Ingevity Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 71,316 ​ ​
Innophos Holdings, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,880 ​ ​
Innospec, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 23,025 ​ ​
International Flavors &
Fragrances, Inc.
​ ​ ​ ​ 4,340 ​ ​ ​ ​ ​ 603,781 ​ ​
International Paper Co. ​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 319,475 ​ ​
Intrepid Potash, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 3,949 ​ ​
Kaiser Aluminum Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 21,812 ​ ​
KapStone Paper and
Packaging Corp.
​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 57,647 ​ ​
KMG Chemicals, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 7,556 ​ ​
Koppers Holdings, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,230 ​ ​
Kraton Corp.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,145 ​ ​
Kronos Worldwide, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 4,875 ​ ​
Louisiana-Pacific Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 71,523 ​ ​
LyondellBasell Industries N.V.,
Class A
​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 502,299 ​ ​
Martin Marietta Materials, Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 181,950 ​ ​
Materion Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 12,100 ​ ​
Minerals Technologies, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,040 ​ ​
Mosaic Co. (The) ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 175,392 ​ ​
Myers Industries, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,975 ​ ​
Neenah, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 17,260 ​ ​
NewMarket Corp. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 40,551 ​ ​
Newmont Mining Corp. ​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 238,580 ​ ​
Nucor Corp. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 298,215 ​ ​
Olin Corp. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 61,632 ​ ​
OMNOVA Solutions, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 4,925 ​ ​
Owens-Illinois, Inc.(a) ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 58,249 ​ ​
Packaging Corp. of America ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 153,566 ​ ​
PH Glatfelter Co. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,555 ​ ​
Platform Specialty Products
Corp.(a)
 ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 54,868 ​ ​
PolyOne Corp. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 65,580 ​ ​
PPG Industries, Inc. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 403,781 ​ ​
PQ Group Holdings, Inc.(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,241 ​ ​
Praxair, Inc. ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 723,285 ​ ​
Quaker Chemical Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 40,442 ​ ​
Rayonier Advanced Materials,
Inc.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 11,058 ​ ​
Reliance Steel & Aluminum
Co.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 85,290 ​ ​
Royal Gold, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 69,354 ​ ​
RPM International, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 123,386 ​ ​
Schnitzer Steel Industries,
Inc., Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 8,115 ​ ​
​
See Notes to Financial Statements.
34   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
MATERIALS –  (continued) ​
Schweitzer-Mauduit
International, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ $ 11,493 ​ ​
Scotts Miracle-Gro Co. (The) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 39,365 ​ ​
Sealed Air Corp. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 100,375 ​ ​
Sensient Technologies Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 61,208 ​ ​
Sherwin-Williams Co. (The) ​ ​ ​ ​ 7,625 ​ ​ ​ ​ ​ 3,470,976 ​ ​
Silgan Holdings, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 25,020 ​ ​
Sonoco Products Co. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 77,700 ​ ​
Southern Copper Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 51,768 ​ ​
Steel Dynamics, Inc. ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 158,165 ​ ​
Stepan Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 17,402 ​ ​
Summit Materials, Inc.,
Class A(a)
 ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 23,634 ​ ​
SunCoke Energy, Inc.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 8,134 ​ ​
Tahoe Resources, Inc.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 10,044 ​ ​
TimkenSteel Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 7,435 ​ ​
Tredegar Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,495 ​ ​
Trinseo S.A. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 70,470 ​ ​
Tronox Ltd., Class A ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 11,950 ​ ​
UFP Technologies, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,675 ​ ​
United States Steel Corp. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 76,200 ​ ​
US Concrete, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,170 ​ ​
Valvoline, Inc. ​ ​ ​ ​ 17,000 ​ ​ ​ ​ ​ 365,670 ​ ​
Verso Corp., Class A(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 13,468 ​ ​
Vulcan Materials Co. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 233,520 ​ ​
Warrior Met Coal, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 10,816 ​ ​
Westlake Chemical Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 49,866 ​ ​
WestRock Co. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 197,728 ​ ​
Worthington Industries, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,680 ​ ​
WR Grace & Co. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 78,606 ​ ​
Total Materials ​ ​ ​ ​ 20,691,839 ​ ​
REAL ESTATE – 3.3% ​
Acadia Realty Trust ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 25,227 ​ ​
Agree Realty Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 15,936 ​ ​
Alexander & Baldwin, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 18,152 ​ ​
Alexander’s, Inc. ​ ​ ​ ​ 50 ​ ​ ​ ​ ​ 17,165 ​ ​
Alexandria Real Estate
Equities, Inc.
​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 213,843 ​ ​
American Assets Trust, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 18,645 ​ ​
American Campus
Communities, Inc.
​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 90,552 ​ ​
American Homes 4 Rent,
Class A
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 87,560 ​ ​
American Tower Corp. ​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 973,510 ​ ​
Americold Realty Trust ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 45,036 ​ ​
Apartment Investment &
Management Co., Class A
​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 97,086 ​ ​
Apple Hospitality REIT, Inc. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 62,964 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
REAL ESTATE –  (continued) ​
Armada Hoffler Properties, Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ $ 7,555 ​ ​
Ashford Hospitality Trust, Inc.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 5,751 ​ ​
AvalonBay Communities, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 380,415 ​ ​
Boston Properties, Inc. ​ ​ ​ ​ 4,353 ​ ​ ​ ​ ​ 535,811 ​ ​
Braemar Hotels & Resorts, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,531 ​ ​
Brandywine Realty Trust ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 51,876 ​ ​
Brixmor Property Group, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 87,550 ​ ​
Brookfield Property REIT, Inc.,
Class A
​ ​ ​ ​ 3,496 ​ ​ ​ ​ ​ 73,171 ​ ​
Camden Property Trust ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 130,998 ​ ​
CareTrust REIT, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,939 ​ ​
CatchMark Timber Trust, Inc.,
Class A
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 5,715 ​ ​
CBL & Associates Properties,
Inc.
​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 7,581 ​ ​
CBRE Group, Inc., Class A(a) ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 211,680 ​ ​
Cedar Realty Trust, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 4,660 ​ ​
Chatham Lodging Trust ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,445 ​ ​
Chesapeake Lodging Trust ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 22,449 ​ ​
City Office REIT, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,048 ​ ​
Colony Capital, Inc. ​ ​ ​ ​ 10,300 ​ ​ ​ ​ ​ 62,727 ​ ​
Columbia Property Trust, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 33,096 ​ ​
Community Healthcare Trust,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,196 ​ ​
CoreCivic, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 55,959 ​ ​
CorEnergy Infrastructure Trust,
Inc.
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,758 ​ ​
CorePoint Lodging, Inc.(a) ​ ​ ​ ​ 450 ​ ​ ​ ​ ​ 8,752 ​ ​
CoreSite Realty Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 66,684 ​ ​
Corporate Office Properties
Trust
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 53,694 ​ ​
Cousins Properties, Inc. ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 63,119 ​ ​
Crown Castle International
Corp.
​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 701,379 ​ ​
CubeSmart ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 82,737 ​ ​
Cushman & Wakefield PLC(a) ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 25,485 ​ ​
CyrusOne, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 107,780 ​ ​
DDR Corp. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 32,136 ​ ​
DiamondRock Hospitality Co.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 26,841 ​ ​
Digital Realty Trust, Inc. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 359,936 ​ ​
Douglas Emmett, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 86,756 ​ ​
Duke Realty Corp. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 161,709 ​ ​
Easterly Government
Properties, Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 9,685 ​ ​
EastGroup Properties, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 66,934 ​ ​
Empire State Realty Trust, Inc.,
Class A
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 24,915 ​ ​
EPR Properties ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 75,251 ​ ​
Equinix, Inc. ​ ​ ​ ​ 1,190 ​ ​ ​ ​ ​ 515,139 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   35​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
REAL ESTATE –  (continued) ​
Equity Commonwealth(a) ​ ​ ​ ​ 61,023 ​ ​ ​ ​ $ 1,958,228 ​ ​
Equity LifeStyle Properties,
Inc.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 125,385 ​ ​
Equity Residential ​ ​ ​ ​ 5,600 ​ ​ ​ ​ ​ 371,056 ​ ​
Essex Property Trust, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 246,710 ​ ​
Extra Space Storage, Inc. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 155,952 ​ ​
Farmland Partners, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 2,680 ​ ​
Federal Realty Investment
Trust
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 151,764 ​ ​
First Industrial Realty Trust,
Inc.
​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 69,080 ​ ​
Forest City Realty Trust, Inc.,
Class A
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 100,360 ​ ​
Four Corners Property Trust,
Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 17,983 ​ ​
Franklin Street Properties
Corp.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 9,588 ​ ​
Front Yard Residential Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 6,510 ​ ​
FRP Holdings, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 6,210 ​ ​
Gaming and Leisure
Properties, Inc.
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 98,700 ​ ​
GEO Group, Inc. (The) ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 57,868 ​ ​
Getty Realty Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 11,424 ​ ​
Gladstone Commercial Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 5,745 ​ ​
Global Net Lease, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 16,680 ​ ​
Government Properties
Income Trust
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 12,419 ​ ​
Gramercy Property Trust ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 71,344 ​ ​
HCP, Inc. ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 194,768 ​ ​
Healthcare Realty Trust, Inc. ​ ​ ​ ​ 30,546 ​ ​ ​ ​ ​ 893,776 ​ ​
Healthcare Trust of America,
Inc., Class A
​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 77,343 ​ ​
Hersha Hospitality Trust ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 9,068 ​ ​
HFF, Inc., Class A ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 16,992 ​ ​
Highwoods Properties, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 80,342 ​ ​
Hospitality Properties Trust ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 77,868 ​ ​
Host Hotels & Resorts, Inc. ​ ​ ​ ​ 10,900 ​ ​ ​ ​ ​ 229,990 ​ ​
Howard Hughes Corp. (The)(a)
 ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 86,954 ​ ​
Hudson Pacific Properties, Inc.
​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 78,528 ​ ​
Independence Realty Trust,
Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 10,530 ​ ​
Industrial Logistics Properties
Trust
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,602 ​ ​
InfraREIT, Inc.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 10,575 ​ ​
Investors Real Estate Trust ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 8,372 ​ ​
Invitation Homes, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 114,550 ​ ​
Iron Mountain, Inc. ​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 155,340 ​ ​
iStar, Inc.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 8,936 ​ ​
JBG SMITH Properties ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 55,245 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
REAL ESTATE –  (continued) ​
Jernigan Capital, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 3,858 ​ ​
Jones Lang LaSalle, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 115,456 ​ ​
Kennedy-Wilson Holdings, Inc.
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 53,750 ​ ​
Kilroy Realty Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 114,704 ​ ​
Kimco Realty Corp. ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 105,462 ​ ​
Kite Realty Group Trust ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 14,985 ​ ​
Lamar Advertising Co.,
Class A
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 101,140 ​ ​
LaSalle Hotel Properties ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 65,721 ​ ​
Lexington Realty Trust ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 20,750 ​ ​
Liberty Property Trust ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 88,725 ​ ​
Life Storage, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 66,612 ​ ​
LTC Properties, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 22,055 ​ ​
Macerich Co. (The) ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 105,051 ​ ​
Mack-Cali Realty Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 21,260 ​ ​
Marcus & Millichap, Inc.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,942 ​ ​
MedEquities Realty Trust, Inc.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 2,916 ​ ​
Medical Properties Trust, Inc. ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 89,460 ​ ​
Mid-America Apartment
Communities, Inc.
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 180,324 ​ ​
Monmouth Real Estate
Investment Corp.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,048 ​ ​
National Health Investors, Inc.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 37,795 ​ ​
National Retail Properties, Inc.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 103,086 ​ ​
National Storage Affiliates
Trust
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 15,264 ​ ​
New Senior Investment Group,
Inc.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 5,310 ​ ​
Newmark Group, Inc., Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 3,357 ​ ​
NexPoint Residential Trust,
Inc.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 6,640 ​ ​
NorthStar Realty Europe Corp.
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 8,496 ​ ​
Omega Healthcare Investors,
Inc.
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 91,756 ​ ​
One Liberty Properties, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 5,556 ​ ​
Outfront Media, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 31,920 ​ ​
Paramount Group, Inc. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 58,851 ​ ​
Park Hotels & Resorts, Inc. ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 95,178 ​ ​
Pebblebrook Hotel Trust ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 29,096 ​ ​
Pennsylvania Real Estate
Investment Trust
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 7,568 ​ ​
Physicians Realty Trust ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 57,324 ​ ​
Piedmont Office Realty Trust,
Inc., Class A
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 30,288 ​ ​
PotlatchDeltic Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 49,140 ​ ​
Preferred Apartment
Communities, Inc., Class A
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,032 ​ ​
Prologis, Inc. ​ ​ ​ ​ 9,530 ​ ​ ​ ​ ​ 646,039 ​ ​
PS Business Parks, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 50,836 ​ ​
​
See Notes to Financial Statements.
36   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
REAL ESTATE –  (continued) ​
Public Storage ​ ​ ​ ​ 2,300 ​ ​ ​ ​ $ 463,749 ​ ​
QTS Realty Trust, Inc., Class A
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 25,602 ​ ​
Ramco-Gershenson
Properties Trust
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 12,240 ​ ​
Rayonier, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 71,001 ​ ​
RE/MAX Holdings, Inc.,
Class A
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 8,870 ​ ​
Realogy Holdings Corp. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 53,664 ​ ​
Realty Income Corp. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 267,383 ​ ​
Redfin Corp.(a) ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 13,090 ​ ​
Regency Centers Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 148,741 ​ ​
Retail Opportunity
Investments Corp.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 22,404 ​ ​
Retail Properties of America,
Inc., Class A
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 53,636 ​ ​
Retail Value, Inc.(a) ​ ​ ​ ​ 240 ​ ​ ​ ​ ​ 7,845 ​ ​
Rexford Industrial Realty, Inc.
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 51,136 ​ ​
RLJ Lodging Trust ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 63,887 ​ ​
RMR Group, Inc. (The),
Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 9,280 ​ ​
Ryman Hospitality Properties,
Inc.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 68,936 ​ ​
Sabra Health Care REIT, Inc. ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 71,672 ​ ​
Saul Centers, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 5,600 ​ ​
SBA Communications Corp.(a)
 ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 273,071 ​ ​
Select Income REIT ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 15,358 ​ ​
Senior Housing Properties
Trust
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 70,240 ​ ​
Seritage Growth Properties ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 14,247 ​ ​
Simon Property Group, Inc. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 830,725 ​ ​
SL Green Realty Corp. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 146,295 ​ ​
Spirit MTA REIT(a) ​ ​ ​ ​ 530 ​ ​ ​ ​ ​ 6,106 ​ ​
Spirit Realty Capital, Inc. ​ ​ ​ ​ 8,600 ​ ​ ​ ​ ​ 69,316 ​ ​
St Joe Co. (The)(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,400 ​ ​
STAG Industrial, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 52,250 ​ ​
STORE Capital Corp. ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 80,591 ​ ​
Stratus Properties, Inc.(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,060 ​ ​
Summit Hotel Properties, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 16,236 ​ ​
Sun Communities, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 142,156 ​ ​
Sunstone Hotel Investors, Inc.
​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 68,712 ​ ​
Tanger Factory Outlet Centers,
Inc.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 25,168 ​ ​
Taubman Centers, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 59,830 ​ ​
Tejon Ranch Co.(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 4,342 ​ ​
Terreno Realty Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 22,620 ​ ​
Tier REIT, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 12,050 ​ ​
UDR, Inc. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 173,849 ​ ​
UMH Properties, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 6,256 ​ ​
Uniti Group, Inc.(a) ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 62,465 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
REAL ESTATE –  (continued) ​
Universal Health Realty
Income Trust
​ ​ ​ ​ 100 ​ ​ ​ ​ $ 7,441 ​ ​
Urban Edge Properties ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 48,576 ​ ​
Urstadt Biddle Properties, Inc.,
Class A
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 6,387 ​ ​
Ventas, Inc. ​ ​ ​ ​ 5,700 ​ ​ ​ ​ ​ 309,966 ​ ​
VEREIT, Inc. ​ ​ ​ ​ 13,900 ​ ​ ​ ​ ​ 100,914 ​ ​
VICI Properties, Inc. ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 136,206 ​ ​
Vornado Realty Trust ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 197,100 ​ ​
Washington Prime Group, Inc.
​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 15,330 ​ ​
Washington Real Estate
Investment Trust
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 27,585 ​ ​
Weingarten Realty Investors ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 68,448 ​ ​
Welltower, Inc. ​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 373,056 ​ ​
Weyerhaeuser Co. ​ ​ ​ ​ 11,700 ​ ​ ​ ​ ​ 377,559 ​ ​
Whitestone REIT ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 5,552 ​ ​
WP Carey, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 109,327 ​ ​
Xenia Hotels & Resorts, Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 52,140 ​ ​
Total Real Estate ​ ​ ​ ​ 19,418,401 ​ ​
UTILITIES – 2.4% ​
AES Corp. ​ ​ ​ ​ 10,300 ​ ​ ​ ​ ​ 144,200 ​ ​
ALLETE, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 67,509 ​ ​
Alliant Energy Corp. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 153,252 ​ ​
Ameren Corp. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 227,592 ​ ​
American Electric Power Co.,
Inc.
​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 538,688 ​ ​
American States Water Co. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 24,456 ​ ​
American Water Works Co.,
Inc.
​ ​ ​ ​ 5,772 ​ ​ ​ ​ ​ 507,763 ​ ​
Aqua America, Inc. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 95,940 ​ ​
Artesian Resources Corp.,
Class A
​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,678 ​ ​
Atlantic Power Corp.(a) ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 2,860 ​ ​
Atmos Energy Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 169,038 ​ ​
Avangrid, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 33,551 ​ ​
Avista Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 55,616 ​ ​
Black Hills Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 58,090 ​ ​
California Water Service Group
​ ​ ​ ​ 7,092 ​ ​ ​ ​ ​ 304,247 ​ ​
CenterPoint Energy, Inc. ​ ​ ​ ​ 6,800 ​ ​ ​ ​ ​ 188,020 ​ ​
Chesapeake Utilities Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 16,780 ​ ​
Clearway Energy, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 13,475 ​ ​
Clearway Energy, Inc., Class A
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 7,616 ​ ​
CMS Energy Corp. ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 205,800 ​ ​
Connecticut Water Service,
Inc.
​ ​ ​ ​ 12,163 ​ ​ ​ ​ ​ 843,747 ​ ​
Consolidated Edison, Inc. ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 373,331 ​ ​
Dominion Energy, Inc. ​ ​ ​ ​ 10,100 ​ ​ ​ ​ ​ 709,828 ​ ​
DTE Energy Co. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 294,651 ​ ​
Duke Energy Corp. ​ ​ ​ ​ 10,800 ​ ​ ​ ​ ​ 864,216 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   37​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
UTILITIES –  (continued) ​
Edison International ​ ​ ​ ​ 4,700 ​ ​ ​ ​ $ 318,096 ​ ​
El Paso Electric Co. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 28,600 ​ ​
Entergy Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 219,051 ​ ​
Evergy, Inc. ​ ​ ​ ​ 4,194 ​ ​ ​ ​ ​ 230,335 ​ ​
Eversource Energy ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 288,768 ​ ​
Exelon Corp. ​ ​ ​ ​ 14,500 ​ ​ ​ ​ ​ 633,070 ​ ​
FirstEnergy Corp. ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 267,624 ​ ​
Hawaiian Electric Industries,
Inc.
​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 67,621 ​ ​
IDACORP, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 89,307 ​ ​
MDU Resources Group, Inc. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 71,932 ​ ​
MGE Energy, Inc. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 25,540 ​ ​
Middlesex Water Co. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 9,684 ​ ​
National Fuel Gas Co. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 72,878 ​ ​
New Jersey Resources Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 73,760 ​ ​
NextEra Energy, Inc. ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 1,206,720 ​ ​
NiSource, Inc. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 129,584 ​ ​
Northwest Natural Holding Co.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 20,070 ​ ​
NorthWestern Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 35,196 ​ ​
NRG Energy, Inc. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 179,520 ​ ​
OGE Energy Corp. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 101,696 ​ ​
ONE Gas, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 82,280 ​ ​
Ormat Technologies, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 27,055 ​ ​
Otter Tail Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 23,950 ​ ​
Pattern Energy Group, Inc.,
Class A
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 17,883 ​ ​
PG&E Corp. ​ ​ ​ ​ 8,100 ​ ​ ​ ​ ​ 372,681 ​ ​
Pinnacle West Capital Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 142,524 ​ ​
PNM Resources, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 55,230 ​ ​
Portland General Electric Co. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 72,976 ​ ​
PPL Corp. ​ ​ ​ ​ 10,900 ​ ​ ​ ​ ​ 318,934 ​ ​
Public Service Enterprise
Group, Inc.
​ ​ ​ ​ 7,800 ​ ​ ​ ​ ​ 411,762 ​ ​
SCANA Corp. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 81,669 ​ ​
Sempra Energy ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 466,375 ​ ​
SJW Group ​ ​ ​ ​ 4,708 ​ ​ ​ ​ ​ 287,894 ​ ​
South Jersey Industries, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 52,905 ​ ​
Southern Co. (The) ​ ​ ​ ​ 15,500 ​ ​ ​ ​ ​ 675,800 ​ ​
Southwest Gas Holdings, Inc.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 55,321 ​ ​
Spire, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 51,485 ​ ​
TerraForm Power, Inc., Class A
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 5,775 ​ ​
UGI Corp. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 149,796 ​ ​
Unitil Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 10,180 ​ ​
Vectren Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 92,937 ​ ​
Vistra Energy Corp.(a) ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 146,792 ​ ​
WEC Energy Group, Inc. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 313,772 ​ ​
Xcel Energy, Inc. ​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 372,959 ​ ​
York Water Co. (The) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 3,040 ​ ​
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
UTILITIES –  (continued) ​
Total Utilities ​ ​ ​ ​ ​ ​ ​ ​ ​
$
14,264,971
​ ​
TOTAL COMMON STOCKS
(Cost: $545,382,833)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 578,682,357 ​ ​
RIGHTS – 0.0%(b) ​
MATERIALS – 0.0%(b) ​
A. Schulman, Inc.(a)
(Cost $573)
​ ​ ​ ​ 300 ​ ​ ​ ​
​
600
 ​ ​
SHORT-TERM INVESTMENTS – 2.8% ​
State Street Institutional
Treasury Money Market
Fund – Investor Class
Shares, 1.87(c)
(Cost: $16,637,821)
​ ​ ​ ​ 16,637,821 ​ ​ ​ ​
​
16,637,821
 ​ ​
TOTAL INVESTMENTS – 100.1%
(Cost: $562,021,227)
​ ​ ​ ​ 595,320,778 ​ ​
OTHER ASSETS AND
LIABILITIES, NET – (0.1)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​
​
(327,135)
 ​ ​
NET ASSETS – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 594,993,643 ​ ​
​
​
(a)
Non-income producing.
​
(b)
Amount is less than 0.05%.
​
(c)
The rate shown is the annualized seven-day yield at September 30, 2018.
​
ADR — American Depositary Receipt
​
See Notes to Financial Statements.
38   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Domestic Equity Fund (concluded)
​
Futures contracts open at September 30, 2018:
Description
​ ​
Type
​ ​
Contracts
​ ​
Expiration
Date
​ ​
Notional
Amount
​ ​
Value/ Net
Unrealized
Appreciation
(Depreciation)
​
CONTRACTS PURCHASED – 0.9% ​ ​ ​ ​ ​ ​
E-Mini Russell 2000 Index
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 250 ​ ​ ​ ​ ​ 12/21/2018 ​ ​ ​ ​ $ 425,200 ​ ​ ​ ​ $ (4,706) ​ ​
E-Mini S&P 500 Index
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 1,550 ​ ​ ​ ​ ​ 12/21/2018 ​ ​ ​ ​ ​ 4,524,450 ​ ​ ​ ​ ​ 21,247 ​ ​
E-Mini S&P MidCap 400 Index
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12/21/2018 ​ ​ ​ ​ ​ 607,560 ​ ​ ​ ​ ​ (4,687) ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,854 ​ ​
​
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2018 (see Note 2 to the Financial Statements).
​ ​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
PFM Multi-Manager Domestic Equity Fund ​ ​ ​ ​ ​
Assets: ​ ​ ​ ​ ​
Investments in Securities: ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 578,682,357 ​ ​ ​ ​ $ — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 578,682,357 ​ ​
Rights
​ ​ ​ ​ — ​ ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 600 ​ ​
Money Market Funds
​ ​ ​ ​ 16,637,821 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,637,821 ​ ​
Total Investments in Securities
​ ​ ​ $ 595,320,178 ​ ​ ​ ​ $ 600 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 595,320,778 ​ ​
Other Financial Instruments: ​ ​ ​ ​ ​
Futures Contracts(a)
 ​ ​ ​ $ 21,247 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 21,247 ​ ​
Liabilities: ​ ​ ​ ​ ​
Other Financial Instruments: ​ ​ ​ ​ ​
Futures Contracts(a)
 ​ ​ ​ $ (9,393) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (9,393) ​ ​
​
​
(a)
Futures Contracts are valued at unrealized appreciation (depreciation). Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   39​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 94.3% ​
AUSTRALIA – 2.8% ​
AGL Energy Ltd. ​ ​ ​ ​ 4,003 ​ ​ ​ ​ $ 56,425 ​ ​
Alumina Ltd. ​ ​ ​ ​ 13,103 ​ ​ ​ ​ ​ 26,236 ​ ​
Amcor Ltd. ​ ​ ​ ​ 6,982 ​ ​ ​ ​ ​ 69,042 ​ ​
AMP Ltd. ​ ​ ​ ​ 15,622 ​ ​ ​ ​ ​ 36,023 ​ ​
APA Group ​ ​ ​ ​ 7,343 ​ ​ ​ ​ ​ 52,973 ​ ​
APN Outdoor Group Ltd. ​ ​ ​ ​ 173,980 ​ ​ ​ ​ ​ 837,571 ​ ​
Aristocrat Leisure Ltd. ​ ​ ​ ​ 3,452 ​ ​ ​ ​ ​ 70,966 ​ ​
ASX Ltd. ​ ​ ​ ​ 1,199 ​ ​ ​ ​ ​ 55,174 ​ ​
Aurizon Holdings Ltd. ​ ​ ​ ​ 10,783 ​ ​ ​ ​ ​ 32,035 ​ ​
AusNet Services ​ ​ ​ ​ 9,663 ​ ​ ​ ​ ​ 11,350 ​ ​
Australia & New Zealand
Banking Group Ltd.
​ ​ ​ ​ 18,664 ​ ​ ​ ​ ​ 380,184 ​ ​
Bank of Queensland Ltd. ​ ​ ​ ​ 2,101 ​ ​ ​ ​ ​ 16,736 ​ ​
Bendigo & Adelaide Bank Ltd.
​ ​ ​ ​ 2,581 ​ ​ ​ ​ ​ 20,056 ​ ​
BHP Billiton Ltd. ​ ​ ​ ​ 20,401 ​ ​ ​ ​ ​ 510,684 ​ ​
BHP Billiton PLC ​ ​ ​ ​ 73,930 ​ ​ ​ ​ ​ 1,610,375 ​ ​
BlueScope Steel Ltd. ​ ​ ​ ​ 2,992 ​ ​ ​ ​ ​ 36,724 ​ ​
Boral Ltd. ​ ​ ​ ​ 6,275 ​ ​ ​ ​ ​ 31,343 ​ ​
Brambles Ltd. ​ ​ ​ ​ 9,688 ​ ​ ​ ​ ​ 76,332 ​ ​
Caltex Australia Ltd. ​ ​ ​ ​ 1,396 ​ ​ ​ ​ ​ 30,172 ​ ​
Challenger Ltd. ​ ​ ​ ​ 3,105 ​ ​ ​ ​ ​ 25,138 ​ ​
CIMIC Group Ltd. ​ ​ ​ ​ 521 ​ ​ ​ ​ ​ 19,342 ​ ​
Coca-Cola Amatil Ltd. ​ ​ ​ ​ 2,907 ​ ​ ​ ​ ​ 20,509 ​ ​
Cochlear Ltd. ​ ​ ​ ​ 308 ​ ​ ​ ​ ​ 44,670 ​ ​
Commonwealth Bank of
Australia
​ ​ ​ ​ 11,155 ​ ​ ​ ​ ​ 575,807 ​ ​
Computershare Ltd. ​ ​ ​ ​ 2,473 ​ ​ ​ ​ ​ 35,663 ​ ​
Crown Resorts Ltd. ​ ​ ​ ​ 2,028 ​ ​ ​ ​ ​ 20,069 ​ ​
CSL Ltd. ​ ​ ​ ​ 2,875 ​ ​ ​ ​ ​ 417,945 ​ ​
Dexus ​ ​ ​ ​ 5,446 ​ ​ ​ ​ ​ 41,571 ​ ​
Domino’s Pizza Enterprises
Ltd.
​ ​ ​ ​ 328 ​ ​ ​ ​ ​ 12,613 ​ ​
Flight Centre Travel Group Ltd.
​ ​ ​ ​ 298 ​ ​ ​ ​ ​ 11,451 ​ ​
Fortescue Metals Group Ltd. ​ ​ ​ ​ 8,334 ​ ​ ​ ​ ​ 23,615 ​ ​
Goodman Group ​ ​ ​ ​ 9,639 ​ ​ ​ ​ ​ 72,184 ​ ​
GPT Group (The) ​ ​ ​ ​ 9,644 ​ ​ ​ ​ ​ 36,320 ​ ​
GWA Group Ltd. ​ ​ ​ ​ 286,558 ​ ​ ​ ​ ​ 646,272 ​ ​
Harvey Norman Holdings Ltd.
​ ​ ​ ​ 2,981 ​ ​ ​ ​ ​ 7,585 ​ ​
Healthscope Ltd. ​ ​ ​ ​ 9,304 ​ ​ ​ ​ ​ 14,123 ​ ​
Incitec Pivot Ltd. ​ ​ ​ ​ 9,031 ​ ​ ​ ​ ​ 25,982 ​ ​
Insurance Australia Group Ltd.
​ ​ ​ ​ 14,072 ​ ​ ​ ​ ​ 74,459 ​ ​
LendLease Group ​ ​ ​ ​ 3,640 ​ ​ ​ ​ ​ 51,729 ​ ​
Macquarie Group Ltd. ​ ​ ​ ​ 2,122 ​ ​ ​ ​ ​ 193,331 ​ ​
Medibank Pvt Ltd. ​ ​ ​ ​ 14,742 ​ ​ ​ ​ ​ 31,010 ​ ​
Mirvac Group ​ ​ ​ ​ 19,864 ​ ​ ​ ​ ​ 34,604 ​ ​
MMG Ltd.(a) ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 6,208 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
AUSTRALIA –  (continued) ​
National Australia Bank Ltd. ​ ​ ​ ​ 17,388 ​ ​ ​ ​ $ 349,542 ​ ​
Newcrest Mining Ltd. ​ ​ ​ ​ 4,631 ​ ​ ​ ​ ​ 64,975 ​ ​
Oil Search Ltd. ​ ​ ​ ​ 7,340 ​ ​ ​ ​ ​ 47,911 ​ ​
Orica Ltd. ​ ​ ​ ​ 2,018 ​ ​ ​ ​ ​ 24,842 ​ ​
Origin Energy Ltd.(a) ​ ​ ​ ​ 10,560 ​ ​ ​ ​ ​ 63,051 ​ ​
QBE Insurance Group Ltd. ​ ​ ​ ​ 8,376 ​ ​ ​ ​ ​ 67,327 ​ ​
Ramsay Health Care Ltd. ​ ​ ​ ​ 757 ​ ​ ​ ​ ​ 30,058 ​ ​
REA Group Ltd. ​ ​ ​ ​ 282 ​ ​ ​ ​ ​ 17,516 ​ ​
Santos Ltd. ​ ​ ​ ​ 10,035 ​ ​ ​ ​ ​ 52,663 ​ ​
Scentre Group ​ ​ ​ ​ 31,378 ​ ​ ​ ​ ​ 90,046 ​ ​
SEEK Ltd. ​ ​ ​ ​ 1,783 ​ ​ ​ ​ ​ 26,756 ​ ​
Sonic Healthcare Ltd. ​ ​ ​ ​ 2,149 ​ ​ ​ ​ ​ 38,695 ​ ​
South32 Ltd. ​ ​ ​ ​ 30,854 ​ ​ ​ ​ ​ 87,427 ​ ​
Stockland ​ ​ ​ ​ 13,031 ​ ​ ​ ​ ​ 39,091 ​ ​
Suncorp Group Ltd. ​ ​ ​ ​ 7,739 ​ ​ ​ ​ ​ 80,891 ​ ​
Sydney Airport ​ ​ ​ ​ 5,905 ​ ​ ​ ​ ​ 29,409 ​ ​
Tabcorp Holdings Ltd. ​ ​ ​ ​ 10,222 ​ ​ ​ ​ ​ 35,984 ​ ​
Telstra Corp. Ltd. ​ ​ ​ ​ 25,811 ​ ​ ​ ​ ​ 59,517 ​ ​
TPG Telecom Ltd. ​ ​ ​ ​ 1,984 ​ ​ ​ ​ ​ 12,248 ​ ​
Transurban Group ​ ​ ​ ​ 15,271 ​ ​ ​ ​ ​ 123,854 ​ ​
Treasury Wine Estates Ltd. ​ ​ ​ ​ 3,890 ​ ​ ​ ​ ​ 49,180 ​ ​
Vicinity Centres ​ ​ ​ ​ 17,616 ​ ​ ​ ​ ​ 33,362 ​ ​
Wesfarmers Ltd. ​ ​ ​ ​ 7,367 ​ ​ ​ ​ ​ 265,463 ​ ​
Westpac Banking Corp. ​ ​ ​ ​ 21,777 ​ ​ ​ ​ ​ 439,660 ​ ​
Woodside Petroleum Ltd. ​ ​ ​ ​ 6,116 ​ ​ ​ ​ ​ 170,560 ​ ​
Woolworths Group Ltd. ​ ​ ​ ​ 8,653 ​ ​ ​ ​ ​ 175,635 ​ ​
Total Australia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,878,264 ​ ​
AUSTRIA – 0.3% ​
ANDRITZ AG ​ ​ ​ ​ 390 ​ ​ ​ ​ ​ 22,754 ​ ​
Erste Group Bank AG ​ ​ ​ ​ 22,979 ​ ​ ​ ​ ​ 954,602 ​ ​
OMV AG ​ ​ ​ ​ 788 ​ ​ ​ ​ ​ 44,272 ​ ​
Raiffeisen Bank International
AG
​ ​ ​ ​ 792 ​ ​ ​ ​ ​ 22,805 ​ ​
voestalpine AG ​ ​ ​ ​ 614 ​ ​ ​ ​ ​ 28,088 ​ ​
Total Austria ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,072,521 ​ ​
BELGIUM – 0.6% ​
Ageas ​ ​ ​ ​ 1,180 ​ ​ ​ ​ ​ 63,447 ​ ​
Anheuser-Busch InBev S.A. ​ ​ ​ ​ 16,781 ​ ​ ​ ​ ​ 1,465,555 ​ ​
Colruyt S.A. ​ ​ ​ ​ 453 ​ ​ ​ ​ ​ 25,640 ​ ​
Groupe Bruxelles Lambert
S.A.
​ ​ ​ ​ 512 ​ ​ ​ ​ ​ 53,680 ​ ​
KBC Group N.V. ​ ​ ​ ​ 1,495 ​ ​ ​ ​ ​ 111,263 ​ ​
Proximus SADP ​ ​ ​ ​ 1,106 ​ ​ ​ ​ ​ 26,427 ​ ​
Solvay S.A. ​ ​ ​ ​ 464 ​ ​ ​ ​ ​ 62,223 ​ ​
Telenet Group Holding N.V.(a) ​ ​ ​ ​ 432 ​ ​ ​ ​ ​ 23,785 ​ ​
​
See Notes to Financial Statements.
40   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
BELGIUM –  (continued) ​
UCB S.A. ​ ​ ​ ​ 791 ​ ​ ​ ​ $ 71,083 ​ ​
Umicore S.A. ​ ​ ​ ​ 1,285 ​ ​ ​ ​ ​ 71,867 ​ ​
Total Belgium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,974,970 ​ ​
BRAZIL – 1.0% ​
Ambev S.A. ​ ​ ​ ​ 28,700 ​ ​ ​ ​ ​ 130,333 ​ ​
Atacadao Distribuicao
Comercio e Industria Ltda
​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 13,569 ​ ​
B3 S.A. – Brasil Bolsa Balcao ​ ​ ​ ​ 13,100 ​ ​ ​ ​ ​ 75,904 ​ ​
Banco Bradesco S.A. ​ ​ ​ ​ 6,800 ​ ​ ​ ​ ​ 43,357 ​ ​
Banco do Brasil S.A. ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 43,024 ​ ​
Banco Santander Brasil S.A.,
(Unit)
​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 28,295 ​ ​
BB Seguridade Participacoes
S.A.
​ ​ ​ ​ 116,100 ​ ​ ​ ​ ​ 692,825 ​ ​
BR Malls Participacoes S.A.(a)
 ​ ​ ​ ​ 7,300 ​ ​ ​ ​ ​ 17,389 ​ ​
BRF S.A.(a) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 28,288 ​ ​
CCR S.A. ​ ​ ​ ​ 9,200 ​ ​ ​ ​ ​ 19,272 ​ ​
Centrais Eletricas Brasileiras
S.A.(a)
 ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 11,137 ​ ​
Cia de Saneamento Basico do
Estado de Sao Paulo
​ ​ ​ ​ 73,900 ​ ​ ​ ​ ​ 431,665 ​ ​
Cia Siderurgica Nacional
S.A.(a)
 ​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 14,570 ​ ​
Cielo S.A. ​ ​ ​ ​ 226,300 ​ ​ ​ ​ ​ 686,428 ​ ​
Cosan S.A. Industria e
Comercio
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 12,840 ​ ​
EDP – Energias do Brasil S.A.
​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 10,768 ​ ​
Embraer S.A. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 23,569 ​ ​
Engie Brasil Energia S.A. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 14,057 ​ ​
Equatorial Energia S.A. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 18,496 ​ ​
Fibria Celulose S.A. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 33,660 ​ ​
Hypera S.A. ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 20,480 ​ ​
IRB Brasil Resseguros S/A ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 29,617 ​ ​
JBS S.A. ​ ​ ​ ​ 9,400 ​ ​ ​ ​ ​ 21,833 ​ ​
Klabin S.A., (Unit) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 25,610 ​ ​
Kroton Educacional S.A. ​ ​ ​ ​ 10,400 ​ ​ ​ ​ ​ 29,357 ​ ​
Localiza Rent a Car S.A. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 21,970 ​ ​
Lojas Renner S.A. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 38,380 ​ ​
M Dias Branco S.A. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 11,704 ​ ​
Magazine Luiza S.A. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 27,297 ​ ​
Multiplan Empreendimentos
Imobiliarios S.A.
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 12,509 ​ ​
Natura Cosmeticos S.A. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 16,865 ​ ​
Odontoprev S.A. ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 10,467 ​ ​
Petrobras Distribuidora S.A. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 19,314 ​ ​
Petroleo Brasileiro S.A. ​ ​ ​ ​ 18,600 ​ ​ ​ ​ ​ 111,594 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
BRAZIL –  (continued) ​
Porto Seguro S.A. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 16,149 ​ ​
Raia Drogasil S.A. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 30,489 ​ ​
Rumo S.A.(a) ​ ​ ​ ​ 8,100 ​ ​ ​ ​ ​ 30,045 ​ ​
Sul America S.A., (Unit) ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 15,451 ​ ​
Suzano Papel e Celulose S.A.
​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 36,906 ​ ​
TIM Participacoes S.A. ​ ​ ​ ​ 6,800 ​ ​ ​ ​ ​ 19,751 ​ ​
Ultrapar Participacoes S.A. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 24,033 ​ ​
Vale S.A. ​ ​ ​ ​ 20,700 ​ ​ ​ ​ ​ 306,614 ​ ​
WEG S.A. ​ ​ ​ ​ 6,900 ​ ​ ​ ​ ​ 33,744 ​ ​
Total Brazil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,259,625 ​ ​
BRITAIN – 12.4% ​
3i Group PLC ​ ​ ​ ​ 6,509 ​ ​ ​ ​ ​ 79,850 ​ ​
Admiral Group PLC ​ ​ ​ ​ 1,976 ​ ​ ​ ​ ​ 53,571 ​ ​
AG Barr PLC ​ ​ ​ ​ 69,964 ​ ​ ​ ​ ​ 656,576 ​ ​
Anglo American PLC ​ ​ ​ ​ 7,143 ​ ​ ​ ​ ​ 160,415 ​ ​
Aon PLC ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 1,768,470 ​ ​
Ashtead Group PLC ​ ​ ​ ​ 3,225 ​ ​ ​ ​ ​ 102,438 ​ ​
Associated British Foods PLC
​ ​ ​ ​ 2,376 ​ ​ ​ ​ ​ 70,919 ​ ​
AstraZeneca PLC ​ ​ ​ ​ 8,024 ​ ​ ​ ​ ​ 623,639 ​ ​
Auto Trader Group PLC ​ ​ ​ ​ 8,746 ​ ​ ​ ​ ​ 50,910 ​ ​
Aviva PLC ​ ​ ​ ​ 24,864 ​ ​ ​ ​ ​ 158,636 ​ ​
Babcock International Group
PLC
​ ​ ​ ​ 3,653 ​ ​ ​ ​ ​ 34,424 ​ ​
BAE Systems PLC ​ ​ ​ ​ 19,742 ​ ​ ​ ​ ​ 162,058 ​ ​
Barclays PLC ​ ​ ​ ​ 112,224 ​ ​ ​ ​ ​ 251,267 ​ ​
Barratt Developments PLC ​ ​ ​ ​ 7,428 ​ ​ ​ ​ ​ 54,895 ​ ​
Berkeley Group Holdings PLC
​ ​ ​ ​ 952 ​ ​ ​ ​ ​ 45,650 ​ ​
Bloomsbury Publishing PLC ​ ​ ​ ​ 207,222 ​ ​ ​ ​ ​ 599,607 ​ ​
BP PLC ​ ​ ​ ​ 127,626 ​ ​ ​ ​ ​ 980,287 ​ ​
British American Tobacco PLC
​ ​ ​ ​ 47,109 ​ ​ ​ ​ ​ 2,200,951 ​ ​
British Land Co. PLC (The) ​ ​ ​ ​ 6,675 ​ ​ ​ ​ ​ 53,663 ​ ​
BT Group PLC ​ ​ ​ ​ 52,873 ​ ​ ​ ​ ​ 155,265 ​ ​
Bunzl PLC ​ ​ ​ ​ 2,315 ​ ​ ​ ​ ​ 72,809 ​ ​
Burberry Group PLC ​ ​ ​ ​ 2,827 ​ ​ ​ ​ ​ 74,247 ​ ​
Centrica PLC ​ ​ ​ ​ 38,250 ​ ​ ​ ​ ​ 77,226 ​ ​
Close Brothers Group PLC ​ ​ ​ ​ 38,800 ​ ​ ​ ​ ​ 800,048 ​ ​
CNH Industrial N.V. ​ ​ ​ ​ 6,958 ​ ​ ​ ​ ​ 83,613 ​ ​
Coca-Cola European Partners
PLC
​ ​ ​ ​ 19,800 ​ ​ ​ ​ ​ 900,306 ​ ​
Compass Group PLC ​ ​ ​ ​ 137,143 ​ ​ ​ ​ ​ 3,049,513 ​ ​
ConvaTec Group PLC ​ ​ ​ ​ 12,314 ​ ​ ​ ​ ​ 37,300 ​ ​
Croda International PLC ​ ​ ​ ​ 938 ​ ​ ​ ​ ​ 63,599 ​ ​
Dart Group PLC ​ ​ ​ ​ 62,217 ​ ​ ​ ​ ​ 756,198 ​ ​
Diageo PLC ​ ​ ​ ​ 37,928 ​ ​ ​ ​ ​ 1,344,148 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   41​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
BRITAIN –  (continued) ​
Direct Line Insurance Group
PLC
​ ​ ​ ​ 10,458 ​ ​ ​ ​ $ 44,151 ​ ​
easyJet PLC ​ ​ ​ ​ 1,415 ​ ​ ​ ​ ​ 24,234 ​ ​
Experian PLC ​ ​ ​ ​ 47,468 ​ ​ ​ ​ ​ 1,219,145 ​ ​
Fiat Chrysler Automobiles
N.V.(a)
 ​ ​ ​ ​ 6,845 ​ ​ ​ ​ ​ 120,355 ​ ​
G4S PLC ​ ​ ​ ​ 13,305 ​ ​ ​ ​ ​ 41,967 ​ ​
Genus PLC ​ ​ ​ ​ 21,329 ​ ​ ​ ​ ​ 664,425 ​ ​
GlaxoSmithKline PLC ​ ​ ​ ​ 31,397 ​ ​ ​ ​ ​ 628,903 ​ ​
Gooch & Housego PLC ​ ​ ​ ​ 34,362 ​ ​ ​ ​ ​ 793,857 ​ ​
Hammerson PLC ​ ​ ​ ​ 6,239 ​ ​ ​ ​ ​ 37,138 ​ ​
Hargreaves Lansdown PLC ​ ​ ​ ​ 1,996 ​ ​ ​ ​ ​ 58,145 ​ ​
Howden Joinery Group PLC ​ ​ ​ ​ 94,592 ​ ​ ​ ​ ​ 578,113 ​ ​
HSBC Holdings PLC ​ ​ ​ ​ 128,870 ​ ​ ​ ​ ​ 1,125,058 ​ ​
Imperial Brands PLC ​ ​ ​ ​ 5,839 ​ ​ ​ ​ ​ 203,278 ​ ​
Informa PLC ​ ​ ​ ​ 106,204 ​ ​ ​ ​ ​ 1,055,085 ​ ​
InterContinental Hotels Group
PLC
​ ​ ​ ​ 1,219 ​ ​ ​ ​ ​ 75,947 ​ ​
International Consolidated
Airlines Group S.A.
​ ​ ​ ​ 4,789 ​ ​ ​ ​ ​ 41,157 ​ ​
Intertek Group PLC ​ ​ ​ ​ 1,084 ​ ​ ​ ​ ​ 70,531 ​ ​
ITV PLC ​ ​ ​ ​ 26,054 ​ ​ ​ ​ ​ 53,604 ​ ​
J Sainsbury PLC ​ ​ ​ ​ 13,793 ​ ​ ​ ​ ​ 57,853 ​ ​
John Wood Group PLC ​ ​ ​ ​ 5,328 ​ ​ ​ ​ ​ 53,584 ​ ​
Johnson Matthey PLC ​ ​ ​ ​ 1,348 ​ ​ ​ ​ ​ 62,584 ​ ​
Kingfisher PLC ​ ​ ​ ​ 15,327 ​ ​ ​ ​ ​ 51,541 ​ ​
Land Securities Group PLC ​ ​ ​ ​ 5,213 ​ ​ ​ ​ ​ 60,024 ​ ​
Legal & General Group PLC ​ ​ ​ ​ 37,600 ​ ​ ​ ​ ​ 128,499 ​ ​
Lloyds Banking Group PLC ​ ​ ​ ​ 460,232 ​ ​ ​ ​ ​ 355,541 ​ ​
London Stock Exchange
Group PLC
​ ​ ​ ​ 1,995 ​ ​ ​ ​ ​ 119,249 ​ ​
Marks & Spencer Group PLC ​ ​ ​ ​ 12,304 ​ ​ ​ ​ ​ 46,315 ​ ​
Meggitt PLC ​ ​ ​ ​ 6,155 ​ ​ ​ ​ ​ 45,439 ​ ​
Melrose Industries PLC ​ ​ ​ ​ 332,537 ​ ​ ​ ​ ​ 866,424 ​ ​
Merlin Entertainments PLC ​ ​ ​ ​ 7,920 ​ ​ ​ ​ ​ 41,333 ​ ​
Micro Focus International PLC
​ ​ ​ ​ 3,170 ​ ​ ​ ​ ​ 59,064 ​ ​
Mondi PLC ​ ​ ​ ​ 2,539 ​ ​ ​ ​ ​ 69,628 ​ ​
National Grid PLC ​ ​ ​ ​ 20,476 ​ ​ ​ ​ ​ 211,212 ​ ​
Next PLC ​ ​ ​ ​ 970 ​ ​ ​ ​ ​ 69,461 ​ ​
Pearson PLC ​ ​ ​ ​ 5,491 ​ ​ ​ ​ ​ 63,697 ​ ​
Persimmon PLC ​ ​ ​ ​ 2,097 ​ ​ ​ ​ ​ 64,641 ​ ​
Porvair PLC ​ ​ ​ ​ 108,426 ​ ​ ​ ​ ​ 693,893 ​ ​
Prudential PLC ​ ​ ​ ​ 122,078 ​ ​ ​ ​ ​ 2,799,655 ​ ​
Reckitt Benckiser Group PLC ​ ​ ​ ​ 13,196 ​ ​ ​ ​ ​ 1,206,729 ​ ​
RELX PLC(a) ​ ​ ​ ​ 6,107 ​ ​ ​ ​ ​ 128,303 ​ ​
RELX PLC ​ ​ ​ ​ 57,780 ​ ​ ​ ​ ​ 1,217,017 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
BRITAIN –  (continued) ​
Rio Tinto Ltd. ​ ​ ​ ​ 2,753 ​ ​ ​ ​ $ 156,733 ​ ​
Rio Tinto PLC ​ ​ ​ ​ 7,720 ​ ​ ​ ​ ​ 390,415 ​ ​
Rolls-Royce Holdings PLC ​ ​ ​ ​ 10,669 ​ ​ ​ ​ ​ 137,308 ​ ​
Royal Bank of Scotland Group
PLC
​ ​ ​ ​ 30,976 ​ ​ ​ ​ ​ 100,935 ​ ​
Royal Mail PLC ​ ​ ​ ​ 6,994 ​ ​ ​ ​ ​ 43,492 ​ ​
RSA Insurance Group PLC ​ ​ ​ ​ 110,845 ​ ​ ​ ​ ​ 830,734 ​ ​
Sage Group PLC (The) ​ ​ ​ ​ 7,541 ​ ​ ​ ​ ​ 57,637 ​ ​
Schroders PLC ​ ​ ​ ​ 988 ​ ​ ​ ​ ​ 39,856 ​ ​
Segro PLC ​ ​ ​ ​ 7,169 ​ ​ ​ ​ ​ 59,597 ​ ​
Severn Trent PLC ​ ​ ​ ​ 1,822 ​ ​ ​ ​ ​ 43,910 ​ ​
Sky PLC ​ ​ ​ ​ 6,610 ​ ​ ​ ​ ​ 148,962 ​ ​
Smith & Nephew PLC ​ ​ ​ ​ 5,698 ​ ​ ​ ​ ​ 103,938 ​ ​
Smiths Group PLC ​ ​ ​ ​ 2,778 ​ ​ ​ ​ ​ 54,150 ​ ​
SSE PLC ​ ​ ​ ​ 6,851 ​ ​ ​ ​ ​ 102,333 ​ ​
St James’s Place PLC ​ ​ ​ ​ 3,772 ​ ​ ​ ​ ​ 56,244 ​ ​
Stallergenes Greer PLC(a) ​ ​ ​ ​ 18,190 ​ ​ ​ ​ ​ 649,425 ​ ​
Standard Chartered PLC ​ ​ ​ ​ 17,643 ​ ​ ​ ​ ​ 146,346 ​ ​
Standard Life Aberdeen PLC ​ ​ ​ ​ 17,988 ​ ​ ​ ​ ​ 71,720 ​ ​
SThree PLC ​ ​ ​ ​ 147,595 ​ ​ ​ ​ ​ 725,255 ​ ​
Taylor Wimpey PLC ​ ​ ​ ​ 23,658 ​ ​ ​ ​ ​ 52,976 ​ ​
Tesco PLC ​ ​ ​ ​ 59,635 ​ ​ ​ ​ ​ 186,392 ​ ​
Travis Perkins PLC ​ ​ ​ ​ 2,644 ​ ​ ​ ​ ​ 36,719 ​ ​
Unilever N.V. ​ ​ ​ ​ 26,285 ​ ​ ​ ​ ​ 1,463,806 ​ ​
Unilever PLC ​ ​ ​ ​ 34,979 ​ ​ ​ ​ ​ 1,922,144 ​ ​
United Utilities Group PLC ​ ​ ​ ​ 5,067 ​ ​ ​ ​ ​ 46,494 ​ ​
Vodafone Group PLC ​ ​ ​ ​ 170,084 ​ ​ ​ ​ ​ 364,676 ​ ​
Weir Group PLC (The) ​ ​ ​ ​ 1,817 ​ ​ ​ ​ ​ 41,753 ​ ​
Whitbread PLC ​ ​ ​ ​ 1,271 ​ ​ ​ ​ ​ 78,143 ​ ​
Wm Morrison Supermarkets
PLC
​ ​ ​ ​ 16,546 ​ ​ ​ ​ ​ 55,942 ​ ​
WPP PLC ​ ​ ​ ​ 8,038 ​ ​ ​ ​ ​ 117,811 ​ ​
Total Britain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,115,123 ​ ​
CANADA – 5.6% ​
Agnico Eagle Mines Ltd. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 54,653 ​ ​
Alimentation Couche-Tard,
Inc., Class B
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 140,060 ​ ​
AltaGas Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 30,229 ​ ​
ARC Resources Ltd. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 28,986 ​ ​
Atco Ltd., Class I ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 32,149 ​ ​
Aurora Cannabis, Inc.(a) ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 48,039 ​ ​
Australis Capital, Inc.(a) ​ ​ ​ ​ 147 ​ ​ ​ ​ ​ 263 ​ ​
Bank of Montreal ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 346,431 ​ ​
Bank of Nova Scotia (The) ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 453,005 ​ ​
Barrick Gold Corp. ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 84,082 ​ ​
​
See Notes to Financial Statements.
42   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CANADA –  (continued) ​
BCE, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ $ 40,514 ​ ​
BlackBerry Ltd.(a) ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 40,748 ​ ​
Bombardier, Inc., Class B(a) ​ ​ ​ ​ 13,800 ​ ​ ​ ​ ​ 49,146 ​ ​
Brookfield Asset Management,
Inc., Class A
​ ​ ​ ​ 27,800 ​ ​ ​ ​ ​ 1,237,349 ​ ​
CAE, Inc. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 46,689 ​ ​
Cameco Corp. ​ ​ ​ ​ 37,800 ​ ​ ​ ​ ​ 431,072 ​ ​
Canadian Imperial Bank of
Commerce
​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 271,735 ​ ​
Canadian National Railway
Co.
​ ​ ​ ​ 14,200 ​ ​ ​ ​ ​ 1,274,169 ​ ​
Canadian Natural Resources
Ltd.
​ ​ ​ ​ 8,100 ​ ​ ​ ​ ​ 264,638 ​ ​
Canadian Pacific Railway Ltd.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 190,382 ​ ​
Canadian Tire Corp. Ltd.,
Class A
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 58,584 ​ ​
Canadian Utilities Ltd., Class A
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 24,589 ​ ​
CCL Industries, Inc., Class B ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 45,074 ​ ​
Cenovus Energy, Inc. ​ ​ ​ ​ 6,700 ​ ​ ​ ​ ​ 67,278 ​ ​
CGI Group, Inc., Class A(a) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 103,161 ​ ​
CI Financial Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 30,170 ​ ​
Constellation Software, Inc. ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 73,539 ​ ​
Crescent Point Energy Corp. ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 26,092 ​ ​
Dollarama, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 63,005 ​ ​
Emera, Inc. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 27,983 ​ ​
Empire Co., Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 34,627 ​ ​
Enbridge, Inc. ​ ​ ​ ​ 10,900 ​ ​ ​ ​ ​ 351,730 ​ ​
Encana Corp. ​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 85,197 ​ ​
Fairfax Financial Holdings Ltd.
​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 108,658 ​ ​
Finning International, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 29,311 ​ ​
First Capital Realty, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 30,194 ​ ​
First Quantum Minerals Ltd. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 50,110 ​ ​
Fortis, Inc. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 90,786 ​ ​
Franco-Nevada Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 75,067 ​ ​
George Weston Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 30,278 ​ ​
Gildan Activewear, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 45,639 ​ ​
Goldcorp, Inc. ​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 59,093 ​ ​
Great-West Lifeco, Inc. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 48,527 ​ ​
H&R Real Estate Investment
Trust
​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 24,614 ​ ​
Heroux-Devtek, Inc.(a) ​ ​ ​ ​ 60,265 ​ ​ ​ ​ ​ 722,256 ​ ​
Husky Energy, Inc. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 42,142 ​ ​
Hydro One Ltd. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 42,575 ​ ​
IGM Financial, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 19,239 ​ ​
Imperial Oil Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 61,487 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CANADA –  (continued) ​
Industrial Alliance Insurance &
Financial Services, Inc.
​ ​ ​ ​ 800 ​ ​ ​ ​ $ 31,990 ​ ​
Intact Financial Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 91,464 ​ ​
Inter Pipeline Ltd. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 43,355 ​ ​
Keyera Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 37,513 ​ ​
Kinross Gold Corp.(a) ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 24,527 ​ ​
Laurentian Bank of Canada ​ ​ ​ ​ 19,343 ​ ​ ​ ​ ​ 637,953 ​ ​
Linamar Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,429 ​ ​
Loblaw Cos. Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 61,651 ​ ​
Lundin Mining Corp. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 26,478 ​ ​
Magna International, Inc. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 115,565 ​ ​
Manulife Financial Corp. ​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 232,393 ​ ​
Methanex Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 39,469 ​ ​
Metro, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 59,104 ​ ​
National Bank of Canada ​ ​ ​ ​ 27,400 ​ ​ ​ ​ ​ 1,368,462 ​ ​
Nutrien Ltd. ​ ​ ​ ​ 3,900 ​ ​ ​ ​ ​ 225,186 ​ ​
Onex Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 54,708 ​ ​
Open Text Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 72,299 ​ ​
Pembina Pipeline Corp. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 108,735 ​ ​
Power Corp. of Canada ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 49,966 ​ ​
Power Financial Corp. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 38,945 ​ ​
PrairieSky Royalty Ltd. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 36,890 ​ ​
Restaurant Brands
International, Inc.
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 88,817 ​ ​
RioCan Real Estate
Investment Trust
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 22,929 ​ ​
Rogers Communications, Inc.,
Class B
​ ​ ​ ​ 21,500 ​ ​ ​ ​ ​ 1,105,752 ​ ​
Royal Bank of Canada ​ ​ ​ ​ 9,100 ​ ​ ​ ​ ​ 729,465 ​ ​
Saputo, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 50,566 ​ ​
Seven Generations Energy
Ltd., Class A(a)
 ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 32,191 ​ ​
Shaw Communications, Inc.,
Class B
​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 60,409 ​ ​
ShawCor Ltd. ​ ​ ​ ​ 33,921 ​ ​ ​ ​ ​ 648,403 ​ ​
Shopify, Inc., Class A(a) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 98,618 ​ ​
SmartCentres Real Estate
Investment Trust
​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,173 ​ ​
SNC-Lavalin Group, Inc. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 61,166 ​ ​
Sun Life Financial, Inc. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 151,070 ​ ​
Suncor Energy, Inc. ​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 2,321,682 ​ ​
Teck Resources Ltd., Class B ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 77,123 ​ ​
TELUS Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 58,976 ​ ​
Thomson Reuters Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 86,700 ​ ​
Toronto-Dominion Bank (The) ​ ​ ​ ​ 11,700 ​ ​ ​ ​ ​ 710,977 ​ ​
Tourmaline Oil Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 35,211 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   43​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CANADA –  (continued) ​
TransCanada Corp. ​ ​ ​ ​ 5,900 ​ ​ ​ ​ $ 238,713 ​ ​
Turquoise Hill Resources
Ltd.(a)
 ​ ​ ​ ​ 11,400 ​ ​ ​ ​ ​ 24,271 ​ ​
Vermilion Energy, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 36,245 ​ ​
West Fraser Timber Co., Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 22,765 ​ ​
Wheaton Precious Metals
Corp.
​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 50,741 ​ ​
WSP Global, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 43,783 ​ ​
Total Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,681,172 ​ ​
CHILE – 0.1% ​
Aguas Andinas S.A., Class A ​ ​ ​ ​ 13,997 ​ ​ ​ ​ ​ 7,756 ​ ​
Antofagasta PLC ​ ​ ​ ​ 3,095 ​ ​ ​ ​ ​ 34,491 ​ ​
Banco de Chile ​ ​ ​ ​ 136,055 ​ ​ ​ ​ ​ 20,827 ​ ​
Banco de Credito e
Inversiones S.A.
​ ​ ​ ​ 236 ​ ​ ​ ​ ​ 15,714 ​ ​
Banco Santander Chile ​ ​ ​ ​ 353,053 ​ ​ ​ ​ ​ 28,208 ​ ​
Cencosud S.A. ​ ​ ​ ​ 7,663 ​ ​ ​ ​ ​ 18,232 ​ ​
Cia Cervecerias Unidas S.A. ​ ​ ​ ​ 791 ​ ​ ​ ​ ​ 11,026 ​ ​
Colbun S.A. ​ ​ ​ ​ 42,241 ​ ​ ​ ​ ​ 9,074 ​ ​
Empresa Nacional de
Telecomunicaciones S.A.
​ ​ ​ ​ 808 ​ ​ ​ ​ ​ 6,854 ​ ​
Empresas CMPC S.A. ​ ​ ​ ​ 6,691 ​ ​ ​ ​ ​ 26,954 ​ ​
Empresas COPEC S.A. ​ ​ ​ ​ 2,087 ​ ​ ​ ​ ​ 32,201 ​ ​
Enel Americas S.A. ​ ​ ​ ​ 153,768 ​ ​ ​ ​ ​ 23,655 ​ ​
Enel Chile S.A. ​ ​ ​ ​ 150,167 ​ ​ ​ ​ ​ 15,032 ​ ​
Itau CorpBanca ​ ​ ​ ​ 822,850 ​ ​ ​ ​ ​ 8,452 ​ ​
Latam Airlines Group S.A. ​ ​ ​ ​ 1,623 ​ ​ ​ ​ ​ 15,425 ​ ​
SACI Falabella ​ ​ ​ ​ 3,899 ​ ​ ​ ​ ​ 31,710 ​ ​
Total Chile ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 305,611 ​ ​
CHINA – 4.5% ​
3SBio, Inc. ​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 9,246 ​ ​
51job, Inc., ADR(a) ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 15,398 ​ ​
58.com, Inc., ADR(a) ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 368,000 ​ ​
AAC Technologies Holdings,
Inc.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 41,541 ​ ​
Agile Group Holdings Ltd. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 11,302 ​ ​
Agricultural Bank of China
Ltd., Class H
​ ​ ​ ​ 177,000 ​ ​ ​ ​ ​ 86,823 ​ ​
Air China Ltd., Class H ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 9,657 ​ ​
Alibaba Group Holding Ltd.,
ADR(a)
 ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 1,219,224 ​ ​
Aluminum Corp. of China Ltd.,
Class H(a)
 ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 9,780 ​ ​
Angang Steel Co., Ltd.,
Class H
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,730 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
Anhui Conch Cement Co.,
Ltd., Class H
​ ​ ​ ​ 6,500 ​ ​ ​ ​ $ 39,232 ​ ​
ANTA Sports Products Ltd. ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 28,780 ​ ​
Autohome, Inc., ADR ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 23,223 ​ ​
AviChina Industry &
Technology Co., Ltd.,
Class H
​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 7,251 ​ ​
BAIC Motor Corp. Ltd.,
Class H
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 7,208 ​ ​
Baidu, Inc., ADR(a) ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 411,624 ​ ​
Bank of China Ltd., Class H ​ ​ ​ ​ 512,000 ​ ​ ​ ​ ​ 227,604 ​ ​
Bank of Communications Co.,
Ltd., Class H
​ ​ ​ ​ 47,000 ​ ​ ​ ​ ​ 35,242 ​ ​
BBMG Corp., Class H ​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 9,586 ​ ​
Beijing Capital International
Airport Co., Ltd., Class H
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 12,148 ​ ​
BYD Co., Ltd., Class H ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 25,127 ​ ​
BYD Electronic International
Co., Ltd.
​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 5,151 ​ ​
CGN Power Co., Ltd., Class H
​ ​ ​ ​ 57,000 ​ ​ ​ ​ ​ 13,543 ​ ​
China Cinda Asset
Management Co., Ltd.,
Class H
​ ​ ​ ​ 47,000 ​ ​ ​ ​ ​ 11,888 ​ ​
China CITIC Bank Corp. Ltd.,
Class H
​ ​ ​ ​ 48,000 ​ ​ ​ ​ ​ 30,719 ​ ​
China Coal Energy Co., Ltd.,
Class H
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 10,539 ​ ​
China Communications
Construction Co., Ltd.,
Class H
​ ​ ​ ​ 24,000 ​ ​ ​ ​ ​ 24,526 ​ ​
China Communications
Services Corp. Ltd., Class H
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,052 ​ ​
China Conch Venture Holdings
Ltd.
​ ​ ​ ​ 8,500 ​ ​ ​ ​ ​ 29,642 ​ ​
China Construction Bank
Corp., Class H
​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 532,986 ​ ​
China Eastern Airlines Corp.
Ltd., Class H
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 8,978 ​ ​
China Everbright Bank Co.,
Ltd., Class H
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 6,206 ​ ​
China Evergrande Group ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 50,470 ​ ​
China Galaxy Securities Co.,
Ltd., Class H
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 8,393 ​ ​
China Huarong Asset
Management Co., Ltd.,
Class H
​ ​ ​ ​ 54,000 ​ ​ ​ ​ ​ 9,933 ​ ​
China International Capital
Corp. Ltd., Class H
​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 14,038 ​ ​
China Life Insurance Co., Ltd.,
Class H
​ ​ ​ ​ 44,000 ​ ​ ​ ​ ​ 99,934 ​ ​
​
See Notes to Financial Statements.
44   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
China Literature Ltd.(a) ​ ​ ​ ​ 800 ​ ​ ​ ​ $ 5,028 ​ ​
China Longyuan Power Group
Corp. Ltd., Class H
​ ​ ​ ​ 17,000 ​ ​ ​ ​ ​ 14,289 ​ ​
China Medical System
Holdings Ltd.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 9,729 ​ ​
China Merchants Bank Co.,
Ltd., Class H
​ ​ ​ ​ 26,500 ​ ​ ​ ​ ​ 107,647 ​ ​
China Minsheng Banking
Corp. Ltd., Class H
​ ​ ​ ​ 35,400 ​ ​ ​ ​ ​ 26,273 ​ ​
China Molybdenum Co., Ltd.,
Class H
​ ​ ​ ​ 21,000 ​ ​ ​ ​ ​ 8,799 ​ ​
China National Building
Material Co., Ltd., Class H
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 17,756 ​ ​
China Oilfield Services Ltd.,
Class H
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 10,845 ​ ​
China Pacific Insurance Group
Co., Ltd., Class H
​ ​ ​ ​ 14,200 ​ ​ ​ ​ ​ 54,780 ​ ​
China Petroleum & Chemical
Corp., Class H
​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 170,253 ​ ​
China Railway Construction
Corp. Ltd., Class H
​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 14,164 ​ ​
China Railway Group Ltd.,
Class H
​ ​ ​ ​ 21,000 ​ ​ ​ ​ ​ 20,817 ​ ​
China Railway Signal &
Communication Corp. Ltd.,
Class H
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 11,323 ​ ​
China Reinsurance Group
Corp., Class H
​ ​ ​ ​ 59,000 ​ ​ ​ ​ ​ 11,682 ​ ​
China Resources
Pharmaceutical Group Ltd.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 15,865 ​ ​
China Shenhua Energy Co.,
Ltd., Class H
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 41,112 ​ ​
China Southern Airlines Co.,
Ltd., Class H
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 6,400 ​ ​
China Telecom Corp. Ltd.,
Class H
​ ​ ​ ​ 74,000 ​ ​ ​ ​ ​ 36,771 ​ ​
China Tower Corp. Ltd.,
Class H(a)
 ​ ​ ​ ​ 258,000 ​ ​ ​ ​ ​ 37,901 ​ ​
China Vanke Co., Ltd., Class H
​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 20,843 ​ ​
China Zhongwang Holdings
Ltd.
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 9,785 ​ ​
Chongqing Rural Commercial
Bank Co., Ltd., Class H
​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 7,107 ​ ​
CIFI Holdings Group Co., Ltd.
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 8,278 ​ ​
CITIC Securities Co., Ltd.,
Class H
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 21,338 ​ ​
CNOOC Ltd. ​ ​ ​ ​ 117,000 ​ ​ ​ ​ ​ 231,658 ​ ​
COSCO SHIPPING Holdings
Co., Ltd., Class H(a)
 ​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 5,397 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
Country Garden Holdings Co.,
Ltd.
​ ​ ​ ​ 40,000 ​ ​ ​ ​ $ 50,432 ​ ​
CRRC Corp. Ltd. ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 20,094 ​ ​
CSPC Pharmaceutical Group
Ltd.
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 55,199 ​ ​
Ctrip.com International Ltd.,
ADR(a)
 ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 100,359 ​ ​
Dali Foods Group Co., Ltd. ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 7,192 ​ ​
Datang International Power
Generation Co., Ltd.,
Class H
​ ​ ​ ​ 36,000 ​ ​ ​ ​ ​ 9,105 ​ ​
Dongfeng Motor Group Co.,
Ltd., Class H
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 14,414 ​ ​
ENN Energy Holdings Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 34,745 ​ ​
Fosun International Ltd. ​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 24,680 ​ ​
Future Land Development
Holdings Ltd.
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 5,181 ​ ​
Fuyao Glass Industry Group
Co., Ltd., Class H
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 10,176 ​ ​
GDS Holdings Ltd., ADR(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 14,052 ​ ​
Geely Automobile Holdings
Ltd.
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 51,812 ​ ​
Genscript Biotech Corp.(a) ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 10,132 ​ ​
GF Securities Co., Ltd.,
Class H
​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 9,234 ​ ​
GOME Retail Holdings Ltd.(a) ​ ​ ​ ​ 58,000 ​ ​ ​ ​ ​ 5,927 ​ ​
Great Wall Motor Co., Ltd.,
Class H
​ ​ ​ ​ 16,500 ​ ​ ​ ​ ​ 10,518 ​ ​
Greatview Aseptic Packaging
Co., Ltd.
​ ​ ​ ​ 1,095,000 ​ ​ ​ ​ ​ 697,982 ​ ​
Greentown China Holdings
Ltd.
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 8,404 ​ ​
Guangzhou Automobile Group
Co., Ltd., Class H
​ ​ ​ ​ 16,800 ​ ​ ​ ​ ​ 18,606 ​ ​
Guangzhou R&F Properties
Co., Ltd.
​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 9,552 ​ ​
Guotai Junan Securities Co.,
Ltd., Class H
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 6,170 ​ ​
Haitian International Holdings
Ltd.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 6,676 ​ ​
Haitong Securities Co., Ltd.,
Class H
​ ​ ​ ​ 17,200 ​ ​ ​ ​ ​ 15,644 ​ ​
Hengan International Group
Co., Ltd.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 36,892 ​ ​
Huaneng Power International,
Inc., Class H
​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 14,473 ​ ​
Huaneng Renewables Corp.
Ltd., Class H
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 7,739 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   45​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
Huatai Securities Co., Ltd.,
Class H(a)
 ​ ​ ​ ​ 8,800 ​ ​ ​ ​ $ 12,613 ​ ​
Huazhu Group Ltd., ADR ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 25,840 ​ ​
Industrial & Commercial Bank
of China Ltd., Class H
​ ​ ​ ​ 444,000 ​ ​ ​ ​ ​ 324,421 ​ ​
Inner Mongolia Yitai Coal Co.,
Ltd., Class B
​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 12,600 ​ ​
JD.com, Inc., ADR(a) ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 109,578 ​ ​
Jiangsu Expressway Co., Ltd.,
Class H
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 7,695 ​ ​
Jiangxi Copper Co., Ltd.,
Class H
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 8,164 ​ ​
Kaisa Group Holdings Ltd. ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 8,016 ​ ​
Kingdee International Software
Group Co., Ltd.
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 15,237 ​ ​
Kingsoft Corp. Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 7,624 ​ ​
KWG Property Holding Ltd. ​ ​ ​ ​ 9,500 ​ ​ ​ ​ ​ 8,689 ​ ​
Legend Holdings Corp.,
Class H
​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 11,343 ​ ​
Lenovo Group Ltd. ​ ​ ​ ​ 38,000 ​ ​ ​ ​ ​ 27,766 ​ ​
Logan Property Holdings Co.,
Ltd.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 11,292 ​ ​
Longfor Properties Co., Ltd. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 20,643 ​ ​
Luye Pharma Group Ltd. ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 10,761 ​ ​
Meitu, Inc.(a) ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 4,900 ​ ​
Metallurgical Corp. of China
Ltd., Class H
​ ​ ​ ​ 35,000 ​ ​ ​ ​ ​ 9,836 ​ ​
Minth Group Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 16,504 ​ ​
Momo, Inc., ADR(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 48,180 ​ ​
NetEase, Inc., ADR ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 114,125 ​ ​
New China Life Insurance Co.,
Ltd., Class H
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 21,105 ​ ​
New Oriental Education &
Technology Group, Inc.,
ADR
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 66,609 ​ ​
Noah Holdings Ltd., ADR(a) ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ 4,214 ​ ​
People’s Insurance Co. Group
of China Ltd. (The), Class H
​ ​ ​ ​ 37,000 ​ ​ ​ ​ ​ 16,637 ​ ​
PetroChina Co., Ltd., Class H ​ ​ ​ ​ 142,000 ​ ​ ​ ​ ​ 115,003 ​ ​
PICC Property & Casualty Co.,
Ltd., Class H
​ ​ ​ ​ 36,000 ​ ​ ​ ​ ​ 42,492 ​ ​
Ping An Insurance Group Co.
of China Ltd., Class H
​ ​ ​ ​ 193,500 ​ ​ ​ ​ ​ 1,965,069 ​ ​
Postal Savings Bank of China
Co., Ltd., Class H
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 8,817 ​ ​
Semiconductor Manufacturing
International Corp.(a)
 ​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 17,250 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
Shandong Weigao Group
Medical Polymer Co., Ltd.,
Class H
​ ​ ​ ​ 12,000 ​ ​ ​ ​ $ 11,849 ​ ​
Shanghai Electric Group Co.,
Ltd., Class H
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 5,702 ​ ​
Shanghai Fosun
Pharmaceutical Group Co.,
Ltd., Class H
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 9,852 ​ ​
Shanghai Lujiazui Finance &
Trade Zone Development
Co., Ltd., Class B
​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 6,713 ​ ​
Shanghai Pharmaceuticals
Holding Co., Ltd., Class H
​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 11,743 ​ ​
Shenzhou International Group
Holdings Ltd.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 51,301 ​ ​
Shui On Land Ltd. ​ ​ ​ ​ 42,500 ​ ​ ​ ​ ​ 9,881 ​ ​
Sihuan Pharmaceutical
Holdings Group Ltd.
​ ​ ​ ​ 47,000 ​ ​ ​ ​ ​ 9,606 ​ ​
SINA Corp.(a) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,792 ​ ​
Sino-Ocean Group Holding
Ltd.
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 7,051 ​ ​
Sinopec Engineering Group
Co., Ltd., Class H
​ ​ ​ ​ 13,500 ​ ​ ​ ​ ​ 15,417 ​ ​
Sinopec Shanghai
Petrochemical Co., Ltd.,
Class H
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 10,991 ​ ​
Sinopharm Group Co., Ltd.,
Class H
​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 31,312 ​ ​
Sinotrans Ltd., Class H ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 8,965 ​ ​
Sinotruk Hong Kong Ltd. ​ ​ ​ ​ 7,500 ​ ​ ​ ​ ​ 16,325 ​ ​
SOHO China Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 4,272 ​ ​
Sunac China Holdings Ltd. ​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 40,021 ​ ​
Sunny Optical Technology
Group Co., Ltd.
​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 43,833 ​ ​
TAL Education Group, ADR(a) ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 51,420 ​ ​
Tencent Holdings Ltd. ​ ​ ​ ​ 97,100 ​ ​ ​ ​ ​ 4,008,855 ​ ​
Tingyi Cayman Islands
Holding Corp.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 18,369 ​ ​
Tong Ren Tang Technologies
Co., Ltd., Class H
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 10,247 ​ ​
TravelSky Technology Ltd.,
Class H
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 12,998 ​ ​
Tsingtao Brewery Co., Ltd.,
Class H
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 9,402 ​ ​
Uni-President China Holdings
Ltd.
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 12,800 ​ ​
Vipshop Holdings Ltd., ADR(a)
 ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 13,728 ​ ​
Want Want China Holdings
Ltd.
​ ​ ​ ​ 27,000 ​ ​ ​ ​ ​ 22,729 ​ ​
​
See Notes to Financial Statements.
46   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
CHINA –  (continued) ​
Weibo Corp., ADR(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ $ 21,939 ​ ​
Weichai Power Co., Ltd.,
Class H
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 12,391 ​ ​
Wuxi Biologics Cayman, Inc.(a)
 ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 30,332 ​ ​
Xinyi Solar Holdings Ltd. ​ ​ ​ ​ 37,411 ​ ​ ​ ​ ​ 11,517 ​ ​
Yangzijiang Shipbuilding
Holdings Ltd.
​ ​ ​ ​ 12,800 ​ ​ ​ ​ ​ 11,610 ​ ​
Yanzhou Coal Mining Co.,
Ltd., Class H
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 11,586 ​ ​
Yestar Healthcare Holdings
Co., Ltd.
​ ​ ​ ​ 1,930,000 ​ ​ ​ ​ ​ 537,457 ​ ​
Yum China Holdings, Inc. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 73,731 ​ ​
Yuzhou Properties Co., Ltd. ​ ​ ​ ​ 19,000 ​ ​ ​ ​ ​ 7,718 ​ ​
YY, Inc., ADR(a) ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 22,476 ​ ​
Zhejiang Expressway Co.,
Ltd., Class H
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 6,653 ​ ​
ZhongAn Online P&C
Insurance Co., Ltd.,
Class H(a)
 ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 7,346 ​ ​
Zhongsheng Group Holdings
Ltd.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 7,304 ​ ​
Zhuzhou CRRC Times Electric
Co., Ltd., Class H
​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 16,559 ​ ​
Zijin Mining Group Co., Ltd.,
Class H
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 11,535 ​ ​
ZTE Corp., Class H(a) ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 14,654 ​ ​
Total China ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,018,959 ​ ​
COLOMBIA – 0.0%(b) ​
Bancolombia S.A. ​ ​ ​ ​ 1,808 ​ ​ ​ ​ ​ 19,466 ​ ​
Cementos Argos S.A. ​ ​ ​ ​ 4,456 ​ ​ ​ ​ ​ 11,581 ​ ​
Ecopetrol S.A. ​ ​ ​ ​ 33,853 ​ ​ ​ ​ ​ 46,047 ​ ​
Grupo Argos S.A. ​ ​ ​ ​ 2,532 ​ ​ ​ ​ ​ 13,930 ​ ​
Grupo de Inversiones
Suramericana S.A.
​ ​ ​ ​ 1,799 ​ ​ ​ ​ ​ 21,106 ​ ​
Interconexion Electrica S.A.
ESP
​ ​ ​ ​ 3,772 ​ ​ ​ ​ ​ 17,034 ​ ​
Total Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 129,164 ​ ​
CZECH – 0.0%(b) ​
CEZ A/S ​ ​ ​ ​ 864 ​ ​ ​ ​ ​ 22,095 ​ ​
Komercni banka A/S ​ ​ ​ ​ 407 ​ ​ ​ ​ ​ 16,708 ​ ​
Moneta Money Bank A/S ​ ​ ​ ​ 2,599 ​ ​ ​ ​ ​ 9,568 ​ ​
Total Czech ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 48,371 ​ ​
DENMARK – 1.3% ​
AP Moller – Maersk A/S,
Class A
​ ​ ​ ​ 26 ​ ​ ​ ​ ​ 34,105 ​ ​
AP Moller – Maersk A/S,
Class B
​ ​ ​ ​ 42 ​ ​ ​ ​ ​ 58,983 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
DENMARK –  (continued) ​
Brodrene Hartmann A/S ​ ​ ​ ​ 10,574 ​ ​ ​ ​ $ 581,143 ​ ​
Carlsberg A/S, Class B ​ ​ ​ ​ 11,320 ​ ​ ​ ​ ​ 1,357,787 ​ ​
Chr Hansen Holding A/S ​ ​ ​ ​ 637 ​ ​ ​ ​ ​ 64,663 ​ ​
Coloplast A/S, Class B ​ ​ ​ ​ 754 ​ ​ ​ ​ ​ 77,103 ​ ​
Danske Bank A/S ​ ​ ​ ​ 4,542 ​ ​ ​ ​ ​ 119,297 ​ ​
DSV A/S ​ ​ ​ ​ 1,179 ​ ​ ​ ​ ​ 107,200 ​ ​
Genmab A/S(a) ​ ​ ​ ​ 398 ​ ​ ​ ​ ​ 62,586 ​ ​
H Lundbeck A/S ​ ​ ​ ​ 494 ​ ​ ​ ​ ​ 30,511 ​ ​
ISS A/S ​ ​ ​ ​ 1,152 ​ ​ ​ ​ ​ 40,535 ​ ​
Novo Nordisk A/S, Class B ​ ​ ​ ​ 11,520 ​ ​ ​ ​ ​ 542,379 ​ ​
Novozymes A/S, Class B ​ ​ ​ ​ 1,438 ​ ​ ​ ​ ​ 78,942 ​ ​
Orsted A/S ​ ​ ​ ​ 1,209 ​ ​ ​ ​ ​ 82,126 ​ ​
Pandora A/S ​ ​ ​ ​ 731 ​ ​ ​ ​ ​ 45,650 ​ ​
Royal Unibrew A/S ​ ​ ​ ​ 8,686 ​ ​ ​ ​ ​ 715,392 ​ ​
Tryg A/S ​ ​ ​ ​ 966 ​ ​ ​ ​ ​ 24,049 ​ ​
Vestas Wind Systems A/S ​ ​ ​ ​ 1,288 ​ ​ ​ ​ ​ 87,111 ​ ​
William Demant Holding A/S(a)
 ​ ​ ​ ​ 761 ​ ​ ​ ​ ​ 28,602 ​ ​
Total Denmark ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,138,164 ​ ​
EGYPT – 0.0%(b) ​
Commercial International Bank
Egypt SAE
​ ​ ​ ​ 5,597 ​ ​ ​ ​ ​ 26,236 ​ ​
Eastern Tobacco ​ ​ ​ ​ 4,815 ​ ​ ​ ​ ​ 5,025 ​ ​
Total Egypt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31,261 ​ ​
FINLAND – 0.8% ​
Elisa Oyj ​ ​ ​ ​ 934 ​ ​ ​ ​ ​ 39,614 ​ ​
Fortum Oyj ​ ​ ​ ​ 2,764 ​ ​ ​ ​ ​ 69,285 ​ ​
Kone Oyj, Class B ​ ​ ​ ​ 2,026 ​ ​ ​ ​ ​ 108,252 ​ ​
Metso Oyj ​ ​ ​ ​ 772 ​ ​ ​ ​ ​ 27,374 ​ ​
Neste Oyj ​ ​ ​ ​ 802 ​ ​ ​ ​ ​ 66,299 ​ ​
Nokia Oyj ​ ​ ​ ​ 35,307 ​ ​ ​ ​ ​ 195,825 ​ ​
Nokian Renkaat Oyj ​ ​ ​ ​ 805 ​ ​ ​ ​ ​ 32,984 ​ ​
Orion Oyj, Class B ​ ​ ​ ​ 806 ​ ​ ​ ​ ​ 30,526 ​ ​
Sampo Oyj, Class A ​ ​ ​ ​ 23,714 ​ ​ ​ ​ ​ 1,227,978 ​ ​
Stora Enso Oyj, Class R ​ ​ ​ ​ 3,409 ​ ​ ​ ​ ​ 65,208 ​ ​
UPM-Kymmene Oyj ​ ​ ​ ​ 3,178 ​ ​ ​ ​ ​ 124,716 ​ ​
Vaisala Oyj, Class A ​ ​ ​ ​ 24,759 ​ ​ ​ ​ ​ 534,684 ​ ​
Wartsila Oyj Abp ​ ​ ​ ​ 2,811 ​ ​ ​ ​ ​ 54,798 ​ ​
Total Finland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,577,543 ​ ​
FRANCE – 8.0% ​
Accor S.A. ​ ​ ​ ​ 1,312 ​ ​ ​ ​ ​ 67,360 ​ ​
Aeroports de Paris ​ ​ ​ ​ 222 ​ ​ ​ ​ ​ 49,978 ​ ​
Air Liquide S.A. ​ ​ ​ ​ 8,588 ​ ​ ​ ​ ​ 1,129,726 ​ ​
Airbus SE ​ ​ ​ ​ 3,701 ​ ​ ​ ​ ​ 464,855 ​ ​
Alstom S.A. ​ ​ ​ ​ 1,145 ​ ​ ​ ​ ​ 51,169 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   47​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FRANCE –  (continued) ​
Amundi S.A. ​ ​ ​ ​ 12,354 ​ ​ ​ ​ $ 925,737 ​ ​
Arkema S.A. ​ ​ ​ ​ 492 ​ ​ ​ ​ ​ 60,951 ​ ​
Atos SE ​ ​ ​ ​ 633 ​ ​ ​ ​ ​ 75,332 ​ ​
AXA S.A. ​ ​ ​ ​ 12,168 ​ ​ ​ ​ ​ 327,055 ​ ​
BioMerieux ​ ​ ​ ​ 372 ​ ​ ​ ​ ​ 31,011 ​ ​
BNP Paribas S.A. ​ ​ ​ ​ 7,287 ​ ​ ​ ​ ​ 445,957 ​ ​
Bollore S.A. ​ ​ ​ ​ 7,558 ​ ​ ​ ​ ​ 32,644 ​ ​
Bouygues S.A. ​ ​ ​ ​ 1,523 ​ ​ ​ ​ ​ 65,833 ​ ​
Bureau Veritas S.A. ​ ​ ​ ​ 1,976 ​ ​ ​ ​ ​ 51,001 ​ ​
Capgemini SE ​ ​ ​ ​ 10,707 ​ ​ ​ ​ ​ 1,347,560 ​ ​
Carrefour S.A. ​ ​ ​ ​ 4,141 ​ ​ ​ ​ ​ 79,331 ​ ​
Casino Guichard Perrachon
S.A.
​ ​ ​ ​ 797 ​ ​ ​ ​ ​ 33,517 ​ ​
Cie de Saint-Gobain ​ ​ ​ ​ 20,403 ​ ​ ​ ​ ​ 879,925 ​ ​
Cie Generale des
Etablissements Michelin
SCA
​ ​ ​ ​ 6,769 ​ ​ ​ ​ ​ 809,100 ​ ​
CNP Assurances ​ ​ ​ ​ 1,719 ​ ​ ​ ​ ​ 41,434 ​ ​
Coface S.A.(a) ​ ​ ​ ​ 64,953 ​ ​ ​ ​ ​ 616,130 ​ ​
Covivio ​ ​ ​ ​ 330 ​ ​ ​ ​ ​ 34,387 ​ ​
Credit Agricole S.A. ​ ​ ​ ​ 7,399 ​ ​ ​ ​ ​ 106,403 ​ ​
Danone S.A. ​ ​ ​ ​ 3,941 ​ ​ ​ ​ ​ 305,199 ​ ​
Dassault Aviation S.A. ​ ​ ​ ​ 18 ​ ​ ​ ​ ​ 33,313 ​ ​
Dassault Systemes SE ​ ​ ​ ​ 8,932 ​ ​ ​ ​ ​ 1,335,202 ​ ​
Edenred ​ ​ ​ ​ 1,597 ​ ​ ​ ​ ​ 60,873 ​ ​
Eiffage S.A. ​ ​ ​ ​ 543 ​ ​ ​ ​ ​ 60,624 ​ ​
Electricite de France S.A. ​ ​ ​ ​ 4,265 ​ ​ ​ ​ ​ 74,897 ​ ​
Engie S.A. ​ ​ ​ ​ 11,269 ​ ​ ​ ​ ​ 165,707 ​ ​
Essilor International Cie
Generale d’Optique S.A.
​ ​ ​ ​ 1,284 ​ ​ ​ ​ ​ 190,001 ​ ​
Eurazeo S.A. ​ ​ ​ ​ 394 ​ ​ ​ ​ ​ 31,038 ​ ​
Eutelsat Communications S.A.
​ ​ ​ ​ 1,535 ​ ​ ​ ​ ​ 36,286 ​ ​
Faurecia S.A. ​ ​ ​ ​ 779 ​ ​ ​ ​ ​ 46,887 ​ ​
Gecina S.A. ​ ​ ​ ​ 366 ​ ​ ​ ​ ​ 61,107 ​ ​
Getlink ​ ​ ​ ​ 3,531 ​ ​ ​ ​ ​ 45,096 ​ ​
Hermes International ​ ​ ​ ​ 201 ​ ​ ​ ​ ​ 133,162 ​ ​
ICADE ​ ​ ​ ​ 379 ​ ​ ​ ​ ​ 35,027 ​ ​
Iliad S.A. ​ ​ ​ ​ 241 ​ ​ ​ ​ ​ 31,479 ​ ​
Imerys S.A. ​ ​ ​ ​ 342 ​ ​ ​ ​ ​ 25,254 ​ ​
Ingenico Group S.A. ​ ​ ​ ​ 480 ​ ​ ​ ​ ​ 36,470 ​ ​
Ipsen S.A. ​ ​ ​ ​ 292 ​ ​ ​ ​ ​ 49,091 ​ ​
JCDecaux S.A. ​ ​ ​ ​ 1,098 ​ ​ ​ ​ ​ 40,157 ​ ​
Kering S.A. ​ ​ ​ ​ 497 ​ ​ ​ ​ ​ 266,420 ​ ​
Klepierre S.A. ​ ​ ​ ​ 1,609 ​ ​ ​ ​ ​ 57,034 ​ ​
L’Oreal S.A. ​ ​ ​ ​ 1,612 ​ ​ ​ ​ ​ 388,734 ​ ​
Lectra ​ ​ ​ ​ 25,643 ​ ​ ​ ​ ​ 668,400 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
FRANCE –  (continued) ​
Legrand S.A. ​ ​ ​ ​ 1,691 ​ ​ ​ ​ $ 123,258 ​ ​
LVMH Moet Hennessy Louis
Vuitton SE
​ ​ ​ ​ 5,462 ​ ​ ​ ​ ​ 1,931,669 ​ ​
Natixis S.A. ​ ​ ​ ​ 7,008 ​ ​ ​ ​ ​ 47,551 ​ ​
Orange S.A. ​ ​ ​ ​ 12,191 ​ ​ ​ ​ ​ 194,410 ​ ​
Pernod Ricard S.A. ​ ​ ​ ​ 1,293 ​ ​ ​ ​ ​ 212,125 ​ ​
Peugeot S.A. ​ ​ ​ ​ 3,877 ​ ​ ​ ​ ​ 104,567 ​ ​
Publicis Groupe S.A. ​ ​ ​ ​ 1,409 ​ ​ ​ ​ ​ 84,217 ​ ​
Remy Cointreau S.A. ​ ​ ​ ​ 224 ​ ​ ​ ​ ​ 29,181 ​ ​
Renault S.A. ​ ​ ​ ​ 1,228 ​ ​ ​ ​ ​ 106,220 ​ ​
Rexel S.A. ​ ​ ​ ​ 2,542 ​ ​ ​ ​ ​ 38,176 ​ ​
Robertet S.A. ​ ​ ​ ​ 1,065 ​ ​ ​ ​ ​ 667,720 ​ ​
Safran S.A. ​ ​ ​ ​ 20,905 ​ ​ ​ ​ ​ 2,929,602 ​ ​
Sanofi ​ ​ ​ ​ 7,120 ​ ​ ​ ​ ​ 632,897 ​ ​
Schneider Electric SE ​ ​ ​ ​ 3,381 ​ ​ ​ ​ ​ 272,038 ​ ​
SCOR SE ​ ​ ​ ​ 1,263 ​ ​ ​ ​ ​ 58,656 ​ ​
SEB S.A. ​ ​ ​ ​ 211 ​ ​ ​ ​ ​ 35,914 ​ ​
Societe BIC S.A. ​ ​ ​ ​ 303 ​ ​ ​ ​ ​ 27,739 ​ ​
Societe Generale S.A. ​ ​ ​ ​ 23,680 ​ ​ ​ ​ ​ 1,016,441 ​ ​
Sodexo S.A. ​ ​ ​ ​ 641 ​ ​ ​ ​ ​ 67,978 ​ ​
Suez ​ ​ ​ ​ 2,870 ​ ​ ​ ​ ​ 40,786 ​ ​
Teleperformance ​ ​ ​ ​ 405 ​ ​ ​ ​ ​ 76,412 ​ ​
Thales S.A. ​ ​ ​ ​ 705 ​ ​ ​ ​ ​ 100,149 ​ ​
TOTAL S.A. ​ ​ ​ ​ 26,891 ​ ​ ​ ​ ​ 1,743,426 ​ ​
Ubisoft Entertainment S.A.(a) ​ ​ ​ ​ 553 ​ ​ ​ ​ ​ 59,981 ​ ​
Unibail-Rodamco-Westfield(a) ​ ​ ​ ​ 5,747 ​ ​ ​ ​ ​ 58,658 ​ ​
Unibail-Rodamco-Westfield ​ ​ ​ ​ 612 ​ ​ ​ ​ ​ 123,084 ​ ​
Valeo S.A. ​ ​ ​ ​ 16,552 ​ ​ ​ ​ ​ 718,742 ​ ​
Veolia Environnement S.A. ​ ​ ​ ​ 3,763 ​ ​ ​ ​ ​ 75,104 ​ ​
Vinci S.A. ​ ​ ​ ​ 15,367 ​ ​ ​ ​ ​ 1,463,390 ​ ​
Vivendi S.A. ​ ​ ​ ​ 6,439 ​ ​ ​ ​ ​ 165,743 ​ ​
Wendel S.A. ​ ​ ​ ​ 299 ​ ​ ​ ​ ​ 44,505 ​ ​
Total France ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,154,193 ​ ​
GERMANY – 4.5% ​
1&1 Drillisch AG ​ ​ ​ ​ 434 ​ ​ ​ ​ ​ 21,113 ​ ​
adidas AG ​ ​ ​ ​ 1,231 ​ ​ ​ ​ ​ 301,430 ​ ​
Allianz SE ​ ​ ​ ​ 2,789 ​ ​ ​ ​ ​ 621,729 ​ ​
Axel Springer SE ​ ​ ​ ​ 410 ​ ​ ​ ​ ​ 27,586 ​ ​
BASF SE ​ ​ ​ ​ 12,927 ​ ​ ​ ​ ​ 1,148,931 ​ ​
Bayer AG ​ ​ ​ ​ 5,913 ​ ​ ​ ​ ​ 525,263 ​ ​
Bayerische Motoren Werke AG
​ ​ ​ ​ 2,027 ​ ​ ​ ​ ​ 182,887 ​ ​
Beiersdorf AG ​ ​ ​ ​ 683 ​ ​ ​ ​ ​ 77,064 ​ ​
Brenntag AG ​ ​ ​ ​ 1,092 ​ ​ ​ ​ ​ 67,400 ​ ​
Commerzbank AG(a) ​ ​ ​ ​ 6,839 ​ ​ ​ ​ ​ 71,265 ​ ​
Continental AG ​ ​ ​ ​ 680 ​ ​ ​ ​ ​ 118,388 ​ ​
​
See Notes to Financial Statements.
48   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
GERMANY –  (continued) ​
Covestro AG ​ ​ ​ ​ 1,238 ​ ​ ​ ​ $ 100,415 ​ ​
Daimler AG ​ ​ ​ ​ 5,802 ​ ​ ​ ​ ​ 366,124 ​ ​
Delivery Hero AG(a) ​ ​ ​ ​ 776 ​ ​ ​ ​ ​ 37,318 ​ ​
Deutsche Bank AG ​ ​ ​ ​ 12,360 ​ ​ ​ ​ ​ 141,038 ​ ​
Deutsche Boerse AG ​ ​ ​ ​ 1,199 ​ ​ ​ ​ ​ 160,648 ​ ​
Deutsche Lufthansa AG ​ ​ ​ ​ 1,781 ​ ​ ​ ​ ​ 43,755 ​ ​
Deutsche Post AG ​ ​ ​ ​ 6,005 ​ ​ ​ ​ ​ 214,113 ​ ​
Deutsche Telekom AG ​ ​ ​ ​ 20,897 ​ ​ ​ ​ ​ 336,884 ​ ​
Deutsche Wohnen SE ​ ​ ​ ​ 2,336 ​ ​ ​ ​ ​ 112,069 ​ ​
E.ON SE ​ ​ ​ ​ 13,809 ​ ​ ​ ​ ​ 140,769 ​ ​
Evonik Industries AG ​ ​ ​ ​ 1,269 ​ ​ ​ ​ ​ 45,454 ​ ​
Fraport AG Frankfurt Airport
Services Worldwide
​ ​ ​ ​ 353 ​ ​ ​ ​ ​ 31,190 ​ ​
Fresenius Medical Care AG &
Co. KGaA
​ ​ ​ ​ 1,359 ​ ​ ​ ​ ​ 139,768 ​ ​
Fresenius SE & Co. KGaA ​ ​ ​ ​ 16,354 ​ ​ ​ ​ ​ 1,200,790 ​ ​
GEA Group AG ​ ​ ​ ​ 1,312 ​ ​ ​ ​ ​ 46,735 ​ ​
Gerresheimer AG ​ ​ ​ ​ 8,541 ​ ​ ​ ​ ​ 721,428 ​ ​
Hannover Rueck SE ​ ​ ​ ​ 438 ​ ​ ​ ​ ​ 61,889 ​ ​
HeidelbergCement AG ​ ​ ​ ​ 989 ​ ​ ​ ​ ​ 77,302 ​ ​
Henkel AG & Co. KGaA ​ ​ ​ ​ 703 ​ ​ ​ ​ ​ 74,643 ​ ​
Hochtief AG ​ ​ ​ ​ 178 ​ ​ ​ ​ ​ 29,512 ​ ​
Hugo Boss AG ​ ​ ​ ​ 493 ​ ​ ​ ​ ​ 37,961 ​ ​
Infineon Technologies AG ​ ​ ​ ​ 6,952 ​ ​ ​ ​ ​ 157,962 ​ ​
Innogy SE(a) ​ ​ ​ ​ 1,077 ​ ​ ​ ​ ​ 45,704 ​ ​
K+S AG ​ ​ ​ ​ 1,543 ​ ​ ​ ​ ​ 32,390 ​ ​
KION Group AG ​ ​ ​ ​ 550 ​ ​ ​ ​ ​ 33,806 ​ ​
KWS S.A.A. t SE ​ ​ ​ ​ 1,728 ​ ​ ​ ​ ​ 667,093 ​ ​
Lanxess AG ​ ​ ​ ​ 642 ​ ​ ​ ​ ​ 47,020 ​ ​
Linde AG ​ ​ ​ ​ 1,214 ​ ​ ​ ​ ​ 287,118 ​ ​
MAN SE ​ ​ ​ ​ 312 ​ ​ ​ ​ ​ 33,925 ​ ​
Merck KGaA ​ ​ ​ ​ 866 ​ ​ ​ ​ ​ 89,487 ​ ​
METRO AG ​ ​ ​ ​ 1,714 ​ ​ ​ ​ ​ 26,866 ​ ​
MTU Aero Engines AG ​ ​ ​ ​ 362 ​ ​ ​ ​ ​ 81,580 ​ ​
Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
​ ​ ​ ​ 949 ​ ​ ​ ​ ​ 210,175 ​ ​
OSRAM Licht AG ​ ​ ​ ​ 771 ​ ​ ​ ​ ​ 30,669 ​ ​
ProSiebenSat.1 Media SE ​ ​ ​ ​ 1,762 ​ ​ ​ ​ ​ 45,764 ​ ​
Puma SE ​ ​ ​ ​ 69 ​ ​ ​ ​ ​ 34,048 ​ ​
RWE AG ​ ​ ​ ​ 3,506 ​ ​ ​ ​ ​ 86,501 ​ ​
SAF-Holland S.A. ​ ​ ​ ​ 37,600 ​ ​ ​ ​ ​ 568,395 ​ ​
SAP SE ​ ​ ​ ​ 24,116 ​ ​ ​ ​ ​ 2,967,989 ​ ​
Siemens AG ​ ​ ​ ​ 4,844 ​ ​ ​ ​ ​ 620,566 ​ ​
Siemens Healthineers AG(a) ​ ​ ​ ​ 1,150 ​ ​ ​ ​ ​ 50,571 ​ ​
Symrise AG ​ ​ ​ ​ 847 ​ ​ ​ ​ ​ 77,316 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
GERMANY –  (continued) ​
Telefonica Deutschland
Holding AG
​ ​ ​ ​ 7,077 ​ ​ ​ ​ $ 29,917 ​ ​
thyssenkrupp AG ​ ​ ​ ​ 2,936 ​ ​ ​ ​ ​ 74,108 ​ ​
TUI AG ​ ​ ​ ​ 3,048 ​ ​ ​ ​ ​ 58,519 ​ ​
Uniper SE ​ ​ ​ ​ 1,559 ​ ​ ​ ​ ​ 47,985 ​ ​
United Internet AG ​ ​ ​ ​ 886 ​ ​ ​ ​ ​ 41,919 ​ ​
Volkswagen AG ​ ​ ​ ​ 250 ​ ​ ​ ​ ​ 43,568 ​ ​
Vonovia SE ​ ​ ​ ​ 3,046 ​ ​ ​ ​ ​ 148,818 ​ ​
Wirecard AG ​ ​ ​ ​ 743 ​ ​ ​ ​ ​ 161,059 ​ ​
Zalando SE(a) ​ ​ ​ ​ 856 ​ ​ ​ ​ ​ 33,304 ​ ​
Total Germany ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,117,003 ​ ​
GREECE – 0.0%(b) ​
Alpha Bank AE(a) ​ ​ ​ ​ 7,437 ​ ​ ​ ​ ​ 10,698 ​ ​
Eurobank Ergasias S.A.(a) ​ ​ ​ ​ 9,946 ​ ​ ​ ​ ​ 7,495 ​ ​
Hellenic Telecommunications
Organization S.A.
​ ​ ​ ​ 1,312 ​ ​ ​ ​ ​ 16,101 ​ ​
JUMBO S.A. ​ ​ ​ ​ 546 ​ ​ ​ ​ ​ 8,114 ​ ​
National Bank of Greece
S.A.(a)
 ​ ​ ​ ​ 2,937 ​ ​ ​ ​ ​ 5,967 ​ ​
OPAP S.A. ​ ​ ​ ​ 1,195 ​ ​ ​ ​ ​ 12,543 ​ ​
Piraeus Bank S.A.(a) ​ ​ ​ ​ 1,519 ​ ​ ​ ​ ​ 3,316 ​ ​
Titan Cement Co. S.A. ​ ​ ​ ​ 248 ​ ​ ​ ​ ​ 6,148 ​ ​
Total Greece ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 70,382 ​ ​
HONG KONG – 3.3% ​
AIA Group Ltd. ​ ​ ​ ​ 167,000 ​ ​ ​ ​ ​ 1,491,157 ​ ​
Alibaba Health Information
Technology Ltd.(a)
 ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 17,636 ​ ​
Alibaba Pictures Group Ltd.(a)
 ​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 9,568 ​ ​
ASM Pacific Technology Ltd. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 16,290 ​ ​
Bank of East Asia Ltd. (The) ​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 24,618 ​ ​
Beijing Enterprises Holdings
Ltd.
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 14,020 ​ ​
Beijing Enterprises Water
Group Ltd.
​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 15,980 ​ ​
BOC Hong Kong Holdings Ltd.
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 118,799 ​ ​
Brilliance China Automotive
Holdings Ltd.
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 25,875 ​ ​
China Agri-Industries Holdings
Ltd.
​ ​ ​ ​ 27,000 ​ ​ ​ ​ ​ 10,416 ​ ​
China Everbright International
Ltd.
​ ​ ​ ​ 17,814 ​ ​ ​ ​ ​ 15,383 ​ ​
China Everbright Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 7,164 ​ ​
China First Capital Group
Ltd.(a)
 ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 11,803 ​ ​
China Gas Holdings Ltd. ​ ​ ​ ​ 9,400 ​ ​ ​ ​ ​ 26,597 ​ ​
China Jinmao Holdings Group
Ltd.
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 12,733 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   49​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HONG KONG –  (continued) ​
China Mengniu Dairy Co., Ltd.
​ ​ ​ ​ 15,000 ​ ​ ​ ​ $ 49,915 ​ ​
China Merchants Port
Holdings Co., Ltd.
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 15,309 ​ ​
China Mobile Ltd. ​ ​ ​ ​ 39,000 ​ ​ ​ ​ ​ 384,353 ​ ​
China Overseas Land &
Investment Ltd.
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 81,371 ​ ​
China Power International
Development Ltd.
​ ​ ​ ​ 49,000 ​ ​ ​ ​ ​ 10,891 ​ ​
China Resources Beer
Holdings Co., Ltd.
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 32,140 ​ ​
China Resources Cement
Holdings Ltd.
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 16,292 ​ ​
China Resources Gas Group
Ltd.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 16,274 ​ ​
China Resources Land Ltd. ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 63,002 ​ ​
China Resources Power
Holdings Co., Ltd.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 17,679 ​ ​
China State Construction
International Holdings Ltd.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 10,564 ​ ​
China Taiping Insurance
Holdings Co., Ltd.
​ ​ ​ ​ 8,600 ​ ​ ​ ​ ​ 30,156 ​ ​
China Traditional Chinese
Medicine Holdings Co., Ltd.
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 10,873 ​ ​
China Travel International
Investment Hong Kong Ltd.
​ ​ ​ ​ 26,000 ​ ​ ​ ​ ​ 8,370 ​ ​
China Unicom Hong Kong Ltd.
​ ​ ​ ​ 32,000 ​ ​ ​ ​ ​ 37,689 ​ ​
Chong Sing Holdings FinTech
Gr(a)
 ​ ​ ​ ​ 124,000 ​ ​ ​ ​ ​ 6,653 ​ ​
CITIC Ltd. ​ ​ ​ ​ 31,000 ​ ​ ​ ​ ​ 46,173 ​ ​
CK Asset Holdings Ltd. ​ ​ ​ ​ 15,500 ​ ​ ​ ​ ​ 116,324 ​ ​
CK Hutchison Holdings Ltd. ​ ​ ​ ​ 17,500 ​ ​ ​ ​ ​ 201,639 ​ ​
CK Infrastructure Holdings
Ltd.
​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 27,720 ​ ​
CLP Holdings Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 128,782 ​ ​
COSCO SHIPPING Ports Ltd.
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 8,799 ​ ​
Dairy Farm International
Holdings Ltd.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 20,700 ​ ​
Far East Horizon Ltd. ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 11,420 ​ ​
Fullshare Holdings Ltd. ​ ​ ​ ​ 37,500 ​ ​ ​ ​ ​ 18,012 ​ ​
Galaxy Entertainment Group
Ltd.
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 101,477 ​ ​
GCL-Poly Energy Holdings
Ltd.(a)
 ​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 4,918 ​ ​
Guangdong Investment Ltd. ​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 28,410 ​ ​
Haier Electronics Group Co.,
Ltd.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 19,001 ​ ​
Hang Lung Group Ltd. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 13,285 ​ ​
Hang Lung Properties Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 21,499 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HONG KONG –  (continued) ​
Hang Seng Bank Ltd. ​ ​ ​ ​ 4,500 ​ ​ ​ ​ $ 122,210 ​ ​
Henderson Land Development
Co., Ltd.
​ ​ ​ ​ 6,600 ​ ​ ​ ​ ​ 33,176 ​ ​
HK Electric Investments & HK
Electric Investments Ltd.
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 14,128 ​ ​
HKT Trust & HKT Ltd. ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 27,490 ​ ​
Hong Kong & China Gas Co.,
Ltd.
​ ​ ​ ​ 54,500 ​ ​ ​ ​ ​ 108,188 ​ ​
Hong Kong Exchanges &
Clearing Ltd.
​ ​ ​ ​ 7,700 ​ ​ ​ ​ ​ 220,327 ​ ​
Hongkong Land Holdings Ltd.
​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 41,706 ​ ​
Hysan Development Co., Ltd.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 15,156 ​ ​
Jardine Matheson Holdings
Ltd.
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 94,125 ​ ​
Jardine Strategic Holdings
Ltd.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 43,560 ​ ​
Jiayuan International Group
Ltd.
​ ​ ​ ​ 8,107 ​ ​ ​ ​ ​ 13,877 ​ ​
Kerry Properties Ltd. ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 11,870 ​ ​
Kingboard Chemical Holdings
Ltd.
​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 11,423 ​ ​
Kingboard Laminates Holdings
Ltd.
​ ​ ​ ​ 5,500 ​ ​ ​ ​ ​ 4,876 ​ ​
Kunlun Energy Co., Ltd. ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 20,947 ​ ​
Lee & Man Paper
Manufacturing Ltd.
​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 7,419 ​ ​
Li & Fung Ltd. ​ ​ ​ ​ 32,000 ​ ​ ​ ​ ​ 7,154 ​ ​
Link REIT ​ ​ ​ ​ 14,500 ​ ​ ​ ​ ​ 142,715 ​ ​
Mandarin Oriental International
Ltd.
​ ​ ​ ​ 272,900 ​ ​ ​ ​ ​ 559,445 ​ ​
Melco Resorts &
Entertainment Ltd., ADR
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 27,495 ​ ​
MTR Corp. Ltd. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 42,103 ​ ​
New World Development Co.,
Ltd.
​ ​ ​ ​ 32,000 ​ ​ ​ ​ ​ 43,657 ​ ​
Nine Dragons Paper Holdings
Ltd.
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 9,726 ​ ​
NWS Holdings Ltd. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 15,819 ​ ​
PCCW Ltd. ​ ​ ​ ​ 23,000 ​ ​ ​ ​ ​ 13,397 ​ ​
Pico Far East Holdings Ltd. ​ ​ ​ ​ 1,468,000 ​ ​ ​ ​ ​ 577,573 ​ ​
Power Assets Holdings Ltd. ​ ​ ​ ​ 7,500 ​ ​ ​ ​ ​ 52,214 ​ ​
Shanghai Industrial Holdings
Ltd.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 6,645 ​ ​
Shangri-La Asia Ltd. ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 8,921 ​ ​
Shenzhen International
Holdings Ltd.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 14,450 ​ ​
Shenzhen Investment Ltd. ​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 10,858 ​ ​
Shimao Property Holdings Ltd.
​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 16,208 ​ ​
​
See Notes to Financial Statements.
50   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
HONG KONG –  (continued) ​
Sino Biopharmaceutical Ltd. ​ ​ ​ ​ 36,000 ​ ​ ​ ​ $ 33,570 ​ ​
Sino Land Co., Ltd. ​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 27,429 ​ ​
Sitoy Group Holdings Ltd. ​ ​ ​ ​ 2,776,000 ​ ​ ​ ​ ​ 833,330 ​ ​
SJM Holdings Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 10,173 ​ ​
Skyworth Digital Holdings Ltd.
​ ​ ​ ​ 24,000 ​ ​ ​ ​ ​ 6,775 ​ ​
SmarTone
Telecommunications
Holdings Ltd.
​ ​ ​ ​ 631,000 ​ ​ ​ ​ ​ 839,899 ​ ​
SSY Group Ltd. ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 7,726 ​ ​
Sun Art Retail Group Ltd. ​ ​ ​ ​ 13,000 ​ ​ ​ ​ ​ 16,905 ​ ​
Sun Hung Kai Properties Ltd. ​ ​ ​ ​ 9,500 ​ ​ ​ ​ ​ 138,343 ​ ​
Swire Pacific Ltd., Class A ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 27,384 ​ ​
Swire Properties Ltd. ​ ​ ​ ​ 6,200 ​ ​ ​ ​ ​ 23,483 ​ ​
Techtronic Industries Co., Ltd.
​ ​ ​ ​ 84,000 ​ ​ ​ ​ ​ 536,512 ​ ​
Towngas China Co., Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 9,625 ​ ​
Vinda International Holdings
Ltd.
​ ​ ​ ​ 371,000 ​ ​ ​ ​ ​ 639,790 ​ ​
Vitasoy International Holdings
Ltd.
​ ​ ​ ​ 232,000 ​ ​ ​ ​ ​ 791,278 ​ ​
Wasion Group Holdings Ltd. ​ ​ ​ ​ 1,156,000 ​ ​ ​ ​ ​ 584,767 ​ ​
WH Group Ltd. ​ ​ ​ ​ 47,000 ​ ​ ​ ​ ​ 33,081 ​ ​
Wharf Holdings Ltd. (The) ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 19,046 ​ ​
Wharf Real Estate Investment
Co., Ltd.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 45,156 ​ ​
Wheelock & Co., Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 23,990 ​ ​
Yue Yuen Industrial Holdings
Ltd.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 11,113 ​ ​
Yuexiu Property Co., Ltd. ​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 6,080 ​ ​
Total Hong Kong ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,382,042 ​ ​
HUNGARY – 0.0%(b) ​
MOL Hungarian Oil & Gas PLC
​ ​ ​ ​ 1,974 ​ ​ ​ ​ ​ 21,267 ​ ​
OTP Bank Nyrt ​ ​ ​ ​ 1,274 ​ ​ ​ ​ ​ 47,215 ​ ​
Richter Gedeon Nyrt ​ ​ ​ ​ 748 ​ ​ ​ ​ ​ 13,995 ​ ​
Total Hungary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 82,477 ​ ​
INDIA – 1.4% ​
Dr Reddy’s Laboratories Ltd.,
ADR
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 207,600 ​ ​
GAIL India Ltd., GDR ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 253,600 ​ ​
ICICI Bank Ltd., ADR ​ ​ ​ ​ 190,200 ​ ​ ​ ​ ​ 1,614,798 ​ ​
Infosys Ltd., ADR ​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 406,800 ​ ​
Larsen & Toubro Ltd., GDR ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 208,080 ​ ​
Mahindra & Mahindra Ltd.,
GDR
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 187,200 ​ ​
Reliance Industries Ltd., GDR
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 480,900 ​ ​
State Bank of India, GDR(a) ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 221,700 ​ ​
Tata Motors Ltd., ADR(a) ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 184,320 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
INDIA –  (continued) ​
Tata Steel Ltd., GDR ​ ​ ​ ​ 27,000 ​ ​ ​ ​ $ 213,840 ​ ​
Vedanta Ltd., ADR ​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 230,400 ​ ​
Wipro Ltd., ADR ​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 208,400 ​ ​
Total India ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,417,638 ​ ​
INDONESIA – 0.4% ​
Adaro Energy Tbk PT ​ ​ ​ ​ 77,000 ​ ​ ​ ​ ​ 9,482 ​ ​
Astra International Tbk PT ​ ​ ​ ​ 108,400 ​ ​ ​ ​ ​ 53,467 ​ ​
Bank Central Asia Tbk PT ​ ​ ​ ​ 66,400 ​ ​ ​ ​ ​ 107,611 ​ ​
Bank Danamon Indonesia Tbk
PT
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 8,697 ​ ​
Bank Mandiri Persero Tbk PT ​ ​ ​ ​ 99,900 ​ ​ ​ ​ ​ 45,085 ​ ​
Bank Negara Indonesia
Persero Tbk PT
​ ​ ​ ​ 39,900 ​ ​ ​ ​ ​ 19,814 ​ ​
Bank Rakyat Indonesia
Persero Tbk PT
​ ​ ​ ​ 297,100 ​ ​ ​ ​ ​ 62,803 ​ ​
Charoen Pokphand Indonesia
Tbk PT
​ ​ ​ ​ 39,500 ​ ​ ​ ​ ​ 13,453 ​ ​
Gudang Garam Tbk PT ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 12,920 ​ ​
Hanjaya Mandala Sampoerna
Tbk PT
​ ​ ​ ​ 49,800 ​ ​ ​ ​ ​ 12,866 ​ ​
Indah Kiat Pulp & Paper Corp.
Tbk PT
​ ​ ​ ​ 16,200 ​ ​ ​ ​ ​ 18,862 ​ ​
Indocement Tunggal Prakarsa
Tbk PT
​ ​ ​ ​ 9,900 ​ ​ ​ ​ ​ 12,291 ​ ​
Indofood CBP Sukses
Makmur Tbk PT
​ ​ ​ ​ 12,500 ​ ​ ​ ​ ​ 7,403 ​ ​
Indofood Sukses Makmur Tbk
PT
​ ​ ​ ​ 23,500 ​ ​ ​ ​ ​ 9,304 ​ ​
Kalbe Farma Tbk PT ​ ​ ​ ​ 112,900 ​ ​ ​ ​ ​ 10,455 ​ ​
Matahari Department Store
Tbk PT
​ ​ ​ ​ 13,300 ​ ​ ​ ​ ​ 6,181 ​ ​
Perusahaan Gas Negara
Persero Tbk
​ ​ ​ ​ 58,400 ​ ​ ​ ​ ​ 8,818 ​ ​
Semen Indonesia Persero Tbk
PT
​ ​ ​ ​ 15,900 ​ ​ ​ ​ ​ 10,590 ​ ​
Surya Citra Media Tbk PT ​ ​ ​ ​ 31,300 ​ ​ ​ ​ ​ 3,938 ​ ​
Telekomunikasi Indonesia
Persero Tbk PT
​ ​ ​ ​ 269,800 ​ ​ ​ ​ ​ 65,904 ​ ​
Telekomunikasi Indonesia
Persero Tbk PT, ADR
​ ​ ​ ​ 28,100 ​ ​ ​ ​ ​ 687,888 ​ ​
Unilever Indonesia Tbk PT ​ ​ ​ ​ 8,200 ​ ​ ​ ​ ​ 25,877 ​ ​
United Tractors Tbk PT ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 19,931 ​ ​
Total Indonesia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,233,640 ​ ​
IRELAND – 2.0% ​
Accenture PLC, Class A ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 1,293,520 ​ ​
AerCap Holdings N.V.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 57,520 ​ ​
CRH PLC ​ ​ ​ ​ 4,981 ​ ​ ​ ​ ​ 163,085 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   51​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
IRELAND –  (continued) ​
DCC PLC ​ ​ ​ ​ 638 ​ ​ ​ ​ $ 57,919 ​ ​
Grafton Group PLC, (Unit) ​ ​ ​ ​ 66,907 ​ ​ ​ ​ ​ 660,590 ​ ​
Irish Continental Group PLC,
(Unit)
​ ​ ​ ​ 106,255 ​ ​ ​ ​ ​ 641,511 ​ ​
James Hardie Industries PLC ​ ​ ​ ​ 2,362 ​ ​ ​ ​ ​ 35,786 ​ ​
Kerry Group PLC, Class A ​ ​ ​ ​ 995 ​ ​ ​ ​ ​ 109,806 ​ ​
Medtronic PLC ​ ​ ​ ​ 22,400 ​ ​ ​ ​ ​ 2,203,488 ​ ​
Paddy Power Betfair PLC ​ ​ ​ ​ 430 ​ ​ ​ ​ ​ 36,374 ​ ​
Ryanair Holdings PLC, ADR(a)
 ​ ​ ​ ​ 10,240 ​ ​ ​ ​ ​ 983,450 ​ ​
Total Ireland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,243,049 ​ ​
ISLE OF MAN – 0.0%(b) ​
GVC Holdings PLC ​ ​ ​ ​ 4,004 ​ ​ ​ ​
​
47,935
 ​ ​
ISRAEL – 0.3% ​
Azrieli Group Ltd. ​ ​ ​ ​ 227 ​ ​ ​ ​ ​ 11,658 ​ ​
Bank Hapoalim BM ​ ​ ​ ​ 5,709 ​ ​ ​ ​ ​ 41,812 ​ ​
Bank Leumi Le-Israel BM ​ ​ ​ ​ 54,204 ​ ​ ​ ​ ​ 357,496 ​ ​
Bezeq The Israeli
Telecommunication Corp.
Ltd.
​ ​ ​ ​ 11,102 ​ ​ ​ ​ ​ 12,767 ​ ​
Check Point Software
Technologies Ltd.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 105,903 ​ ​
Elbit Systems Ltd. ​ ​ ​ ​ 126 ​ ​ ​ ​ ​ 15,976 ​ ​
Frutarom Industries Ltd. ​ ​ ​ ​ 207 ​ ​ ​ ​ ​ 21,426 ​ ​
Israel Chemicals Ltd. ​ ​ ​ ​ 3,764 ​ ​ ​ ​ ​ 22,973 ​ ​
Mizrahi Tefahot Bank Ltd. ​ ​ ​ ​ 747 ​ ​ ​ ​ ​ 13,086 ​ ​
Nice Ltd.(a) ​ ​ ​ ​ 325 ​ ​ ​ ​ ​ 36,767 ​ ​
Teva Pharmaceutical
Industries Ltd., ADR
​ ​ ​ ​ 6,300 ​ ​ ​ ​ ​ 135,702 ​ ​
Total Israel ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 775,566 ​ ​
ITALY – 1.0% ​
Assicurazioni Generali SpA ​ ​ ​ ​ 7,517 ​ ​ ​ ​ ​ 129,867 ​ ​
Atlantia SpA ​ ​ ​ ​ 3,297 ​ ​ ​ ​ ​ 68,406 ​ ​
Banca IFIS SpA ​ ​ ​ ​ 26,621 ​ ​ ​ ​ ​ 599,622 ​ ​
Biesse SpA ​ ​ ​ ​ 17,904 ​ ​ ​ ​ ​ 636,927 ​ ​
Davide Campari-Milano SpA ​ ​ ​ ​ 4,870 ​ ​ ​ ​ ​ 41,474 ​ ​
Enel SpA ​ ​ ​ ​ 53,222 ​ ​ ​ ​ ​ 272,633 ​ ​
Eni SpA ​ ​ ​ ​ 16,609 ​ ​ ​ ​ ​ 313,980 ​ ​
Ferrari N.V. ​ ​ ​ ​ 798 ​ ​ ​ ​ ​ 109,885 ​ ​
Intesa Sanpaolo SpA ​ ​ ​ ​ 91,952 ​ ​ ​ ​ ​ 234,981 ​ ​
Leonardo SpA ​ ​ ​ ​ 3,508 ​ ​ ​ ​ ​ 42,277 ​ ​
Luxottica Group SpA ​ ​ ​ ​ 1,174 ​ ​ ​ ​ ​ 79,767 ​ ​
Mediobanca Banca di Credito
Finanziario SpA
​ ​ ​ ​ 4,838 ​ ​ ​ ​ ​ 48,330 ​ ​
Moncler SpA ​ ​ ​ ​ 1,287 ​ ​ ​ ​ ​ 55,438 ​ ​
Pirelli & C SpA(a) ​ ​ ​ ​ 3,701 ​ ​ ​ ​ ​ 31,059 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
ITALY –  (continued) ​
Poste Italiane SpA ​ ​ ​ ​ 4,376 ​ ​ ​ ​ $ 34,966 ​ ​
Prysmian SpA ​ ​ ​ ​ 1,853 ​ ​ ​ ​ ​ 43,158 ​ ​
Recordati SpA ​ ​ ​ ​ 918 ​ ​ ​ ​ ​ 31,080 ​ ​
Snam SpA ​ ​ ​ ​ 16,109 ​ ​ ​ ​ ​ 67,126 ​ ​
Telecom Italia SpA/Milano(a) ​ ​ ​ ​ 81,443 ​ ​ ​ ​ ​ 49,455 ​ ​
Telecom Italia SpA/Milano ​ ​ ​ ​ 52,245 ​ ​ ​ ​ ​ 28,109 ​ ​
Terna Rete Elettrica Nazionale
SpA
​ ​ ​ ​ 10,390 ​ ​ ​ ​ ​ 55,503 ​ ​
UniCredit SpA ​ ​ ​ ​ 12,374 ​ ​ ​ ​ ​ 186,252 ​ ​
Total Italy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,160,295 ​ ​
JAPAN – 16.0% ​
ABC-Mart, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 16,687 ​ ​
Acom Co., Ltd. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 15,318 ​ ​
Aeon Co., Ltd. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 86,736 ​ ​
AEON Financial Service Co.,
Ltd.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 18,638 ​ ​
Aeon Mall Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,462 ​ ​
Air Water, Inc. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 20,186 ​ ​
Aisin Seiki Co., Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 48,671 ​ ​
Ajinomoto Co., Inc. ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 49,784 ​ ​
Alfresa Holdings Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 34,783 ​ ​
Alps Electric Co., Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 27,940 ​ ​
Amada Holdings Co., Ltd. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 25,622 ​ ​
ANA Holdings, Inc. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 27,953 ​ ​
Aozora Bank Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 28,587 ​ ​
Ariake Japan Co., Ltd. ​ ​ ​ ​ 7,700 ​ ​ ​ ​ ​ 767,831 ​ ​
Asahi Glass Co., Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 45,648 ​ ​
Asahi Group Holdings Ltd. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 91,027 ​ ​
Asahi Kasei Corp. ​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 112,218 ​ ​
Asics Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 17,891 ​ ​
Astellas Pharma, Inc. ​ ​ ​ ​ 58,700 ​ ​ ​ ​ ​ 1,023,969 ​ ​
Bandai Namco Holdings, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 50,515 ​ ​
Bank of Kyoto Ltd. (The) ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 20,877 ​ ​
Benesse Holdings, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 17,083 ​ ​
Bridgestone Corp. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 151,135 ​ ​
Brother Industries Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 29,625 ​ ​
Calbee, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 19,750 ​ ​
Canon, Inc. ​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 206,522 ​ ​
Casio Computer Co., Ltd. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 22,882 ​ ​
Central Japan Railway Co. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 187,414 ​ ​
Chiba Bank Ltd. (The) ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 25,270 ​ ​
Chubu Electric Power Co., Inc.
​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 57,475 ​ ​
Chugai Pharmaceutical Co.,
Ltd.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 83,524 ​ ​
​
See Notes to Financial Statements.
52   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Chugoku Electric Power Co.,
Inc. (The)
​ ​ ​ ​ 2,000 ​ ​ ​ ​ $ 25,700 ​ ​
Coca-Cola Bottlers Japan
Holdings, Inc.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 24,080 ​ ​
Concordia Financial Group
Ltd.
​ ​ ​ ​ 6,500 ​ ​ ​ ​ ​ 31,865 ​ ​
Credit Saison Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 19,571 ​ ​
CyberAgent, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 31,949 ​ ​
CYBERDYNE, Inc.(a) ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 8,684 ​ ​
Dai Nippon Printing Co., Ltd. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 37,205 ​ ​
Dai-ichi Life Holdings, Inc. ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 149,900 ​ ​
Daicel Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 23,235 ​ ​
Daifuku Co., Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 35,672 ​ ​
Daiichi Sankyo Co., Ltd. ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 164,716 ​ ​
Daikin Industries Ltd. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 212,991 ​ ​
Daiseki Co., Ltd. ​ ​ ​ ​ 26,600 ​ ​ ​ ​ ​ 735,117 ​ ​
Daito Trust Construction Co.,
Ltd.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 51,452 ​ ​
Daiwa House Industry Co.,
Ltd.
​ ​ ​ ​ 57,900 ​ ​ ​ ​ ​ 1,716,311 ​ ​
Daiwa House REIT Investment
Corp.
​ ​ ​ ​ 12 ​ ​ ​ ​ ​ 27,449 ​ ​
Daiwa Securities Group, Inc. ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 60,834 ​ ​
DeNA Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,898 ​ ​
Denso Corp. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 137,277 ​ ​
Dentsu, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 60,297 ​ ​
Disco Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 33,480 ​ ​
Don Quijote Holdings Co., Ltd.
​ ​ ​ ​ 42,200 ​ ​ ​ ​ ​ 2,135,628 ​ ​
East Japan Railway Co. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 185,795 ​ ​
Eisai Co., Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 146,013 ​ ​
Electric Power Development
Co., Ltd.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 27,680 ​ ​
EPS Holdings, Inc. ​ ​ ​ ​ 32,000 ​ ​ ​ ​ ​ 682,133 ​ ​
FamilyMart UNY Holdings Co.,
Ltd.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 52,059 ​ ​
FANUC Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 226,228 ​ ​
Fast Retailing Co., Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 203,908 ​ ​
Fuji Electric Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 32,037 ​ ​
FUJIFILM Holdings Corp. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 99,041 ​ ​
Fujitec Co., Ltd. ​ ​ ​ ​ 59,100 ​ ​ ​ ​ ​ 792,196 ​ ​
Fujitsu Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 85,506 ​ ​
Fukuoka Financial Group, Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 27,504 ​ ​
Hakuhodo DY Holdings, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 28,065 ​ ​
Hamamatsu Photonics KK ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 35,843 ​ ​
Hankyu Hanshin Holdings, Inc.
​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 49,657 ​ ​
Hikari Tsushin, Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 39,535 ​ ​
Hino Motors Ltd. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 21,898 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Hirose Electric Co., Ltd. ​ ​ ​ ​ 200 ​ ​ ​ ​ $ 21,862 ​ ​
Hisamitsu Pharmaceutical Co.,
Inc.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 30,664 ​ ​
Hitachi Chemical Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 18,322 ​ ​
Hitachi Construction
Machinery Co., Ltd.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 26,756 ​ ​
Hitachi High-Technologies
Corp.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 17,228 ​ ​
Hitachi Ltd. ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 217,427 ​ ​
Hitachi Metals Ltd. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 21,052 ​ ​
Honda Motor Co., Ltd. ​ ​ ​ ​ 10,600 ​ ​ ​ ​ ​ 320,836 ​ ​
Hoshizaki Corp. ​ ​ ​ ​ 9,800 ​ ​ ​ ​ ​ 1,014,328 ​ ​
Hoya Corp. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 148,521 ​ ​
Hulic Co., Ltd. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 21,590 ​ ​
Idemitsu Kosan Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 47,606 ​ ​
IHI Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 37,889 ​ ​
Iida Group Holdings Co., Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 19,566 ​ ​
Inpex Corp. ​ ​ ​ ​ 6,100 ​ ​ ​ ​ ​ 76,076 ​ ​
Isetan Mitsukoshi Holdings
Ltd.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 28,239 ​ ​
Isuzu Motors Ltd. ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 55,171 ​ ​
ITOCHU Corp. ​ ​ ​ ​ 9,300 ​ ​ ​ ​ ​ 170,252 ​ ​
J Front Retailing Co., Ltd. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 26,378 ​ ​
Japan Airlines Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 28,755 ​ ​
Japan Airport Terminal Co.,
Ltd.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,201 ​ ​
Japan Exchange Group, Inc. ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 54,022 ​ ​
Japan Post Bank Co., Ltd. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 33,096 ​ ​
Japan Post Holdings Co., Ltd.
​ ​ ​ ​ 10,600 ​ ​ ​ ​ ​ 126,133 ​ ​
Japan Prime Realty
Investment Corp.
​ ​ ​ ​ 6 ​ ​ ​ ​ ​ 21,387 ​ ​
Japan Real Estate Investment
Corp.
​ ​ ​ ​ 8 ​ ​ ​ ​ ​ 41,964 ​ ​
Japan Retail Fund Investment
Corp.
​ ​ ​ ​ 18 ​ ​ ​ ​ ​ 32,651 ​ ​
Japan Tobacco, Inc. ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 187,953 ​ ​
JFE Holdings, Inc. ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 64,246 ​ ​
JGC Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 32,111 ​ ​
JSR Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 26,134 ​ ​
JTEKT Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 23,418 ​ ​
JXTG Holdings, Inc. ​ ​ ​ ​ 21,600 ​ ​ ​ ​ ​ 163,169 ​ ​
Kajima Corp. ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 43,593 ​ ​
Kakaku.com, Inc. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 19,556 ​ ​
Kamigumi Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 19,835 ​ ​
Kaneka Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 18,483 ​ ​
Kansai Electric Power Co., Inc.
(The)
​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 64,829 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   53​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Kansai Paint Co., Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ $ 20,273 ​ ​
Kao Corp. ​ ​ ​ ​ 15,800 ​ ​ ​ ​ ​ 1,275,737 ​ ​
Kawasaki Heavy Industries
Ltd.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 28,208 ​ ​
KDDI Corp. ​ ​ ​ ​ 78,400 ​ ​ ​ ​ ​ 2,165,971 ​ ​
Keihan Holdings Co., Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 26,738 ​ ​
Keikyu Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 29,164 ​ ​
Keio Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 32,846 ​ ​
Keisei Electric Railway Co.,
Ltd.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 31,685 ​ ​
Keyence Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 348,425 ​ ​
Kikkoman Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 53,547 ​ ​
Kintetsu Group Holdings Co.,
Ltd.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 40,222 ​ ​
Kintetsu World Express, Inc. ​ ​ ​ ​ 30,900 ​ ​ ​ ​ ​ 592,327 ​ ​
Kirin Holdings Co., Ltd. ​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 122,978 ​ ​
Kobayashi Pharmaceutical
Co., Ltd.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 22,074 ​ ​
Kobe Steel Ltd. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 21,334 ​ ​
Koito Manufacturing Co., Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 45,960 ​ ​
Komatsu Ltd. ​ ​ ​ ​ 6,100 ​ ​ ​ ​ ​ 185,545 ​ ​
Konami Holdings Corp. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 23,499 ​ ​
Konica Minolta, Inc. ​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 34,022 ​ ​
Kose Corp. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 38,109 ​ ​
Kubota Corp. ​ ​ ​ ​ 47,700 ​ ​ ​ ​ ​ 810,673 ​ ​
Kuraray Co., Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 28,562 ​ ​
Kurita Water Industries Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 20,393 ​ ​
Kyocera Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 114,047 ​ ​
Kyowa Hakko Kirin Co., Ltd. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 31,854 ​ ​
Kyushu Electric Power Co.,
Inc.
​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 27,753 ​ ​
Kyushu Railway Co. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 33,498 ​ ​
Lawson, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,271 ​ ​
LINE Corp.(a) ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,123 ​ ​
Lion Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 35,543 ​ ​
LIXIL Group Corp. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 32,737 ​ ​
M3, Inc. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 58,993 ​ ​
Mabuchi Motor Co., Ltd. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 12,106 ​ ​
Makita Corp. ​ ​ ​ ​ 33,600 ​ ​ ​ ​ ​ 1,682,662 ​ ​
Mani, Inc. ​ ​ ​ ​ 15,000 ​ ​ ​ ​ ​ 731,385 ​ ​
Marubeni Corp. ​ ​ ​ ​ 9,500 ​ ​ ​ ​ ​ 86,957 ​ ​
Marui Group Co., Ltd. ​ ​ ​ ​ 40,400 ​ ​ ​ ​ ​ 997,022 ​ ​
Maruichi Steel Tube Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 16,304 ​ ​
Mazda Motor Corp. ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 42,017 ​ ​
McDonald’s Holdings Co.
Japan Ltd.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 17,567 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Mebuki Financial Group, Inc. ​ ​ ​ ​ 5,400 ​ ​ ​ ​ $ 18,678 ​ ​
Medipal Holdings Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 25,041 ​ ​
MEIJI Holdings Co., Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 47,008 ​ ​
Minebea Mitsumi, Inc. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 45,327 ​ ​
MISUMI Group, Inc. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 43,989 ​ ​
Mitsubishi Chemical Holdings
Corp.
​ ​ ​ ​ 7,700 ​ ​ ​ ​ ​ 73,700 ​ ​
Mitsubishi Corp. ​ ​ ​ ​ 8,800 ​ ​ ​ ​ ​ 271,156 ​ ​
Mitsubishi Electric Corp. ​ ​ ​ ​ 12,100 ​ ​ ​ ​ ​ 165,760 ​ ​
Mitsubishi Estate Co., Ltd. ​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 134,332 ​ ​
Mitsubishi Gas Chemical Co.,
Inc.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 25,548 ​ ​
Mitsubishi Heavy Industries
Ltd.
​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 69,500 ​ ​
Mitsubishi Materials Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 23,904 ​ ​
Mitsubishi Motors Corp. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 31,058 ​ ​
Mitsubishi Tanabe Pharma
Corp.
​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 28,428 ​ ​
Mitsubishi UFJ Financial
Group, Inc.
​ ​ ​ ​ 75,100 ​ ​ ​ ​ ​ 468,697 ​ ​
Mitsubishi UFJ Lease &
Finance Co., Ltd.
​ ​ ​ ​ 3,200 ​ ​ ​ ​ ​ 18,842 ​ ​
Mitsui & Co., Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 195,613 ​ ​
Mitsui Chemicals, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 30,005 ​ ​
Mitsui Fudosan Co., Ltd. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 123,066 ​ ​
Mitsui OSK Lines Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 23,341 ​ ​
Mizuho Financial Group, Inc. ​ ​ ​ ​ 156,700 ​ ​ ​ ​ ​ 273,349 ​ ​
MS&AD Insurance Group
Holdings, Inc.
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 90,158 ​ ​
Murata Manufacturing Co.,
Ltd.
​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 169,086 ​ ​
Nabtesco Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 21,264 ​ ​
Nagoya Railroad Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 29,720 ​ ​
NEC Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 44,218 ​ ​
Nexon Co., Ltd.(a) ​ ​ ​ ​ 65,800 ​ ​ ​ ​ ​ 859,998 ​ ​
NGK Insulators Ltd. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 29,688 ​ ​
NGK Spark Plug Co., Ltd. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 32,045 ​ ​
NH Foods Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 25,845 ​ ​
Nidec Corp. ​ ​ ​ ​ 9,200 ​ ​ ​ ​ ​ 1,323,482 ​ ​
Nikon Corp. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 39,460 ​ ​
Nintendo Co., Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 255,430 ​ ​
Nippon Building Fund, Inc. ​ ​ ​ ​ 8 ​ ​ ​ ​ ​ 46,259 ​ ​
Nippon Electric Glass Co.,
Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 22,025 ​ ​
Nippon Express Co., Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 32,829 ​ ​
Nippon Paint Holdings Co.,
Ltd.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 33,586 ​ ​
​
See Notes to Financial Statements.
54   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Nippon Prologis REIT, Inc. ​ ​ ​ ​ 12 ​ ​ ​ ​ $ 23,753 ​ ​
Nippon Steel & Sumitomo
Metal Corp.
​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 95,192 ​ ​
Nippon Telegraph & Telephone
Corp.
​ ​ ​ ​ 4,500 ​ ​ ​ ​ ​ 203,256 ​ ​
Nippon Yusen KK ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 20,689 ​ ​
Nissan Chemical Industries
Ltd.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 42,246 ​ ​
Nissan Motor Co., Ltd. ​ ​ ​ ​ 15,400 ​ ​ ​ ​ ​ 144,146 ​ ​
Nisshin Seifun Group, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 30,681 ​ ​
Nissin Foods Holdings Co.,
Ltd.
​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 27,495 ​ ​
Nitori Holdings Co., Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 71,708 ​ ​
Nitto Denko Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 74,952 ​ ​
NOK Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 8,586 ​ ​
Nomura Holdings, Inc. ​ ​ ​ ​ 20,500 ​ ​ ​ ​ ​ 97,917 ​ ​
Nomura Real Estate Holdings,
Inc.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 20,190 ​ ​
Nomura Real Estate Master
Fund, Inc.
​ ​ ​ ​ 25 ​ ​ ​ ​ ​ 34,149 ​ ​
Nomura Research Institute
Ltd.
​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 35,363 ​ ​
NSK Ltd. ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 29,794 ​ ​
NTT Data Corp. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 55,378 ​ ​
NTT DOCOMO, Inc. ​ ​ ​ ​ 8,700 ​ ​ ​ ​ ​ 233,924 ​ ​
Obayashi Corp. ​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 38,828 ​ ​
Obic Co., Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 37,845 ​ ​
Odakyu Electric Railway Co.,
Ltd.
​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 44,950 ​ ​
Oji Holdings Corp. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 36,305 ​ ​
Olympus Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 70,261 ​ ​
Omron Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 50,695 ​ ​
Ono Pharmaceutical Co., Ltd.
​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 62,251 ​ ​
Oracle Corp. Japan ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 24,186 ​ ​
Oriental Land Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 125,471 ​ ​
ORIX Corp. ​ ​ ​ ​ 49,500 ​ ​ ​ ​ ​ 802,491 ​ ​
Osaka Gas Co., Ltd. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 44,858 ​ ​
Otsuka Corp. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 26,122 ​ ​
Otsuka Holdings Co., Ltd. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 115,931 ​ ​
Panasonic Corp. ​ ​ ​ ​ 14,600 ​ ​ ​ ​ ​ 170,068 ​ ​
Park24 Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 24,186 ​ ​
Persol Holdings Co., Ltd. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 30,492 ​ ​
Pola Orbis Holdings, Inc. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 21,915 ​ ​
Rakuten, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 38,321 ​ ​
Recruit Holdings Co., Ltd. ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 236,958 ​ ​
Renesas Electronics Corp.(a) ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 32,494 ​ ​
Resona Holdings, Inc. ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 71,347 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Ricoh Co., Ltd. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ $ 47,245 ​ ​
Rinnai Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 22,866 ​ ​
Rion Co., Ltd. ​ ​ ​ ​ 5,900 ​ ​ ​ ​ ​ 130,857 ​ ​
Rohm Co., Ltd. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 43,725 ​ ​
Ryohin Keikaku Co., Ltd. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 59,497 ​ ​
Sakata Seed Corp. ​ ​ ​ ​ 18,400 ​ ​ ​ ​ ​ 662,348 ​ ​
Sankyo Co., Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 15,649 ​ ​
Santen Pharmaceutical Co.,
Ltd.
​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 38,043 ​ ​
SBI Holdings, Inc. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 43,496 ​ ​
Secom Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 97,821 ​ ​
Sega Sammy Holdings, Inc. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 19,165 ​ ​
Seibu Holdings, Inc. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 28,770 ​ ​
Seiko Epson Corp. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 32,408 ​ ​
Sekisui Chemical Co., Ltd. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 44,274 ​ ​
Sekisui House Ltd. ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 56,418 ​ ​
Seven & i Holdings Co., Ltd. ​ ​ ​ ​ 4,900 ​ ​ ​ ​ ​ 218,219 ​ ​
Seven Bank Ltd. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 16,430 ​ ​
SG Holdings Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 20,961 ​ ​
Sharp Corp. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 24,387 ​ ​
Shimadzu Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 40,732 ​ ​
Shimamura Co., Ltd. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 18,976 ​ ​
Shimano, Inc. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 80,576 ​ ​
Shimizu Corp. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 32,857 ​ ​
Shin-Etsu Chemical Co., Ltd. ​ ​ ​ ​ 11,500 ​ ​ ​ ​ ​ 1,018,725 ​ ​
Shinsei Bank Ltd. ​ ​ ​ ​ 31,300 ​ ​ ​ ​ ​ 511,566 ​ ​
Shionogi & Co., Ltd. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 104,545 ​ ​
Shiseido Co., Ltd. ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 193,606 ​ ​
Shizuoka Bank Ltd. (The) ​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 25,136 ​ ​
SHO-BOND Holdings Co., Ltd.
​ ​ ​ ​ 10,300 ​ ​ ​ ​ ​ 831,289 ​ ​
Showa Denko KK ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 55,184 ​ ​
Showa Shell Sekiyu KK ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 29,659 ​ ​
SMC Corp. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 128,006 ​ ​
SoftBank Group Corp. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 524,943 ​ ​
Sohgo Security Services Co.,
Ltd.
​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,981 ​ ​
Sompo Holdings, Inc. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 80,920 ​ ​
Sony Corp. ​ ​ ​ ​ 42,300 ​ ​ ​ ​ ​ 2,593,397 ​ ​
Sony Financial Holdings, Inc. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 26,446 ​ ​
Stanley Electric Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 27,354 ​ ​
Start Today Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 36,332 ​ ​
Subaru Corp. ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 128,639 ​ ​
SUMCO Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 23,207 ​ ​
Sumitomo Chemical Co., Ltd.
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 52,676 ​ ​
Sumitomo Corp. ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 126,722 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   55​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Sumitomo Dainippon Pharma
Co., Ltd.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ $ 27,555 ​ ​
Sumitomo Electric Industries
Ltd.
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 69,009 ​ ​
Sumitomo Heavy Industries
Ltd.
​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 28,551 ​ ​
Sumitomo Metal Mining Co.,
Ltd.
​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 49,115 ​ ​
Sumitomo Mitsui Financial
Group, Inc.
​ ​ ​ ​ 38,800 ​ ​ ​ ​ ​ 1,566,069 ​ ​
Sumitomo Mitsui Trust
Holdings, Inc.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 82,309 ​ ​
Sumitomo Realty &
Development Co., Ltd.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 71,818 ​ ​
Sumitomo Rubber Industries
Ltd.
​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 19,508 ​ ​
Sundrug Co., Ltd. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 21,413 ​ ​
Suntory Beverage & Food Ltd.
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 38,101 ​ ​
Suzuken Co. Ltd/Aichi Japan ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 23,719 ​ ​
Suzuki Motor Corp. ​ ​ ​ ​ 2,300 ​ ​ ​ ​ ​ 131,741 ​ ​
Sysmex Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 86,076 ​ ​
T&D Holdings, Inc. ​ ​ ​ ​ 3,400 ​ ​ ​ ​ ​ 56,108 ​ ​
Taiheiyo Cement Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 25,101 ​ ​
Taisei Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 59,268 ​ ​
Taisho Pharmaceutical
Holdings Co., Ltd.
​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 36,675 ​ ​
Taiyo Nippon Sanso Corp. ​ ​ ​ ​ 1,100 ​ ​ ​ ​ ​ 16,458 ​ ​
Takashimaya Co., Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 16,890 ​ ​
Takeda Pharmaceutical Co.,
Ltd.
​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 201,080 ​ ​
Tayca Corp. ​ ​ ​ ​ 10,478 ​ ​ ​ ​ ​ 249,178 ​ ​
TDK Corp. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 87,238 ​ ​
Teijin Ltd. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 24,931 ​ ​
Terumo Corp. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 106,619 ​ ​
THK Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 20,363 ​ ​
Tobu Railway Co., Ltd. ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 35,487 ​ ​
Toho Co., Ltd. ​ ​ ​ ​ 800 ​ ​ ​ ​ ​ 25,101 ​ ​
Toho Gas Co., Ltd. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 22,786 ​ ​
Tohoku Electric Power Co.,
Inc.
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 38,000 ​ ​
Tokio Marine Holdings, Inc. ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 218,296 ​ ​
Tokyo Century Corp. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 18,641 ​ ​
Tokyo Electric Power Co.
Holdings, Inc.(a)
 ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 44,200 ​ ​
Tokyo Electron Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 137,388 ​ ​
Tokyo Gas Co., Ltd. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 58,986 ​ ​
Tokyo Tatemono Co., Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 18,298 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
JAPAN –  (continued) ​
Tokyu Corp. ​ ​ ​ ​ 3,100 ​ ​ ​ ​ $ 56,696 ​ ​
Tokyu Fudosan Holdings Corp.
​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 25,094 ​ ​
Toppan Printing Co., Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 24,093 ​ ​
Toray Industries, Inc. ​ ​ ​ ​ 94,700 ​ ​ ​ ​ ​ 711,375 ​ ​
Toshiba Corp.(a) ​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 127,214 ​ ​
Tosoh Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 24,644 ​ ​
TOTO Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 37,348 ​ ​
Toyo Seikan Group Holdings
Ltd.
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 24,893 ​ ​
Toyo Suisan Kaisha Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 27,139 ​ ​
Toyoda Gosei Co., Ltd. ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 14,813 ​ ​
Toyota Industries Corp. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 53,230 ​ ​
Toyota Motor Corp. ​ ​ ​ ​ 14,400 ​ ​ ​ ​ ​ 899,208 ​ ​
Toyota Tsusho Corp. ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 49,085 ​ ​
Transcosmos, Inc. ​ ​ ​ ​ 26,400 ​ ​ ​ ​ ​ 668,016 ​ ​
Trend Micro, Inc. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 45,036 ​ ​
Tsuruha Holdings, Inc. ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 36,939 ​ ​
Unicharm Corp. ​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 79,380 ​ ​
United Urban Investment
Corp.
​ ​ ​ ​ 20 ​ ​ ​ ​ ​ 31,385 ​ ​
USS Co., Ltd. ​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 27,843 ​ ​
West Japan Railway Co. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 69,715 ​ ​
Yahoo Japan Corp. ​ ​ ​ ​ 20,100 ​ ​ ​ ​ ​ 72,354 ​ ​
Yakult Honsha Co., Ltd. ​ ​ ​ ​ 700 ​ ​ ​ ​ ​ 57,358 ​ ​
Yamada Denki Co., Ltd. ​ ​ ​ ​ 4,700 ​ ​ ​ ​ ​ 23,785 ​ ​
Yamaguchi Financial Group,
Inc.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 21,792 ​ ​
Yamaha Corp. ​ ​ ​ ​ 23,600 ​ ​ ​ ​ ​ 1,250,414 ​ ​
Yamaha Motor Co., Ltd. ​ ​ ​ ​ 1,800 ​ ​ ​ ​ ​ 50,458 ​ ​
Yamato Holdings Co., Ltd. ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 58,328 ​ ​
Yamazaki Baking Co., Ltd. ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 18,013 ​ ​
Yaskawa Electric Corp. ​ ​ ​ ​ 1,400 ​ ​ ​ ​ ​ 41,586 ​ ​
Yokogawa Electric Corp. ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 33,839 ​ ​
Yokohama Rubber Co., Ltd.
(The)
​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 19,399 ​ ​
Total Japan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50,414,292 ​ ​
JERSEY – 0.0%(b) ​
Randgold Resources Ltd. ​ ​ ​ ​ 695 ​ ​ ​ ​
​
49,370
 ​ ​
LUXEMBOURG – 0.3% ​
ArcelorMittal ​ ​ ​ ​ 4,178 ​ ​ ​ ​ ​ 130,003 ​ ​
Eurofins Scientific SE ​ ​ ​ ​ 90 ​ ​ ​ ​ ​ 51,098 ​ ​
Millicom International Cellular
S.A.
​ ​ ​ ​ 354 ​ ​ ​ ​ ​ 20,334 ​ ​
Reinet Investments SCA ​ ​ ​ ​ 1,198 ​ ​ ​ ​ ​ 22,290 ​ ​
RTL Group S.A. ​ ​ ​ ​ 357 ​ ​ ​ ​ ​ 25,471 ​ ​
​
See Notes to Financial Statements.
56   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
LUXEMBOURG –  (continued) ​
SES S.A. ​ ​ ​ ​ 2,751 ​ ​ ​ ​ $ 60,367 ​ ​
Tenaris S.A. ​ ​ ​ ​ 44,073 ​ ​ ​ ​ ​ 738,397 ​ ​
Total Luxembourg ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,047,960 ​ ​
MACAU – 0.0%(b) ​
MGM China Holdings Ltd. ​ ​ ​ ​ 5,200 ​ ​ ​ ​ ​ 8,237 ​ ​
Sands China Ltd. ​ ​ ​ ​ 16,800 ​ ​ ​ ​ ​ 76,077 ​ ​
Wynn Macau Ltd. ​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 19,314 ​ ​
Total Macau ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 103,628 ​ ​
MALAYSIA – 0.2% ​
AirAsia Group Bhd ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 6,109 ​ ​
Alliance Bank Malaysia Bhd ​ ​ ​ ​ 5,400 ​ ​ ​ ​ ​ 5,454 ​ ​
AMMB Holdings Bhd ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 8,882 ​ ​
Axiata Group Bhd ​ ​ ​ ​ 14,500 ​ ​ ​ ​ ​ 15,977 ​ ​
CIMB Group Holdings Bhd ​ ​ ​ ​ 24,700 ​ ​ ​ ​ ​ 35,870 ​ ​
Dialog Group Bhd ​ ​ ​ ​ 16,600 ​ ​ ​ ​ ​ 13,999 ​ ​
DiGi.Com Bhd ​ ​ ​ ​ 16,600 ​ ​ ​ ​ ​ 19,334 ​ ​
Gamuda Bhd ​ ​ ​ ​ 9,200 ​ ​ ​ ​ ​ 7,469 ​ ​
Genting Bhd ​ ​ ​ ​ 12,400 ​ ​ ​ ​ ​ 23,401 ​ ​
Genting Malaysia Bhd ​ ​ ​ ​ 15,900 ​ ​ ​ ​ ​ 19,171 ​ ​
HAP Seng Consolidated Bhd ​ ​ ​ ​ 3,300 ​ ​ ​ ​ ​ 7,894 ​ ​
Hartalega Holdings Bhd ​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 11,357 ​ ​
Hong Leong Bank Bhd ​ ​ ​ ​ 3,500 ​ ​ ​ ​ ​ 17,405 ​ ​
Hong Leong Financial Group
Bhd
​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 5,596 ​ ​
IHH Healthcare Bhd ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 13,848 ​ ​
IJM Corp. Bhd ​ ​ ​ ​ 15,500 ​ ​ ​ ​ ​ 6,742 ​ ​
IOI Corp. Bhd ​ ​ ​ ​ 11,800 ​ ​ ​ ​ ​ 12,945 ​ ​
Kuala Lumpur Kepong Bhd ​ ​ ​ ​ 2,600 ​ ​ ​ ​ ​ 15,681 ​ ​
Malayan Banking Bhd ​ ​ ​ ​ 23,100 ​ ​ ​ ​ ​ 54,645 ​ ​
Malaysia Airports Holdings
Bhd
​ ​ ​ ​ 4,400 ​ ​ ​ ​ ​ 9,462 ​ ​
Maxis Bhd ​ ​ ​ ​ 10,500 ​ ​ ​ ​ ​ 14,817 ​ ​
MISC Bhd ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 10,543 ​ ​
Nestle Malaysia Bhd ​ ​ ​ ​ 300 ​ ​ ​ ​ ​ 10,613 ​ ​
Petronas Chemicals Group
Bhd
​ ​ ​ ​ 12,800 ​ ​ ​ ​ ​ 28,950 ​ ​
Petronas Dagangan Bhd ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 8,249 ​ ​
Petronas Gas Bhd ​ ​ ​ ​ 3,700 ​ ​ ​ ​ ​ 16,897 ​ ​
PPB Group Bhd ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 12,164 ​ ​
Press Metal Aluminium
Holdings Bhd
​ ​ ​ ​ 7,100 ​ ​ ​ ​ ​ 8,338 ​ ​
Public Bank Bhd ​ ​ ​ ​ 17,300 ​ ​ ​ ​ ​ 104,506 ​ ​
RHB Bank Bhd ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 5,611 ​ ​
Sime Darby Bhd ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 8,009 ​ ​
Sime Darby Plantation Bhd ​ ​ ​ ​ 12,700 ​ ​ ​ ​ ​ 16,264 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
MALAYSIA –  (continued) ​
SP Setia Bhd Group ​ ​ ​ ​ 8,000 ​ ​ ​ ​ $ 5,219 ​ ​
Telekom Malaysia Bhd ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 4,668 ​ ​
Tenaga Nasional Bhd ​ ​ ​ ​ 18,200 ​ ​ ​ ​ ​ 67,989 ​ ​
Top Glove Corp. Bhd ​ ​ ​ ​ 4,200 ​ ​ ​ ​ ​ 10,818 ​ ​
YTL Corp. Bhd ​ ​ ​ ​ 23,400 ​ ​ ​ ​ ​ 7,068 ​ ​
Total Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 651,964 ​ ​
MEXICO – 0.8% ​
Alfa S.A.B. de C.V., Class A ​ ​ ​ ​ 23,600 ​ ​ ​ ​ ​ 30,342 ​ ​
Alsea S.A.B. de C.V. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 23,775 ​ ​
America Movil S.A.B. de C.V.,
Series L
​ ​ ​ ​ 204,000 ​ ​ ​ ​ ​ 164,059 ​ ​
Arca Continental S.A.B. de
C.V.
​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 15,490 ​ ​
Banco Santander Mexico S.A.
Institucion de Banca
Multiple Grupo Financiero
Santand, Class B
​ ​ ​ ​ 15,060 ​ ​ ​ ​ ​ 23,547 ​ ​
Cemex S.A.B. de C.V., (Unit)(a)
 ​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 66,856 ​ ​
Coca-Cola Femsa S.A.B. de
C.V., Series L
​ ​ ​ ​ 4,100 ​ ​ ​ ​ ​ 25,070 ​ ​
El Puerto de Liverpool S.A.B.
de C.V.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 7,514 ​ ​
Fibra Uno Administracion S.A.
de C.V.
​ ​ ​ ​ 24,300 ​ ​ ​ ​ ​ 32,138 ​ ​
Fomento Economico
Mexicano S.A.B. de C.V.
​ ​ ​ ​ 12,100 ​ ​ ​ ​ ​ 119,707 ​ ​
Fresnillo PLC ​ ​ ​ ​ 2,783 ​ ​ ​ ​ ​ 29,795 ​ ​
Genomma Lab Internacional
S.A.B. de C.V., Class B(a)
 ​ ​ ​ ​ 829,000 ​ ​ ​ ​ ​ 723,393 ​ ​
Gruma S.A.B. de C.V., Class B
​ ​ ​ ​ 1,820 ​ ​ ​ ​ ​ 23,137 ​ ​
Grupo Aeroportuario del
Pacifico S.A.B. de C.V.,
Class B
​ ​ ​ ​ 2,800 ​ ​ ​ ​ ​ 30,633 ​ ​
Grupo Aeroportuario del
Sureste S.A.B. de C.V.,
Class B
​ ​ ​ ​ 1,610 ​ ​ ​ ​ ​ 32,898 ​ ​
Grupo Bimbo S.A.B. de C.V.,
Series A
​ ​ ​ ​ 13,100 ​ ​ ​ ​ ​ 27,874 ​ ​
Grupo Carso S.A.B. de C.V.,
Series A1
​ ​ ​ ​ 2,400 ​ ​ ​ ​ ​ 7,990 ​ ​
Grupo Financiero Banorte
S.A.B. de C.V.
​ ​ ​ ​ 15,700 ​ ​ ​ ​ ​ 113,576 ​ ​
Grupo Financiero Inbursa
S.A.B. de C.V.
​ ​ ​ ​ 18,100 ​ ​ ​ ​ ​ 28,455 ​ ​
Grupo Mexico S.A.B. de C.V.,
Series B
​ ​ ​ ​ 20,400 ​ ​ ​ ​ ​ 58,712 ​ ​
Grupo Televisa S.A.B.,
Series CPO, (Unit)
​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 56,856 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   57​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
MEXICO –  (continued) ​
Industrias Penoles S.A.B. de
C.V.
​ ​ ​ ​ 745 ​ ​ ​ ​ $ 12,818 ​ ​
Infraestructura Energetica
Nova S.A.B. de C.V.
​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 14,412 ​ ​
Kimberly-Clark de Mexico
S.A.B. de C.V., Class A
​ ​ ​ ​ 328,800 ​ ​ ​ ​ ​ 583,315 ​ ​
Mexichem S.A.B. de C.V. ​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 28,759 ​ ​
Promotora y Operadora de
Infraestructura S.A.B. de
C.V.
​ ​ ​ ​ 1,220 ​ ​ ​ ​ ​ 12,985 ​ ​
Wal-Mart de Mexico S.A.B. de
C.V.
​ ​ ​ ​ 33,100 ​ ​ ​ ​ ​ 100,411 ​ ​
Total Mexico ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,394,517 ​ ​
NETHERLANDS – 4.0% ​
ABN AMRO Group N.V. ​ ​ ​ ​ 33,276 ​ ​ ​ ​ ​ 905,993 ​ ​
Aegon N.V. ​ ​ ​ ​ 12,692 ​ ​ ​ ​ ​ 82,345 ​ ​
Akzo Nobel N.V. ​ ​ ​ ​ 10,488 ​ ​ ​ ​ ​ 980,743 ​ ​
ASML Holding N.V. ​ ​ ​ ​ 2,601 ​ ​ ​ ​ ​ 485,901 ​ ​
Corbion N.V. ​ ​ ​ ​ 20,732 ​ ​ ​ ​ ​ 673,985 ​ ​
EXOR N.V. ​ ​ ​ ​ 799 ​ ​ ​ ​ ​ 53,638 ​ ​
Heineken Holding N.V. ​ ​ ​ ​ 782 ​ ​ ​ ​ ​ 70,819 ​ ​
Heineken N.V. ​ ​ ​ ​ 11,908 ​ ​ ​ ​ ​ 1,116,571 ​ ​
ING Groep N.V. ​ ​ ​ ​ 24,859 ​ ​ ​ ​ ​ 322,799 ​ ​
KAS Bank N.V. ​ ​ ​ ​ 51,100 ​ ​ ​ ​ ​ 442,006 ​ ​
Koninklijke Ahold Delhaize
N.V.
​ ​ ​ ​ 7,685 ​ ​ ​ ​ ​ 176,223 ​ ​
Koninklijke DSM N.V. ​ ​ ​ ​ 1,167 ​ ​ ​ ​ ​ 123,625 ​ ​
Koninklijke KPN N.V. ​ ​ ​ ​ 23,589 ​ ​ ​ ​ ​ 62,226 ​ ​
Koninklijke Philips N.V. ​ ​ ​ ​ 6,159 ​ ​ ​ ​ ​ 280,566 ​ ​
Koninklijke Vopak N.V. ​ ​ ​ ​ 650 ​ ​ ​ ​ ​ 32,029 ​ ​
NN Group N.V. ​ ​ ​ ​ 2,128 ​ ​ ​ ​ ​ 94,950 ​ ​
NXP Semiconductors N.V.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 179,550 ​ ​
QIAGEN N.V.(a) ​ ​ ​ ​ 1,632 ​ ​ ​ ​ ​ 61,772 ​ ​
Randstad N.V. ​ ​ ​ ​ 877 ​ ​ ​ ​ ​ 46,819 ​ ​
Royal Dutch Shell PLC,
Class A
​ ​ ​ ​ 102,483 ​ ​ ​ ​ ​ 3,521,741 ​ ​
Royal Dutch Shell PLC,
Class B
​ ​ ​ ​ 24,127 ​ ​ ​ ​ ​ 845,614 ​ ​
Sligro Food Group N.V. ​ ​ ​ ​ 13,620 ​ ​ ​ ​ ​ 581,937 ​ ​
Wolters Kluwer N.V. ​ ​ ​ ​ 25,322 ​ ​ ​ ​ ​ 1,578,198 ​ ​
Total Netherlands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,720,050 ​ ​
NEW ZEALAND – 0.1% ​
a2 Milk Co., Ltd.(a) ​ ​ ​ ​ 4,330 ​ ​ ​ ​ ​ 32,318 ​ ​
Auckland International Airport
Ltd.
​ ​ ​ ​ 5,130 ​ ​ ​ ​ ​ 24,823 ​ ​
Fisher & Paykel Healthcare
Corp. Ltd.
​ ​ ​ ​ 3,054 ​ ​ ​ ​ ​ 30,466 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
NEW ZEALAND –  (continued) ​
Fletcher Building Ltd.(a) ​ ​ ​ ​ 4,568 ​ ​ ​ ​ $ 19,803 ​ ​
Meridian Energy Ltd. ​ ​ ​ ​ 6,860 ​ ​ ​ ​ ​ 14,937 ​ ​
Ryman Healthcare Ltd. ​ ​ ​ ​ 2,141 ​ ​ ​ ​ ​ 19,868 ​ ​
Spark New Zealand Ltd. ​ ​ ​ ​ 9,822 ​ ​ ​ ​ ​ 26,368 ​ ​
Total New Zealand ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 168,583 ​ ​
NORWAY – 1.2% ​
Aker BP ASA ​ ​ ​ ​ 673 ​ ​ ​ ​ ​ 28,561 ​ ​
Borregaard ASA ​ ​ ​ ​ 63,585 ​ ​ ​ ​ ​ 651,573 ​ ​
DNB ASA ​ ​ ​ ​ 6,127 ​ ​ ​ ​ ​ 128,920 ​ ​
Equinor ASA ​ ​ ​ ​ 56,003 ​ ​ ​ ​ ​ 1,579,197 ​ ​
Gjensidige Forsikring ASA ​ ​ ​ ​ 1,071 ​ ​ ​ ​ ​ 18,055 ​ ​
Marine Harvest ASA ​ ​ ​ ​ 2,230 ​ ​ ​ ​ ​ 51,662 ​ ​
Norsk Hydro ASA ​ ​ ​ ​ 7,199 ​ ​ ​ ​ ​ 43,218 ​ ​
Orkla ASA ​ ​ ​ ​ 4,363 ​ ​ ​ ​ ​ 36,861 ​ ​
Schibsted ASA, Class B ​ ​ ​ ​ 525 ​ ​ ​ ​ ​ 18,191 ​ ​
Telenor ASA ​ ​ ​ ​ 61,480 ​ ​ ​ ​ ​ 1,201,839 ​ ​
Yara International ASA ​ ​ ​ ​ 951 ​ ​ ​ ​ ​ 46,704 ​ ​
Total Norway ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,804,781 ​ ​
PERU – 0.0%(b) ​
Cia de Minas Buenaventura
S.A.A., ADR
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 13,410 ​ ​
Credicorp Ltd. ​ ​ ​ ​ 400 ​ ​ ​ ​ ​ 89,232 ​ ​
Southern Copper Corp. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 21,570 ​ ​
Total Peru ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 124,212 ​ ​
PHILIPPINES – 0.1% ​
Aboitiz Equity Ventures, Inc. ​ ​ ​ ​ 10,560 ​ ​ ​ ​ ​ 9,577 ​ ​
Aboitiz Power Corp. ​ ​ ​ ​ 7,900 ​ ​ ​ ​ ​ 4,891 ​ ​
Alliance Global Group, Inc.(a) ​ ​ ​ ​ 21,900 ​ ​ ​ ​ ​ 5,059 ​ ​
Ayala Corp. ​ ​ ​ ​ 1,330 ​ ​ ​ ​ ​ 22,844 ​ ​
Ayala Land, Inc. ​ ​ ​ ​ 39,400 ​ ​ ​ ​ ​ 29,205 ​ ​
Bank of the Philippine Islands
​ ​ ​ ​ 4,800 ​ ​ ​ ​ ​ 7,400 ​ ​
BDO Unibank, Inc. ​ ​ ​ ​ 10,520 ​ ​ ​ ​ ​ 23,326 ​ ​
Globe Telecom, Inc. ​ ​ ​ ​ 180 ​ ​ ​ ​ ​ 7,329 ​ ​
GT Capital Holdings, Inc. ​ ​ ​ ​ 481 ​ ​ ​ ​ ​ 7,300 ​ ​
JG Summit Holdings, Inc. ​ ​ ​ ​ 15,340 ​ ​ ​ ​ ​ 15,317 ​ ​
Jollibee Foods Corp. ​ ​ ​ ​ 2,320 ​ ​ ​ ​ ​ 11,035 ​ ​
Manila Electric Co. ​ ​ ​ ​ 1,210 ​ ​ ​ ​ ​ 7,614 ​ ​
Metro Pacific Investments Corp.
 ​ ​ ​ ​ 75,900 ​ ​ ​ ​ ​ 6,673 ​ ​
Metropolitan Bank & Trust Co.
​ ​ ​ ​ 4,260 ​ ​ ​ ​ ​ 5,283 ​ ​
PLDT, Inc. ​ ​ ​ ​ 465 ​ ​ ​ ​ ​ 11,619 ​ ​
SM Investments Corp. ​ ​ ​ ​ 1,290 ​ ​ ​ ​ ​ 21,584 ​ ​
SM Prime Holdings, Inc. ​ ​ ​ ​ 73,300 ​ ​ ​ ​ ​ 49,043 ​ ​
Universal Robina Corp. ​ ​ ​ ​ 4,720 ​ ​ ​ ​ ​ 12,623 ​ ​
Total Philippines ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 257,722 ​ ​
​
​
See Notes to Financial Statements.
58   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
POLAND – 0.1% ​
Alior Bank S.A.(a) ​ ​ ​ ​ 484 ​ ​ ​ ​ $ 8,271 ​ ​
Bank Handlowy w Warszawie
S.A.
​ ​ ​ ​ 181 ​ ​ ​ ​ ​ 3,790 ​ ​
Bank Millennium S.A.(a) ​ ​ ​ ​ 3,247 ​ ​ ​ ​ ​ 8,147 ​ ​
Bank Polska Kasa Opieki S.A.
​ ​ ​ ​ 843 ​ ​ ​ ​ ​ 24,283 ​ ​
Bank Zachodni WBK S.A. ​ ​ ​ ​ 186 ​ ​ ​ ​ ​ 18,949 ​ ​
CCC S.A. ​ ​ ​ ​ 154 ​ ​ ​ ​ ​ 9,190 ​ ​
CD Projekt S.A.(a) ​ ​ ​ ​ 360 ​ ​ ​ ​ ​ 18,289 ​ ​
Cyfrowy Polsat S.A.(a) ​ ​ ​ ​ 3,198 ​ ​ ​ ​ ​ 19,291 ​ ​
Dino Polska S.A.(a) ​ ​ ​ ​ 262 ​ ​ ​ ​ ​ 7,078 ​ ​
Grupa Lotos S.A. ​ ​ ​ ​ 495 ​ ​ ​ ​ ​ 10,080 ​ ​
Jastrzebska Spolka Weglowa
S.A.(a)
 ​ ​ ​ ​ 283 ​ ​ ​ ​ ​ 5,082 ​ ​
KGHM Polska Miedz S.A.(a) ​ ​ ​ ​ 749 ​ ​ ​ ​ ​ 18,101 ​ ​
LPP S.A. ​ ​ ​ ​ 7 ​ ​ ​ ​ ​ 16,376 ​ ​
mBank S.A. ​ ​ ​ ​ 79 ​ ​ ​ ​ ​ 9,591 ​ ​
Orange Polska S.A.(a) ​ ​ ​ ​ 3,512 ​ ​ ​ ​ ​ 4,229 ​ ​
PGE Polska Grupa
Energetyczna S.A.(a)
 ​ ​ ​ ​ 4,504 ​ ​ ​ ​ ​ 11,630 ​ ​
PLAY Communications S.A. ​ ​ ​ ​ 632 ​ ​ ​ ​ ​ 3,449 ​ ​
Polski Koncern Naftowy
ORLEN S.A.
​ ​ ​ ​ 1,603 ​ ​ ​ ​ ​ 43,914 ​ ​
Polskie Gornictwo Naftowe i
Gazownictwo S.A.(a)
 ​ ​ ​ ​ 9,279 ​ ​ ​ ​ ​ 16,284 ​ ​
Powszechna Kasa
Oszczednosci Bank Polski
S.A.
​ ​ ​ ​ 5,018 ​ ​ ​ ​ ​ 58,390 ​ ​
Powszechny Zaklad
Ubezpieczen S.A.
​ ​ ​ ​ 3,236 ​ ​ ​ ​ ​ 34,846 ​ ​
Total Poland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 349,260 ​ ​
PORTUGAL – 0.0%(b) ​
EDP – Energias de Portugal
S.A.
​ ​ ​ ​ 17,932 ​ ​ ​ ​ ​ 66,166 ​ ​
Galp Energia, SGPS, S.A. ​ ​ ​ ​ 2,683 ​ ​ ​ ​ ​ 53,237 ​ ​
Jeronimo Martins, SGPS, S.A.
​ ​ ​ ​ 1,347 ​ ​ ​ ​ ​ 19,838 ​ ​
Total Portugal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 139,241 ​ ​
ROMANIA – 0.0%(b) ​
NEPI Rockcastle PLC ​ ​ ​ ​ 2,847 ​ ​ ​ ​
​
25,878
 ​ ​
RUSSIA – 0.8% ​
Gazprom PJSC, ADR ​ ​ ​ ​ 31,630 ​ ​ ​ ​ ​ 158,150 ​ ​
LUKOIL PJSC, ADR ​ ​ ​ ​ 2,763 ​ ​ ​ ​ ​ 211,922 ​ ​
Magnit PJSC, GDR ​ ​ ​ ​ 1,909 ​ ​ ​ ​ ​ 27,117 ​ ​
MMC Norilsk Nickel PJSC,
ADR
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 86,500 ​ ​
Mobile TeleSystems PJSC,
ADR
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 23,031 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
RUSSIA –  (continued) ​
Novatek PJSC, GDR ​ ​ ​ ​ 488 ​ ​ ​ ​ $ 89,792 ​ ​
Novolipetsk Steel PJSC, GDR
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 134,750 ​ ​
PhosAgro PJSC, GDR ​ ​ ​ ​ 624 ​ ​ ​ ​ ​ 8,474 ​ ​
Rosneft Oil Co. PJSC, GDR ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 75,080 ​ ​
Sberbank of Russia PJSC,
ADR
​ ​ ​ ​ 17,888 ​ ​ ​ ​ ​ 226,820 ​ ​
Severstal PJSC, GDR ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 133,200 ​ ​
Surgutneftegas OJSC, ADR ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 41,400 ​ ​
Tatneft PJSC, ADR ​ ​ ​ ​ 1,509 ​ ​ ​ ​ ​ 115,439 ​ ​
VTB Bank PJSC, GDR ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 13,390 ​ ​
Yandex N.V., Class A(a) ​ ​ ​ ​ 32,900 ​ ​ ​ ​ ​ 1,082,081 ​ ​
Total Russia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,427,146 ​ ​
SINGAPORE – 1.0% ​
Ascendas Real Estate
Investment Trust
​ ​ ​ ​ 13,300 ​ ​ ​ ​ ​ 25,684 ​ ​
BOC Aviation Ltd. ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 16,283 ​ ​
CapitaLand Commercial Trust
​ ​ ​ ​ 13,500 ​ ​ ​ ​ ​ 17,578 ​ ​
CapitaLand Ltd. ​ ​ ​ ​ 13,700 ​ ​ ​ ​ ​ 33,773 ​ ​
CapitaLand Mall Trust ​ ​ ​ ​ 13,300 ​ ​ ​ ​ ​ 21,598 ​ ​
City Developments Ltd. ​ ​ ​ ​ 2,200 ​ ​ ​ ​ ​ 14,661 ​ ​
ComfortDelGro Corp. Ltd. ​ ​ ​ ​ 11,600 ​ ​ ​ ​ ​ 20,620 ​ ​
DBS Group Holdings Ltd. ​ ​ ​ ​ 115,600 ​ ​ ​ ​ ​ 2,206,213 ​ ​
Genting Singapore Ltd. ​ ​ ​ ​ 32,400 ​ ​ ​ ​ ​ 25,123 ​ ​
Golden Agri-Resources Ltd. ​ ​ ​ ​ 37,800 ​ ​ ​ ​ ​ 6,913 ​ ​
Jardine Cycle & Carriage Ltd. ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 11,700 ​ ​
Keppel Corp. Ltd. ​ ​ ​ ​ 7,800 ​ ​ ​ ​ ​ 39,712 ​ ​
Oversea-Chinese Banking
Corp. Ltd.
​ ​ ​ ​ 18,700 ​ ​ ​ ​ ​ 156,489 ​ ​
SATS Ltd. ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 13,746 ​ ​
Sembcorp Industries Ltd. ​ ​ ​ ​ 5,300 ​ ​ ​ ​ ​ 11,980 ​ ​
Singapore Airlines Ltd. ​ ​ ​ ​ 2,900 ​ ​ ​ ​ ​ 20,662 ​ ​
Singapore Exchange Ltd. ​ ​ ​ ​ 4,300 ​ ​ ​ ​ ​ 23,182 ​ ​
Singapore Press Holdings Ltd.
​ ​ ​ ​ 8,600 ​ ​ ​ ​ ​ 18,055 ​ ​
Singapore Technologies
Engineering Ltd.
​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 21,875 ​ ​
Singapore
Telecommunications Ltd.
​ ​ ​ ​ 48,500 ​ ​ ​ ​ ​ 114,948 ​ ​
Suntec Real Estate Investment
Trust
​ ​ ​ ​ 13,500 ​ ​ ​ ​ ​ 19,059 ​ ​
United Overseas Bank Ltd. ​ ​ ​ ​ 8,900 ​ ​ ​ ​ ​ 176,301 ​ ​
UOL Group Ltd. ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 13,608 ​ ​
Venture Corp. Ltd. ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 21,924 ​ ​
Wilmar International Ltd. ​ ​ ​ ​ 8,600 ​ ​ ​ ​ ​ 20,257 ​ ​
Total Singapore ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,071,944 ​ ​
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   59​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SOUTH AFRICA – 1.3% ​
Absa Group Ltd. ​ ​ ​ ​ 4,725 ​ ​ ​ ​ $ 50,748 ​ ​
Anglo American Platinum Ltd.
​ ​ ​ ​ 570 ​ ​ ​ ​ ​ 18,622 ​ ​
AngloGold Ashanti Ltd. ​ ​ ​ ​ 3,137 ​ ​ ​ ​ ​ 27,152 ​ ​
Aspen Pharmacare Holdings
Ltd.
​ ​ ​ ​ 2,573 ​ ​ ​ ​ ​ 30,819 ​ ​
Bid Corp. Ltd. ​ ​ ​ ​ 2,261 ​ ​ ​ ​ ​ 47,154 ​ ​
Bidvest Group Ltd. (The) ​ ​ ​ ​ 2,377 ​ ​ ​ ​ ​ 31,097 ​ ​
Capitec Bank Holdings Ltd. ​ ​ ​ ​ 332 ​ ​ ​ ​ ​ 24,047 ​ ​
Clicks Group Ltd. ​ ​ ​ ​ 1,903 ​ ​ ​ ​ ​ 23,550 ​ ​
Coronation Fund Managers
Ltd.
​ ​ ​ ​ 2,738 ​ ​ ​ ​ ​ 10,434 ​ ​
Discovery Ltd. ​ ​ ​ ​ 2,657 ​ ​ ​ ​ ​ 31,941 ​ ​
Exxaro Resources Ltd. ​ ​ ​ ​ 2,097 ​ ​ ​ ​ ​ 21,555 ​ ​
FirstRand Ltd. ​ ​ ​ ​ 21,031 ​ ​ ​ ​ ​ 100,937 ​ ​
Fortress REIT Ltd., Class A ​ ​ ​ ​ 11,380 ​ ​ ​ ​ ​ 13,632 ​ ​
Fortress REIT Ltd., Class B ​ ​ ​ ​ 9,675 ​ ​ ​ ​ ​ 10,420 ​ ​
Foschini Group Ltd. (The) ​ ​ ​ ​ 1,766 ​ ​ ​ ​ ​ 21,651 ​ ​
Gold Fields Ltd. ​ ​ ​ ​ 6,530 ​ ​ ​ ​ ​ 15,714 ​ ​
Growthpoint Properties Ltd. ​ ​ ​ ​ 20,485 ​ ​ ​ ​ ​ 33,651 ​ ​
Hyprop Investments Ltd. ​ ​ ​ ​ 2,260 ​ ​ ​ ​ ​ 14,751 ​ ​
Imperial Holdings Ltd. ​ ​ ​ ​ 1,358 ​ ​ ​ ​ ​ 16,805 ​ ​
Investec Ltd. ​ ​ ​ ​ 2,482 ​ ​ ​ ​ ​ 17,469 ​ ​
Investec PLC ​ ​ ​ ​ 5,586 ​ ​ ​ ​ ​ 39,287 ​ ​
Kumba Iron Ore Ltd. ​ ​ ​ ​ 653 ​ ​ ​ ​ ​ 14,821 ​ ​
Liberty Holdings Ltd. ​ ​ ​ ​ 1,438 ​ ​ ​ ​ ​ 11,468 ​ ​
Life Healthcare Group
Holdings Ltd.
​ ​ ​ ​ 11,044 ​ ​ ​ ​ ​ 19,181 ​ ​
Mediclinic International PLC ​ ​ ​ ​ 3,699 ​ ​ ​ ​ ​ 20,683 ​ ​
MMI Holdings Ltd.(a) ​ ​ ​ ​ 10,106 ​ ​ ​ ​ ​ 12,406 ​ ​
Mondi Ltd. ​ ​ ​ ​ 917 ​ ​ ​ ​ ​ 25,193 ​ ​
Mr Price Group Ltd. ​ ​ ​ ​ 42,618 ​ ​ ​ ​ ​ 687,916 ​ ​
MTN Group Ltd. ​ ​ ​ ​ 10,650 ​ ​ ​ ​ ​ 65,958 ​ ​
Naspers Ltd., Class N ​ ​ ​ ​ 2,775 ​ ​ ​ ​ ​ 598,837 ​ ​
Nedbank Group Ltd. ​ ​ ​ ​ 1,614 ​ ​ ​ ​ ​ 30,203 ​ ​
Netcare Ltd. ​ ​ ​ ​ 11,482 ​ ​ ​ ​ ​ 19,657 ​ ​
Old Mutual Ltd. ​ ​ ​ ​ 32,376 ​ ​ ​ ​ ​ 68,438 ​ ​
Pick n Pay Stores Ltd. ​ ​ ​ ​ 3,269 ​ ​ ​ ​ ​ 15,900 ​ ​
Pioneer Foods Group Ltd. ​ ​ ​ ​ 1,524 ​ ​ ​ ​ ​ 9,915 ​ ​
PSG Group Ltd. ​ ​ ​ ​ 1,275 ​ ​ ​ ​ ​ 20,647 ​ ​
Rand Merchant Investment
Holdings Ltd.
​ ​ ​ ​ 6,151 ​ ​ ​ ​ ​ 16,794 ​ ​
Redefine Properties Ltd. ​ ​ ​ ​ 39,207 ​ ​ ​ ​ ​ 27,781 ​ ​
Remgro Ltd. ​ ​ ​ ​ 3,504 ​ ​ ​ ​ ​ 48,876 ​ ​
Resilient REIT Ltd. ​ ​ ​ ​ 3,030 ​ ​ ​ ​ ​ 12,455 ​ ​
RMB Holdings Ltd. ​ ​ ​ ​ 5,268 ​ ​ ​ ​ ​ 29,486 ​ ​
Sanlam Ltd. ​ ​ ​ ​ 212,567 ​ ​ ​ ​ ​ 1,189,158 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SOUTH AFRICA –  (continued) ​
Sappi Ltd. ​ ​ ​ ​ 4,008 ​ ​ ​ ​ $ 25,154 ​ ​
Sasol Ltd. ​ ​ ​ ​ 3,414 ​ ​ ​ ​ ​ 132,185 ​ ​
Shoprite Holdings Ltd. ​ ​ ​ ​ 2,956 ​ ​ ​ ​ ​ 40,061 ​ ​
SPAR Group Ltd. (The) ​ ​ ​ ​ 1,570 ​ ​ ​ ​ ​ 20,443 ​ ​
Standard Bank Group Ltd. ​ ​ ​ ​ 7,971 ​ ​ ​ ​ ​ 98,642 ​ ​
Telkom S.A. SOC Ltd. ​ ​ ​ ​ 3,263 ​ ​ ​ ​ ​ 11,920 ​ ​
Tiger Brands Ltd. ​ ​ ​ ​ 1,201 ​ ​ ​ ​ ​ 22,508 ​ ​
Truworths International Ltd. ​ ​ ​ ​ 3,619 ​ ​ ​ ​ ​ 21,369 ​ ​
Vodacom Group Ltd. ​ ​ ​ ​ 4,130 ​ ​ ​ ​ ​ 36,778 ​ ​
Woolworths Holdings Ltd. ​ ​ ​ ​ 7,312 ​ ​ ​ ​ ​ 25,647 ​ ​
Total South Africa ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,981,916 ​ ​
SOUTH KOREA – 1.9% ​
Amorepacific Corp. ​ ​ ​ ​ 184 ​ ​ ​ ​ ​ 43,294 ​ ​
AMOREPACIFIC Group ​ ​ ​ ​ 166 ​ ​ ​ ​ ​ 13,962 ​ ​
BGF retail Co., Ltd. ​ ​ ​ ​ 45 ​ ​ ​ ​ ​ 8,337 ​ ​
BNK Financial Group, Inc. ​ ​ ​ ​ 1,496 ​ ​ ​ ​ ​ 11,598 ​ ​
Celltrion Healthcare Co., Ltd.(a)
 ​ ​ ​ ​ 197 ​ ​ ​ ​ ​ 16,375 ​ ​
Celltrion Pharm, Inc.(a) ​ ​ ​ ​ 88 ​ ​ ​ ​ ​ 6,347 ​ ​
Celltrion, Inc.(a) ​ ​ ​ ​ 546 ​ ​ ​ ​ ​ 146,191 ​ ​
Cheil Worldwide, Inc. ​ ​ ​ ​ 396 ​ ​ ​ ​ ​ 7,729 ​ ​
Choong Ang Vaccine
Laboratory
​ ​ ​ ​ 33,888 ​ ​ ​ ​ ​ 757,649 ​ ​
CJ CheilJedang Corp. ​ ​ ​ ​ 47 ​ ​ ​ ​ ​ 14,131 ​ ​
CJ Corp. ​ ​ ​ ​ 84 ​ ​ ​ ​ ​ 10,223 ​ ​
CJ ENM Co., Ltd. ​ ​ ​ ​ 62 ​ ​ ​ ​ ​ 13,862 ​ ​
CJ Logistics Corp.(a) ​ ​ ​ ​ 46 ​ ​ ​ ​ ​ 6,552 ​ ​
Coway Co., Ltd. ​ ​ ​ ​ 279 ​ ​ ​ ​ ​ 21,832 ​ ​
Daelim Industrial Co., Ltd. ​ ​ ​ ​ 160 ​ ​ ​ ​ ​ 11,914 ​ ​
Daewoo Engineering &
Construction Co., Ltd.(a)
 ​ ​ ​ ​ 954 ​ ​ ​ ​ ​ 5,091 ​ ​
DB Insurance Co., Ltd. ​ ​ ​ ​ 284 ​ ​ ​ ​ ​ 18,639 ​ ​
DGB Financial Group, Inc. ​ ​ ​ ​ 970 ​ ​ ​ ​ ​ 8,876 ​ ​
Dongsuh Cos., Inc. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 3,786 ​ ​
Doosan Bobcat, Inc. ​ ​ ​ ​ 201 ​ ​ ​ ​ ​ 7,321 ​ ​
Doosan Heavy Industries &
Construction Co., Ltd.(a)
 ​ ​ ​ ​ 366 ​ ​ ​ ​ ​ 4,916 ​ ​
E-MART, Inc. ​ ​ ​ ​ 120 ​ ​ ​ ​ ​ 22,448 ​ ​
GS Engineering &
Construction Corp.
​ ​ ​ ​ 288 ​ ​ ​ ​ ​ 13,579 ​ ​
GS Holdings Corp. ​ ​ ​ ​ 293 ​ ​ ​ ​ ​ 14,554 ​ ​
GS Retail Co., Ltd. ​ ​ ​ ​ 155 ​ ​ ​ ​ ​ 5,380 ​ ​
Hana Financial Group, Inc. ​ ​ ​ ​ 1,698 ​ ​ ​ ​ ​ 68,196 ​ ​
Hankook Tire Co., Ltd. ​ ​ ​ ​ 426 ​ ​ ​ ​ ​ 19,241 ​ ​
Hanmi Pharm Co., Ltd. ​ ​ ​ ​ 36 ​ ​ ​ ​ ​ 16,227 ​ ​
Hanmi Science Co., Ltd. ​ ​ ​ ​ 73 ​ ​ ​ ​ ​ 5,778 ​ ​
​
See Notes to Financial Statements.
60   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SOUTH KOREA –  (continued) ​
Hanon Systems ​ ​ ​ ​ 1,072 ​ ​ ​ ​ $ 12,225 ​ ​
Hanssem Co., Ltd. ​ ​ ​ ​ 61 ​ ​ ​ ​ ​ 4,212 ​ ​
Hanwha Chemical Corp. ​ ​ ​ ​ 615 ​ ​ ​ ​ ​ 10,700 ​ ​
Hanwha Corp. ​ ​ ​ ​ 237 ​ ​ ​ ​ ​ 7,008 ​ ​
Hanwha Life Insurance Co.,
Ltd.
​ ​ ​ ​ 1,744 ​ ​ ​ ​ ​ 8,317 ​ ​
HDC Hyundai Development
Co-Engineering &
Construction(a)
 ​ ​ ​ ​ 202 ​ ​ ​ ​ ​ 9,269 ​ ​
HLB, Inc.(a) ​ ​ ​ ​ 178 ​ ​ ​ ​ ​ 19,272 ​ ​
Hotel Shilla Co., Ltd. ​ ​ ​ ​ 180 ​ ​ ​ ​ ​ 17,607 ​ ​
Hyundai Department Store
Co., Ltd.
​ ​ ​ ​ 81 ​ ​ ​ ​ ​ 7,258 ​ ​
Hyundai Engineering &
Construction Co., Ltd.
​ ​ ​ ​ 447 ​ ​ ​ ​ ​ 27,201 ​ ​
Hyundai Glovis Co., Ltd. ​ ​ ​ ​ 108 ​ ​ ​ ​ ​ 12,657 ​ ​
Hyundai Heavy Industries Co.,
Ltd.(a)
 ​ ​ ​ ​ 210 ​ ​ ​ ​ ​ 25,463 ​ ​
Hyundai Heavy Industries
Holdings Co., Ltd.(a)
 ​ ​ ​ ​ 56 ​ ​ ​ ​ ​ 20,446 ​ ​
Hyundai Marine & Fire
Insurance Co., Ltd.
​ ​ ​ ​ 359 ​ ​ ​ ​ ​ 13,577 ​ ​
Hyundai Mobis Co., Ltd. ​ ​ ​ ​ 391 ​ ​ ​ ​ ​ 80,368 ​ ​
Hyundai Motor Co. ​ ​ ​ ​ 885 ​ ​ ​ ​ ​ 103,320 ​ ​
Hyundai Steel Co. ​ ​ ​ ​ 459 ​ ​ ​ ​ ​ 23,379 ​ ​
Industrial Bank of Korea ​ ​ ​ ​ 1,446 ​ ​ ​ ​ ​ 19,880 ​ ​
Kakao Corp. ​ ​ ​ ​ 262 ​ ​ ​ ​ ​ 28,107 ​ ​
Kangwon Land, Inc. ​ ​ ​ ​ 675 ​ ​ ​ ​ ​ 17,465 ​ ​
KB Financial Group, Inc. ​ ​ ​ ​ 2,279 ​ ​ ​ ​ ​ 111,356 ​ ​
KCC Corp. ​ ​ ​ ​ 33 ​ ​ ​ ​ ​ 10,085 ​ ​
KEPCO Plant Service &
Engineering Co., Ltd.
​ ​ ​ ​ 129 ​ ​ ​ ​ ​ 3,954 ​ ​
Kia Motors Corp. ​ ​ ​ ​ 1,512 ​ ​ ​ ​ ​ 47,844 ​ ​
Korea Aerospace Industries
Ltd.(a)
 ​ ​ ​ ​ 419 ​ ​ ​ ​ ​ 13,258 ​ ​
Korea Electric Power Corp. ​ ​ ​ ​ 1,473 ​ ​ ​ ​ ​ 38,975 ​ ​
Korea Gas Corp.(a) ​ ​ ​ ​ 159 ​ ​ ​ ​ ​ 8,701 ​ ​
Korea Investment Holdings
Co., Ltd.
​ ​ ​ ​ 240 ​ ​ ​ ​ ​ 16,465 ​ ​
Korea Zinc Co., Ltd. ​ ​ ​ ​ 49 ​ ​ ​ ​ ​ 19,260 ​ ​
Korean Air Lines Co., Ltd. ​ ​ ​ ​ 272 ​ ​ ​ ​ ​ 6,890 ​ ​
KT Corp. ​ ​ ​ ​ 180 ​ ​ ​ ​ ​ 4,893 ​ ​
KT&G Corp. ​ ​ ​ ​ 669 ​ ​ ​ ​ ​ 62,723 ​ ​
Kumho Petrochemical Co.,
Ltd.
​ ​ ​ ​ 105 ​ ​ ​ ​ ​ 9,324 ​ ​
LG Chem Ltd. ​ ​ ​ ​ 263 ​ ​ ​ ​ ​ 86,659 ​ ​
LG Corp. ​ ​ ​ ​ 544 ​ ​ ​ ​ ​ 35,605 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SOUTH KOREA –  (continued) ​
LG Display Co., Ltd. ​ ​ ​ ​ 1,334 ​ ​ ​ ​ $ 22,970 ​ ​
LG Electronics, Inc. ​ ​ ​ ​ 610 ​ ​ ​ ​ ​ 39,044 ​ ​
LG Household & Health Care
Ltd.
​ ​ ​ ​ 54 ​ ​ ​ ​ ​ 62,118 ​ ​
LG Innotek Co., Ltd. ​ ​ ​ ​ 81 ​ ​ ​ ​ ​ 9,529 ​ ​
LG Uplus Corp. ​ ​ ​ ​ 1,341 ​ ​ ​ ​ ​ 22,123 ​ ​
Lotte Chemical Corp. ​ ​ ​ ​ 98 ​ ​ ​ ​ ​ 24,561 ​ ​
Lotte Corp.(a) ​ ​ ​ ​ 167 ​ ​ ​ ​ ​ 8,597 ​ ​
Lotte Shopping Co., Ltd. ​ ​ ​ ​ 65 ​ ​ ​ ​ ​ 12,276 ​ ​
Medy-Tox, Inc. ​ ​ ​ ​ 24 ​ ​ ​ ​ ​ 13,393 ​ ​
Mirae Asset Daewoo Co., Ltd.
​ ​ ​ ​ 2,293 ​ ​ ​ ​ ​ 17,509 ​ ​
NAVER Corp. ​ ​ ​ ​ 161 ​ ​ ​ ​ ​ 103,922 ​ ​
NCSoft Corp. ​ ​ ​ ​ 101 ​ ​ ​ ​ ​ 40,291 ​ ​
Netmarble Corp. ​ ​ ​ ​ 146 ​ ​ ​ ​ ​ 15,136 ​ ​
NH Investment & Securities
Co., Ltd.
​ ​ ​ ​ 807 ​ ​ ​ ​ ​ 10,404 ​ ​
OCI Co., Ltd. ​ ​ ​ ​ 103 ​ ​ ​ ​ ​ 10,214 ​ ​
Orange Life Insurance Ltd. ​ ​ ​ ​ 188 ​ ​ ​ ​ ​ 5,779 ​ ​
Orion Corp/Republic of Korea
​ ​ ​ ​ 125 ​ ​ ​ ​ ​ 11,889 ​ ​
Ottogi Corp. ​ ​ ​ ​ 7 ​ ​ ​ ​ ​ 4,714 ​ ​
Pan Ocean Co., Ltd.(a) ​ ​ ​ ​ 1,380 ​ ​ ​ ​ ​ 6,519 ​ ​
Pearl Abyss Corp.(a) ​ ​ ​ ​ 32 ​ ​ ​ ​ ​ 6,168 ​ ​
POSCO ​ ​ ​ ​ 520 ​ ​ ​ ​ ​ 138,057 ​ ​
Posco Daewoo Corp. ​ ​ ​ ​ 283 ​ ​ ​ ​ ​ 5,345 ​ ​
S-1 Corp. ​ ​ ​ ​ 98 ​ ​ ​ ​ ​ 8,075 ​ ​
S-Oil Corp. ​ ​ ​ ​ 258 ​ ​ ​ ​ ​ 31,865 ​ ​
Samsung Biologics Co., Ltd.(a)
 ​ ​ ​ ​ 95 ​ ​ ​ ​ ​ 45,734 ​ ​
Samsung C&T Corp. ​ ​ ​ ​ 435 ​ ​ ​ ​ ​ 50,784 ​ ​
Samsung Card Co., Ltd. ​ ​ ​ ​ 166 ​ ​ ​ ​ ​ 5,507 ​ ​
Samsung Electro-Mechanics
Co., Ltd.
​ ​ ​ ​ 321 ​ ​ ​ ​ ​ 40,225 ​ ​
Samsung Electronics Co., Ltd.
​ ​ ​ ​ 30,922 ​ ​ ​ ​ ​ 1,294,863 ​ ​
Samsung Engineering Co.,
Ltd.(a)
 ​ ​ ​ ​ 900 ​ ​ ​ ​ ​ 15,659 ​ ​
Samsung Fire & Marine
Insurance Co., Ltd.
​ ​ ​ ​ 177 ​ ​ ​ ​ ​ 45,317 ​ ​
Samsung Heavy Industries
Co., Ltd.(a)
 ​ ​ ​ ​ 2,221 ​ ​ ​ ​ ​ 16,178 ​ ​
Samsung Life Insurance Co.,
Ltd.
​ ​ ​ ​ 402 ​ ​ ​ ​ ​ 35,262 ​ ​
Samsung SDI Co., Ltd. ​ ​ ​ ​ 316 ​ ​ ​ ​ ​ 73,641 ​ ​
Samsung SDS Co., Ltd. ​ ​ ​ ​ 200 ​ ​ ​ ​ ​ 41,650 ​ ​
Samsung Securities Co., Ltd. ​ ​ ​ ​ 359 ​ ​ ​ ​ ​ 10,567 ​ ​
Shinhan Financial Group Co.,
Ltd.
​ ​ ​ ​ 2,448 ​ ​ ​ ​ ​ 99,310 ​ ​
Shinsegae, Inc. ​ ​ ​ ​ 42 ​ ​ ​ ​ ​ 13,726 ​ ​
SillaJen, Inc.(a) ​ ​ ​ ​ 293 ​ ​ ​ ​ ​ 27,048 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   61​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SOUTH KOREA –  (continued) ​
SK Holdings Co., Ltd. ​ ​ ​ ​ 182 ​ ​ ​ ​ $ 47,089 ​ ​
SK Hynix, Inc. ​ ​ ​ ​ 3,739 ​ ​ ​ ​ ​ 246,402 ​ ​
SK Innovation Co., Ltd. ​ ​ ​ ​ 371 ​ ​ ​ ​ ​ 71,909 ​ ​
SK Materials Co., Ltd. ​ ​ ​ ​ 3,950 ​ ​ ​ ​ ​ 649,876 ​ ​
SK Telecom Co., Ltd. ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ 29,490 ​ ​
ViroMed Co., Ltd.(a) ​ ​ ​ ​ 78 ​ ​ ​ ​ ​ 16,933 ​ ​
Woori Bank ​ ​ ​ ​ 2,715 ​ ​ ​ ​ ​ 41,364 ​ ​
Yuhan Corp. ​ ​ ​ ​ 49 ​ ​ ​ ​ ​ 10,712 ​ ​
Total South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,807,495 ​ ​
SPAIN – 1.5% ​
Abertis Infraestructuras S.A.(a)
 ​ ​ ​ ​ 3,711 ​ ​ ​ ​ ​ 79,107 ​ ​
ACS Actividades de
Construccion y Servicios
S.A.
​ ​ ​ ​ 1,773 ​ ​ ​ ​ ​ 75,507 ​ ​
Aena SME S.A. ​ ​ ​ ​ 452 ​ ​ ​ ​ ​ 78,457 ​ ​
Amadeus IT Group S.A. ​ ​ ​ ​ 2,876 ​ ​ ​ ​ ​ 267,201 ​ ​
Banco Bilbao Vizcaya
Argentaria S.A.
​ ​ ​ ​ 139,744 ​ ​ ​ ​ ​ 890,752 ​ ​
Banco de Sabadell S.A. ​ ​ ​ ​ 39,184 ​ ​ ​ ​ ​ 60,917 ​ ​
Banco Santander S.A. ​ ​ ​ ​ 102,419 ​ ​ ​ ​ ​ 515,550 ​ ​
Bankia S.A. ​ ​ ​ ​ 10,032 ​ ​ ​ ​ ​ 39,334 ​ ​
Bankinter S.A. ​ ​ ​ ​ 5,028 ​ ​ ​ ​ ​ 46,305 ​ ​
CaixaBank S.A. ​ ​ ​ ​ 23,253 ​ ​ ​ ​ ​ 106,318 ​ ​
Enagas S.A. ​ ​ ​ ​ 1,727 ​ ​ ​ ​ ​ 46,619 ​ ​
Endesa S.A. ​ ​ ​ ​ 2,359 ​ ​ ​ ​ ​ 50,971 ​ ​
Ferrovial S.A. ​ ​ ​ ​ 3,394 ​ ​ ​ ​ ​ 70,419 ​ ​
Gas Natural SDG S.A. ​ ​ ​ ​ 2,492 ​ ​ ​ ​ ​ 68,022 ​ ​
Grifols S.A. ​ ​ ​ ​ 2,079 ​ ​ ​ ​ ​ 58,559 ​ ​
Iberdrola S.A. ​ ​ ​ ​ 38,676 ​ ​ ​ ​ ​ 284,607 ​ ​
Industria de Diseno Textil S.A.
​ ​ ​ ​ 6,623 ​ ​ ​ ​ ​ 200,777 ​ ​
Mapfre S.A. ​ ​ ​ ​ 10,164 ​ ​ ​ ​ ​ 31,886 ​ ​
Red Electrica Corp. S.A. ​ ​ ​ ​ 55,152 ​ ​ ​ ​ ​ 1,155,178 ​ ​
Repsol S.A. ​ ​ ​ ​ 8,457 ​ ​ ​ ​ ​ 168,543 ​ ​
Siemens Gamesa Renewable
Energy S.A.(a)
 ​ ​ ​ ​ 2,149 ​ ​ ​ ​ ​ 27,197 ​ ​
Telefonica S.A. ​ ​ ​ ​ 30,696 ​ ​ ​ ​ ​ 242,991 ​ ​
Total Spain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,565,217 ​ ​
SWEDEN – 3.3% ​
Ahlstrom-Munksjo Oyj ​ ​ ​ ​ 35,597 ​ ​ ​ ​ ​ 681,944 ​ ​
Alfa Laval AB ​ ​ ​ ​ 1,572 ​ ​ ​ ​ ​ 42,628 ​ ​
Assa Abloy AB, Class B ​ ​ ​ ​ 112,902 ​ ​ ​ ​ ​ 2,269,499 ​ ​
Atlas Copco AB, Class A ​ ​ ​ ​ 4,240 ​ ​ ​ ​ ​ 122,228 ​ ​
Atlas Copco AB, Class B ​ ​ ​ ​ 2,589 ​ ​ ​ ​ ​ 69,084 ​ ​
Avanza Bank Holding AB ​ ​ ​ ​ 12,291 ​ ​ ​ ​ ​ 559,826 ​ ​
BioGaia AB, Class B ​ ​ ​ ​ 14,620 ​ ​ ​ ​ ​ 734,504 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SWEDEN –  (continued) ​
Boliden AB ​ ​ ​ ​ 2,928 ​ ​ ​ ​ $ 81,672 ​ ​
Cloetta AB, Class B ​ ​ ​ ​ 212,007 ​ ​ ​ ​ ​ 655,529 ​ ​
Electrolux AB, Series B ​ ​ ​ ​ 1,288 ​ ​ ​ ​ ​ 28,405 ​ ​
Epiroc AB, Class A(a) ​ ​ ​ ​ 78,518 ​ ​ ​ ​ ​ 877,291 ​ ​
Epiroc AB, Class B(a) ​ ​ ​ ​ 2,089 ​ ​ ​ ​ ​ 21,507 ​ ​
Essity AB, Class B ​ ​ ​ ​ 3,744 ​ ​ ​ ​ ​ 94,112 ​ ​
Hennes & Mauritz AB, Class B
​ ​ ​ ​ 5,082 ​ ​ ​ ​ ​ 93,916 ​ ​
Hexagon AB, Class B ​ ​ ​ ​ 1,689 ​ ​ ​ ​ ​ 99,013 ​ ​
Husqvarna AB, Class B ​ ​ ​ ​ 2,231 ​ ​ ​ ​ ​ 19,003 ​ ​
IAR Systems Group AB ​ ​ ​ ​ 27,427 ​ ​ ​ ​ ​ 797,745 ​ ​
ICA Gruppen AB ​ ​ ​ ​ 431 ​ ​ ​ ​ ​ 13,676 ​ ​
Industrivarden AB, Class C ​ ​ ​ ​ 894 ​ ​ ​ ​ ​ 19,867 ​ ​
Investor AB, Class B ​ ​ ​ ​ 2,904 ​ ​ ​ ​ ​ 134,198 ​ ​
Kabe Husvagnar AB, Class B ​ ​ ​ ​ 27,096 ​ ​ ​ ​ ​ 460,370 ​ ​
Kinnevik AB, Class B ​ ​ ​ ​ 1,254 ​ ​ ​ ​ ​ 37,970 ​ ​
L E Lundbergforetagen AB,
Class B
​ ​ ​ ​ 537 ​ ​ ​ ​ ​ 18,103 ​ ​
Lundin Petroleum AB ​ ​ ​ ​ 1,002 ​ ​ ​ ​ ​ 38,355 ​ ​
Nordea Bank AB ​ ​ ​ ​ 120,719 ​ ​ ​ ​ ​ 1,315,665 ​ ​
Sandvik AB ​ ​ ​ ​ 7,168 ​ ​ ​ ​ ​ 127,231 ​ ​
Securitas AB, Class B ​ ​ ​ ​ 1,676 ​ ​ ​ ​ ​ 29,183 ​ ​
Skandinaviska Enskilda
Banken AB, Class A
​ ​ ​ ​ 10,640 ​ ​ ​ ​ ​ 118,810 ​ ​
Skanska AB, Class B ​ ​ ​ ​ 1,821 ​ ​ ​ ​ ​ 35,765 ​ ​
SKF AB, Class B ​ ​ ​ ​ 2,022 ​ ​ ​ ​ ​ 39,894 ​ ​
Svenska Handelsbanken AB,
Class A
​ ​ ​ ​ 9,859 ​ ​ ​ ​ ​ 124,522 ​ ​
Swedbank AB, Class A ​ ​ ​ ​ 5,767 ​ ​ ​ ​ ​ 142,952 ​ ​
Swedish Match AB ​ ​ ​ ​ 973 ​ ​ ​ ​ ​ 49,814 ​ ​
Tele2 AB, Class B ​ ​ ​ ​ 1,936 ​ ​ ​ ​ ​ 23,308 ​ ​
Telefonaktiebolaget LM
Ericsson, Class B
​ ​ ​ ​ 19,243 ​ ​ ​ ​ ​ 170,791 ​ ​
Telia Co. AB ​ ​ ​ ​ 17,566 ​ ​ ​ ​ ​ 80,681 ​ ​
Volvo AB, Class B ​ ​ ​ ​ 9,712 ​ ​ ​ ​ ​ 171,676 ​ ​
Total Sweden ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,400,737 ​ ​
SWITZERLAND – 6.2% ​
ABB Ltd. ​ ​ ​ ​ 11,728 ​ ​ ​ ​ ​ 277,127 ​ ​
Adecco Group AG ​ ​ ​ ​ 1,132 ​ ​ ​ ​ ​ 59,449 ​ ​
Baloise Holding AG ​ ​ ​ ​ 360 ​ ​ ​ ​ ​ 54,913 ​ ​
Barry Callebaut AG ​ ​ ​ ​ 19 ​ ​ ​ ​ ​ 36,010 ​ ​
Bobst Group S.A. ​ ​ ​ ​ 6,674 ​ ​ ​ ​ ​ 522,278 ​ ​
Burckhardt Compression
Holding AG
​ ​ ​ ​ 1,798 ​ ​ ​ ​ ​ 625,471 ​ ​
Chocoladefabriken Lindt &
Spruengli AG
​ ​ ​ ​ 8 ​ ​ ​ ​ ​ 56,083 ​ ​
​
See Notes to Financial Statements.
62   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
SWITZERLAND –  (continued) ​
Chocoladefabriken Lindt &
Spruengli AG
​ ​ ​ ​ 1 ​ ​ ​ ​ $ 82,026 ​ ​
Cie Financiere Richemont S.A.
​ ​ ​ ​ 3,234 ​ ​ ​ ​ ​ 263,623 ​ ​
Clariant AG ​ ​ ​ ​ 1,644 ​ ​ ​ ​ ​ 42,783 ​ ​
Coca-Cola HBC AG ​ ​ ​ ​ 1,478 ​ ​ ​ ​ ​ 50,337 ​ ​
Credit Suisse Group AG ​ ​ ​ ​ 16,234 ​ ​ ​ ​ ​ 243,990 ​ ​
Dufry AG ​ ​ ​ ​ 370 ​ ​ ​ ​ ​ 41,716 ​ ​
EMS-Chemie Holding AG ​ ​ ​ ​ 65 ​ ​ ​ ​ ​ 38,746 ​ ​
Ferguson PLC ​ ​ ​ ​ 23,656 ​ ​ ​ ​ ​ 2,008,785 ​ ​
Geberit AG ​ ​ ​ ​ 240 ​ ​ ​ ​ ​ 111,318 ​ ​
Givaudan S.A. ​ ​ ​ ​ 458 ​ ​ ​ ​ ​ 1,126,099 ​ ​
Glencore PLC ​ ​ ​ ​ 71,228 ​ ​ ​ ​ ​ 307,946 ​ ​
Gurit Holding AG ​ ​ ​ ​ 786 ​ ​ ​ ​ ​ 661,541 ​ ​
Julius Baer Group Ltd. ​ ​ ​ ​ 18,983 ​ ​ ​ ​ ​ 949,924 ​ ​
Kuehne + Nagel International
AG
​ ​ ​ ​ 388 ​ ​ ​ ​ ​ 61,477 ​ ​
LafargeHolcim Ltd. ​ ​ ​ ​ 3,224 ​ ​ ​ ​ ​ 159,163 ​ ​
LEM Holding S.A. ​ ​ ​ ​ 486 ​ ​ ​ ​ ​ 572,464 ​ ​
Lonza Group AG ​ ​ ​ ​ 472 ​ ​ ​ ​ ​ 161,117 ​ ​
Nestle S.A. ​ ​ ​ ​ 19,967 ​ ​ ​ ​ ​ 1,664,663 ​ ​
Novartis AG ​ ​ ​ ​ 55,794 ​ ​ ​ ​ ​ 4,798,261 ​ ​
Pargesa Holding S.A. ​ ​ ​ ​ 353 ​ ​ ​ ​ ​ 28,362 ​ ​
Partners Group Holding AG ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ 92,017 ​ ​
Roche Holding AG ​ ​ ​ ​ 4,517 ​ ​ ​ ​ ​ 1,094,270 ​ ​
Schindler Holding AG ​ ​ ​ ​ 288 ​ ​ ​ ​ ​ 71,780 ​ ​
Schindler Holding AG ​ ​ ​ ​ 168 ​ ​ ​ ​ ​ 40,536 ​ ​
SGS S.A. ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ 92,154 ​ ​
Sika AG ​ ​ ​ ​ 823 ​ ​ ​ ​ ​ 119,836 ​ ​
Sonova Holding AG ​ ​ ​ ​ 386 ​ ​ ​ ​ ​ 76,815 ​ ​
STMicroelectronics N.V. ​ ​ ​ ​ 4,612 ​ ​ ​ ​ ​ 83,909 ​ ​
Straumann Holding AG ​ ​ ​ ​ 75 ​ ​ ​ ​ ​ 56,399 ​ ​
Swatch Group AG (The) ​ ​ ​ ​ 231 ​ ​ ​ ​ ​ 91,868 ​ ​
Swatch Group AG (The) ​ ​ ​ ​ 451 ​ ​ ​ ​ ​ 35,155 ​ ​
Swiss Life Holding AG ​ ​ ​ ​ 231 ​ ​ ​ ​ ​ 87,561 ​ ​
Swiss Prime Site AG ​ ​ ​ ​ 539 ​ ​ ​ ​ ​ 45,942 ​ ​
Swiss Re AG ​ ​ ​ ​ 1,945 ​ ​ ​ ​ ​ 179,557 ​ ​
Swisscom AG ​ ​ ​ ​ 176 ​ ​ ​ ​ ​ 79,876 ​ ​
Temenos AG ​ ​ ​ ​ 500 ​ ​ ​ ​ ​ 81,109 ​ ​
UBS Group AG ​ ​ ​ ​ 76,864 ​ ​ ​ ​ ​ 1,213,972 ​ ​
Valiant Holding AG ​ ​ ​ ​ 6,036 ​ ​ ​ ​ ​ 683,924 ​ ​
Vifor Pharma AG ​ ​ ​ ​ 335 ​ ​ ​ ​ ​ 58,081 ​ ​
Zurich Insurance Group AG ​ ​ ​ ​ 961 ​ ​ ​ ​ ​ 303,752 ​ ​
Total Switzerland ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,594,185 ​ ​
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
TAIWAN – 2.9% ​
Acer, Inc. ​ ​ ​ ​ 19,000 ​ ​ ​ ​ $ 15,712 ​ ​
Advantech Co., Ltd. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 14,902 ​ ​
Airtac International Group ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 9,793 ​ ​
ASE Technology Holding Co.,
Ltd.
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 48,800 ​ ​
Asia Cement Corp. ​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 19,029 ​ ​
Asustek Computer, Inc. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 34,585 ​ ​
AU Optronics Corp. ​ ​ ​ ​ 53,000 ​ ​ ​ ​ ​ 22,392 ​ ​
Catcher Technology Co., Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 44,018 ​ ​
Cathay Financial Holding Co.,
Ltd.
​ ​ ​ ​ 47,000 ​ ​ ​ ​ ​ 80,814 ​ ​
Chailease Holding Co., Ltd. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 24,531 ​ ​
Chang Hwa Commercial Bank
Ltd.
​ ​ ​ ​ 34,320 ​ ​ ​ ​ ​ 21,244 ​ ​
Cheng Shin Rubber Industry
Co., Ltd.
​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 18,865 ​ ​
Chicony Electronics Co., Ltd. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 8,096 ​ ​
China Airlines Ltd. ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 6,665 ​ ​
China Development Financial
Holding Corp.
​ ​ ​ ​ 81,000 ​ ​ ​ ​ ​ 30,243 ​ ​
China Life Insurance Co., Ltd.
​ ​ ​ ​ 17,000 ​ ​ ​ ​ ​ 17,093 ​ ​
China Steel Corp. ​ ​ ​ ​ 73,000 ​ ​ ​ ​ ​ 60,967 ​ ​
Chunghwa Telecom Co., Ltd. ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 79,258 ​ ​
Compal Electronics, Inc. ​ ​ ​ ​ 27,000 ​ ​ ​ ​ ​ 16,757 ​ ​
CTBC Financial Holding Co.,
Ltd.
​ ​ ​ ​ 101,000 ​ ​ ​ ​ ​ 76,082 ​ ​
Delta Electronics, Inc. ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 51,485 ​ ​
E.Sun Financial Holding Co.,
Ltd.
​ ​ ​ ​ 57,000 ​ ​ ​ ​ ​ 42,097 ​ ​
Eclat Textile Co., Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 12,380 ​ ​
Eva Airways Corp. ​ ​ ​ ​ 16,800 ​ ​ ​ ​ ​ 8,171 ​ ​
Evergreen Marine Corp.
Taiwan Ltd.
​ ​ ​ ​ 16,800 ​ ​ ​ ​ ​ 7,043 ​ ​
Far Eastern New Century
Corp.
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 23,384 ​ ​
Far EasTone
Telecommunications Co.,
Ltd.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 23,843 ​ ​
Feng TAY Enterprise Co., Ltd.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 12,315 ​ ​
First Financial Holding Co.,
Ltd.
​ ​ ​ ​ 58,580 ​ ​ ​ ​ ​ 39,906 ​ ​
Formosa Chemicals & Fibre
Corp.
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 83,844 ​ ​
Formosa Petrochemical Corp.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 33,930 ​ ​
Formosa Plastics Corp. ​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 114,958 ​ ​
Formosa Taffeta Co., Ltd. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 8,540 ​ ​
Foxconn Technology Co., Ltd.
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 14,640 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   63​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
TAIWAN –  (continued) ​
Fubon Financial Holding Co.,
Ltd.
​ ​ ​ ​ 38,000 ​ ​ ​ ​ $ 64,468 ​ ​
General Interface Solution
Holding Ltd.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 4,225 ​ ​
Giant Manufacturing Co., Ltd.
​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 8,581 ​ ​
Globalwafers Co., Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 11,021 ​ ​
Highwealth Construction
Corp.
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 9,511 ​ ​
Hiwin Technologies Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 8,270 ​ ​
Hon Hai Precision Industry
Co., Ltd.
​ ​ ​ ​ 107,000 ​ ​ ​ ​ ​ 277,549 ​ ​
Hotai Motor Co., Ltd. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 17,129 ​ ​
HTC Corp.(a) ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 6,649 ​ ​
Hua Nan Financial Holdings
Co., Ltd.
​ ​ ​ ​ 45,980 ​ ​ ​ ​ ​ 27,859 ​ ​
Innolux Corp. ​ ​ ​ ​ 56,000 ​ ​ ​ ​ ​ 19,441 ​ ​
Inventec Corp. ​ ​ ​ ​ 17,000 ​ ​ ​ ​ ​ 15,256 ​ ​
Largan Precision Co., Ltd. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 119,051 ​ ​
Lite-On Technology Corp. ​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 17,607 ​ ​
Macronix International ​ ​ ​ ​ 12,240 ​ ​ ​ ​ ​ 10,202 ​ ​
MediaTek, Inc. ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 72,659 ​ ​
Mega Financial Holding Co.,
Ltd.
​ ​ ​ ​ 63,000 ​ ​ ​ ​ ​ 56,742 ​ ​
Merida Industry Co., Ltd. ​ ​ ​ ​ 137,000 ​ ​ ​ ​ ​ 641,634 ​ ​
Micro-Star International Co.,
Ltd.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 10,808 ​ ​
Nan Ya Plastics Corp. ​ ​ ​ ​ 29,000 ​ ​ ​ ​ ​ 80,542 ​ ​
Nanya Technology Corp. ​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 13,320 ​ ​
Nien Made Enterprise Co.,
Ltd.
​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 7,828 ​ ​
Novatek Microelectronics
Corp.
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 19,782 ​ ​
Paiho Shih Holdings Corp. ​ ​ ​ ​ 343,000 ​ ​ ​ ​ ​ 589,772 ​ ​
Pegatron Corp. ​ ​ ​ ​ 12,000 ​ ​ ​ ​ ​ 24,013 ​ ​
Phison Electronics Corp. ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 7,959 ​ ​
Pou Chen Corp. ​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 14,787 ​ ​
Powertech Technology, Inc. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 13,641 ​ ​
President Chain Store Corp. ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 35,224 ​ ​
Quanta Computer, Inc. ​ ​ ​ ​ 16,000 ​ ​ ​ ​ ​ 27,878 ​ ​
Realtek Semiconductor Corp.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 13,363 ​ ​
Ruentex Development Co.,
Ltd.
​ ​ ​ ​ 7,000 ​ ​ ​ ​ ​ 8,196 ​ ​
Ruentex Industries Ltd. ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 9,940 ​ ​
Shin Kong Financial Holding
Co., Ltd.
​ ​ ​ ​ 52,748 ​ ​ ​ ​ ​ 20,644 ​ ​
Sinmag Equipment Corp. ​ ​ ​ ​ 159,000 ​ ​ ​ ​ ​ 721,236 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
TAIWAN –  (continued) ​
SinoPac Financial Holdings
Co., Ltd.
​ ​ ​ ​ 65,280 ​ ​ ​ ​ $ 23,839 ​ ​
Standard Foods Corp. ​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 6,655 ​ ​
Synnex Technology
International Corp.
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 12,757 ​ ​
TaiMed Biologics, Inc.(a) ​ ​ ​ ​ 1,000 ​ ​ ​ ​ ​ 6,174 ​ ​
Taishin Financial Holding Co.,
Ltd.
​ ​ ​ ​ 59,527 ​ ​ ​ ​ ​ 28,756 ​ ​
Taiwan Business Bank ​ ​ ​ ​ 29,120 ​ ​ ​ ​ ​ 10,586 ​ ​
Taiwan Cement Corp. ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 33,652 ​ ​
Taiwan Cooperative Financial
Holding Co., Ltd.
​ ​ ​ ​ 52,530 ​ ​ ​ ​ ​ 32,000 ​ ​
Taiwan High Speed Rail Corp.
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 13,710 ​ ​
Taiwan Mobile Co., Ltd. ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 35,863 ​ ​
Taiwan Semiconductor
Manufacturing Co., Ltd.
​ ​ ​ ​ 157,000 ​ ​ ​ ​ ​ 1,349,769 ​ ​
Taiwan Semiconductor
Manufacturing Co., Ltd.,
ADR
​ ​ ​ ​ 54,700 ​ ​ ​ ​ ​ 2,415,552 ​ ​
Teco Electric and Machinery
Co., Ltd.
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 10,156 ​ ​
Tong Yang Industry Co., Ltd. ​ ​ ​ ​ 446,000 ​ ​ ​ ​ ​ 616,422 ​ ​
TOPBI International Holdings
Ltd.
​ ​ ​ ​ 78,390 ​ ​ ​ ​ ​ 260,590 ​ ​
Uni-President Enterprises
Corp.
​ ​ ​ ​ 28,000 ​ ​ ​ ​ ​ 73,088 ​ ​
United Microelectronics Corp.
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 37,025 ​ ​
Vanguard International
Semiconductor Corp.
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 13,363 ​ ​
Walsin Technology Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 13,952 ​ ​
Win Semiconductors Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 8,810 ​ ​
Winbond Electronics Corp. ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 9,498 ​ ​
Wistron Corp. ​ ​ ​ ​ 17,000 ​ ​ ​ ​ ​ 11,080 ​ ​
WPG Holdings Ltd. ​ ​ ​ ​ 11,000 ​ ​ ​ ​ ​ 13,654 ​ ​
Yageo Corp. ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 30,066 ​ ​
Yuanta Financial Holding Co.,
Ltd.
​ ​ ​ ​ 61,000 ​ ​ ​ ​ ​ 32,165 ​ ​
Zhen Ding Technology Holding
Ltd.
​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 6,701 ​ ​
Total Taiwan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,239,052 ​ ​
THAILAND – 0.9% ​
Advanced Info Service PCL ​ ​ ​ ​ 5,600 ​ ​ ​ ​ ​ 34,805 ​ ​
Airports of Thailand PCL ​ ​ ​ ​ 22,900 ​ ​ ​ ​ ​ 46,381 ​ ​
Bangkok Bank PCL ​ ​ ​ ​ 1,300 ​ ​ ​ ​ ​ 8,763 ​ ​
Bangkok Dusit Medical
Services PCL
​ ​ ​ ​ 20,700 ​ ​ ​ ​ ​ 16,322 ​ ​
Bangkok Expressway & Metro
PCL
​ ​ ​ ​ 40,100 ​ ​ ​ ​ ​ 10,788 ​ ​
​
See Notes to Financial Statements.
64   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
THAILAND –  (continued) ​
Banpu PCL ​ ​ ​ ​ 11,100 ​ ​ ​ ​ $ 6,556 ​ ​
Berli Jucker PCL ​ ​ ​ ​ 6,400 ​ ​ ​ ​ ​ 11,775 ​ ​
BTS Group Holdings PCL ​ ​ ​ ​ 31,300 ​ ​ ​ ​ ​ 9,001 ​ ​
Bumrungrad Hospital PCL ​ ​ ​ ​ 1,900 ​ ​ ​ ​ ​ 10,928 ​ ​
Central Pattana PCL ​ ​ ​ ​ 7,200 ​ ​ ​ ​ ​ 18,479 ​ ​
Charoen Pokphand Foods
PCL
​ ​ ​ ​ 16,100 ​ ​ ​ ​ ​ 12,570 ​ ​
CP ALL PCL ​ ​ ​ ​ 26,400 ​ ​ ​ ​ ​ 56,326 ​ ​
Delta Electronics Thailand
PCL
​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 5,823 ​ ​
Energy Absolute PCL ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 8,952 ​ ​
Glow Energy PCL ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 7,347 ​ ​
Home Product Center PCL ​ ​ ​ ​ 21,100 ​ ​ ​ ​ ​ 10,309 ​ ​
Indorama Ventures PCL ​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 15,325 ​ ​
IRPC PCL ​ ​ ​ ​ 53,600 ​ ​ ​ ​ ​ 11,270 ​ ​
Kasikornbank PCL ​ ​ ​ ​ 110,800 ​ ​ ​ ​ ​ 746,889 ​ ​
Kasikornbank PCL ​ ​ ​ ​ 3,600 ​ ​ ​ ​ ​ 24,044 ​ ​
Krung Thai Bank PCL ​ ​ ​ ​ 18,700 ​ ​ ​ ​ ​ 11,680 ​ ​
Minor International PCL ​ ​ ​ ​ 12,100 ​ ​ ​ ​ ​ 15,340 ​ ​
PTT Exploration & Production
PCL
​ ​ ​ ​ 7,400 ​ ​ ​ ​ ​ 35,467 ​ ​
PTT Global Chemical PCL ​ ​ ​ ​ 12,100 ​ ​ ​ ​ ​ 30,400 ​ ​
PTT PCL ​ ​ ​ ​ 71,200 ​ ​ ​ ​ ​ 119,437 ​ ​
Robinson PCL ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 5,886 ​ ​
Sahamitr Pressure Container
PCL
​ ​ ​ ​ 1,632,400 ​ ​ ​ ​ ​ 676,381 ​ ​
Siam Cement PCL (The) ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 23,253 ​ ​
Siam Cement PCL (The) ​ ​ ​ ​ 600 ​ ​ ​ ​ ​ 8,275 ​ ​
Siam Commercial Bank PCL
(The)
​ ​ ​ ​ 9,800 ​ ​ ​ ​ ​ 45,151 ​ ​
Thai Oil PCL ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 16,419 ​ ​
Thai Union Group PCL ​ ​ ​ ​ 10,200 ​ ​ ​ ​ ​ 5,646 ​ ​
True Corp. PCL ​ ​ ​ ​ 53,600 ​ ​ ​ ​ ​ 10,027 ​ ​
Vanachai Group PCL ​ ​ ​ ​ 2,591,300 ​ ​ ​ ​ ​ 604,957 ​ ​
Total Thailand ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,680,972 ​ ​
TURKEY – 0.3% ​
Akbank Turk A/S ​ ​ ​ ​ 11,776 ​ ​ ​ ​ ​ 13,503 ​ ​
Anadolu Efes Biracilik Ve Malt
Sanayii A/S
​ ​ ​ ​ 1,109 ​ ​ ​ ​ ​ 3,874 ​ ​
Arcelik A/S ​ ​ ​ ​ 1,266 ​ ​ ​ ​ ​ 2,905 ​ ​
Aselsan Elektronik Sanayi Ve
Ticaret A/S
​ ​ ​ ​ 1,071 ​ ​ ​ ​ ​ 4,894 ​ ​
BIM Birlesik Magazalar A/S ​ ​ ​ ​ 1,138 ​ ​ ​ ​ ​ 15,340 ​ ​
Coca-Cola Icecek A/S ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 16,782 ​ ​
Emlak Konut Gayrimenkul
Yatirim Ortakligi A/S
​ ​ ​ ​ 10,170 ​ ​ ​ ​ ​ 3,016 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
TURKEY –  (continued) ​
Eregli Demir ve Celik
Fabrikalari TAS
​ ​ ​ ​ 7,494 ​ ​ ​ ​ $ 13,696 ​ ​
Ford Otomotiv Sanayi A/S ​ ​ ​ ​ 376 ​ ​ ​ ​ ​ 4,099 ​ ​
Haci Omer Sabanci Holding
A/S
​ ​ ​ ​ 4,915 ​ ​ ​ ​ ​ 6,214 ​ ​
KOC Holding A/S ​ ​ ​ ​ 4,072 ​ ​ ​ ​ ​ 11,511 ​ ​
Petkim Petrokimya Holding
A/S
​ ​ ​ ​ 19,800 ​ ​ ​ ​ ​ 17,552 ​ ​
TAV Havalimanlari Holding A/S
​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 25,915 ​ ​
Tofas Turk Otomobil Fabrikasi
A/S
​ ​ ​ ​ 4,000 ​ ​ ​ ​ ​ 14,170 ​ ​
Tupras Turkiye Petrol
Rafinerileri A/S
​ ​ ​ ​ 670 ​ ​ ​ ​ ​ 14,899 ​ ​
Turk Hava Yollari AO(a) ​ ​ ​ ​ 2,955 ​ ​ ​ ​ ​ 9,347 ​ ​
Turkcell Iletisim Hizmetleri A/S
​ ​ ​ ​ 276,215 ​ ​ ​ ​ ​ 528,164 ​ ​
Turkiye Garanti Bankasi A/S ​ ​ ​ ​ 12,365 ​ ​ ​ ​ ​ 15,797 ​ ​
Turkiye Halk Bankasi A/S ​ ​ ​ ​ 3,346 ​ ​ ​ ​ ​ 3,709 ​ ​
Turkiye Is Bankasi A/S ​ ​ ​ ​ 8,431 ​ ​ ​ ​ ​ 6,175 ​ ​
Turkiye Sise ve Cam
Fabrikalari A/S
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 17,418 ​ ​
Turkiye Vakiflar Bankasi TAO ​ ​ ​ ​ 4,015 ​ ​ ​ ​ ​ 2,521 ​ ​
Ulker Biskuvi Sanayi A/S(a) ​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 16,832 ​ ​
Yapi ve Kredi Bankasi A/S(a) ​ ​ ​ ​ 48,579 ​ ​ ​ ​ ​ 15,133 ​ ​
Total Turkey ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 783,466 ​ ​
UNITED ARAB EMIRATES – 0.1% ​
Abu Dhabi Commercial Bank
PJSC
​ ​ ​ ​ 11,130 ​ ​ ​ ​ ​ 24,029 ​ ​
Aldar Properties PJSC ​ ​ ​ ​ 16,835 ​ ​ ​ ​ ​ 8,388 ​ ​
DAMAC Properties Dubai Co.
PJSC
​ ​ ​ ​ 9,715 ​ ​ ​ ​ ​ 5,396 ​ ​
DP World Ltd. ​ ​ ​ ​ 889 ​ ​ ​ ​ ​ 16,980 ​ ​
Dubai Islamic Bank PJSC ​ ​ ​ ​ 8,818 ​ ​ ​ ​ ​ 12,940 ​ ​
Emaar Malls PJSC ​ ​ ​ ​ 10,450 ​ ​ ​ ​ ​ 5,206 ​ ​
Emaar Properties PJSC ​ ​ ​ ​ 18,779 ​ ​ ​ ​ ​ 25,308 ​ ​
Emirates Telecommunications
Group Co. PJSC
​ ​ ​ ​ 9,310 ​ ​ ​ ​ ​ 42,330 ​ ​
First Abu Dhabi Bank PJSC ​ ​ ​ ​ 7,583 ​ ​ ​ ​ ​ 29,523 ​ ​
NMC Health PLC ​ ​ ​ ​ 808 ​ ​ ​ ​ ​ 35,744 ​ ​
Total United Arab Emirates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 205,844 ​ ​
UNITED STATES – 1.0% ​
Altice USA, Inc., Class A ​ ​ ​ ​ 1,207 ​ ​ ​ ​ ​ 21,895 ​ ​
Bausch Health Cos., Inc.(a) ​ ​ ​ ​ 2,100 ​ ​ ​ ​ ​ 53,929 ​ ​
Carnival PLC ​ ​ ​ ​ 1,237 ​ ​ ​ ​ ​ 76,810 ​ ​
Nexteer Automotive Group Ltd.
 ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 7,920 ​ ​
Schlumberger Ltd. ​ ​ ​ ​ 8,400 ​ ​ ​ ​ ​ 511,728 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   65​
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (continued)
​
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS –  (continued) ​
UNITED STATES –  (continued) ​
Sensata Technologies Holding
PLC(a)
 ​ ​ ​ ​ 16,400 ​ ​ ​ ​ $ 812,620 ​ ​
Shire PLC ​ ​ ​ ​ 25,550 ​ ​ ​ ​ ​ 1,539,712 ​ ​
Total United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,024,614 ​ ​
TOTAL COMMON STOCKS ​
(Cost: $306,254,842)
​ ​ ​ ​ ​ ​ ​ ​ ​
​
296,949,014
 ​ ​
RIGHTS – 0.0%(b) ​ ​ ​
AUSTRALIA – 0.0%(b) ​
Harvey Norman Holdings Ltd.(a)
(Cost: $0)
​ ​ ​
​
175
 ​ ​ ​ ​
​
101
 ​ ​
PREFERRED STOCKS – 0.7% ​
BRAZIL – 0.2% ​ ​ ​
Banco Bradesco S.A., 4.23% ​ ​ ​ ​ 20,400 ​ ​ ​ ​ ​ 144,821 ​ ​
Braskem S.A., 6.19%, Class A
 ​ ​ ​ ​ 1,600 ​ ​ ​ ​ ​ 23,153 ​ ​
Centrais Eletricas Brasileiras
S.A., Class B(a)
 ​ ​ ​ ​ 2,700 ​ ​ ​ ​ ​ 12,449 ​ ​
Cia Brasileira de Distribuicao,
1.23%
 ​ ​ ​ ​ 1,200 ​ ​ ​ ​ ​ 26,002 ​ ​
Cia Energetica de Minas
Gerais, 6.85%
 ​ ​ ​ ​ 8,200 ​ ​ ​ ​ ​ 14,538 ​ ​
Gerdau S.A., 1.01% ​ ​ ​ ​ 7,600 ​ ​ ​ ​ ​ 32,349 ​ ​
Itau Unibanco Holding S.A.,
7.32%
 ​ ​ ​ ​ 21,300 ​ ​ ​ ​ ​ 232,749 ​ ​
Itausa – Investimentos Itau
S.A., 6.710%
 ​ ​ ​ ​ 28,470 ​ ​ ​ ​ ​ 71,201 ​ ​
Lojas Americanas S.A., 0.45%
 ​ ​ ​ ​ 5,800 ​ ​ ​ ​ ​ 22,792 ​ ​
Petroleo Brasileiro S.A., 0.29%
 ​ ​ ​ ​ 24,400 ​ ​ ​ ​ ​ 127,421 ​ ​
Telefonica Brasil S.A., 5.45% ​ ​ ​ ​ 3,100 ​ ​ ​ ​ ​ 30,090 ​ ​
Total Brazil ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 737,565 ​ ​
CHILE – 0.0%(b) ​
Embotelladora Andina S.A.,
3.50%, Class B
 ​ ​ ​ ​ 1,393 ​ ​ ​ ​ ​ 5,442 ​ ​
Sociedad Quimica y Minera de
Chile S.A., 0.01%, Class B
 ​ ​ ​ ​ 515 ​ ​ ​ ​ ​ 23,564 ​ ​
Total Chile ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,006 ​ ​
COLOMBIA – 0.0%(b) ​
Bancolombia S.A., 2.76% ​ ​ ​ ​ 3,060 ​ ​ ​ ​ ​ 32,327 ​ ​
Grupo Aval Acciones y Valores
S.A., 4.49%
 ​ ​ ​ ​ 36,414 ​ ​ ​ ​ ​ 14,318 ​ ​
Grupo de Inversiones
Suramericana S.A., 1.46%
 ​ ​ ​ ​ 1,128 ​ ​ ​ ​ ​ 12,945 ​ ​
Total Colombia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 59,590 ​ ​
GERMANY – 0.4% ​
Bayerische Motoren Werke
AG, 5.89%
 ​ ​ ​ ​ 454 ​ ​ ​ ​ ​ 35,686 ​ ​
Investments
​ ​
Shares
​ ​
Value
​ ​
PREFERRED STOCKS –  (continued) ​ ​
GERMANY –  (continued) ​ ​
Fuchs Petrolub SE, 2.15% ​ ​ ​ ​ 572 ​ ​ ​ ​ $ 31,957 ​ ​ ​
Henkel AG & Co. KGaA,
1.64%
 ​ ​ ​ ​ 1,119 ​ ​ ​ ​ ​ 131,286 ​ ​ ​
Porsche Automobil Holding
SE, 3.23%
 ​ ​ ​ ​ 1,045 ​ ​ ​ ​ ​ 70,371 ​ ​ ​
Sartorius AG, 0.40% ​ ​ ​ ​ 283 ​ ​ ​ ​ ​ 45,935 ​ ​ ​
Schaeffler AG, 4.93% ​ ​ ​ ​ 1,489 ​ ​ ​ ​ ​ 19,034 ​ ​ ​
Volkswagen AG, 2.78% ​ ​ ​ ​ 4,706 ​ ​ ​ ​ ​ 828,328 ​ ​ ​
Total Germany ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,162,597 ​ ​ ​
SOUTH KOREA – 0.1% ​ ​ ​ ​
Amorepacific Corp., 0.94% ​ ​ ​ ​ 51 ​ ​ ​ ​ ​ 6,322 ​ ​ ​
Hyundai Motor Co., 4.84% ​ ​ ​ ​ 216 ​ ​ ​ ​ ​ 16,493 ​ ​ ​
Hyundai Motor Co. 2nd
Preference, 5.17%
 ​ ​ ​ ​ 137 ​ ​ ​ ​ ​ 9,671 ​ ​ ​
LG Chem Ltd., 2.97% ​ ​ ​ ​ 44 ​ ​ ​ ​ ​ 8,092 ​ ​ ​
LG Household & Health Care
Ltd., 1.13%
 ​ ​ ​ ​ 12 ​ ​ ​ ​ ​ 8,698 ​ ​ ​
Samsung Electronics Co., Ltd,
3.00%
 ​ ​ ​ ​ 5,633 ​ ​ ​ ​ ​ 192,210 ​ ​ ​
Total South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 241,486 ​ ​ ​
TOTAL PREFERRED STOCKS
(Cost: $2,521,909)
​ ​ ​
​
2,230,244
 ​ ​ ​
WARRANTS – 0.0%(b) ​ ​
CANADA – 0.0%(b) ​ ​ ​ ​
Australis Capital, Inc.(a) ​ ​ ​ ​ 147 ​ ​ ​ ​
​
268
 ​ ​ ​
THAILAND – 0.0%(b) ​ ​
BTS Group Holdings PCL(a) ​ ​ ​ ​ 3,478 ​ ​ ​ ​
​
0
 ​ ​ ​
TOTAL WARRANTS
(Cost: $607)
​ ​ ​ ​ 268 ​ ​ ​
SHORT-TERM INVESTMENTS – 4.8% ​ ​
State Street Institutional
Treasury Money Market
Fund – Investor Class
Shares, 1.87%(c)
(Cost: $14,992,428)
​ ​ ​ ​ 14,992,428 ​ ​ ​ ​
​
14,992,428
 ​ ​ ​
TOTAL INVESTMENTS – 99.8%
(Cost: $323,769,786)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 314,172,055 ​ ​
OTHER ASSETS AND
LIABILITIES, NET – 0.2%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 567,185 ​ ​ ​
NET ASSETS – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 314,739,240 ​ ​ ​
​
​
(a)
Non-income producing.
​
(b)
Amount is less than 0.05%.
​
(c)
The rate shown is the annualized seven-day yield at September 30, 2018.
​
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
REIT — Real Estate Investment Trust
​
See Notes to Financial Statements.
66   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager International Equity Fund (concluded)
​
Futures contracts open at September 30, 2018:
Description
​ ​
Type
​ ​
Contracts
​ ​
Expiration
Date
​ ​
Notional
Amount
​ ​
Value/Net
Unrealized
Appreciation
(Depreciation)
​
CONTRACTS PURCHASED – 1.7% ​
MSCI EAFE Index
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 1,700 ​ ​ ​ ​ ​ 12/21/2018 ​ ​ ​ ​ $ 3,358,350 ​ ​ ​ ​ $ 33,116 ​ ​
MSCI Emerging Markets Index
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 2,000 ​ ​ ​ ​ ​ 12/21/2018 ​ ​ ​ ​ ​ 2,099,400 ​ ​ ​ ​ ​ 48,062 ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 81,178 ​ ​
​
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2018 (see Note 2 to the Financial Statements).
​ ​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
PFM Multi-Manager International Equity Fund ​ ​ ​ ​ ​
Assets: ​ ​ ​ ​ ​
Investments in Securities: ​ ​ ​ ​ ​
Common Stocks
​ ​ ​ $ 296,848,057 ​ ​ ​ ​ $ 100,957 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 296,949,014 ​ ​
Rights
​ ​ ​ ​ 101 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 101 ​ ​
Preferred Stocks
​ ​ ​ ​ 2,230,244 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,230,244 ​ ​
Warrants
​ ​ ​ ​ 268 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 268 ​ ​
Money Market Funds
​ ​ ​ ​ 14,992,428 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,992,428 ​ ​
Total Investments in Securities
​ ​ ​ $ 314,071,098 ​ ​ ​ ​ $ 100,957 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 314,172,055 ​ ​
Other Financial Instruments: ​ ​ ​ ​ ​
Futures Contracts(a)
 ​ ​ ​ $ 81,178 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 81,178 ​ ​
​
​
(a)
Futures Contracts are valued at unrealized appreciation (depreciation). Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   67​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS – 48.3% ​
BASIC MATERIALS – 1.7% ​
Alcoa Nederland Holding B.V.,
6.13%, 5/15/28(a)
 ​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 205,500 ​ ​
Aleris International, Inc.,
Secured Note, 10.75%,
7/15/23(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 132,500 ​ ​
Alpha 3 B.V./Alpha US Bidco,
Inc., 6.25%, 2/1/25(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,060 ​ ​
Anglo American Capital PLC,
4.00%, 9/11/27(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 184,245 ​ ​
Baffinland Iron Mines Corp./
Baffinland Iron Mines L.P.,
Senior Secured Note,
8.75%, 7/15/26(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,250 ​ ​
Big River Steel LLC/BRS
Finance Corp., Senior
Secured Note, 7.25%,
9/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 106,000 ​ ​
Blue Cube Spinco LLC,
10.00%, 10/15/25
​ ​ ​ ​ 111,000 ​ ​ ​ ​ ​ 127,650 ​ ​
CF Industries, Inc., 5.38%,
3/15/44
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,750 ​ ​
Chevron Phillips Chemical Co.
LLC/Chevron Phillips
Chemical Co. L.P., Senior
Note, 3.30%, 5/1/23(a)
 ​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 157,864 ​ ​
Cleveland-Cliffs, Inc., 5.75%,
3/1/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,250 ​ ​
CNAC HK Finbridge Co., Ltd.,
3.50%, 7/19/22(b)
 ​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 328,940 ​ ​
Coeur Mining, Inc., 5.88%,
6/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,250 ​ ​
Commercial Metals Co.,
5.38%, 7/15/27
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 141,000 ​ ​
Consolidated Energy Finance
S.A., Senior Note, 6.50%,
5/15/26(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,000 ​ ​
Domtar Corp., 6.75%, 2/15/44
​ ​ ​ ​ 358,000 ​ ​ ​ ​ ​ 373,420 ​ ​
First Quantum Minerals Ltd.,
6.50%, 3/1/24(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 183,000 ​ ​
First Quantum Minerals Ltd.,
6.88%, 3/1/26(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 181,500 ​ ​
Freeport-McMoRan, Inc.,
4.00%, 11/14/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,687 ​ ​
Freeport-McMoRan, Inc.,
5.45%, 3/15/43
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 113,437 ​ ​
Freeport-McMoRan, Inc.,
6.88%, 2/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 106,500 ​ ​
Georgia-Pacific LLC, 5.40%,
11/1/20(a)
 ​ ​ ​ ​ 517,000 ​ ​ ​ ​ ​ 537,893 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
BASIC MATERIALS –  (continued) ​
Hecla Mining Co., 6.88%,
5/1/21
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 150,375 ​ ​
Hexion, Inc., Secured Note,
13.75%, 2/1/22(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 130,125 ​ ​
Hexion, Inc., Senior Secured
Note, 10.38%, 2/1/22(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,625 ​ ​
Hexion, Inc./Hexion Nova
Scotia Finance ULC,
Secured Note, 9.00%,
11/15/20
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 123,375 ​ ​
Hi-Crush Partners L.P., 9.50%,
8/1/26
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 23,250 ​ ​
Hudbay Minerals, Inc., 7.63%,
1/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,250 ​ ​
International Flavors &
Fragrances, Inc., 5.00%,
9/26/48
​ ​ ​ ​ 476,000 ​ ​ ​ ​ ​ 476,017 ​ ​
International Paper Co., Senior
Bond, 4.35%, 8/15/48
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 455,340 ​ ​
Inversiones CMPC S.A.,
4.38%, 4/4/27(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 487,857 ​ ​
Mercer International, Inc.,
Senior Note, 6.50%, 2/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,869 ​ ​
Mosaic Co. (The), Senior Note,
4.05%, 11/15/27
​ ​ ​ ​ 14,000 ​ ​ ​ ​ ​ 13,538 ​ ​
NOVA Chemicals Corp.,
Senior Note, 5.25%,
6/1/27(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,125 ​ ​
Platform Specialty Products
Corp., 5.88%, 12/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,677 ​ ​
RPM International, Inc., Senior
Bond, 4.25%, 1/15/48
​ ​ ​ ​ 36,000 ​ ​ ​ ​ ​ 31,518 ​ ​
Schweitzer-Mauduit
International, Inc., 6.88%,
10/1/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,000 ​ ​
Sherwin-Williams Co. (The),
Senior Note, 2.25%,
5/15/20
​ ​ ​ ​ 93,000 ​ ​ ​ ​ ​ 91,634 ​ ​
Southern Copper Corp.,
Senior Bond, 5.25%,
11/8/42
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,981 ​ ​
Steel Dynamics, Inc., 5.13%,
10/1/21
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,275 ​ ​
Steel Dynamics, Inc., 5.50%,
10/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,325 ​ ​
Syngenta Finance N.V.,
4.44%, 4/24/23(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,746 ​ ​
Taseko Mines Ltd., Senior
Secured Note, 8.75%,
6/15/22(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,625 ​ ​
​
See Notes to Financial Statements.
68   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
BASIC MATERIALS –  (continued) ​
Teck Resources Ltd., 4.75%,
1/15/22
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 152,932 ​ ​
Teck Resources Ltd., 8.50%,
6/1/24(a)
 ​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 191,319 ​ ​
Teck Resources Ltd., Senior
Bond, 6.13%, 10/1/35
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 263,125 ​ ​
TPC Group, Inc., Senior
Secured Note, 8.75%,
12/15/20(a)
 ​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 209,475 ​ ​
Trinseo Materials Operating
SCA/Trinseo Materials
Finance, Inc., 5.38%,
9/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,405 ​ ​
Tronox Finance PLC, 5.75%,
10/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,750 ​ ​
United States Steel Corp.,
Senior Note, 6.88%,
8/15/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,125 ​ ​
Valvoline, Inc., 5.50%, 7/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,375 ​ ​
Venator Finance Sarl/Venator
Materials LLC, 5.75%,
7/15/25(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 226,875 ​ ​
Versum Materials, Inc., 5.50%,
9/30/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,375 ​ ​
Total Basic Materials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,413,979 ​ ​
COMMUNICATIONS – 4.1% ​
21st Century Fox America,
Inc., 6.15%, 3/1/37
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 124,698 ​ ​
Altice France S.A., Senior
Secured Note, 7.38%,
5/1/26(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 200,210 ​ ​
Altice Luxembourg S.A.,
7.75%, 5/15/22(a)
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 389,300 ​ ​
AMC Networks, Inc., 5.00%,
4/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,500 ​ ​
AT&T, Inc., 3.51%, 6/12/24 ​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 271,215 ​ ​
AT&T, Inc., Senior Bond,
4.35%, 6/15/45
​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 215,906 ​ ​
AT&T, Inc., Senior Bond,
4.50%, 5/15/35
​ ​ ​ ​ 201,000 ​ ​ ​ ​ ​ 187,562 ​ ​
AT&T, Inc., Senior Bond,
4.50%, 3/9/48
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 230,855 ​ ​
AT&T, Inc., Senior Bond,
4.90%, 8/15/37(a)
 ​ ​ ​ ​ 368,000 ​ ​ ​ ​ ​ 351,427 ​ ​
Cablevision Systems Corp.,
Senior Note, 8.00%,
4/15/20
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 263,437 ​ ​
CBS Corp., 2.50%, 2/15/23 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 282,620 ​ ​
CBS Corp., 3.70%, 8/15/24 ​ ​ ​ ​ 217,000 ​ ​ ​ ​ ​ 210,928 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
COMMUNICATIONS –  (continued) ​
CCO Holdings LLC/CCO
Holdings Capital Corp.,
Senior Note, 5.00%,
2/1/28(a)
 ​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 93,990 ​ ​
CCO Holdings LLC/CCO
Holdings Capital Corp.,
Senior Note, 5.13%,
2/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,375 ​ ​
CCO Holdings LLC/CCO
Holdings Capital Corp.,
Senior Note, 5.13%,
5/1/23(a)
 ​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 577,329 ​ ​
CCO Holdings LLC/CCO
Holdings Capital Corp.,
Senior Note, 5.75%, 9/1/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,248 ​ ​
CCO Holdings LLC/CCO
Holdings Capital Corp.,
Senior Note, 5.75%,
2/15/26(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,937 ​ ​
CenturyLink, Inc., Senior
Bond, Series P, 7.60%,
9/15/39
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 66,938 ​ ​
CenturyLink, Inc., Senior Note,
Series T, 5.80%, 3/15/22
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,438 ​ ​
CenturyLink, Inc., Senior Note,
Series W, 6.75%, 12/1/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 155,812 ​ ​
CenturyLink, Inc., Series S,
6.45%, 6/15/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 155,625 ​ ​
Cequel Communications
Holdings I LLC/Cequel
Capital Corp., Senior Note,
5.13%, 12/15/21(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,680 ​ ​
Charter Communications
Operating LLC/Charter
Communications Operating
Capital, Senior Secured
Bond, 5.38%, 4/1/38
​ ​ ​ ​ 41,000 ​ ​ ​ ​ ​ 39,686 ​ ​
Charter Communications
Operating LLC/Charter
Communications Operating
Capital, Senior Secured
Bond, 5.38%, 5/1/47
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 457,569 ​ ​
Charter Communications
Operating LLC/Charter
Communications Operating
Capital, Senior Secured
Bond, 5.75%, 4/1/48
​ ​ ​ ​ 134,000 ​ ​ ​ ​ ​ 133,917 ​ ​
Charter Communications
Operating LLC/Charter
Communications Operating
Capital, Senior Secured
Bond, 6.38%, 10/23/35
​ ​ ​ ​ 118,000 ​ ​ ​ ​ ​ 127,104 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   69​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
COMMUNICATIONS –  (continued) ​
Charter Communications
Operating LLC/Charter
Communications Operating
Capital, Senior Secured
Note, 4.46%, 7/23/22
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 508,284 ​ ​
Cisco Systems, Inc., Senior
Note, 2.20%, 2/28/21
​ ​ ​ ​ 794,000 ​ ​ ​ ​ ​ 777,477 ​ ​
Clear Channel Worldwide
Holdings, Inc., Senior Note,
Series B, 6.50%, 11/15/22
​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 382,639 ​ ​
Comcast Corp., 3.60%, 3/1/24
​ ​ ​ ​ 317,000 ​ ​ ​ ​ ​ 314,263 ​ ​
Comcast Corp., 3.90%, 3/1/38
​ ​ ​ ​ 93,000 ​ ​ ​ ​ ​ 85,050 ​ ​
CommScope Technologies
LLC, 6.00%, 6/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,800 ​ ​
Cox Communications, Inc.,
Senior Bond, 4.60%,
8/15/47(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 139,975 ​ ​
Digicel Group Ltd., Senior
Note, 8.25%, 9/30/20(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 152,500 ​ ​
Digicel Ltd., 6.75%, 3/1/23(a) ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 166,750 ​ ​
Discovery Communications
LLC, 3.50%, 6/15/22
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 206,630 ​ ​
Discovery Communications
LLC, 3.90%, 11/15/24
​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 210,492 ​ ​
Discovery Communications
LLC, 5.00%, 9/20/37
​ ​ ​ ​ 858,000 ​ ​ ​ ​ ​ 834,624 ​ ​
DISH DBS Corp., 5.00%,
3/15/23
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 113,429 ​ ​
DISH DBS Corp., 5.13%,
5/1/20
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,875 ​ ​
DISH DBS Corp., 5.88%,
11/15/24
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 22,469 ​ ​
DISH DBS Corp., 7.75%,
7/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 142,125 ​ ​
Frontier Communications
Corp., Senior Note,
10.50%, 9/15/22
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 288,233 ​ ​
Frontier Communications
Corp., Senior Note,
11.00%, 9/15/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 116,956 ​ ​
Gray Television, Inc., 5.13%,
10/15/24(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,625 ​ ​
Gray Television, Inc., 5.88%,
7/15/26(a)
 ​ ​ ​ ​ 122,000 ​ ​ ​ ​ ​ 120,932 ​ ​
Hughes Satellite Systems
Corp., 6.63%, 8/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 145,125 ​ ​
Intelsat Jackson Holdings
S.A., 9.75%, 7/15/25(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 264,687 ​ ​
Interpublic Group of Cos., Inc.
(The), 4.65%, 10/1/28
​ ​ ​ ​ 117,000 ​ ​ ​ ​ ​ 117,110 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
COMMUNICATIONS –  (continued) ​
Level 3 Financing, Inc., 5.38%,
1/15/24
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 150,261 ​ ​
Level 3 Financing, Inc., 5.63%,
2/1/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,702 ​ ​
Level 3 Parent LLC, Senior
Note, 5.75%, 12/1/22
​ ​ ​ ​ 162,000 ​ ​ ​ ​ ​ 163,855 ​ ​
Match Group, Inc., 6.38%,
6/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 105,487 ​ ​
Midcontinent Communications/
Midcontinent Finance
Corp., 6.88%, 8/15/23(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 156,982 ​ ​
Netflix, Inc., Senior Note,
4.88%, 4/15/28(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 70,500 ​ ​
Netflix, Inc., Senior Note,
5.38%, 2/1/21
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,700 ​ ​
Netflix, Inc., Senior Note,
5.88%, 2/15/25
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 129,219 ​ ​
Nexstar Broadcasting, Inc.,
6.13%, 2/15/22(a)
 ​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 157,519 ​ ​
Quebecor Media, Inc., Senior
Note, 5.75%, 1/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,875 ​ ​
Radiate Holdco LLC/Radiate
Finance, Inc., Senior Note,
6.63%, 2/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 140,250 ​ ​
Sinclair Television Group, Inc.,
5.88%, 3/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,265 ​ ​
Sirius XM Radio, Inc., 3.88%,
8/1/22(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,216 ​ ​
Sirius XM Radio, Inc., 5.00%,
8/1/27(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,221 ​ ​
Sprint Capital Corp., 8.75%,
3/15/32
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 562,345 ​ ​
Sprint Communications, Inc.,
9.00%, 11/15/18(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 251,550 ​ ​
Sprint Corp., 7.88%, 9/15/23 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 161,604 ​ ​
Sprint Spectrum Co. LLC/
Sprint Spectrum Co. II LLC/
Sprint Spectrum Co. III LLC,
Senior Secured Note,
3.36%, 3/20/23(a)
 ​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 896,625 ​ ​
T-Mobile USA, Inc., 4.50%,
2/1/26
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,325 ​ ​
T-Mobile USA, Inc., 6.50%,
1/15/26
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 209,540 ​ ​
Telefonica Emisiones SAU,
4.67%, 3/6/38
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 253,345 ​ ​
Telefonica Emisiones SAU,
5.21%, 3/8/47
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 261,899 ​ ​
Time Warner, Inc., 4.85%,
7/15/45
​ ​ ​ ​ 161,000 ​ ​ ​ ​ ​ 149,936 ​ ​
​
See Notes to Financial Statements.
70   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
COMMUNICATIONS –  (continued) ​
Univision Communications,
Inc., Senior Secured Note,
6.75%, 9/15/22(a)
 ​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 102,250 ​ ​
UPCB Finance IV Ltd., Senior
Secured Note, 5.38%,
1/15/25(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,752 ​ ​
Verizon Communications, Inc.,
4.86%, 8/21/46
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 400,067 ​ ​
Verizon Communications, Inc.,
Senior Bond, 4.27%,
1/15/36
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 475,951 ​ ​
Verizon Communications, Inc.,
Senior Bond, 4.40%,
11/1/34
​ ​ ​ ​ 106,000 ​ ​ ​ ​ ​ 103,250 ​ ​
Verizon Communications, Inc.,
Senior Bond, 5.25%,
3/16/37
​ ​ ​ ​ 782,000 ​ ​ ​ ​ ​ 832,754 ​ ​
Verizon Communications, Inc.,
Senior Note, 3.41%,
5/15/25 (1.10% + 3 month
USD LIBOR)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,008,674 ​ ​
Viacom, Inc., 4.25%, 9/1/23 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 251,849 ​ ​
Viacom, Inc., Senior Bond,
5.85%, 9/1/43
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 132,044 ​ ​
Virgin Media Finance PLC,
5.75%, 1/15/25(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 197,774 ​ ​
Windstream Services LLC/
Windstream Finance Corp.,
8.63%, 10/31/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 72,000 ​ ​
Zayo Group LLC/Zayo Capital,
Inc., 5.75%, 1/15/27(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,300 ​ ​
Zayo Group LLC/Zayo Capital,
Inc., 6.00%, 4/1/23
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 360,500 ​ ​
Ziggo Bond Finance B.V.,
Senior Note, 6.00%,
1/15/27(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 182,250 ​ ​
Total Communications ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,961,992 ​ ​
CONSUMER, CYCLICAL – 4.4% ​
1011778 BC ULC/New Red
Finance, Inc., Secured
Note, 5.00%, 10/15/25(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 239,377 ​ ​
Air Canada, 7.75%, 4/15/21(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 162,750 ​ ​
Algeco Global Finance 2 PLC,
10.00%, 8/15/23(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,000 ​ ​
AMC Entertainment Holdings,
Inc., 6.13%, 5/15/27
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,825 ​ ​
American Airlines Group, Inc.,
4.63%, 3/1/20(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,375 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, CYCLICAL –  (continued) ​
American Axle &
Manufacturing, Inc., 6.25%,
4/1/25
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 149,378 ​ ​
American Builders &
Contractors Supply Co.,
Inc., 5.88%, 5/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,375 ​ ​
Aramark Services, Inc.,
5.00%, 2/1/28(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,000 ​ ​
Aramark Services, Inc.,
5.13%, 1/15/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,075 ​ ​
Ashton Woods USA LLC/
Ashton Woods Finance Co.,
Senior Note, 6.75%,
8/1/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 139,875 ​ ​
AutoNation, Inc., 3.50%,
11/15/24(d)
 ​ ​ ​ ​ 179,000 ​ ​ ​ ​ ​ 169,555 ​ ​
Beacon Roofing Supply, Inc.,
4.88%, 11/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,125 ​ ​
Beacon Roofing Supply, Inc.,
6.38%, 10/1/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,500 ​ ​
Beazer Homes USA, Inc.,
6.75%, 3/15/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 138,908 ​ ​
Beazer Homes USA, Inc.,
7.25%, 2/1/23
​ ​ ​ ​ 65,000 ​ ​ ​ ​ ​ 64,025 ​ ​
BMW US Capital LLC, 3.10%,
4/12/21(a)
 ​ ​ ​ ​ 477,000 ​ ​ ​ ​ ​ 473,859 ​ ​
Boyd Gaming Corp., 6.00%,
8/15/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,125 ​ ​
Boyd Gaming Corp., 6.38%,
4/1/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 257,375 ​ ​
Boyd Gaming Corp., 6.88%,
5/15/23
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 367,675 ​ ​
Caesars Resort Collection LLC/
CRC Finco, Inc., 5.25%,
10/15/25(a)
 ​ ​ ​
​
325,000
 ​ ​ ​ ​
​
309,562
 ​ ​
Carvana Co., 8.88%, 10/1/23 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,250 ​ ​
Cedar Fair L.P./Canada’s
Wonderland Co./Magnum
Management Corp., 5.38%,
6/1/24
​ ​ ​ ​ 207,000 ​ ​ ​ ​ ​ 205,965 ​ ​
Century Communities, Inc.,
6.88%, 5/15/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,500 ​ ​
Cinemark USA, Inc., 5.13%,
12/15/22
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 226,125 ​ ​
Constellation Merger Sub,
Inc., Senior Note, 8.50%,
9/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,750 ​ ​
Cumberland Farms, Inc.,
Senior Note, 6.75%,
5/1/25(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 128,125 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   71​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, CYCLICAL –  (continued) ​
Daimler Finance North
America LLC, 2.00%,
7/6/21(a)
 ​ ​ ​ $ 1,120,000 ​ ​ ​ ​ $ 1,075,138 ​ ​
Daimler Finance North
America LLC, 2.45%,
5/18/20(a)
 ​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 187,474 ​ ​
Daimler Finance North
America LLC, 3.10%,
5/4/20(a)
 ​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 239,269 ​ ​
Dana Financing Luxembourg
Sarl, 6.50%, 6/1/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,858 ​ ​
Dana, Inc., Senior Note,
6.00%, 9/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 257,187 ​ ​
Delta Air Lines 2015-1 Class A
Pass Through Trust, Pass
Through Certificates,
Series 15-1, 3.88%, 1/30/29
​ ​ ​ ​ 435,313 ​ ​ ​ ​ ​ 429,142 ​ ​
Delta Merger Sub, Inc.,
6.00%, 9/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,625 ​ ​
Eagle Intermediate Global
Holding BV/Ruyi US
Finance LLC, Senior
Secured Note, 7.50%,
5/1/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,000 ​ ​
Eldorado Resorts, Inc., 7.00%,
8/1/23
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 236,812 ​ ​
Enterprise Development
Authority (The), 8.75%,
10/15/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,000 ​ ​
Enterprise Development
Authority (The), 12.00%,
7/15/24
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,125 ​ ​
Ferrellgas L.P./Ferrellgas
Finance Corp., 6.75%,
6/15/23
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 41,750 ​ ​
Ford Motor Co., Senior Bond,
4.75%, 1/15/43
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 624,968 ​ ​
Ford Motor Credit Co. LLC,
3.34%, 3/18/21
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 483,041 ​ ​
General Motors Co., 5.00%,
10/1/28
​ ​ ​ ​ 483,000 ​ ​ ​ ​ ​ 476,764 ​ ​
General Motors Co., Senior
Bond, 6.25%, 10/2/43
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 256,040 ​ ​
General Motors Financial Co.,
Inc., Series B, 6.50%,
9/30/28 (6.50% fixed rate
until 9/30/28; 3.44% + 3
month USD LIBOR
thereafter)
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,063 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, CYCLICAL –  (continued) ​
GLP Capital L.P./GLP
Financing II, Inc., 5.38%,
11/1/23
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 103,600 ​ ​
GLP Capital L.P./GLP
Financing II, Inc., 5.38%,
4/15/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,327 ​ ​
Golden Nugget, Inc., 8.75%,
10/1/25(a)
 ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 366,898 ​ ​
Group 1 Automotive, Inc.,
5.00%, 6/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,500 ​ ​
HD Supply, Inc., 5.75%,
4/15/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 210,250 ​ ​
Hilton Domestic Operating
Co., Inc., 5.13%, 5/1/26(a)
 ​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 173,906 ​ ​
IRB Holding Corp., 6.75%,
2/15/26(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 122,500 ​ ​
Jacobs Entertainment, Inc.,
7.88%, 2/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 159,211 ​ ​
JC Penney Corp., Inc.,
Secured Note, 8.63%,
3/15/25(a)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 16,750 ​ ​
KFC Holding Co/Pizza Hut
Holdings LLC/Taco Bell of
America LLC, 5.00%,
6/1/24
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,391 ​ ​
L Brands, Inc., 5.25%, 2/1/28
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 43,015 ​ ​
L Brands, Inc., 5.63%,
10/15/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 149,625 ​ ​
Lennar Corp., 5.88%,
11/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 156,187 ​ ​
Live Nation Entertainment,
Inc., 5.63%, 3/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,500 ​ ​
LTF Merger Sub, Inc., 8.50%,
6/15/23(a)
 ​ ​ ​ ​ 422,000 ​ ​ ​ ​ ​ 439,407 ​ ​
Meritage Homes Corp.,
7.00%, 4/1/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 215,000 ​ ​
MGM Resorts International,
5.75%, 6/15/25
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 175,350 ​ ​
MGM Resorts International,
6.63%, 12/15/21
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 264,875 ​ ​
MGM Resorts International,
8.63%, 2/1/19
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 192,850 ​ ​
Mohegan Gaming &
Entertainment, 7.88%,
10/15/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,000 ​ ​
Navistar International Corp.,
Senior Note, 6.63%,
11/1/25(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 260,000 ​ ​
NCL Corp. Ltd., Senior Note,
4.75%, 12/15/21(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 126,094 ​ ​
​
See Notes to Financial Statements.
72   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, CYCLICAL –  (continued) ​
Neiman Marcus Group Ltd.
LLC, 8.00%, 10/15/21(a)
 ​ ​ ​ $ 50,000 ​ ​ ​ ​ $ 32,844 ​ ​
Nissan Motor Acceptance
Corp., Senior Note, 2.15%,
9/28/20(a)
 ​ ​ ​ ​ 383,000 ​ ​ ​ ​ ​ 373,407 ​ ​
Nissan Motor Acceptance
Corp., Senior Note, 2.65%,
7/13/22(a)
 ​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 331,071 ​ ​
Party City Holdings, Inc.,
6.63%, 8/1/26
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,313 ​ ​
Penske Automotive Group,
Inc., 3.75%, 8/15/20
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,500 ​ ​
PriSo Acquisition Corp.,
9.00%, 5/15/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 155,063 ​ ​
QVC, Inc., 4.85%, 4/1/24 ​ ​ ​ ​ 476,000 ​ ​ ​ ​ ​ 470,952 ​ ​
RIMON LLC US GOVT GUAR
06/26 2.623, 2.62%,
6/25/26
​ ​ ​ ​ 476,587 ​ ​ ​ ​ ​ 465,329 ​ ​
Scientific Games International,
Inc., 10.00%, 12/1/22
​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 688,720 ​ ​
Scotts Miracle-Gro Co. (The),
6.00%, 10/15/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,500 ​ ​
Shea Homes L.P./Shea Homes
Funding Corp., 6.13%,
4/1/25(a)
 ​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 190,369 ​ ​
Sonic Automotive, Inc.,
5.00%, 5/15/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 141,375 ​ ​
Spirit Airlines Pass Through
Trust 2017-1A, Series A,
3.65%, 8/15/31
​ ​ ​ ​ 898,778 ​ ​ ​ ​ ​ 856,464 ​ ​
Starbucks Corp., Senior Note,
2.45%, 6/15/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 450,059 ​ ​
Stars Group Holdings
BV/Stars Group US
Co-Borrower LLC, 7.00%,
7/15/26
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,169 ​ ​
Superior Plus LP/Superior
General Partner Inc, Senior
Note, 7.00%, 7/15/26
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,250 ​ ​
Taylor Morrison Communities,
Inc./Taylor Morrison
Holdings II, Inc., 5.63%,
3/1/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,750 ​ ​
Tenneco, Inc., 5.38%,
12/15/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 117,344 ​ ​
Tesla, Inc., 5.30%, 8/15/25(a) ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 42,125 ​ ​
Titan International, Inc.,
6.50%, 11/30/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 145,031 ​ ​
Toyota Industries Corp.,
Senior Note, 3.24%,
3/16/23(a)
 ​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 531,350 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, CYCLICAL –  (continued) ​
Toyota Motor Credit Corp.,
Senior Note, 2.95%,
4/13/21
​ ​ ​ $ 755,000 ​ ​ ​ ​ $ 751,336 ​ ​
TRI Pointe Group, Inc./TRI
Pointe Homes, Inc., 5.88%,
6/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,875 ​ ​
Viking Cruises Ltd., 5.88%,
9/15/27(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,580 ​ ​
Viking Cruises Ltd., Senior
Note, 6.25%, 5/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,000 ​ ​
Walmart, Inc., Senior Note,
1.90%, 12/15/20
​ ​ ​ ​ 465,000 ​ ​ ​ ​ ​ 455,082 ​ ​
Walmart, Inc., Senior Note,
3.70%, 6/26/28
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 315,203 ​ ​
William Lyon Homes, Inc.,
5.88%, 1/31/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,875 ​ ​
Williams Scotsman
International, Inc., 6.88%,
8/15/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,500 ​ ​
Wynn Las Vegas LLC/Wynn
Las Vegas Capital Corp.,
5.25%, 5/15/27(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,875 ​ ​
Wynn Macau Ltd., Senior
Note, 5.50%, 10/1/27(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 187,250 ​ ​
Total Consumer, Cyclical ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21,422,507 ​ ​
CONSUMER, NON-CYCLICAL – 5.5% ​
Abbott Laboratories, Senior
Bond, 4.90%, 11/30/46
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 325,371 ​ ​
AbbVie, Inc., 4.88%, 11/14/48
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 168,265 ​ ​
AbbVie, Inc., Senior Bond,
4.50%, 5/14/35
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 191,882 ​ ​
ADT Corp. (The), Senior
Secured Note, 5.25%,
3/15/20
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,250 ​ ​
Ahern Rentals, Inc., Secured
Note, 7.38%, 5/15/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,500 ​ ​
Albertsons Cos. LLC/
Safeway, Inc./New
Albertsons L.P./Albertson’s
LLC, 6.63%, 6/15/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,125 ​ ​
Allergan Finance LLC, 3.25%,
10/1/22
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 167,860 ​ ​
Allergan Funding SCS, 4.55%,
3/15/35
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 368,974 ​ ​
AmerisourceBergen Corp.,
Senior Bond, 4.30%,
12/15/47
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,441 ​ ​
Anheuser-Busch InBev
Finance, Inc., 2.65%, 2/1/21
​ ​ ​ ​ 437,000 ​ ​ ​ ​ ​ 430,733 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   73​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, NON-CYCLICAL –  (continued) ​
Anheuser-Busch InBev
Finance, Inc., 3.65%, 2/1/26
​ ​ ​ $ 218,000 ​ ​ ​ ​ $ 211,536 ​ ​
Anheuser-Busch InBev
Finance, Inc., 4.70%, 2/1/36
​ ​ ​ ​ 232,000 ​ ​ ​ ​ ​ 232,034 ​ ​
Anheuser-Busch InBev
Finance, Inc., 4.90%, 2/1/46
​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ 460,985 ​ ​
Anheuser-Busch InBev
Worldwide, Inc., 4.38%,
4/15/38
​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 105,721 ​ ​
Anheuser-Busch InBev
Worldwide, Inc., 4.60%,
4/15/48
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 165,374 ​ ​
Ashtead Capital, Inc., Secured
Note, 5.63%, 10/1/24(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 207,250 ​ ​
Avantor, Inc., Senior Note,
9.00%, 10/1/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,687 ​ ​
B&G Foods, Inc., 5.25%,
4/1/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 47,866 ​ ​
BAT Capital Corp., 3.56%,
8/15/27(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 465,365 ​ ​
Bausch Health Cos Inc.,
6.13%, 4/15/25(a)
 ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 332,867 ​ ​
Bausch Health Cos Inc.,
9.00%, 12/15/25(a)
 ​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 565,052 ​ ​
Bausch Health Cos Inc.,
Senior Note, 8.50%,
1/31/27(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 78,750 ​ ​
Bausch Health Cos Inc.,
5.88%, 5/15/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,075 ​ ​
Bausch Health Cos Inc.,
7.50%, 7/15/21(a)
 ​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 229,219 ​ ​
Bayer US Finance II LLC,
3.50%, 6/25/21(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,522 ​ ​
Bayer US Finance II LLC,
4.63%, 6/25/38
​ ​ ​ ​ 493,000 ​ ​ ​ ​ ​ 471,413 ​ ​
Baylor Scott & White Holdings,
4.19%, 11/15/45
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,219 ​ ​
Board of Trustees of The
Leland Stanford Junior
University (The), 3.46%,
5/1/47
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 84,614 ​ ​
Bristol-Myers Squibb Co.,
Senior Bond, 3.25%, 8/1/42
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 857,387 ​ ​
Cardinal Health, Inc., Senior
Bond, 4.37%, 6/15/47
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 134,391 ​ ​
Celgene Corp., Senior Bond,
4.55%, 2/20/48
​ ​ ​ ​ 186,000 ​ ​ ​ ​ ​ 172,805 ​ ​
Celgene Corp., Senior Note,
3.63%, 5/15/24
​ ​ ​ ​ 212,000 ​ ​ ​ ​ ​ 209,001 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, NON-CYCLICAL –  (continued) ​
Celgene Corp., Senior Note,
3.90%, 2/20/28
​ ​ ​ $ 400,000 ​ ​ ​ ​ $ 384,776 ​ ​
Centene Corp., 6.13%,
2/15/24
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 263,125 ​ ​
Centene Escrow I Corp.,
Senior Note, 5.38%,
6/1/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,750 ​ ​
Central Garden & Pet Co.,
6.13%, 11/15/23
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 195,937 ​ ​
CHS/Community Health
Systems, Inc., 6.88%,
2/1/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 56,030 ​ ​
CHS/Community Health
Systems, Inc., 8.13%,
6/30/24
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 62,625 ​ ​
Community Health Systems,
Inc., Senior Secured Note,
8.63%, 1/15/24
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,813 ​ ​
CVS Health Corp., Senior
Bond, 4.78%, 3/25/38
​ ​ ​ ​ 278,000 ​ ​ ​ ​ ​ 275,835 ​ ​
CVS Health Corp., Senior
Bond, 5.05%, 3/25/48
​ ​ ​ ​ 561,000 ​ ​ ​ ​ ​ 573,143 ​ ​
DaVita, Inc., 5.13%, 7/15/24 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 144,750 ​ ​
Duke University Health
System, Inc., Senior Bond,
Series 2017, 3.92%, 6/1/47
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 67,426 ​ ​
Eagle Holding Co. II LLC,
Senior Note, PIK (7.625%
Cash or 8.375% PIK),
7.63%, 5/15/22(a)(e)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,250 ​ ​
Ecolab, Inc., Senior Note,
2.38%, 8/10/22
​ ​ ​ ​ 281,000 ​ ​ ​ ​ ​ 269,328 ​ ​
Elanco Animal Health, Inc.,
4.27%, 8/28/23
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,068 ​ ​
Encompass Health Corp.,
5.75%, 11/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,049 ​ ​
Endo Dac/Endo Finance LLC/
Endo Finco, Inc., 6.00%,
7/15/23(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 266,250 ​ ​
Endo Finance LLC, 5.75%,
1/15/22(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 140,063 ​ ​
Envision Healthcare Corp.,
5.63%, 7/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,230 ​ ​
ERAC USA Finance LLC,
4.20%, 11/1/46(a)
 ​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 291,986 ​ ​
Express Scripts Holding Co.,
4.50%, 2/25/26
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 403,412 ​ ​
Financial & Risk US Holdings,
Inc., 6.25%, 5/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,969 ​ ​
​
See Notes to Financial Statements.
74   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, NON-CYCLICAL –  (continued) ​
Financial & Risk US Holdings,
Inc., 8.25%, 11/15/26
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 99,394 ​ ​
Ford Foundation (The), Senior
Bond, Series 2017, 3.86%,
6/1/47
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 169,163 ​ ​
Garda World Security Corp.,
Senior Note, 8.75%,
5/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,625 ​ ​
Gartner, Inc., 5.13%, 4/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,537 ​ ​
GlaxoSmithKline Capital, Inc.,
3.38%, 5/15/23
​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 197,125 ​ ​
Graham Holdings Co., 5.75%,
6/1/26(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,188 ​ ​
Halfmoon Parent, Inc., 4.38%,
10/15/28
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 189,340 ​ ​
Halfmoon Parent, Inc., 4.80%,
8/15/38
​ ​ ​ ​ 798,000 ​ ​ ​ ​ ​ 796,754 ​ ​
Halfmoon Parent, Inc., 4.90%,
12/15/48
​ ​ ​ ​ 195,000 ​ ​ ​ ​ ​ 194,754 ​ ​
HCA, Inc., 5.38%, 2/1/25 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,000 ​ ​
HCA, Inc., 5.38%, 9/1/26 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 126,500 ​ ​
HCA, Inc., 5.63%, 9/1/28 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 125,625 ​ ​
HCA, Inc., 5.88%, 2/15/26 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 104,125 ​ ​
HCA, Inc., 7.50%, 2/15/22 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 438,000 ​ ​
HCA, Inc., Senior Secured
Note, 4.75%, 5/1/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,812 ​ ​
HCA, Inc., Senior Secured
Note, 5.88%, 3/15/22
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 212,000 ​ ​
HCA, Inc., Senior Secured
Note, 6.50%, 2/15/20
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 311,475 ​ ​
Herc Rentals, Inc., Secured
Note, 7.50%, 6/1/22(a)
 ​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 163,912 ​ ​
HLF Financing Sarl LLC/
Herbalife International, Inc.,
7.25%, 8/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,813 ​ ​
Keurig Dr Pepper, Inc., 4.42%,
5/25/25
​ ​ ​ ​ 289,000 ​ ​ ​ ​ ​ 290,136 ​ ​
Koninklijke Ahold Delhaize
N.V., 5.70%, 10/1/40
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 97,751 ​ ​
Kraft Heinz Foods Co., 3.38%,
6/15/21
​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 134,278 ​ ​
Kraft Heinz Foods Co., 4.38%,
6/1/46
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 141,086 ​ ​
Laboratory Corp. of America
Holdings, Senior Note,
3.25%, 9/1/24
​ ​ ​ ​ 318,000 ​ ​ ​ ​ ​ 304,516 ​ ​
LifePoint Health, Inc., 5.50%,
12/1/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,438 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, NON-CYCLICAL –  (continued) ​
Maple Escrow Subsidiary,
Inc., 4.06%, 5/25/23(a)
 ​ ​ ​ $ 124,000 ​ ​ ​ ​ $ 124,153 ​ ​
Maple Escrow Subsidiary,
Inc., 4.60%, 5/25/28(a)
 ​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 198,895 ​ ​
Massachusetts Institute of
Technology, 4.68%,
7/1/2114
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 160,707 ​ ​
Matthews International Corp.,
5.25%, 12/1/25(a)
 ​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 154,800 ​ ​
Medtronic, Inc., 2.50%,
3/15/20
​ ​ ​ ​ 252,000 ​ ​ ​ ​ ​ 250,314 ​ ​
Mylan, Inc., 4.20%, 11/29/23 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 395,557 ​ ​
Mylan, Inc., 5.20%, 4/15/48(a)
 ​ ​ ​ ​ 479,000 ​ ​ ​ ​ ​ 442,815 ​ ​
Nestle Holdings, Inc., 3.50%,
9/24/25
​ ​ ​ ​ 247,000 ​ ​ ​ ​ ​ 245,260 ​ ​
Nestle Holdings, Inc., 3.90%,
9/24/38
​ ​ ​ ​ 417,000 ​ ​ ​ ​ ​ 407,671 ​ ​
Nestle Holdings, Inc., 4.00%,
9/24/48
​ ​ ​ ​ 269,000 ​ ​ ​ ​ ​ 263,250 ​ ​
Nielsen Finance LLC/Nielsen
Finance Co., 5.00%,
4/15/22(a)
 ​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 170,798 ​ ​
Orlando Health Obligated
Group, 4.09%, 10/1/48
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,133 ​ ​
Ortho-Clinical Diagnostics,
Inc./Ortho-Clinical
Diagnostics S.A., Senior
Note, 6.63%, 5/15/22(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,700 ​ ​
Pfizer, Inc., 3.00%, 9/15/21 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 119,940 ​ ​
Pilgrim’s Pride Corp., 5.75%,
3/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,250 ​ ​
Polaris Intermediate Corp.,
Intermediate Senior Note,
8.50%, 12/1/22(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 206,648 ​ ​
Post Holdings, Inc., 5.75%,
3/1/27(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 196,500 ​ ​
President & Fellows of Harvard
College, 3.62%, 10/1/37
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 48,517 ​ ​
President & Fellows of Harvard
College, 6.50%, 1/15/39(a)
 ​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 141,935 ​ ​
Prestige Brands, Inc., 6.38%,
3/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,125 ​ ​
Prime Security Services
Borrower LLC/Prime
Finance, Inc., Secured
Note, 9.25%, 5/15/23(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 80,213 ​ ​
Roche Holdings, Inc., 1.75%,
1/28/22(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 190,062 ​ ​
Select Medical Corp., 6.38%,
6/1/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,234 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   75​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
CONSUMER, NON-CYCLICAL –  (continued) ​
Shire Acquisitions Investments
Ireland DAC, 2.88%,
9/23/23
​ ​ ​ $ 648,000 ​ ​ ​ ​ $ 617,949 ​ ​
Smithfield Foods, Inc., Senior
Note, 2.65%, 10/3/21(a)
 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 114,370 ​ ​
Sutter Health, Series 2018,
4.09%, 8/15/48
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 118,520 ​ ​
Tenet Healthcare Corp.,
4.63%, 7/15/24
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 121,500 ​ ​
Tenet Healthcare Corp., Senior
Note, 6.75%, 6/15/23
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 124,531 ​ ​
Tenet Healthcare Corp., Senior
Secured Note, 6.00%,
10/1/20
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 206,250 ​ ​
Unilever Capital Corp., 2.00%,
7/28/26
​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ 994,310 ​ ​
United Rentals North America,
Inc., 5.88%, 9/15/26
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 128,281 ​ ​
UnitedHealth Group, Inc.,
Senior Note, 2.38%,
10/15/22
​ ​ ​ ​ 927,000 ​ ​ ​ ​ ​ 888,838 ​ ​
UnitedHealth Group, Inc.,
Senior Note, 3.75%,
7/15/25
​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 185,813 ​ ​
UnitedHealth Group, Inc.,
Senior Note, 3.85%,
6/15/28
​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 761,471 ​ ​
Universal Hospital Services,
Inc., Secured Note, 7.63%,
8/15/20
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 276,004 ​ ​
US Foods, Inc., 5.88%,
6/15/24(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 301,500 ​ ​
Verscend Escrow Corp.,
9.75%, 8/15/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 77,344 ​ ​
WellCare Health Plans, Inc.,
5.38%, 8/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,875 ​ ​
West Street Merger Sub, Inc.,
Senior Note, 6.38%,
9/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,750 ​ ​
Zoetis, Inc., 2.76%, 8/20/21 ​ ​ ​ ​ 725,000 ​ ​ ​ ​ ​ 726,252 ​ ​
Zoetis, Inc., 4.45%, 8/20/48 ​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 420,183 ​ ​
Total Consumer, Non-cyclical ​ ​ ​ ​ 27,159,914 ​ ​
DIVERSIFIED – 0.0%(f) ​
HRG Group, Inc., Senior Note,
7.75%, 1/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​
​
154,425
 ​ ​
ENERGY – 6.0% ​
Anadarko Petroleum Corp.,
Senior Bond, 6.45%,
9/15/36
​ ​ ​ ​ 397,000 ​ ​ ​ ​ ​ 452,490 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Andeavor Logistics L.P./
Tesoro Logistics Finance
Corp., 5.20%, 12/1/47
​ ​ ​ $ 383,000 ​ ​ ​ ​ $ 381,936 ​ ​
Antero Midstream Partners
L.P./Antero Midstream
Finance Corp., 5.38%,
9/15/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 201,250 ​ ​
Antero Resources Corp.,
5.38%, 11/1/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,920 ​ ​
Apache Corp., 4.38%,
10/15/28
​ ​ ​ ​ 102,000 ​ ​ ​ ​ ​ 100,281 ​ ​
Apache Corp., Senior Bond,
4.25%, 1/15/44
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 445,219 ​ ​
Ascent Resources Utica
Holdings LLC/ARU Finance
Corp., 7.00%, 11/1/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,494 ​ ​
Ascent Resources Utica
Holdings LLC/ARU Finance
Corp., Senior Note,
10.00%, 4/1/22(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 281,875 ​ ​
Basic Energy Services, Inc.,
10.75%, 10/15/23
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,500 ​ ​
Blue Racer Midstream LLC/
Blue Racer Finance Corp.,
6.13%, 11/15/22(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,625 ​ ​
Blue Racer Midstream LLC/
Blue Racer Finance Corp.,
Senior Note, 6.63%,
7/15/26(a)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,469 ​ ​
BP Capital Markets PLC,
3.25%, 5/6/22
​ ​ ​ ​ 358,000 ​ ​ ​ ​ ​ 355,613 ​ ​
Bruin E&P Partners LLC,
8.88%, 8/1/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,000 ​ ​
Calfrac Holdings L.P., Senior
Note, 8.50%, 6/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,250 ​ ​
California Resources Corp.,
Secured Note, 8.00%,
12/15/22(a)
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 381,500 ​ ​
Callon Petroleum Co., 6.13%,
10/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,750 ​ ​
Callon Petroleum Co., 6.38%,
7/1/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,313 ​ ​
Canadian Natural Resources
Ltd., Senior Bond, 6.25%,
3/15/38
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 235,795 ​ ​
Carrizo Oil & Gas, Inc., 6.25%,
4/15/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,250 ​ ​
Cenovus Energy, Inc., Senior
Bond, 4.45%, 9/15/42
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 437,679 ​ ​
Cenovus Energy, Inc., Senior
Bond, 5.25%, 6/15/37
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 297,080 ​ ​
​
See Notes to Financial Statements.
76   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Cenovus Energy, Inc., Senior
Note, 4.25%, 4/15/27
​ ​ ​ $ 265,000 ​ ​ ​ ​ $ 256,061 ​ ​
Centennial Resource
Production LLC, 5.38%,
1/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,500 ​ ​
Chaparral Energy, Inc., Senior
Note, 8.75%, 7/15/23(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,875 ​ ​
Cheniere Corpus Christi
Holdings LLC, Senior
Secured Note, 5.13%,
6/30/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 200,750 ​ ​
Cheniere Corpus Christi
Holdings LLC, Senior
Secured Note, 7.00%,
6/30/24
​ ​ ​ ​ 105,000 ​ ​ ​ ​ ​ 114,975 ​ ​
Cheniere Energy Partners L.P.,
5.25%, 10/1/25
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 125,000 ​ ​
Chesapeake Energy Corp.,
6.63%, 8/15/20
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 313,500 ​ ​
Chesapeake Energy Corp.,
8.00%, 1/15/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,800 ​ ​
Chevron Corp., Senior Note,
3.19%, 6/24/23
​ ​ ​ ​ 782,000 ​ ​ ​ ​ ​ 775,983 ​ ​
Citgo Holding, Inc., Senior
Secured Note, 10.75%,
2/15/20(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 212,000 ​ ​
CNX Resources Corp., 5.88%,
4/15/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,130 ​ ​
Concho Resources, Inc.,
4.30%, 8/15/28
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 89,592 ​ ​
Continental Resources, Inc.,
4.50%, 4/15/23
​ ​ ​ ​ 233,000 ​ ​ ​ ​ ​ 237,046 ​ ​
Covey Park Energy LLC/
Covey Park Finance Corp.,
7.50%, 5/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,062 ​ ​
Crestwood Midstream
Partners L.P./Crestwood
Midstream Finance Corp.,
5.75%, 4/1/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,250 ​ ​
CrownRock L.P./CrownRock
Finance, Inc., Senior Note,
5.63%, 10/15/25(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 122,344 ​ ​
DCP Midstream Operating
L.P., 5.38%, 7/15/25
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,625 ​ ​
Denbury Resources, Inc.,
6.38%, 8/15/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,250 ​ ​
Denbury Resources, Inc.,
7.50%, 2/15/24
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,750 ​ ​
Denbury Resources, Inc.,
Secured Note, 9.00%,
5/15/21(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 135,156 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Diamond Offshore Drilling,
Inc., Senior Note, 7.88%,
8/15/25
​ ​ ​ $ 175,000 ​ ​ ​ ​ $ 181,781 ​ ​
Diamondback Energy, Inc.,
4.75%, 11/1/24
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,063 ​ ​
Ecopetrol S.A., Senior Note,
4.13%, 1/16/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 194,000 ​ ​
Enbridge, Inc., 3.03%, 6/15/20
(0.70% + 3 month USD
LIBOR)(c)
 ​ ​ ​ ​ 675,000 ​ ​ ​ ​ ​ 677,463 ​ ​
Encana Corp., Senior Bond,
7.38%, 11/1/31
​ ​ ​ ​ 231,000 ​ ​ ​ ​ ​ 282,352 ​ ​
Energy Transfer Equity L.P.,
Senior Secured Note,
4.25%, 3/15/23
​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 124,219 ​ ​
Energy Transfer Equity L.P.,
Senior Secured Note,
7.50%, 10/15/20
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 374,762 ​ ​
Energy Transfer Partners L.P.,
4.90%, 3/15/35
​ ​ ​ ​ 46,000 ​ ​ ​ ​ ​ 43,207 ​ ​
Energy Transfer Partners L.P.,
4.95%, 6/15/28
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 117,016 ​ ​
Energy Transfer Partners L.P.,
6.63%, 10/15/36
​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 211,802 ​ ​
Energy Transfer Partners L.P.,
Junior Subordinated Note,
Series A, 6.25%, 2/15/23
(6.25% fixed rate until
2/15/23; 4.03% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 144,375 ​ ​
Energy Transfer Partners L.P.,
Series 30Y, 6.00%, 6/15/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 106,464 ​ ​
EnLink Midstream Partners
L.P., 5.60%, 4/1/44
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 66,711 ​ ​
EnLink Midstream Partners
L.P., Senior Bond, 5.05%,
4/1/45
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 8,287 ​ ​
EnLink Midstream Partners
L.P., Senior Note, 4.85%,
7/15/26
​ ​ ​ ​ 349,000 ​ ​ ​ ​ ​ 338,240 ​ ​
Ensco PLC, Senior Note,
7.75%, 2/1/26
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,250 ​ ​
Enterprise Products Operating
LLC, 4.85%, 8/15/42
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,572 ​ ​
Enterprise Products Operating
LLC, Series E, 5.25%,
8/16/77 (5.25% fixed rate
until 8/16/27; 3.03% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 135,337 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   77​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
EOG Resources, Inc., Senior
Bond, 5.10%, 1/15/36
​ ​ ​ $ 175,000 ​ ​ ​ ​ $ 193,994 ​ ​
EOG Resources, Inc., Senior
Note, 2.63%, 3/15/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 481,714 ​ ​
EP Energy LLC/Everest
Acquisition Finance, Inc.,
6.38%, 6/15/23
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 116,375 ​ ​
EP Energy LLC/Everest
Acquisition Finance, Inc.,
9.38%, 5/1/20
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,875 ​ ​
EP Energy LLC/Everest
Acquisition Finance, Inc.,
Secured Note, 9.38%,
5/1/24(a)
 ​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 226,875 ​ ​
EQT Corp., Senior Note,
3.11%, 10/1/20 (0.77% + 3
month USD LIBOR)(c)
 ​ ​ ​ ​ 1,385,000 ​ ​ ​ ​ ​ 1,384,487 ​ ​
EQT Midstream Partners L.P.,
Senior Note, Series 5Y,
4.75%, 7/15/23
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 273,719 ​ ​
FTS International, Inc., Senior
Secured Note, 6.25%,
5/1/22
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 216,562 ​ ​
Gulfport Energy Corp., 6.00%,
10/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,250 ​ ​
Halcon Resources Corp.,
6.75%, 2/15/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 72,000 ​ ​
Halliburton Co., Senior Bond,
4.85%, 11/15/35
​ ​ ​ ​ 68,000 ​ ​ ​ ​ ​ 71,049 ​ ​
Hess Corp., Senior Bond,
5.60%, 2/15/41
​ ​ ​ ​ 278,000 ​ ​ ​ ​ ​ 281,208 ​ ​
Hess Infrastructure Partners
L.P./Hess Infrastructure
Partners Finance Corp.,
Senior Note, 5.63%,
2/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,500 ​ ​
Indigo Natural Resources LLC,
Senior Note, 6.88%,
2/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 96,750 ​ ​
Jones Energy Holdings LLC/
Jones Energy Finance
Corp., Senior Secured Note,
9.25%, 3/15/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,000 ​ ​
Kinder Morgan Energy
Partners L.P., 4.30%, 5/1/24
​ ​ ​ ​ 212,000 ​ ​ ​ ​ ​ 213,985 ​ ​
Kinder Morgan Energy
Partners L.P., 6.95%,
1/15/38
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 241,883 ​ ​
Laredo Petroleum, Inc.,
5.63%, 1/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,875 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Magnolia Oil & Gas Operating
LLC/Magnolia Oil & Gas
Finance Corp., 6.00%,
8/1/26
​ ​ ​ $ 50,000 ​ ​ ​ ​ $ 49,875 ​ ​
Marathon Oil Corp., Senior
Bond, 6.60%, 10/1/37
​ ​ ​ ​ 265,000 ​ ​ ​ ​ ​ 312,386 ​ ​
Martin Midstream Partners
L.P./Martin Midstream
Finance Corp., 7.25%,
2/15/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 149,625 ​ ​
Matador Resources Co.,
5.88%, 9/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,625 ​ ​
McDermott Technology
Americas, Inc./McDermott
Technology US, Inc.,
10.63%, 5/1/24(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 214,000 ​ ​
MEG Energy Corp., 6.38%,
1/30/23(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 227,500 ​ ​
MEG Energy Corp., 7.00%,
3/31/24(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 91,000 ​ ​
Moss Creek Resources
Holdings, Inc., 7.50%,
1/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 149,813 ​ ​
MPLX L.P., 4.00%, 3/15/28 ​ ​ ​ ​ 252,000 ​ ​ ​ ​ ​ 242,247 ​ ​
MPLX L.P., Senior Bond,
4.70%, 4/15/48
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 140,251 ​ ​
Murphy Oil Corp., Senior
Note, 5.75%, 8/15/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,181 ​ ​
Murray Energy Corp., PIK,
12.00%, 4/15/24
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 167,500 ​ ​
Murray Energy Corp., Secured
Note, 11.25%, 4/15/21(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 53,438 ​ ​
Nabors Industries, Inc.,
5.50%, 1/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,215 ​ ​
National Oilwell Varco, Inc.,
Senior Bond, 3.95%,
12/1/42
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 433,079 ​ ​
NGPL PipeCo LLC, Senior
Note, 4.38%, 8/15/22(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 201,500 ​ ​
Noble Holding International
Ltd., 7.75%, 1/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,875 ​ ​
Noble Holding International
Ltd., 7.88%, 2/1/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,750 ​ ​
Northern Natural Gas Co.,
4.30%, 1/15/49
​ ​ ​ ​ 97,000 ​ ​ ​ ​ ​ 93,181 ​ ​
Northern Oil and Gas, Inc.,
PIK, 9.50%, 5/15/23
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,750 ​ ​
Oasis Petroleum, Inc., 6.88%,
3/15/22
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 279,807 ​ ​
ONEOK, Inc., 4.95%, 7/13/47
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,818 ​ ​
​
See Notes to Financial Statements.
78   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Parsley Energy LLC/Parsley
Finance Corp., 6.25%,
6/1/24(a)
 ​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 156,375 ​ ​
Pattern Energy Group, Inc.,
5.88%, 2/1/24(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 505,000 ​ ​
PBF Logistics L.P./PBF
Logistics Finance Corp.,
6.88%, 5/15/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,187 ​ ​
Peabody Energy Corp., Senior
Secured Note, 6.00%,
3/31/22(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,437 ​ ​
Petroleos Mexicanos, 5.38%,
3/13/22
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 257,500 ​ ​
Petroleos Mexicanos, 5.50%,
1/21/21
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 206,382 ​ ​
Petroleos Mexicanos, 6.38%,
2/4/21
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 104,851 ​ ​
Petroleos Mexicanos, 6.50%,
3/13/27
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,300 ​ ​
Petroleos Mexicanos, 6.75%,
9/21/47
​ ​ ​ ​ 824,000 ​ ​ ​ ​ ​ 786,253 ​ ​
Phillips 66, 2.91%, 2/26/21
(0.60% + 3 month USD
LIBOR)(c)
 ​ ​ ​ ​ 881,000 ​ ​ ​ ​ ​ 882,089 ​ ​
Phillips 66, 3.90%, 3/15/28 ​ ​ ​ ​ 212,000 ​ ​ ​ ​ ​ 208,992 ​ ​
Precision Drilling Corp.,
7.13%, 1/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,750 ​ ​
Range Resources Corp.,
5.00%, 3/15/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,375 ​ ​
Resolute Energy Corp.,
8.50%, 5/1/20
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,187 ​ ​
Sanchez Energy Corp., 6.13%,
1/15/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 143,750 ​ ​
Sanchez Energy Corp., 7.75%,
6/15/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 105,000 ​ ​
SemGroup Corp., 7.25%,
3/15/26
​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 69,825 ​ ​
SESI LLC, 7.75%, 9/15/24 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,000 ​ ​
Seven Generations Energy
Ltd., 5.38%, 9/30/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 145,875 ​ ​
Shelf Drilling Holdings Ltd.,
8.25%, 2/15/25(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,500 ​ ​
SM Energy Co., Senior Note,
6.75%, 9/15/26
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 337,594 ​ ​
Southwestern Energy Co.,
6.20%, 1/23/25(d)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,375 ​ ​
Summit Midstream Holdings
LLC/Summit Midstream
Finance Corp., 5.50%,
8/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 149,896 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Summit Midstream Partners
L.P., Series A, 9.50%,
12/15/22 (9.50% fixed rate
until 12/15/22; 7.43% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 99,250 ​ ​
Sunoco L.P./Sunoco Finance
Corp., 4.88%, 1/15/23(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,500 ​ ​
Sunoco L.P./Sunoco Finance
Corp., 5.50%, 2/15/26
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 72,450 ​ ​
Sunoco Logistics Partners
Operations L.P., 5.35%,
5/15/45
​ ​ ​ ​ 29,000 ​ ​ ​ ​ ​ 28,235 ​ ​
Tallgrass Energy Partners
L.P. /Tallgrass Energy
Finance Corp., 4.75%,
10/1/23
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,993 ​ ​
Targa Resources Partners
L.P. /Targa Resources
Partners Finance Corp.,
5.88%, 4/15/26(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 206,250 ​ ​
TerraForm Power Operating
LLC, 4.25%, 1/31/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,750 ​ ​
Topaz Solar Farms LLC,
Senior Secured Bond,
4.88%, 9/30/39(a)
 ​ ​ ​ ​ 413,907 ​ ​ ​ ​ ​ 403,824 ​ ​
Transcanada Trust, 5.30%,
3/15/77 (5.30% fixed rate
until 3/15/27; 3.21% + 3
month USD LIBOR until
3/15/47; 3.96% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 159,000 ​ ​ ​ ​ ​ 151,249 ​ ​
Transcanada Trust, 5.63%,
5/20/75 (5.63% fixed rate
until 5/20/25; 3.53% + 3
month USD LIBOR until
5/20/45; 4.28% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 112,000 ​ ​ ​ ​ ​ 109,760 ​ ​
Transocean Guardian Ltd.,
Senior Secured Note,
5.88%, 1/15/24(a)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,219 ​ ​
Transocean, Inc., 7.50%,
1/15/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,875 ​ ​
Transocean, Inc., 9.00%,
7/15/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 108,750 ​ ​
Valero Energy Partners L.P.,
Senior Note, 4.50%,
3/15/28
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 343,633 ​ ​
Vine Oil & Gas L.P./Vine Oil &
Gas Finance Corp., 8.75%,
4/15/23(a)
 ​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 171,062 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   79​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
ENERGY –  (continued) ​
Vine Oil & Gas L.P./Vine Oil &
Gas Finance Corp. Vine Oil
& Gas L.P./Vine Oil & Gas
Finance Corp., 9.75%,
4/15/23
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 100,000 ​ ​
Warrior Met Coal, Inc., Senior
Secured Note, 8.00%,
11/1/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,750 ​ ​
Weatherford International Ltd.,
8.25%, 6/15/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 94,500 ​ ​
Weatherford International Ltd.,
9.88%, 2/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 146,625 ​ ​
Western Gas Partners L.P.,
5.50%, 8/15/48
​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 9,412 ​ ​
Western Gas Partners L.P.,
Senior Note, 4.65%, 7/1/26
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 284,127 ​ ​
Whiting Petroleum Corp.,
5.75%, 3/15/21
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,562 ​ ​
WildHorse Resource
Development Corp., 6.88%,
2/1/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,875 ​ ​
Williams Cos., Inc. (The),
Senior Note, 4.55%,
6/24/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,138 ​ ​
Williams Partners L.P., Senior
Bond, 4.90%, 1/15/45
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 194,292 ​ ​
Woodside Finance Ltd.,
3.70%, 3/15/28(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 468,812 ​ ​
WPX Energy, Inc., Senior
Note, 5.75%, 6/1/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,875 ​ ​
Total Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,318,617 ​ ​
FINANCIAL – 13.9% ​
Abay Leasing 2014 LLC,
2.65%, 11/9/26
​ ​ ​ ​ 687,500 ​ ​ ​ ​ ​ 670,727 ​ ​
Acrisure LLC/Acrisure Finance,
Inc., Senior Note, 7.00%,
11/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,218 ​ ​
Alexandria Real Estate
Equities, Inc., 4.00%,
1/15/24
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 400,887 ​ ​
Ally Financial, Inc., Senior
Note, 3.75%, 11/18/19
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 348,687 ​ ​
Ally Financial, Inc., Senior
Note, 4.13%, 3/30/20
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 501,875 ​ ​
American Express Co., Senior
Note, 2.50%, 8/1/22
​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 508,525 ​ ​
American International Group,
Inc., Senior Bond, 3.88%,
1/15/35
​ ​ ​ ​ 18,000 ​ ​ ​ ​ ​ 16,298 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Ardonagh Midco 3 PLC,
Senior Secured Note,
8.63%, 7/15/23(a)
 ​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 197,500 ​ ​
ASB Bank Ltd., Senior Note,
3.75%, 6/14/23(a)
 ​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,189,202 ​ ​
ASP AMC Merger Sub, Inc.,
Senior Note, 8.00%,
5/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 114,000 ​ ​
Associated Bank NA/Green
Bay, 3.50%, 8/13/21
​ ​ ​ ​ 205,000 ​ ​ ​ ​ ​ 203,966 ​ ​
AssuredPartners, Inc., Senior
Note, 7.00%, 8/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,000 ​ ​
Athene Holding Ltd., Senior
Note, 4.13%, 1/12/28
​ ​ ​ ​ 390,000 ​ ​ ​ ​ ​ 364,184 ​ ​
AXA Equitable Holdings, Inc.,
Senior Bond, 5.00%,
4/20/48(a)
 ​ ​ ​ ​ 93,000 ​ ​ ​ ​ ​ 86,512 ​ ​
Bank of America Corp.,
3.86%, 7/23/24 (3.86%
fixed rate until 7/23/23;
0.94% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 250,933 ​ ​
Bank of America Corp., Junior
Subordinated Bond, 5.88%,
3/15/28 (5.88% fixed rate
until 3/15/28; 2.93% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 346,937 ​ ​
Bank of America Corp., Senior
Bond, 3.82%, 1/20/28
(3.82% fixed rate until
1/20/27; 1.58% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 725,000 ​ ​ ​ ​ ​ 705,573 ​ ​
Bank of America Corp., Senior
Bond, 3.97%, 3/5/29
(3.97% fixed rate until
3/5/28; 1.07% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 595,057 ​ ​
Bank of America Corp., Senior
Note, 2.15%, 11/9/20
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 489,290 ​ ​
Bank of America Corp., Senior
Note, 3.55%, 3/5/24 (3.55%
fixed rate until 3/5/23;
0.78% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 383,000 ​ ​ ​ ​ ​ 378,510 ​ ​
Bank of America Corp.,
Subordinated Bond, 6.11%,
1/29/37
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 333,118 ​ ​
Bank of America Corp.,
Subordinated Note, 4.18%,
11/25/27
​ ​ ​ ​ 662,000 ​ ​ ​ ​ ​ 645,727 ​ ​
​
See Notes to Financial Statements.
80   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Bank of Montreal,
Subordinated Bond, 3.80%,
12/15/32 (3.80% fixed rate
until 12/15/27; 1.43% +
USD 5 year Swap Rate
thereafter)(c)
 ​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 467,170 ​ ​
Bank of New York Mellon
Corp. (The), Subordinated
Bond, 3.30%, 8/23/29
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 468,207 ​ ​
Bank of Nova Scotia (The),
Junior Subordinated Note,
4.65%, 10/12/22 (4.65%
fixed rate until 10/12/22;
2.65% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 463,000 ​ ​ ​ ​ ​ 434,352 ​ ​
BankUnited, Inc., 4.88%,
11/17/25
​ ​ ​ ​ 718,000 ​ ​ ​ ​ ​ 728,982 ​ ​
Barclays PLC, Junior
Subordinated Bond, 8.25%,
12/15/18 (8.25% fixed rate
until 12/5/18; 6.71% + USD
5 year Swap Rate
thereafter)(c)(g)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 201,750 ​ ​
Barclays PLC, Senior Bond,
4.97%, 5/16/29 (4.97%
fixed rate until 5/16/28;
1.90% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 197,362 ​ ​
BB+TCorp. SR UNSECURED
06/25 3.7, Senior Note,
3.70%, 6/5/25
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 996,028 ​ ​
BB+TCorp. SR UNSECURED
09/21 3.2, Senior Note,
3.20%, 9/3/21
​ ​ ​ ​ 290,000 ​ ​ ​ ​ ​ 288,260 ​ ​
BNP Paribas S.A., Senior
Note, 3.80%, 1/10/24(a)
 ​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 264,027 ​ ​
Brandywine Operating
Partnership L.P., 3.95%,
2/15/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 496,648 ​ ​
Brighthouse Financial, Inc.,
Senior Bond, 4.70%,
6/22/47
​ ​ ​ ​ 223,000 ​ ​ ​ ​ ​ 184,272 ​ ​
Brixmor Operating Partnership
L.P., 3.65%, 6/15/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 481,720 ​ ​
Brixmor Operating Partnership
L.P., Senior Note, 3.90%,
3/15/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 473,521 ​ ​
Canadian Imperial Bank of
Commerce, 3.15%,
6/27/21(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 498,356 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Canadian Imperial Bank of
Commerce, Senior Note,
2.10%, 10/5/20
​ ​ ​ $ 490,000 ​ ​ ​ ​ $ 478,621 ​ ​
Capital One Financial Corp.,
Subordinated Note, 3.75%,
7/28/26
​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 184,665 ​ ​
Chubb INA Holdings, Inc.,
2.88%, 11/3/22
​ ​ ​ ​ 216,000 ​ ​ ​ ​ ​ 211,392 ​ ​
CIT Group, Inc., 5.00%, 8/1/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,010 ​ ​
Citibank NA, Senior Note,
2.13%, 10/20/20
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 263,655 ​ ​
Citigroup, Inc., 4.65%, 7/23/48
​ ​ ​ ​ 168,000 ​ ​ ​ ​ ​ 169,650 ​ ​
Citigroup, Inc., Junior
Subordinated Note, 5.90%,
2/15/23 (4.24% fixed rate
until 04/24/37; 1.81% + 3
month USD LIBOR
thereafter)(5.90% fixed rate
until 2/15/23; 4.23% + 3
month USD LIBOR
thereafter)(c)(g)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 255,625 ​ ​
Citigroup, Inc., Senior Bond,
4.08%, 4/23/29 (4.08%
fixed rate until 4/23/28;
1.19% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 1,025,000 ​ ​ ​ ​ ​ 1,005,374 ​ ​
Citigroup, Inc., Senior Note,
2.88%, 7/24/23 (2.88%
fixed rate until 7/24/22;
0.95% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 318,000 ​ ​ ​ ​ ​ 307,573 ​ ​
Citigroup, Inc., Subordinated
Bond, 4.75%, 5/18/46
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 175,913 ​ ​
Citigroup, Inc., Subordinated
Bond, 6.00%, 10/31/33
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 134,133 ​ ​
Citigroup, Inc., Subordinated
Note, 4.45%, 9/29/27
​ ​ ​ ​ 489,000 ​ ​ ​ ​ ​ 483,070 ​ ​
Citizens Bank NA/Providence,
3.12%, 5/26/22 (0.81% + 3
month USD LIBOR)(c)
 ​ ​ ​ ​ 1,550,000 ​ ​ ​ ​ ​ 1,556,616 ​ ​
Citizens Bank NA/Providence,
Senior Note, 2.25%, 3/2/20
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,273 ​ ​
CNA Financial Corp., 3.95%,
5/15/24
​ ​ ​ ​ 365,000 ​ ​ ​ ​ ​ 362,959 ​ ​
Cooke Omega Investments,
Inc./Alpha VesselCo
Holdings, Inc., Senior
Secured Note, 8.50%,
12/15/22(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,875 ​ ​
Credit Suisse AG, Senior Note,
3.00%, 10/29/21
​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 611,090 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   81​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Danske Bank A/S, Senior
Note, 3.88%, 9/12/23(a)
 ​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 196,084 ​ ​
Digital Realty Trust L.P.,
3.95%, 7/1/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,036 ​ ​
Discover Bank, 4.65%,
9/13/28
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 751,394 ​ ​
Drawbridge Special
Opportunities Fund L.P./
Drawbridge Special
Opportunities Fin, Senior
Note, 5.00%, 8/1/21(a)
 ​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,203,741 ​ ​
Duke Realty L.P., 4.00%,
9/15/28
​ ​ ​ ​ 155,000 ​ ​ ​ ​ ​ 152,156 ​ ​
Enstar Group Ltd., Senior
Note, 4.50%, 3/10/22
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 80,338 ​ ​
EPR Properties, 4.95%,
4/15/28
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 73,655 ​ ​
Equinix, Inc., 5.38%, 1/1/22 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 129,063 ​ ​
Equinix, Inc., Senior Note,
5.38%, 4/1/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 205,238 ​ ​
Equinix, Inc., Senior Note,
5.75%, 1/1/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,313 ​ ​
Export Leasing 2009 LLC,
1.86%, 8/28/21
​ ​ ​ ​ 329,551 ​ ​ ​ ​ ​ 324,113 ​ ​
FelCor Lodging L.P., 6.00%,
6/1/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 156,000 ​ ​
First Horizon National Corp.,
3.50%, 12/15/20
​ ​ ​ ​ 287,000 ​ ​ ​ ​ ​ 287,423 ​ ​
First Niagara Financial Group,
Inc., Subordinated Note,
7.25%, 12/15/21
​ ​ ​ ​ 149,000 ​ ​ ​ ​ ​ 164,239 ​ ​
Five Corners Funding Trust,
Senior Note, 4.42%,
11/15/23(a)
 ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 615,627 ​ ​
FS Investment Corp., Senior
Note, 4.25%, 1/15/20
​ ​ ​ ​ 945,000 ​ ​ ​ ​ ​ 945,565 ​ ​
GE Capital International
Funding Co. Unlimited Co.,
2.34%, 11/15/20
​ ​ ​ ​ 340,000 ​ ​ ​ ​ ​ 332,205 ​ ​
GE Capital International
Funding Co. Unlimited Co.,
4.42%, 11/15/35
​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 337,416 ​ ​
Genworth Holdings, Inc.,
7.70%, 6/15/20
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,625 ​ ​
Goldman Sachs Group, Inc.
(The), Senior Bond, 4.02%,
10/31/38 (4.02% fixed rate
until 10/31/37; 1.37% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 145,000 ​ ​ ​ ​ ​ 134,242 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Goldman Sachs Group, Inc.
(The), Senior Bond, 4.22%,
5/1/29 (4.22% fixed rate
until 5/1/28; 1.30% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ $ 1,215,000 ​ ​ ​ ​ $ 1,196,688 ​ ​
Goldman Sachs Group, Inc.
(The), Senior Note, 2.91%,
6/5/23 (2.91% fixed rate
until 6/5/22; 1.05% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 121,000 ​ ​ ​ ​ ​ 117,044 ​ ​
Goldman Sachs Group, Inc.
(The), Series D, 6.00%,
6/15/20
​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 83,620 ​ ​
Goldman Sachs Group, Inc.
(The), Subordinated Bond,
6.75%, 10/1/37
​ ​ ​ ​ 463,000 ​ ​ ​ ​ ​ 556,298 ​ ​
HNA 2015 LLC, 2.37%,
9/18/27
​ ​ ​ ​ 472,892 ​ ​ ​ ​ ​ 452,573 ​ ​
HSBC Holdings PLC, Junior
Subordinated Bond, 6.00%,
5/22/27 (6.00% fixed rate
until 5/22/27; 3.75% + USD
5 year Mid-Market Swap
Rate thereafter)(c)(g)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 191,850 ​ ​
HSBC Holdings PLC, Junior
Subordinated Note, 6.25%,
3/23/23 (6.25% fixed rate
until 3/23/23; 3.45% + USD
5 year Mid-Market Swap
Rate thereafter)(c)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,250 ​ ​
HSBC Holdings PLC, Senior
Bond, 4.58%, 6/19/29
(4.58% fixed rate until
6/19/28; 1.54% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 200,224 ​ ​
HSBC Holdings PLC, Senior
Note, 3.03%, 11/22/23
(3.03% fixed rate until
11/22/22; 0.92% + 3 month
USD LIBOR thereafter)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 482,803 ​ ​
HUB International Ltd., Senior
Note, 7.00%, 5/1/26(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,197 ​ ​
Hunt Cos., Inc., Senior
Secured Note, 6.25%,
2/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,250 ​ ​
Icahn Enterprises L.P./Icahn
Enterprises Finance Corp.,
6.00%, 8/1/20
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 356,359 ​ ​
Icahn Enterprises L.P./Icahn
Enterprises Finance Corp.,
6.25%, 2/1/22
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 281,875 ​ ​
​
See Notes to Financial Statements.
82   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Icahn Enterprises L.P./Icahn
Enterprises Finance Corp.,
6.38%, 12/15/25
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 100,375 ​ ​
Intesa Sanpaolo SpA, Senior
Note, 3.88%, 1/12/28(a)
 ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 508,151 ​ ​
Iron Mountain, Inc., 5.25%,
3/15/28(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 139,125 ​ ​
Jefferies Finance LLC/JFIN
Co-Issuer Corp., Senior
Note, 7.38%, 4/1/20(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 254,063 ​ ​
Jefferies Group LLC/Jefferies
Group Capital Finance, Inc.,
Senior Bond, 4.15%,
1/23/30
​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 153,555 ​ ​
JPMorgan Chase & Co.,
Junior Subordinated Bond,
Series S, 6.75%, 2/1/24
(6.75% fixed rate until
2/1/24; 3.78% + 3 month
USD LIBOR thereafter)(c)(g)
 ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 381,937 ​ ​
JPMorgan Chase & Co.,
Junior Subordinated Bond,
Series U, 6.13%, 4/30/24
(6.13% fixed rate until
4/30/24; 3.33% + 3 month
USD LIBOR thereafter)(c)(g)
 ​ ​ ​ ​ 318,000 ​ ​ ​ ​ ​ 331,159 ​ ​
JPMorgan Chase & Co.,
Senior Bond, 3.88%,
7/24/38 (3.88% fixed rate
until 7/24/37; 1.36% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 154,104 ​ ​
JPMorgan Chase & Co.,
Senior Bond, 4.01%,
4/23/29 (4.01% fixed rate
until 4/23/28; 1.12% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 1,270,000 ​ ​ ​ ​ ​ 1,247,800 ​ ​
JPMorgan Chase & Co.,
Senior Note, 2.55%, 3/1/21
​ ​ ​ ​ 934,000 ​ ​ ​ ​ ​ 917,179 ​ ​
Kennedy-Wilson, Inc., 5.88%,
4/1/24
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 221,625 ​ ​
KeyBank NA, Subordinated
Note, 3.40%, 5/20/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 473,900 ​ ​
Kimco Realty Corp., 4.25%,
4/1/45
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 84,975 ​ ​
Ladder Capital Finance
Holdings LLLP/Ladder
Capital Finance Corp.,
5.88%, 8/1/21(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 152,063 ​ ​
Liberty Mutual Group, Inc.,
4.85%, 8/1/44(a)
 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 119,842 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
M&T Bank Corp., 3.02%,
7/26/23
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 1,006,774 ​ ​
Macquarie Group Ltd., Senior
Bond, 3.76%, 11/28/28
(3.76% fixed rate until
11/28/27; 1.37% + 3 month
USD LIBOR thereafter)(a)(c)
 ​ ​ ​ ​ 8,000 ​ ​ ​ ​ ​ 7,425 ​ ​
Manufacturers & Traders Trust
Co., 2.96%, 12/1/21 (0.64%
+ 3 month USD LIBOR)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 997,636 ​ ​
Manufacturers & Traders Trust
Co., Subordinated Note,
3.40%, 8/17/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 480,053 ​ ​
MassMutual Global Funding II,
2.75%, 6/22/24
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 190,707 ​ ​
MetLife, Inc., Junior
Subordinated Bond, 6.40%,
12/15/66
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 365,700 ​ ​
MGIC Investment Corp.,
5.75%, 8/15/23
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,250 ​ ​
Mid-America Apartments L.P.,
Senior Note, 4.00%,
11/15/25
​ ​ ​ ​ 1,005,000 ​ ​ ​ ​ ​ 988,719 ​ ​
Mitsubishi UFJ Financial
Group, Inc., Senior Note,
2.67%, 7/25/22
​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 241,835 ​ ​
Mitsubishi UFJ Financial
Group, Inc., Senior Note,
2.95%, 3/1/21
​ ​ ​ ​ 230,000 ​ ​ ​ ​ ​ 226,839 ​ ​
Mitsubishi UFJ Financial
Group, Inc., Senior Note,
3.78%, 3/2/25
​ ​ ​ ​ 345,000 ​ ​ ​ ​ ​ 341,303 ​ ​
Mizuho Financial Group, Inc.,
Senior Note, 2.27%,
9/13/21
​ ​ ​ ​ 380,000 ​ ​ ​ ​ ​ 365,759 ​ ​
Mizuho Financial Group, Inc.,
Senior Note, 3.55%, 3/5/23
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 692,087 ​ ​
Morgan Stanley, Senior Bond,
3.77%, 1/24/29 (3.77%
fixed rate until 1/24/28;
1.14% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 1,155,000 ​ ​ ​ ​ ​ 1,108,040 ​ ​
Morgan Stanley, Subordinated
Note, 5.00%, 11/24/25
​ ​ ​ ​ 1,444,000 ​ ​ ​ ​ ​ 1,494,866 ​ ​
MPT Operating Partnership
L.P./MPT Finance Corp.,
6.38%, 3/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 157,500 ​ ​
National Australia Bank Ltd.,
Senior Note, 3.63%,
6/20/23
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 248,620 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   83​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
National Retail Properties, Inc.,
4.80%, 10/15/48
​ ​ ​ $ 73,000 ​ ​ ​ ​ $ 73,110 ​ ​
National Rural Utilities
Cooperative Finance Corp.,
2.40%, 4/25/22
​ ​ ​ ​ 159,000 ​ ​ ​ ​ ​ 153,622 ​ ​
Nationwide Building Society,
Subordinated Bond, 4.13%,
10/18/32 (4.13% fixed rate
until 10/18/27; 1.85% +
USD 5 year Mid-Market
Swap Rate thereafter)(a)(c)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 228,191 ​ ​
Navient Corp., Senior Note,
5.00%, 10/26/20
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 227,770 ​ ​
Navient Corp., Senior Note,
6.75%, 6/25/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 503,125 ​ ​
Navient Corp., Senior Note,
6.75%, 6/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,500 ​ ​
Nederlandse
Waterschapsbank N.V.,
Senior Note, 2.38%,
3/24/26(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 470,480 ​ ​
New York Life Global Funding,
Secured Note, 1.95%,
9/28/20(a)
 ​ ​ ​ ​ 208,000 ​ ​ ​ ​ ​ 203,646 ​ ​
NFP Corp., Senior Note,
6.88%, 7/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,000 ​ ​
Penta Aircraft Leasing 2013
LLC, 1.69%, 4/29/25
​ ​ ​ ​ 403,240 ​ ​ ​ ​ ​ 383,571 ​ ​
People’s United Bank NA,
Subordinated Note, 4.00%,
7/15/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,830 ​ ​
People’s United Financial, Inc.,
Senior Note, 3.65%,
12/6/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 495,622 ​ ​
PNC Bank NA, Senior Note,
3.10%, 10/25/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 470,938 ​ ​
PNC Bank NA, Senior Note,
3.50%, 6/8/23
​ ​ ​ ​ 430,000 ​ ​ ​ ​ ​ 428,351 ​ ​
Private Export Funding Corp.,
Series MM, 2.30%, 9/15/20
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,376 ​ ​
Progressive Corp. (The),
Senior Bond, 3.70%,
1/26/45
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 448,870 ​ ​
Prudential Financial, Inc.,
Junior Subordinated Bond,
4.50%, 9/15/47 (4.50%
fixed rate until 9/15/27;
2.38% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 110,700 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Prudential Financial, Inc.,
Junior Subordinated Bond,
5.63%, 6/15/43 (5.63%
fixed rate until 6/15/23;
3.92% + 3 month USD
LIBOR thereafter)(c)
 ​ ​ ​ $ 530,000 ​ ​ ​ ​ $ 552,525 ​ ​
Radian Group, Inc., Senior
Note, 4.50%, 10/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,375 ​ ​
Realogy Group LLC/Realogy
Co-Issuer Corp., 4.88%,
6/1/23(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 93,625 ​ ​
Realogy Group LLC/Realogy
Co-Issuer Corp., 5.25%,
12/1/21(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 150,750 ​ ​
Regency Centers L.P., 3.75%,
6/15/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 488,368 ​ ​
Regions Bank, 2.84%, 8/13/21
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,466 ​ ​
Regions Bank, 3.37%, 8/13/21
(3.37% fixed rate until
11/28/27; 0.50% + 3 month
USD LIBOR thereafter)
​ ​ ​ ​ 288,000 ​ ​ ​ ​ ​ 287,126 ​ ​
Regions Bank, Senior Note,
2.72%, 4/1/21 (0.38% + 3
month USD LIBOR)(c)
 ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,250,213 ​ ​
Regions Financial Corp.,
Senior Note, 2.75%,
8/14/22
​ ​ ​ ​ 441,000 ​ ​ ​ ​ ​ 425,199 ​ ​
Regions Financial Corp.,
Subordinated Bond, 7.38%,
12/10/37
​ ​ ​ ​ 563,000 ​ ​ ​ ​ ​ 723,510 ​ ​
Reinvestment Fund, Inc. (The),
3.88%, 2/15/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 494,553 ​ ​
Royal Bank of Scotland Group
PLC, Junior Subordinated
Bond, 8.63%, 8/15/21
(8.63% fixed rate until
8/15/21; 7.60% + USD 5
year Swap Rate
thereafter)(c)(g)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 214,250 ​ ​
Royal Bank of Scotland Group
PLC, Senior Note, 3.50%,
5/15/23 (3.50% fixed rate
until 5/15/22; 1.48% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 290,643 ​ ​
Sandalwood 2013 LLC,
2.82%, 2/12/26
​ ​ ​ ​ 138,906 ​ ​ ​ ​ ​ 136,676 ​ ​
Sandalwood 2013 LLC,
2.84%, 7/10/25
​ ​ ​ ​ 485,405 ​ ​ ​ ​ ​ 479,924 ​ ​
Santander Holdings USA, Inc.,
Senior Note, 3.40%,
1/18/23
​ ​ ​ ​ 344,000 ​ ​ ​ ​ ​ 331,672 ​ ​
​
See Notes to Financial Statements.
84   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
SBA Communications Corp.,
Senior Note, 4.88%,
7/15/22
​ ​ ​ $ 150,000 ​ ​ ​ ​ $ 151,440 ​ ​
Springleaf Finance Corp.,
6.88%, 3/15/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,900 ​ ​
Springleaf Finance Corp.,
7.13%, 3/15/26
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 174,672 ​ ​
State Street Corp., Senior
Note, 2.65%, 5/19/26
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 462,915 ​ ​
SunTrust Bank, 3.50%, 8/2/22
(3.50% fixed rate until
8/2/21; 0.59% + 3 month
USD LIBOR thereafter)
​ ​ ​ ​ 179,000 ​ ​ ​ ​ ​ 178,385 ​ ​
SunTrust Banks, Inc., Senior
Note, 4.00%, 5/1/25
​ ​ ​ ​ 397,000 ​ ​ ​ ​ ​ 397,707 ​ ​
SVB Financial Group, Senior
Note, 3.50%, 1/29/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 483,237 ​ ​
Tagua Leasing LLC, 1.58%,
11/16/24
​ ​ ​ ​ 704,023 ​ ​ ​ ​ ​ 669,564 ​ ​
Tagua Leasing LLC, 1.90%,
7/12/24
​ ​ ​ ​ 190,225 ​ ​ ​ ​ ​ 183,326 ​ ​
Tempo Acquisition LLC/
Tempo Acquisition Finance
Corp., Senior Note, 6.75%,
6/1/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,250 ​ ​
Toronto-Dominion Bank (The),
Senior Note, 1.85%,
9/11/20
​ ​ ​ ​ 294,000 ​ ​ ​ ​ ​ 287,316 ​ ​
UBS Group Funding
Switzerland AG, 3.49%,
5/23/23(a)
 ​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 548,561 ​ ​
US Bancorp, Subordinated
Note, 2.95%, 7/15/22
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 978,994 ​ ​
US Bank NA, Senior Note,
2.60%, 5/21/21 (0.29% + 3
month USD LIBOR)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,797 ​ ​
VITALITY RE V Ltd.
UNSECURED 144A 01/20
VAR, 3.95%, 1/7/20 (1.75%
+ 3 month USD Treasury
Bill)(a)(c)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,101,760 ​ ​
Wand Merger Corp., Senior
Note, 8.13%, 7/15/23
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,365 ​ ​
Wand Merger Corp., Senior
Note, 9.13%, 7/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 52,375 ​ ​
Wells Fargo & Co., 3.00%,
2/19/25
​ ​ ​ ​ 618,000 ​ ​ ​ ​ ​ 585,264 ​ ​
Wells Fargo & Co., Senior
Note, 3.07%, 1/24/23
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 292,726 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
FINANCIAL –  (continued) ​
Wells Fargo & Co.,
Subordinated Bond, 4.75%,
12/7/46
​ ​ ​ $ 145,000 ​ ​ ​ ​ $ 144,209 ​ ​
Wells Fargo Bank NA, 3.55%,
8/14/23
​ ​ ​ ​ 324,000 ​ ​ ​ ​ ​ 322,395 ​ ​
Wells Fargo Capital X, 5.95%,
12/1/86
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 107,000 ​ ​
Welltower, Inc., 3.95%, 9/1/23
​ ​ ​ ​ 407,000 ​ ​ ​ ​ ​ 406,820 ​ ​
Werner FinCo L.P./Werner
FinCo, Inc., 8.75%,
7/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 144,750 ​ ​
Willis North America, Inc.,
5.05%, 9/15/48
​ ​ ​ ​ 136,000 ​ ​ ​ ​ ​ 135,570 ​ ​
XLIT Ltd., 5.50%, 3/31/45 ​ ​ ​ ​ 185,000 ​ ​ ​ ​ ​ 195,211 ​ ​
ZB NA, 3.50%, 8/27/21 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 497,073 ​ ​
Total Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 68,155,504 ​ ​
INDUSTRIAL – 5.2% ​
3M Co., 2.52%, 2/14/24 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 997,937 ​ ​
3M Co., Senior Bond, 3.63%,
10/15/47
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 470,539 ​ ​
ABB Finance USA, Inc.,
3.38%, 4/3/23
​ ​ ​ ​ 331,000 ​ ​ ​ ​ ​ 329,682 ​ ​
Allegion US Holding Co., Inc.,
3.20%, 10/1/24
​ ​ ​ ​ 72,000 ​ ​ ​ ​ ​ 67,264 ​ ​
Arconic, Inc., Senior Bond,
5.95%, 2/1/37
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,313 ​ ​
Arconic, Inc., Senior Note,
5.13%, 10/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,674 ​ ​
Arconic, Inc., Senior Note,
5.90%, 2/1/27
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 178,082 ​ ​
ARD Finance S.A., Senior
Secured Note, PIK (7.125%
Cash or 7.875% PIK),
7.13%, 9/15/23(e)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 202,500 ​ ​
Ardagh Packaging Finance
PLC/Ardagh Holdings USA,
Inc., 6.00%, 2/15/25(a)
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 392,800 ​ ​
Berry Global, Inc., 6.00%,
10/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 154,500 ​ ​
BlueLine Rental Finance
Corp./BlueLine Rental LLC,
Secured Note, 9.25%,
3/15/24(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 314,812 ​ ​
BMC East LLC, Senior
Secured Note, 5.50%,
10/1/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 144,937 ​ ​
Bombardier, Inc., Senior Note,
6.00%, 10/15/22(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,625 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   85​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
Bombardier, Inc., Senior Note,
7.50%, 3/15/25(a)
 ​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 103,125 ​ ​
Bombardier, Inc., Senior Note,
7.75%, 3/15/20(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 156,844 ​ ​
Bombardier, Inc., Senior Note,
8.75%, 12/1/21(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 221,170 ​ ​
Brand Industrial Services, Inc.,
Senior Note, 8.50%,
7/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,788 ​ ​
Builders FirstSource, Inc.,
Senior Secured Note,
5.63%, 9/1/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 144,187 ​ ​
BWAY Holding Co., Senior
Note, 7.25%, 4/15/25(a)
 ​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 268,097 ​ ​
BWX Technologies, Inc.,
5.38%, 7/15/26(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,188 ​ ​
Caterpillar Financial Services
Corp., 3.15%, 9/7/21
​ ​ ​ ​ 111,000 ​ ​ ​ ​ ​ 110,810 ​ ​
Caterpillar Financial Services
Corp., Senior Note, 2.55%,
11/29/22
​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 192,128 ​ ​
Caterpillar Financial Services
Corp., Senior Note, 3.45%,
5/15/23
​ ​ ​ ​ 278,000 ​ ​ ​ ​ ​ 277,979 ​ ​
CH Robinson Worldwide, Inc.,
Senior Note, 4.20%,
4/15/28
​ ​ ​ ​ 212,000 ​ ​ ​ ​ ​ 209,187 ​ ​
Cloud Crane LLC, 10.13%,
8/1/24
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 109,500 ​ ​
CNH Industrial Capital LLC,
4.20%, 1/15/24
​ ​ ​ ​ 768,000 ​ ​ ​ ​ ​ 763,934 ​ ​
CNH Industrial N.V., Senior
Note, 3.85%, 11/15/27
​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 237,363 ​ ​
Corning, Inc., Senior Bond,
4.38%, 11/15/57
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 437,102 ​ ​
DAE Funding LLC, 4.50%,
8/1/22(a)
 ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 341,250 ​ ​
Energizer Gamma Acquisition,
Inc., 6.38%, 7/15/26(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,688 ​ ​
Energizer Holdings, Inc.,
5.50%, 6/15/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,625 ​ ​
FedEx Corp., 4.05%, 2/15/48 ​ ​ ​ ​ 127,000 ​ ​ ​ ​ ​ 113,682 ​ ​
Flex Acquisition Co., Inc.,
Senior Note, 7.88%,
7/15/26(a)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,375 ​ ​
Fortress Transportation &
Infrastructure Investors LLC,
6.50%, 10/1/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,648 ​ ​
frontdoor, Inc., 6.75%, 8/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,500 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
GATX Corp., Senior Note,
3.06%, 11/5/21 (0.72% +
3 month USD LIBOR)(c)
 ​ ​ ​ $ 1,500,000 ​ ​ ​ ​ $ 1,503,282 ​ ​
GATX Corp., Senior Note,
3.25%, 9/15/26
​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 8,279 ​ ​
General Dynamics Corp.,
2.88%, 5/11/20
​ ​ ​ ​ 234,000 ​ ​ ​ ​ ​ 233,427 ​ ​
Griffon Corp., 5.25%, 3/1/22 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 148,312 ​ ​
Harris Corp., Senior Note,
4.40%, 6/15/28
​ ​ ​ ​ 234,000 ​ ​ ​ ​ ​ 234,707 ​ ​
Jabil, Inc., Senior Note,
3.95%, 1/12/28
​ ​ ​ ​ 32,000 ​ ​ ​ ​ ​ 29,981 ​ ​
James Hardie International
Finance DAC, Senior Note,
4.75%, 1/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 145,155 ​ ​
Jeld-Wen, Inc., 4.63%,
12/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 138,375 ​ ​
John Deere Capital Corp.,
Senior Note, 2.05%,
3/10/20
​ ​ ​ ​ 68,000 ​ ​ ​ ​ ​ 67,041 ​ ​
John Deere Capital Corp.,
Senior Note, 2.35%, 1/8/21
​ ​ ​ ​ 239,000 ​ ​ ​ ​ ​ 234,886 ​ ​
Kansas City Southern, 4.30%,
5/15/43
​ ​ ​ ​ 663,000 ​ ​ ​ ​ ​ 621,731 ​ ​
Kansas City Southern, 4.70%,
5/1/48
​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 238,390 ​ ​
Kirby Corp., Senior Note,
4.20%, 3/1/28
​ ​ ​ ​ 212,000 ​ ​ ​ ​ ​ 207,101 ​ ​
Martin Marietta Materials, Inc.,
Senior Bond, 4.25%,
12/15/47
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 81,001 ​ ​
Masco Corp., Senior Bond,
4.50%, 5/15/47
​ ​ ​ ​ 179,000 ​ ​ ​ ​ ​ 153,554 ​ ​
Mueller Water Products, Inc.,
Senior Note, 5.50%,
6/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,500 ​ ​
Multi-Color Corp., 6.13%,
12/1/22(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 204,500 ​ ​
New Enterprise Stone & Lime
Co., Inc., Senior Note,
10.13%, 4/1/22(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 133,828 ​ ​
New Enterprise Stone & Lime
Co., Inc., Senior Secured
Note, 6.25%, 3/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,750 ​ ​
Norfolk Southern Corp.,
5.10%, 8/1/2118
​ ​ ​ ​ 197,000 ​ ​ ​ ​ ​ 194,110 ​ ​
Novelis Corp., 5.88%,
9/30/26(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 195,250 ​ ​
Nvent Finance Sarl, 4.55%,
4/15/28(a)
 ​ ​ ​ ​ 171,000 ​ ​ ​ ​ ​ 166,385 ​ ​
​
See Notes to Financial Statements.
86   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
Owens Corning, 4.30%,
7/15/47
​ ​ ​ $ 437,000 ​ ​ ​ ​ $ 352,048 ​ ​
Owens Corning, 4.40%,
1/30/48
​ ​ ​ ​ 111,000 ​ ​ ​ ​ ​ 91,783 ​ ​
Owens-Brockway Glass
Container, Inc., 5.00%,
1/15/22(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,312 ​ ​
Owens-Brockway Glass
Container, Inc., 6.38%,
8/15/25
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,375 ​ ​
Park Aerospace Holdings Ltd.,
5.25%, 8/15/22(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,500 ​ ​
Park-Ohio Industries, Inc.,
6.63%, 4/15/27
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 92,250 ​ ​
Penske Truck Leasing Co.
L.P./PTL Finance Corp.,
Senior Note, 3.95%,
3/10/25(a)
 ​ ​ ​ ​ 306,000 ​ ​ ​ ​ ​ 299,728 ​ ​
Penske Truck Leasing Co.
L.P./PTL Finance Corp.,
Senior Note, 4.13%,
8/1/23(a)
 ​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 329,395 ​ ​
PGT Escrow Issuer, Inc.,
6.75%, 8/1/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,875 ​ ​
Reynolds Group Issuer, Inc./
Reynolds Group Issuer LLC/
Reynolds Group Issuer Lu,
Senior Secured Note,
5.13%, 7/15/23(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 248,625 ​ ​
Rockwell Automation, Inc.,
Senior Note, 2.88%, 3/1/25
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 569,605 ​ ​
Rockwell Collins, Inc., Senior
Bond, 4.35%, 4/15/47
​ ​ ​ ​ 555,000 ​ ​ ​ ​ ​ 528,764 ​ ​
Roper Technologies, Inc.,
4.20%, 9/15/28
​ ​ ​ ​ 403,000 ​ ​ ​ ​ ​ 400,763 ​ ​
Siemens
Financieringsmaatschappij
N.V., 2.20%, 3/16/20(a)
 ​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 365,460 ​ ​
SPX FLOW, Inc., 5.63%,
8/15/24(a)
 ​ ​ ​ ​ 68,000 ​ ​ ​ ​ ​ 68,333 ​ ​
Standard Industries, Inc.,
Senior Note, 4.75%,
1/15/28(a)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 69,278 ​ ​
Standard Industries, Inc.,
Senior Note, 5.38%,
11/15/24(a)
 ​ ​ ​ ​ 215,000 ​ ​ ​ ​ ​ 214,731 ​ ​
Stevens Holding Co., Inc.,
6.13%, 10/1/26
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,406 ​ ​
Summit Materials LLC/
Summit Materials Finance
Corp., 5.13%, 6/1/25(a)
 ​ ​ ​ ​ 55,000 ​ ​ ​ ​ ​ 51,563 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
Summit Materials LLC/
Summit Materials Finance
Corp., 6.13%, 7/15/23
​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 101,418 ​ ​
Tennant Co., 5.63%, 5/1/25 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 202,500 ​ ​
Timken Co. (The), 4.50%,
12/15/28
​ ​ ​ ​ 115,000 ​ ​ ​ ​ ​ 112,879 ​ ​
TopBuild Corp., 5.63%,
5/1/26(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 122,187 ​ ​
TransDigm, Inc., 6.00%,
7/15/22
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,625 ​ ​
TransDigm, Inc., 6.50%,
5/15/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,750 ​ ​
Trimble, Inc., 4.75%, 12/1/24 ​ ​ ​ ​ 23,000 ​ ​ ​ ​ ​ 23,284 ​ ​
Trimble, Inc., Senior Note,
4.15%, 6/15/23
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,266 ​ ​
Trimble, Inc., Senior Note,
4.90%, 6/15/28
​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ 246,272 ​ ​
Triumph Group, Inc., 5.25%,
6/1/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 141,375 ​ ​
Union Pacific Corp., Senior
Bond, 4.38%, 9/10/38
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 609,403 ​ ​
Union Pacific Corp., Senior
Bond, 4.38%, 11/15/65
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 392,635 ​ ​
Union Pacific Corp., Senior
Bond, 4.50%, 9/10/48
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 182,894 ​ ​
Union Pacific Railroad Co.
2015-1 Pass Through Trust,
2.70%, 5/12/27
​ ​ ​ ​ 558,827 ​ ​ ​ ​ ​ 517,259 ​ ​
United Parcel Service, Inc.,
Senior Bond, 3.40%,
11/15/46
​ ​ ​ ​ 1,135,000 ​ ​ ​ ​ ​ 980,763 ​ ​
United Parcel Service, Inc.,
Senior Note, 2.79%, 4/1/23
(0.45% + 3 month USD
LIBOR)(c)
 ​ ​ ​ ​ 1,030,000 ​ ​ ​ ​ ​ 1,034,234 ​ ​
United Technologies Corp.,
3.95%, 8/16/25
​ ​ ​ ​ 131,000 ​ ​ ​ ​ ​ 130,169 ​ ​
United Technologies Corp.,
4.13%, 11/16/28
​ ​ ​ ​ 165,000 ​ ​ ​ ​ ​ 163,890 ​ ​
United Technologies Corp.,
Senior Note, 1.90%, 5/4/20
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 220,460 ​ ​
US Concrete, Inc., 6.38%,
6/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,755 ​ ​
Valmont Industries, Inc.,
5.00%, 10/1/44
​ ​ ​ ​ 6,000 ​ ​ ​ ​ ​ 5,454 ​ ​
Vertiv Group Corp., Senior
Note, 9.25%, 10/15/24(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 104,000 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   87​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
Vertiv Intermediate Holding
Corp., Senior Note, PIK
(12.00% Cash or 13.00%
PIK), 12.00%, 2/15/22(a)(e)
 ​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 204,500 ​ ​
Vulcan Materials Co., Senior
Bond, 4.70%, 3/1/48(a)
 ​ ​ ​ ​ 196,000 ​ ​ ​ ​ ​ 179,635 ​ ​
Waste Management, Inc.,
3.90%, 3/1/35
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 243,998 ​ ​
Weekley Homes LLC/Weekley
Finance Corp., Senior Note,
6.00%, 2/1/23
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 145,125 ​ ​
WestRock Co., 3.00%,
9/15/24(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 472,535 ​ ​
WestRock Co., 3.38%,
9/15/27(a)
 ​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 491,613 ​ ​
XPO Logistics, Inc., 6.13%,
9/1/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 103,625 ​ ​
XPO Logistics, Inc., 6.50%,
6/15/22(a)
 ​ ​ ​ ​ 169,000 ​ ​ ​ ​ ​ 174,492 ​ ​
Total Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,438,169 ​ ​
TECHNOLOGY – 2.1% ​
ACI Worldwide, Inc., 5.75%,
8/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,813 ​ ​
Advanced Micro Devices, Inc.,
Senior Note, 7.00%, 7/1/24
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 369,250 ​ ​
Apple, Inc., Senior Bond,
3.85%, 8/4/46
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 311,135 ​ ​
Apple, Inc., Senior Note,
2.85%, 5/6/21
​ ​ ​ ​ 251,000 ​ ​ ​ ​ ​ 249,730 ​ ​
Apple, Inc., Senior Note,
2.85%, 2/23/23
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 491,078 ​ ​
Apple, Inc., Senior Note,
3.00%, 6/20/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 475,505 ​ ​
BMC Software Finance, Inc.,
Senior Note, 8.13%,
7/15/21(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 102,210 ​ ​
Broadcom Corp./Broadcom
Cayman Finance Ltd.,
3.63%, 1/15/24
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 266,693 ​ ​
Camelot Finance S.A., Senior
Note, 7.88%, 10/15/24(a)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 124,598 ​ ​
CDK Global, Inc., Senior Note,
5.88%, 6/15/26
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,644 ​ ​
CDW LLC/CDW Finance
Corp., 5.00%, 9/1/25
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,250 ​ ​
Dell International LLC/EMC
Corp., 5.88%, 6/15/21(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 257,500 ​ ​
Dell International LLC/EMC
Corp., Senior Secured
Bond, 8.10%, 7/15/36(a)
 ​ ​ ​ ​ 583,000 ​ ​ ​ ​ ​ 698,960 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
TECHNOLOGY –  (continued) ​
Donnelley Financial Solutions,
Inc., 8.25%, 10/15/24
​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 211,125 ​ ​
EMC Corp., Senior Note,
2.65%, 6/1/20
​ ​ ​ ​ 546,000 ​ ​ ​ ​ ​ 536,047 ​ ​
Everi Payments, Inc., 7.50%,
12/15/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,000 ​ ​
Exela Intermediate LLC/Exela
Finance, Inc., Senior
Secured Note, 10.00%,
7/15/23(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 159,937 ​ ​
First Data Corp., 5.38%,
8/15/23
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 177,669 ​ ​
First Data Corp., 7.00%,
12/1/23(a)
 ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 624,750 ​ ​
First Data Corp., Secured
Note, 5.75%, 1/15/24(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,275 ​ ​
Fiserv, Inc., 4.20%, 10/1/28 ​ ​ ​ ​ 163,000 ​ ​ ​ ​ ​ 163,238 ​ ​
Harland Clarke Holdings
Corp., Senior Note, 9.25%,
3/1/21(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 236,250 ​ ​
Harland Clarke Holdings
Corp., Senior Secured Note,
8.38%, 8/15/22(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 95,875 ​ ​
Hewlett Packard Enterprise
Co., Senior Bond, 6.20%,
10/15/35
​ ​ ​ ​ 159,000 ​ ​ ​ ​ ​ 163,289 ​ ​
IBM Credit LLC, Senior Note,
2.65%, 2/5/21
​ ​ ​ ​ 880,000 ​ ​ ​ ​ ​ 870,030 ​ ​
Infor US, Inc., 6.50%, 5/15/22
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 354,742 ​ ​
Intel Corp., Senior Note,
2.45%, 7/29/20
​ ​ ​ ​ 424,000 ​ ​ ​ ​ ​ 420,354 ​ ​
International Business
Machines Corp., 2.50%,
1/27/22
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 262,871 ​ ​
j2 Cloud Services LLC/j2
Global Co-Obligor, Inc.,
6.00%, 7/15/25(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,938 ​ ​
Microsoft Corp., Senior Bond,
3.95%, 8/8/56
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 317,379 ​ ​
NCR Corp., 5.88%, 12/15/21 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,000 ​ ​
NXP B.V./NXP Funding LLC,
4.13%, 6/1/21(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 200,650 ​ ​
Oracle Corp., Senior Bond,
4.00%, 7/15/46
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 237,856 ​ ​
Oracle Corp., Senior Note,
2.95%, 11/15/24
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 294,472 ​ ​
Qorvo, Inc., 5.50%, 7/15/26 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 101,513 ​ ​
Qorvo, Inc., 7.00%, 12/1/25 ​ ​ ​ ​ 3,000 ​ ​ ​ ​ ​ 3,248 ​ ​
QUALCOMM, Inc., 3.45%,
5/20/25
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 204,074 ​ ​
​
See Notes to Financial Statements.
88   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
TECHNOLOGY –  (continued) ​
Rackspace Hosting, Inc.,
8.63%, 11/15/24(a)
 ​ ​ ​ $ 100,000 ​ ​ ​ ​ $ 97,375 ​ ​
Solera LLC/Solera Finance,
Inc., Senior Note, 10.50%,
3/1/24(a)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 164,370 ​ ​
Western Digital Corp., 4.75%,
2/15/26
​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 241,769 ​ ​
Total Technology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,244,462 ​ ​
UTILITIES – 5.4% ​
AEP Transmission Co. LLC,
4.25%, 9/15/48
​ ​ ​ ​ 425,000 ​ ​ ​ ​ ​ 423,474 ​ ​
Alabama Power Co., Senior
Bond, Series A, 4.30%,
7/15/48
​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 280,092 ​ ​
Alliant Energy Finance LLC,
3.75%, 6/15/23(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 298,604 ​ ​
American Electric Power Co.,
Inc., Senior Note, 3.20%,
11/13/27
​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 185,389 ​ ​
AmeriGas Partners L.P./
AmeriGas Finance Corp.,
Senior Note, 5.50%,
5/20/25
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 147,375 ​ ​
Avangrid, Inc., Senior Note,
3.15%, 12/1/24
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 114,350 ​ ​
Calpine Corp., 5.25%, 6/1/26 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 185,250 ​ ​
Calpine Corp., 6.00%, 1/15/22
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,612 ​ ​
Calpine Corp., Senior Note,
5.38%, 1/15/23
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 282,000 ​ ​
Calpine Corp., Senior Note,
5.50%, 2/1/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 133,875 ​ ​
Clearway Energy Operating
LLC, 5.75%, 10/15/25
​ ​ ​ ​ 525,000 ​ ​ ​ ​ ​ 529,922 ​ ​
Comision Federal de
Electricidad, Senior Note,
4.88%, 1/15/24(a)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 203,006 ​ ​
Commonwealth Edison Co.,
3.70%, 8/15/28
​ ​ ​ ​ 820,000 ​ ​ ​ ​ ​ 817,521 ​ ​
Connecticut Light & Power Co.
(The), 2.50%, 1/15/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 965,605 ​ ​
Connecticut Light & Power Co.
(The), 4.00%, 4/1/48
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 491,871 ​ ​
Consolidated Edison Co. of
New York, Inc., Senior
Bond, 3.85%, 6/15/46
​ ​ ​ ​ 397,000 ​ ​ ​ ​ ​ 369,525 ​ ​
Consumers Energy Co.,
3.95%, 7/15/47
​ ​ ​ ​ 397,000 ​ ​ ​ ​ ​ 384,483 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
UTILITIES –  (continued) ​
Dominion Energy, Inc., Junior
Subordinated Bond, 5.75%,
10/1/54 (6.13% fixed rate
until 4/30/24; 3.33% + 3
month USD LIBOR
thereafter)(c)
 ​ ​ ​ $ 108,000 ​ ​ ​ ​ $ 112,352 ​ ​
Dominion Energy, Inc., Senior
Note, 2.91%, 5/15/20
(0.60% + 3 month USD
LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,420 ​ ​
Dominion Energy, Inc., Senior
Note, Series D, 2.85%,
8/15/26
​ ​ ​ ​ 198,000 ​ ​ ​ ​ ​ 180,170 ​ ​
DOMINION ENERGY, Inc. SR
UNSECURED 06/28 4.25,
Senior Note, 4.25%, 6/1/28
​ ​ ​ ​ 270,000 ​ ​ ​ ​ ​ 270,724 ​ ​
DTE Electric Co., Series A,
4.05%, 5/15/48
​ ​ ​ ​ 397,000 ​ ​ ​ ​ ​ 390,118 ​ ​
Duke Energy Florida LLC,
3.80%, 7/15/28
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 549,091 ​ ​
Duke Energy Progress LLC,
2.80%, 5/15/22
​ ​ ​ ​ 183,000 ​ ​ ​ ​ ​ 179,473 ​ ​
Electricite de France S.A.,
Senior Note, 2.35%,
10/13/20(a)
 ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ 21,605 ​ ​
Electricite de France S.A.,
Senior Note, 3.63%,
10/13/25(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 483,488 ​ ​
Entergy Louisiana LLC, 4.20%,
9/1/48
​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 505,865 ​ ​
Exelon Corp., Junior
Subordinated Note, 3.50%,
6/1/22
​ ​ ​ ​ 173,000 ​ ​ ​ ​ ​ 169,962 ​ ​
FirstEnergy Corp., Senior
Bond, Series C, 4.85%,
7/15/47
​ ​ ​ ​ 418,000 ​ ​ ​ ​ ​ 424,524 ​ ​
FirstEnergy Corp., Senior
Bond, Series C, 7.38%,
11/15/31
​ ​ ​ ​ 649,000 ​ ​ ​ ​ ​ 837,124 ​ ​
FirstEnergy Corp., Senior
Note, Series B, 3.90%,
7/15/27
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 218,759 ​ ​
Fortis, Inc., Senior Note,
2.10%, 10/4/21
​ ​ ​ ​ 504,000 ​ ​ ​ ​ ​ 481,458 ​ ​
Fortis, Inc., Senior Note,
3.06%, 10/4/26
​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 302,640 ​ ​
Georgia Power Co., Senior
Note, Series C, 2.00%,
9/8/20
​ ​ ​ ​ 149,000 ​ ​ ​ ​ ​ 145,263 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   89​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
UTILITIES –  (continued) ​
Interstate Power & Light Co.,
Senior Bond, 3.70%,
9/15/46
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 899,301 ​ ​
Interstate Power & Light Co.,
Senior Note, 3.25%,
12/1/24
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 969,827 ​ ​
Israel Electric Corp. Ltd.,
Senior Secured Note,
6.88%, 6/21/23(a)
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 438,060 ​ ​
KeySpan Gas East Corp.,
2.74%, 8/15/26(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 459,904 ​ ​
MidAmerican Energy Co.,
3.10%, 5/1/27
​ ​ ​ ​ 653,000 ​ ​ ​ ​ ​ 621,767 ​ ​
MidAmerican Energy Co.,
3.95%, 8/1/47
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 478,740 ​ ​
Nevada Power Co., Series BB,
2.75%, 4/15/20
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 159,543 ​ ​
New England Power Co.,
Senior Bond, 3.80%,
12/5/47(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 461,762 ​ ​
NextEra Energy Operating
Partners L.P., 4.25%,
9/15/24(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 245,000 ​ ​
NextEra Energy Operating
Partners L.P., 4.50%,
9/15/27(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 239,375 ​ ​
NiSource, Inc., Senior Bond,
4.38%, 5/15/47
​ ​ ​ ​ 95,000 ​ ​ ​ ​ ​ 90,571 ​ ​
NRG Energy, Inc., 6.63%,
1/15/27
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 157,425 ​ ​
NRG Yield Operating LLC,
5.00%, 9/15/26
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 143,625 ​ ​
Oncor Electric Delivery Co.
LLC, 3.70%, 11/15/28
​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 717,095 ​ ​
Pacific Gas & Electric Co.,
3.30%, 12/1/27
​ ​ ​ ​ 303,000 ​ ​ ​ ​ ​ 276,852 ​ ​
Pacific Gas & Electric Co.,
Senior Bond, 4.45%,
4/15/42
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 92,291 ​ ​
PacifiCorp, 4.13%, 1/15/49 ​ ​ ​ ​ 135,000 ​ ​ ​ ​ ​ 132,346 ​ ​
PPL Electric Utilities Corp.,
4.15%, 6/15/48
​ ​ ​ ​ 85,000 ​ ​ ​ ​ ​ 84,440 ​ ​
PSEG Power LLC, 3.85%,
6/1/23
​ ​ ​ ​ 1,110,000 ​ ​ ​ ​ ​ 1,105,714 ​ ​
Public Service Co. of
Colorado, 3.70%, 6/15/28
​ ​ ​ ​ 193,000 ​ ​ ​ ​ ​ 192,891 ​ ​
Public Service Co. of
Colorado, 4.10%, 6/15/48
​ ​ ​ ​ 619,000 ​ ​ ​ ​ ​ 614,663 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
CORPORATE BONDS –  (continued) ​
UTILITIES –  (continued) ​
Puget Sound Energy, Inc.,
4.22%, 6/15/48
​ ​ ​ $ 220,000 ​ ​ ​ ​ $ 220,514 ​ ​
Sempra Energy, Senior Bond,
3.80%, 2/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 450,463 ​ ​
Sempra Energy, Senior Note,
2.84%, 1/15/21 (0.50% + 3
month USD LIBOR)(c)
 ​ ​ ​ ​ 358,000 ​ ​ ​ ​ ​ 358,091 ​ ​
South Carolina Electric & Gas
Co., 5.10%, 6/1/65
​ ​ ​ ​ 310,000 ​ ​ ​ ​ ​ 309,936 ​ ​
Southern California Edison
Co., 3.40%, 6/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 990,181 ​ ​
Southern California Edison
Co., Series C, 4.13%,
3/1/48
​ ​ ​ ​ 1,110,000 ​ ​ ​ ​ ​ 1,059,203 ​ ​
Southern California Gas Co.,
Series VV, 4.30%, 1/15/49
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 76,510 ​ ​
Southern Power Co., Senior
Note, 4.15%, 12/1/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 492,290 ​ ​
Star Energy Geothermal
Wayang Windu Ltd., Senior
Secured Bond, 6.75%,
4/24/33(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 473,138 ​ ​
Talen Energy Supply LLC,
10.50%, 1/15/26(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 90,500 ​ ​
Tampa Electric Co., Senior
Bond, 4.30%, 6/15/48
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 496,073 ​ ​
Vistra Energy Corp., 7.38%,
11/1/22
​ ​ ​ ​ 175,000 ​ ​ ​ ​ ​ 182,031 ​ ​
Vistra Operations Co. LLC,
5.50%, 9/1/26
​ ​ ​ ​ 275,000 ​ ​ ​ ​ ​ 278,094 ​ ​
Total Utilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26,295,206 ​ ​
TOTAL CORPORATE BONDS
(Cost: $237,245,181)
​ ​ ​ ​ ​ ​ ​ ​ ​
​
236,564,775
 ​ ​
ASSET-BACKED SECURITIES – 13.0% ​
Allegro CLO IV Ltd.,
Series 2016-1A, Class A,
3.74%, 1/15/29 (1.40% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,707 ​ ​
Ally Auto Receivables Trust,
Series 2018-3, Class A3,
3.00%, 1/17/23
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,197,991 ​ ​
Americredit Automobile
Receivables Trust 2018-2,
Series 2018-2, Class C,
ABS, 3.59%, 6/18/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 498,386 ​ ​
Atlas Senior Loan Fund XI
Ltd., Series 2018-11A,
Class A1L, 3.44%, 7/26/31
(1.10% + 3 month USD
LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,898 ​ ​
​
See Notes to Financial Statements.
90   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
Avis Budget Rental Car
Funding AESOP LLC,
Series 2016-1A, Class A,
2.99%, 6/20/22(a)
 ​ ​ ​ $ 1,100,000 ​ ​ ​ ​ $ 1,085,858 ​ ​
Battalion CLO VII Ltd.,
Series 2014-7A,
Class A1RR, ABS, 3.38%,
7/17/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 499,993 ​ ​
Battalion CLO XI Ltd.,
Series 2017-11A, Class A,
3.59%, 10/24/29 (1.25% +
3 month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,680 ​ ​
Business Jet Securities LLC,
Series 2018-2, Class B,
5.44%, 6/15/33(a)
 ​ ​ ​ ​ 1,192,614 ​ ​ ​ ​ ​ 1,194,417 ​ ​
Capital Automotive REIT,
Series 2014-1A, Class A,
3.66%, 10/15/44(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 984,742 ​ ​
Catamaran CLO Ltd.,
Series 2014-1A,
Class A1AR, 3.61%,
4/22/30 (1.26% + 3 month
USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,998 ​ ​
Cazenovia Creek Funding II
LLC, Series 2018-1A,
Class A, ABS, 3.56%,
7/15/30
​ ​ ​ ​ 1,199,344 ​ ​ ​ ​ ​ 1,196,187 ​ ​
Chesapeake Funding II LLC,
Series 2018-1A, Class A1,
3.04%, 4/15/30(a)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,097,230 ​ ​
CIFC Funding 2014-V Ltd.,
Series 2014-5A,
Class A1R2, ABS, 3.63%,
10/17/31
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,000 ​ ​
Credit Acceptance Auto Loan
Trust, Series 2018-1A,
Class A, 3.01%, 2/16/27(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 989,995 ​ ​
CSMC 2018-RPL8 Trust,
Series 2018-RPL8,
Class A1, ABS, 4.13%,
7/25/58
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,275 ​ ​
Dell Equipment Finance Trust,
Series 2018-1, Class A3,
3.18%, 6/22/23(a)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,099,951 ​ ​
DLL LLC, Series 2018-1,
Class A3, 3.10%, 4/18/22(a)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,098,369 ​ ​
Dorchester Park CLO Ltd.,
Series 2015-1A, Class AR,
3.25%, 4/20/28 (3.25%
fixed rate until 4/20/19;
0.90% + 3 month USD
LIBOR thereafter)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,178 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
Drive Auto Receivables Trust,
Series 2018-2, Class B,
3.22%, 4/15/22
​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 499,446 ​ ​
Drive Auto Receivables Trust,
Series 2018-4, Class B,
ABS, 3.36%, 10/17/22
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 600,167 ​ ​
Elevation CLO Ltd.,
Series 2014-2A, Class A1R,
3.57%, 10/15/29 (3.57%
fixed rate until 10/15/19;
1.23% + 3 month USD
LIBOR thereafter)(a)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 501,497 ​ ​
Enterprise Fleet Financing
LLC, Series 2017-2,
Class A3, 2.22%, 1/20/23(a)
 ​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,271,656 ​ ​
Flagship CLO VIII Ltd.,
Series 2014-8A, Class ARR,
3.19%, 1/16/26 (0.85% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 997,841 ​ ​
Ford Credit Auto Owner Trust,
Series 2015-2, Class A,
2.44%, 1/15/27(a)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,086,534 ​ ​
Ford Credit Auto Owner Trust
2017-REV2, Series 2017-2,
Class A, ABS, 2.36%,
3/15/29
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 383,561 ​ ​
Ford Credit Auto Owner
Trust/Ford Credit,
Series 2018-2, Class A,
ABS, 3.47%, 1/15/30
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 399,349 ​ ​
FREED ABS TRUST,
Series 2018-1, Class A,
3.61%, 7/18/24(a)
 ​ ​ ​ ​ 733,688 ​ ​ ​ ​ ​ 732,555 ​ ​
FREED ABS TRUST,
Series 2018-1, Class B,
4.56%, 7/18/24(a)
 ​ ​ ​ ​ 190,000 ​ ​ ​ ​ ​ 189,748 ​ ​
GM Financial Consumer
Automobile Receivables
Trust, Series 2017-2A,
Class A4, 2.07%,
11/16/22(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 975,372 ​ ​
HERO Funding Trust,
Series 2016-1A, Class A,
4.05%, 9/20/41(a)
 ​ ​ ​ ​ 531,844 ​ ​ ​ ​ ​ 533,907 ​ ​
Hertz Vehicle Financing II L.P.,
Series 2016-2A, Class A,
2.95%, 3/25/22(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 984,041 ​ ​
Jackson Mill CLO Ltd.,
Series 2015-1A, Class AR,
3.17%, 4/15/27 (0.83% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,246,641 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   91​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
JMP Credit Advisors Clo IV
Ltd., Series 2017-1A,
Class A, 3.71%, 7/17/29
(1.37% + 3 month USD
LIBOR)(a)(c)
 ​ ​ ​ $ 250,000 ​ ​ ​ ​ $ 250,394 ​ ​
Lendmark Funding Trust,
Series 2017-2A, Class A,
2.80%, 5/20/26(a)
 ​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,280,203 ​ ​
LIAS Administration Fee Issuer
LLC, Series 2018-1A,
Class A, ABS, 5.96%,
7/25/48
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,297,761 ​ ​
LTCG Securitization Issuer
LLC, Series 2018-A,
Class A, 4.59%, 6/15/48(a)
 ​ ​ ​ ​ 1,185,453 ​ ​ ​ ​ ​ 1,200,192 ​ ​
Mariner Finance Issuance
Trust 2017-B,
Series 2017-BA, Class A,
ABS, 2.92%, 12/20/29
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 443,353 ​ ​
MCA Fund II Holding LLC,
Series 2017-1, Class A,
3.96%, 8/15/28 (1.65% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 798,935 ​ ​ ​ ​ ​ 798,927 ​ ​
Midocean Credit CLO IX,
Series 2018-9A, Class A1,
ABS, 3.40%, 7/20/31
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 499,430 ​ ​
MMAF Equipment Finance
LLC, Series 2018-A,
Class A4, 3.39%, 1/10/25(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,789 ​ ​
MMAF Equipment Finance
LLC, Series 2018-A,
Class A5, 3.61%, 3/10/42(a)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,272 ​ ​
Mountain View CLO Ltd.,
Series 2015-9A, Class A1R,
3.46%, 7/15/31 (1.12% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,922 ​ ​
Mountain View CLO LLC,
Series 2017-2A, Class A,
3.55%, 1/16/31 (1.21% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 260,000 ​ ​ ​ ​ ​ 259,997 ​ ​
Nationstar HECM Loan Trust
2018-2, Series 2018-2A,
Class M1, ABS, 3.55%,
7/25/28
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,296,113 ​ ​
Navient Private Education Refi
Loan Trust 2018-C,
Series 2018-CA, Class A2,
ABS, 3.52%, 6/16/42
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 198,491 ​ ​
New Residential Mortgage
Loan Trust,
Series 2018-RPL1,
Class A1, 3.50%,
12/25/57(a)
 ​ ​ ​ ​ 742,434 ​ ​ ​ ​ ​ 735,094 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
NextGear Floorplan Master
Owner Trust,
Series 2017-1A, Class A2,
2.54%, 4/18/22(a)
 ​ ​ ​ $ 1,200,000 ​ ​ ​ ​ $ 1,187,502 ​ ​
OnDeck Asset Securitization
Trust LLC, Series 2018-1A,
Class A, 3.50%, 4/18/22(a)
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,096,782 ​ ​
OneMain Direct Auto
Receivables Trust 2018-1,
Series 2018-1A, Class A,
ABS, 3.43%, 12/16/24
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 499,357 ​ ​
Oportun Funding LLC,
Series 2018-B, Class A,
3.91%, 7/8/24
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 747,001 ​ ​
Oportun Funding LLC,
Series 2018-B, Class B,
4.50%, 7/8/24
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 487,693 ​ ​
OSCAR US Funding Trust IX
LLC, Series 2018-2A,
Class A3, ABS, 3.39%,
9/12/22
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,295,250 ​ ​
OZLM IX Ltd., Series 2014-9A,
Class A1R, 3.57%, 1/20/27
(1.22% + 3 month USD
LIBOR)(a)(c)
 ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 199,806 ​ ​
PFS Financing Corp.,
Series 2017-BA, Class A2,
2.22%, 7/15/22(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 980,135 ​ ​
Regional Management
Issuance Trust,
Series 2018-1, Class A,
3.83%, 7/15/27(a)
 ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 747,725 ​ ​
Regional Management
Issuance Trust,
Series 2018-1, Class B,
4.28%, 7/15/27(a)
 ​ ​ ​ ​ 510,000 ​ ​ ​ ​ ​ 508,012 ​ ​
Renew, Series 2018-1,
Class A, 3.95%, 9/20/53(a)
 ​ ​ ​ ​ 476,834 ​ ​ ​ ​ ​ 474,330 ​ ​
Santander Drive Auto
Receivables Trust,
Series 2018-3, Class B,
3.29%, 10/17/22
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,197,961 ​ ​
Saratoga Investment Corp.
Ltd., Series 2013-1A,
Class A1R, 3.90%,
10/20/25 (1.55% + 3 month
USD LIBOR)(a)(c)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 250,104 ​ ​
SBA Tower Trust,
Series 2014-1A, Class C,
2.90%, 10/15/44(a)
 ​ ​ ​ ​ 1,255,000 ​ ​ ​ ​ ​ 1,252,506 ​ ​
Sierra Timeshare Funding LLC,
Series 2015-3A, Class B,
3.08%, 9/20/32(a)
 ​ ​ ​ ​ 437,474 ​ ​ ​ ​ ​ 432,954 ​ ​
​
See Notes to Financial Statements.
92   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
Sierra Timeshare 2018-2
Receivables Funding LLC,
Series 2018-2A, Class A,
ABS, 3.50%, 6/20/35
​ ​ ​ $ 273,067 ​ ​ ​ ​ $ 272,110 ​ ​
SMART Trust,
Series 2016-2US,
Class A4A, 2.05%,
12/14/22
​ ​ ​ ​ 515,000 ​ ​ ​ ​ ​ 500,667 ​ ​
Sofi Professional Loan
Program 2018-C Trust,
Series 2018-C, Class A2FX,
ABS, 3.59%, 1/25/48
​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 697,730 ​ ​
Sofi Professional Loan
Program 2018-D Trust,
Series 2018-D, Class A2FX,
ABS, 3.60%, 2/25/48
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 896,957 ​ ​
Sound Point CLO II Ltd.,
Series 2013-1A, Class A1R,
3.41%, 1/26/31 (1.07% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 249,148 ​ ​
Springleaf Funding Trust
2017-A, Series 2017-AA,
Class A, ABS, 2.68%,
7/15/30
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 587,968 ​ ​
SWC Funding LLC 2018-1,
Series 2018-1A, Class A,
ABS, 4.75%, 8/15/33
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,286,533 ​ ​
Synchrony Credit Card Master
Note Trust, Series 2017-1,
Class A, 1.93%, 6/15/23
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,078,246 ​ ​
Taco Bell Funding LLC,
Series 2016-1A, Class A2II,
4.38%, 5/25/46(a)
 ​ ​ ​ ​ 492,500 ​ ​ ​ ​ ​ 497,400 ​ ​
TICP CLO IX Ltd.,
Series 2017-9A, Class A,
3.49%, 1/20/31 (1.14% +
3 month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,525 ​ ​
Towd Point Mortgage Trust,
Series 2018-2, Class A1,
3.25%, 3/25/58(a)(c)
 ​ ​ ​ ​ 282,373 ​ ​ ​ ​ ​ 278,560 ​ ​
Towd Point Mortgage Trust,
Series 2018-3, Class A1,
3.75%, 5/25/58(a)(c)
 ​ ​ ​ ​ 382,675 ​ ​ ​ ​ ​ 382,814 ​ ​
Towd Point Mortgage Trust
2018-5, Series 2018-5,
Class A1, ABS, 3.25%,
8/25/58
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 97,918 ​ ​
Trafigura Securitisation
Finance PLC,
Series 2017-1A, Class A2,
2.47%, 12/15/20(a)
 ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,223,655 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
ASSET-BACKED SECURITIES –  (continued) ​
Trafigura Securitisation
Finance PLC 2018-1,
Series 2018-1A, Class A2,
ABS, 3.73%, 3/15/22
​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 199,990 ​ ​
Vivint Colar Financing V LLC,
Series 2018-1A, Class A,
4.73%, 4/30/48(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 247,835 ​ ​
Vivint Colar Financing V LLC,
Series 2018-1A, Class B,
7.37%, 4/30/48(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,020,636 ​ ​
Volkswagen Auto Loan
Enhanced Trust,
Series 2018-1, Class A3,
3.02%, 11/21/22
​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,249,344 ​ ​
Wellfleet CLO Ltd.,
Series 2018-1A, Class A,
3.47%, 7/17/31 (1.10% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 994,403 ​ ​
Wendy’s Funding LLC,
Series 2015-1A, Class A23,
4.50%, 6/15/45(a)
 ​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 489,059 ​ ​
Wendy’s Funding LLC,
Series 2015-1A, Class A2II,
4.08%, 6/15/45(a)
 ​ ​ ​ ​ 485,000 ​ ​ ​ ​ ​ 485,189 ​ ​
World Financial Network
Credit Card Master Trust,
Series 2015-B, Class A,
2.55%, 6/17/24
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 987,355 ​ ​
Zais Clo 9 Ltd.,
Series 2018-2A, Class A,
3.72%, 7/20/31 (1.20% + 3
month USD LIBOR)(a)(c)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,919 ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost: $63,657,451)
​ ​ ​
​
63,582,187
 ​ ​
U.S. GOVERNMENT AGENCIES – 10.8% ​
Federal Home Loan Mortgage
Corp., 2.00%, 1/1/32
​ ​ ​ ​ 287,687 ​ ​ ​ ​ ​ 269,588 ​ ​
Federal Home Loan Mortgage
Corp., 3.00%, 1/1/32
​ ​ ​ ​ 399,037 ​ ​ ​ ​ ​ 393,494 ​ ​
Federal Home Loan Mortgage
Corp., 3.00%, 12/1/37
​ ​ ​ ​ 337,111 ​ ​ ​ ​ ​ 326,262 ​ ​
Federal Home Loan Mortgage
Corp., 3.00%, 1/1/43
​ ​ ​ ​ 1,065,784 ​ ​ ​ ​ ​ 1,029,446 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 10/1/41
​ ​ ​ ​ 245,039 ​ ​ ​ ​ ​ 243,000 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 10/1/42
​ ​ ​ ​ 895,176 ​ ​ ​ ​ ​ 887,720 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 7/1/43
​ ​ ​ ​ 396,980 ​ ​ ​ ​ ​ 393,677 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 7/1/45
​ ​ ​ ​ 527,735 ​ ​ ​ ​ ​ 520,724 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   93​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT AGENCIES –  (continued) ​
Federal Home Loan Mortgage
Corp., 3.50%, 8/1/46
​ ​ ​ $ 1,191,700 ​ ​ ​ ​ $ 1,179,636 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 11/1/47
​ ​ ​ ​ 501,636 ​ ​ ​ ​ ​ 493,954 ​ ​
Federal Home Loan Mortgage
Corp., 3.50%, 3/1/48
​ ​ ​ ​ 1,996,278 ​ ​ ​ ​ ​ 1,970,672 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 3/1/41
​ ​ ​ ​ 257,782 ​ ​ ​ ​ ​ 262,573 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 6/1/42
​ ​ ​ ​ 488,247 ​ ​ ​ ​ ​ 497,332 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 3/1/48
​ ​ ​ ​ 719,808 ​ ​ ​ ​ ​ 731,419 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 7/1/48
​ ​ ​ ​ 123,439 ​ ​ ​ ​ ​ 125,400 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 9/1/48
​ ​ ​ ​ 503,377 ​ ​ ​ ​ ​ 508,558 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 10/1/48(h)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,009,718 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 10/1/48
 ​ ​ ​ ​ 499,950 ​ ​ ​ ​ ​ 504,373 ​ ​
Federal Home Loan Mortgage
Corp., 4.00%, 11/1/48
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 505,438 ​ ​
Federal Home Loan Mortgage
Corp., 4.50%, 6/1/47
​ ​ ​ ​ 50,107 ​ ​ ​ ​ ​ 52,748 ​ ​
Federal Home Loan Mortgage
Corp., 4.50%, 7/1/47
​ ​ ​ ​ 252,187 ​ ​ ​ ​ ​ 260,481 ​ ​
Federal Home Loan Mortgage
Corp., 4.50%, 7/1/47
​ ​ ​ ​ 239,359 ​ ​ ​ ​ ​ 247,230 ​ ​
Federal Home Loan Mortgage
Corp., 4.50%, 8/1/48
​ ​ ​ ​ 409,645 ​ ​ ​ ​ ​ 427,369 ​ ​
Federal Home Loan Mortgage
Corp., 5.00%, 2/1/42
​ ​ ​ ​ 280,824 ​ ​ ​ ​ ​ 298,284 ​ ​
Federal National Mortgage
Association, 1.25%,
8/17/21
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,387,995 ​ ​
Federal National Mortgage
Association, 2.50%, 4/1/31
​ ​ ​ ​ 419,988 ​ ​ ​ ​ ​ 405,597 ​ ​
Federal National Mortgage
Association, 2.50%,
11/1/31
​ ​ ​ ​ 452,751 ​ ​ ​ ​ ​ 437,238 ​ ​
Federal National Mortgage
Association, 2.50%, 9/1/46
​ ​ ​ ​ 107,493 ​ ​ ​ ​ ​ 99,515 ​ ​
Federal National Mortgage
Association, 2.50%,
10/1/46
​ ​ ​ ​ 288,946 ​ ​ ​ ​ ​ 267,500 ​ ​
Federal National Mortgage
Association, 2.63%, 9/6/24
​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,436,145 ​ ​
Federal National Mortgage
Association, 3.00%, 5/1/32
​ ​ ​ ​ 1,027,232 ​ ​ ​ ​ ​ 1,015,719 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT AGENCIES –  (continued) ​
Federal National Mortgage
Association, 3.00%,
11/1/32
​ ​ ​ $ 665,745 ​ ​ ​ ​ $ 658,284 ​ ​
Federal National Mortgage
Association, 3.00%, 5/1/43
​ ​ ​ ​ 626,407 ​ ​ ​ ​ ​ 604,649 ​ ​
Federal National Mortgage
Association, 3.00%,
11/1/46
​ ​ ​ ​ 454,487 ​ ​ ​ ​ ​ 435,381 ​ ​
Federal National Mortgage
Association, 3.00%, 1/1/47
​ ​ ​ ​ 678,789 ​ ​ ​ ​ ​ 650,183 ​ ​
Federal National Mortgage
Association, 3.50%, 8/1/33
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 502,864 ​ ​
Federal National Mortgage
Association, 3.50%, 8/1/43
​ ​ ​ ​ 244,234 ​ ​ ​ ​ ​ 241,984 ​ ​
Federal National Mortgage
Association, 3.50%,
12/1/45
​ ​ ​ ​ 982,688 ​ ​ ​ ​ ​ 971,273 ​ ​
Federal National Mortgage
Association, 3.50%,
12/1/45
​ ​ ​ ​ 709,232 ​ ​ ​ ​ ​ 700,994 ​ ​
Federal National Mortgage
Association, 3.50%,
12/1/46
​ ​ ​ ​ 301,842 ​ ​ ​ ​ ​ 297,899 ​ ​
Federal National Mortgage
Association, 3.50%, 1/1/47
​ ​ ​ ​ 425,438 ​ ​ ​ ​ ​ 419,793 ​ ​
Federal National Mortgage
Association, 3.50%, 4/1/47
​ ​ ​ ​ 1,315,244 ​ ​ ​ ​ ​ 1,297,245 ​ ​
Federal National Mortgage
Association, 3.50%, 8/1/47
​ ​ ​ ​ 2,518,615 ​ ​ ​ ​ ​ 2,481,546 ​ ​
Federal National Mortgage
Association, 3.50%,
11/1/47
​ ​ ​ ​ 214,326 ​ ​ ​ ​ ​ 211,041 ​ ​
Federal National Mortgage
Association, 4.00%, 9/1/40
​ ​ ​ ​ 432,044 ​ ​ ​ ​ ​ 439,530 ​ ​
Federal National Mortgage
Association, 4.00%, 3/1/41
​ ​ ​ ​ 731,543 ​ ​ ​ ​ ​ 744,262 ​ ​
Federal National Mortgage
Association, 4.00%,
12/1/45
​ ​ ​ ​ 544,660 ​ ​ ​ ​ ​ 550,787 ​ ​
Federal National Mortgage
Association, 4.00%,
12/1/47
​ ​ ​ ​ 527,787 ​ ​ ​ ​ ​ 533,696 ​ ​
Federal National Mortgage
Association, 4.00%, 2/1/48
​ ​ ​ ​ 496,715 ​ ​ ​ ​ ​ 501,813 ​ ​
Federal National Mortgage
Association, 4.00%, 4/1/48
​ ​ ​ ​ 2,482,515 ​ ​ ​ ​ ​ 2,507,995 ​ ​
Federal National Mortgage
Association, 4.00%, 9/1/48
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 505,731 ​ ​
Federal National Mortgage
Association, 4.00%,
10/1/48(h)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 504,870 ​ ​
​
See Notes to Financial Statements.
94   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT AGENCIES –  (continued) ​
Federal National Mortgage
Association, 4.50%, 9/1/40
​ ​ ​ $ 453,113 ​ ​ ​ ​ $ 471,560 ​ ​
Federal National Mortgage
Association, 4.50%, 2/1/41
​ ​ ​ ​ 780,416 ​ ​ ​ ​ ​ 812,188 ​ ​
Federal National Mortgage
Association, 4.50%, 1/1/48
​ ​ ​ ​ 333,109 ​ ​ ​ ​ ​ 347,090 ​ ​
Federal National Mortgage
Association, 4.50%, 2/1/48
​ ​ ​ ​ 60,768 ​ ​ ​ ​ ​ 63,328 ​ ​
Federal National Mortgage
Association, 4.50%, 3/1/48
​ ​ ​ ​ 266,480 ​ ​ ​ ​ ​ 277,793 ​ ​
Federal National Mortgage
Association, 4.50%, 5/1/48
​ ​ ​ ​ 260,615 ​ ​ ​ ​ ​ 271,764 ​ ​
Federal National Mortgage
Association, 4.50%, 5/1/48
​ ​ ​ ​ 196,062 ​ ​ ​ ​ ​ 204,450 ​ ​
Federal National Mortgage
Association, 4.50%, 7/1/48
​ ​ ​ ​ 3,853 ​ ​ ​ ​ ​ 3,976 ​ ​
Federal National Mortgage
Association, 5.00%, 9/1/40
​ ​ ​ ​ 362,551 ​ ​ ​ ​ ​ 385,770 ​ ​
Federal National Mortgage
Association, 5.00%, 2/1/41
​ ​ ​ ​ 189,266 ​ ​ ​ ​ ​ 201,365 ​ ​
Federal National Mortgage
Association, 5.00%, 8/1/48
​ ​ ​ ​ 54,623 ​ ​ ​ ​ ​ 58,212 ​ ​
Federal National Mortgage
Association, 5.00%,
10/1/48(h)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 262,441 ​ ​
Federal National Mortgage
Association, 5.50%, 2/1/42
​ ​ ​ ​ 134,158 ​ ​ ​ ​ ​ 144,026 ​ ​
Government National
Mortgage Association,
2.50%, 12/20/46
​ ​ ​ ​ 138,528 ​ ​ ​ ​ ​ 130,029 ​ ​
Government National
Mortgage Association,
3.00%, 12/20/42
​ ​ ​ ​ 523,205 ​ ​ ​ ​ ​ 511,333 ​ ​
Government National
Mortgage Association,
3.00%, 12/20/45
​ ​ ​ ​ 230,181 ​ ​ ​ ​ ​ 223,674 ​ ​
Government National
Mortgage Association,
3.00%, 9/20/46
​ ​ ​ ​ 367,681 ​ ​ ​ ​ ​ 357,001 ​ ​
Government National
Mortgage Association,
3.00%, 10/20/46
​ ​ ​ ​ 760,953 ​ ​ ​ ​ ​ 738,264 ​ ​
Government National
Mortgage Association,
3.00%, 2/20/47
​ ​ ​ ​ 783,187 ​ ​ ​ ​ ​ 759,555 ​ ​
Government National
Mortgage Association,
3.00%, 12/20/47
​ ​ ​ ​ 1,149,943 ​ ​ ​ ​ ​ 1,114,554 ​ ​
Government National
Mortgage Association,
3.50%, 2/20/42
​ ​ ​ ​ 457,911 ​ ​ ​ ​ ​ 458,129 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT AGENCIES –  (continued) ​
Government National
Mortgage Association,
3.50%, 11/20/42
​ ​ ​ $ 297,715 ​ ​ ​ ​ $ 297,734 ​ ​
Government National
Mortgage Association,
3.50%, 8/20/45
​ ​ ​ ​ 161,383 ​ ​ ​ ​ ​ 160,896 ​ ​
Government National
Mortgage Association,
3.50%, 9/20/45
​ ​ ​ ​ 163,363 ​ ​ ​ ​ ​ 162,870 ​ ​
Government National
Mortgage Association,
3.50%, 4/20/46
​ ​ ​ ​ 245,587 ​ ​ ​ ​ ​ 244,695 ​ ​
Government National
Mortgage Association,
3.50%, 12/20/46
​ ​ ​ ​ 1,286,256 ​ ​ ​ ​ ​ 1,279,996 ​ ​
Government National
Mortgage Association,
3.50%, 1/20/47
​ ​ ​ ​ 488,821 ​ ​ ​ ​ ​ 486,441 ​ ​
Government National
Mortgage Association,
3.50%, 1/20/48
​ ​ ​ ​ 2,029,897 ​ ​ ​ ​ ​ 2,019,974 ​ ​
Government National
Mortgage Association,
4.00%, 11/20/40
​ ​ ​ ​ 243,591 ​ ​ ​ ​ ​ 249,962 ​ ​
Government National
Mortgage Association,
4.00%, 2/20/46
​ ​ ​ ​ 638,910 ​ ​ ​ ​ ​ 654,390 ​ ​
Government National
Mortgage Association,
4.00%, 3/20/46
​ ​ ​ ​ 245,498 ​ ​ ​ ​ ​ 251,009 ​ ​
Government National
Mortgage Association,
4.00%, 5/20/47
​ ​ ​ ​ 499,845 ​ ​ ​ ​ ​ 510,218 ​ ​
Government National
Mortgage Association,
4.00%, 8/20/47
​ ​ ​ ​ 251,323 ​ ​ ​ ​ ​ 256,745 ​ ​
Government National
Mortgage Association,
4.50%, 9/20/39
​ ​ ​ ​ 240,483 ​ ​ ​ ​ ​ 252,435 ​ ​
Government National
Mortgage Association,
4.50%, 7/20/41
​ ​ ​ ​ 134,192 ​ ​ ​ ​ ​ 140,659 ​ ​
Government National
Mortgage Association,
4.50%, 2/20/47
​ ​ ​ ​ 125,579 ​ ​ ​ ​ ​ 131,404 ​ ​
Government National
Mortgage Association,
4.50%, 1/20/48
​ ​ ​ ​ 1,014,768 ​ ​ ​ ​ ​ 1,049,938 ​ ​
Government National
Mortgage Association,
4.50%, 3/20/48
​ ​ ​ ​ 210,695 ​ ​ ​ ​ ​ 217,997 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   95​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT AGENCIES –  (continued) ​
Government National
Mortgage Association,
5.00%, 7/20/45
​ ​ ​ $ 352,830 ​ ​ ​ ​ $ 373,805 ​ ​
Overseas Private Investment
Corp., 2.74%, 9/15/29
​ ​ ​ ​ 532,437 ​ ​ ​ ​ ​ 512,146 ​ ​
TOTAL U.S. GOVERNMENT AGENCIES
(Cost: $53,186,640)
​ ​ ​
​
53,000,441
 ​ ​
U.S. GOVERNMENT OBLIGATIONS – 10.2% ​
U.S. Treasury Bond, 2.75%,
8/15/47
​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 558,364 ​ ​
U.S. Treasury Bond, 3.00%,
5/15/47
​ ​ ​ ​ 1,075,000 ​ ​ ​ ​ ​ 1,034,856 ​ ​
U.S. Treasury Bond, 3.00%,
2/15/48
​ ​ ​ ​ 415,000 ​ ​ ​ ​ ​ 399,211 ​ ​
U.S. Treasury Bond, 3.13%,
5/15/48
​ ​ ​ ​ 1,505,000 ​ ​ ​ ​ ​ 1,484,247 ​ ​
U.S. Treasury Coupon Strip,
0.00%, 2/15/37
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 2,216,644 ​ ​
U.S. Treasury Coupon Strip,
0.00%, 5/15/37
​ ​ ​ ​ 5,100,000 ​ ​ ​ ​ ​ 2,804,614 ​ ​
U.S. Treasury Note, 1.00%,
6/30/19
​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 474,656 ​ ​
U.S. Treasury Note, 1.63%,
4/30/19
​ ​ ​ ​ 1,570,000 ​ ​ ​ ​ ​ 1,562,518 ​ ​
U.S. Treasury Note, 1.63%,
7/31/20
​ ​ ​ ​ 2,335,000 ​ ​ ​ ​ ​ 2,285,746 ​ ​
U.S. Treasury Note, 1.88%,
4/30/22
​ ​ ​ ​ 7,000,000 ​ ​ ​ ​ ​ 6,754,453 ​ ​
U.S. Treasury Note, 2.00%,
11/30/20
​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 746,552 ​ ​
U.S. Treasury Note, 2.13%,
9/30/21
​ ​ ​ ​ 3,630,000 ​ ​ ​ ​ ​ 3,551,019 ​ ​
U.S. Treasury Note, 2.25%,
11/15/24
​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ 618,192 ​ ​
U.S. Treasury Note, 2.38%,
8/15/24
​ ​ ​ ​ 6,700,000 ​ ​ ​ ​ ​ 6,479,371 ​ ​
U.S. Treasury Note, 2.50%,
5/15/24
​ ​ ​ ​ 790,000 ​ ​ ​ ​ ​ 770,620 ​ ​
U.S. Treasury Note, 2.63%,
8/31/20
​ ​ ​ ​ 1,555,000 ​ ​ ​ ​ ​ 1,549,472 ​ ​
U.S. Treasury Note, 2.63%,
5/15/21
​ ​ ​ ​ 1,740,000 ​ ​ ​ ​ ​ 1,729,261 ​ ​
U.S. Treasury Note, 2.75%,
7/31/23
​ ​ ​ ​ 1,150,000 ​ ​ ​ ​ ​ 1,139,938 ​ ​
U.S. Treasury Note, 2.75%,
8/31/23
​ ​ ​ ​ 2,900,000 ​ ​ ​ ​ ​ 2,874,852 ​ ​
U.S. Treasury Note, 2.75%,
6/30/25
​ ​ ​ ​ 633,000 ​ ​ ​ ​ ​ 623,011 ​ ​
U.S. Treasury Note, 2.75%,
8/31/25
​ ​ ​ ​ 3,250,000 ​ ​ ​ ​ ​ 3,196,807 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
U.S. GOVERNMENT OBLIGATIONS –  (continued) ​
U.S. Treasury Note, 2.75%,
2/15/28
​ ​ ​ $ 250,000 ​ ​ ​ ​ $ 243,818 ​ ​
U.S. Treasury Note, 2.88%,
5/31/25
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 3,967,656 ​ ​
U.S. Treasury Note, 2.88%,
7/31/25
​ ​ ​ ​ 2,185,000 ​ ​ ​ ​ ​ 2,166,735 ​ ​
U.S. Treasury Note, 2.88%,
5/15/28
​ ​ ​ ​ 102,000 ​ ​ ​ ​ ​ 100,474 ​ ​
U.S. Treasury Note, 2.88%,
8/15/28
​ ​ ​ ​ 872,000 ​ ​ ​ ​ ​ 858,784 ​ ​
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $50,340,042)
 ​ ​ ​
$
50,191,871
 ​ ​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 9.3% ​
20 Times Square Trust,
Series 2018-20TS, Class E,
3.20%, 5/15/35(a)(c)
 ​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 197,945 ​ ​
Banc of America Commercial
Mortgage Trust 2015-UBS7,
Series 2015-UBS7, Class C,
4.51%, 9/15/48
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 502,243 ​ ​
Benchmark Mortgage Trust,
2018B4, Class A3, 3.89%,
7/15/51
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,218 ​ ​
Benchmark Mortgage Trust,
2018B4, Class AM, 4.31%,
7/15/51
​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 769,736 ​ ​
CD 2016-CD2 Mortgage Trust,
Series 2016-CD2, Class B,
3.88%, 11/10/49(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 491,412 ​ ​
CGMS Commercial Mortgage
Trust 2017-MDDR,
Series 2017-MDRB,
Class B, (1 month USD
LIBOR + 1.750%), 3.91%,
7/15/30(c)
 ​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,299,082 ​ ​
CIM Trust 2017-3,
Series 2017-3, Class A1,
CMO, 4.10%, 1/25/57
​ ​ ​ ​ 100,603 ​ ​ ​ ​ ​ 102,644 ​ ​
Citigroup Commercial
Mortgage Trust,
Series 2014-GC25,
Class A3, 3.37%, 10/10/47
​ ​ ​ ​ 114,286 ​ ​ ​ ​ ​ 112,989 ​ ​
Citigroup Commercial
Mortgage Trust,
Series 2016-P4, Class A3,
2.65%, 7/10/49
​ ​ ​ ​ 114,286 ​ ​ ​ ​ ​ 105,973 ​ ​
COBALT CMBS Commercial
Mortgage Trust,
Series 2007-C3, Class AJ,
6.02%, 5/15/46(c)
 ​ ​ ​ ​ 224,539 ​ ​ ​ ​ ​ 228,509 ​ ​
​
See Notes to Financial Statements.
96   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
COMM Mortgage Trust,
Series 2013-CR6, Class B,
3.40%, 3/10/46(a)
 ​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 488,756 ​ ​
COMM Mortgage Trust,
Series 2015-DC1, Class A5,
3.35%, 2/10/48
 ​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 686,766 ​ ​
COMM Mortgage Trust,
Series 2018-COR3,
Class A3, 4.23%, 5/10/51
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 513,965 ​ ​
Csail Commercial Mortgage
Trust, Series 2015-C2,
Class A3, 3.23%, 6/15/57
​ ​ ​ ​ 142,824 ​ ​ ​ ​ ​ 139,143 ​ ​
Csail Commercial Mortgage
Trust, Series 2016-C5,
Class B, 4.46%, 11/15/48(c)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 302,647 ​ ​
DBJPM Mortgage Trust,
Series 2016-C3, Class A4,
2.63%, 8/10/49
 ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,022,841 ​ ​
DBUBS Mortgage Trust,
Series 2011-LC1A, Class D,
5.88%, 11/10/46(a)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 519,965 ​ ​
Federal Home Loan Mortgage
Corp., Series 2017-DNA1,
Class M1, (1 month USD
LIBOR + 1.200%), 3.42%,
7/25/29(c)
 ​ ​ ​ ​ 302,894 ​ ​ ​ ​ ​ 305,538 ​ ​
Federal Home Loan Mortgage
Corp., Series 2017-DNA3,
Class M1, 2.97%, 3/25/30(c)
 ​ ​ ​ ​ 467,255 ​ ​ ​ ​ ​ 469,063 ​ ​
Federal Home Loan Mortgage
Corp., Series 2018-DNA1,
Class M1, 2.67%, 7/25/30(c)
 ​ ​ ​ ​ 485,873 ​ ​ ​ ​ ​ 485,144 ​ ​
Federal Home Loan Mortgage
Corp., Series 2018-SPI2,
Class M1, 3.82%,
5/25/48(a)(c)
 ​ ​ ​ ​ 9,382 ​ ​ ​ ​ ​ 9,376 ​ ​
Federal Home Loan Mortgage
Corp., Series 2018-SPI3,
Class M1, CMO, 4.17%,
8/25/48
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 100,244 ​ ​
Federal Home Loan Mortgage
Corp., Series K063,
Class AM, 3.51%, 1/25/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 496,958 ​ ​
Federal Home Loan Mortgage
Corp., Series K067,
Class A2, 3.19%, 7/25/27
​ ​ ​ ​ 383,000 ​ ​ ​ ​ ​ 372,778 ​ ​
Federal Home Loan Mortgage
Corp., Series K069,
Class AM, 3.25%, 9/25/27
​ ​ ​ ​ 875,000 ​ ​ ​ ​ ​ 847,472 ​ ​
Federal Home Loan Mortgage
Corp., Series K071,
Class A2, 3.29%, 11/25/27
​ ​ ​ ​ 1,400,000 ​ ​ ​ ​ ​ 1,368,943 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
Federal Home Loan Mortgage
Corp., Series K076,
Class A2, 3.90%, 6/25/51
​ ​ ​ $ 550,000 ​ ​ ​ ​ $ 562,843 ​ ​
Federal Home Loan Mortgage
Corp., Series K076,
Class AM, 3.90%, 6/25/51
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 330,014 ​ ​
Federal Home Loan Mortgage
Corp., Series K077,
Class A2, 3.85%, 5/25/28(c)
 ​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 784,365 ​ ​
Federal Home Loan Mortgage
Corp., Series K077,
Class AM, 3.85%, 5/25/28(c)
 ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 151,356 ​ ​
Federal Home Loan Mortgage
Corp., Series K157,
Class A2, 3.99%, 5/25/33
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 611,717 ​ ​
Federal Home Loan Mortgage
Corp., Series W5FX,
Class AFX, 3.34%,
4/25/28(c)
 ​ ​ ​ ​ 1,580,000 ​ ​ ​ ​ ​ 1,528,873 ​ ​
Federal National Mortgage
Association,
Series 2014-C03,
Class 1M2, CMO, (1 month
USD LIBOR + 3.000%),
5.22%, 7/25/24(c)
 ​ ​ ​ ​ 158,267 ​ ​ ​ ​ ​ 169,680 ​ ​
Federal National Mortgage
Association,
Series 2018-C01,
Class 1M1, 2.82%,
7/25/30(c)
 ​ ​ ​ ​ 474,388 ​ ​ ​ ​ ​ 475,029 ​ ​
Federal National Mortgage
Association,
Series 2018-C04,
Class 2M1, 2.97%,
12/25/30(c)
 ​ ​ ​ ​ 9,129 ​ ​ ​ ​ ​ 9,143 ​ ​
Federal National Mortgage
Association,
Series 2018-C05,
Class 1M1, CMO, 2.94%,
1/25/31
​ ​ ​ ​ 93,514 ​ ​ ​ ​ ​ 93,684 ​ ​
Federal National Mortgage
Association,
Series 2018-M10, Class A1,
3.50%, 7/25/28
​ ​ ​ ​ 223,725 ​ ​ ​ ​ ​ 223,494 ​ ​
Federal National Mortgage
Association,
Series 2018-M10, Class A2,
3.50%, 7/25/28
​ ​ ​ ​ 1,225,000 ​ ​ ​ ​ ​ 1,203,222 ​ ​
Federal National Mortgage
Association,
Series 2018-M8, Class A2,
3.44%, 6/25/28(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 487,990 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   97​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
FREDDIE MAC FHR 4835 A/S,
1.00%, 10/15/48
​ ​ ​ $ 250,000 ​ ​ ​ ​ $ 262,148 ​ ​
FREMF Mortgage Trust,
Series 2015-K46, Class B,
3.82%, 4/25/48(a)(c)
 ​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 218,206 ​ ​
GS Mortgage Securities Corp.
II, Series 2018-GS10,
Class A3, 4.26%, 7/10/51
​ ​ ​ ​ 800,000 ​ ​ ​ ​ ​ 815,512 ​ ​
GS Mortgage Securities Trust,
Series 2010-C2, Class D,
5.35%, 12/10/43(a)(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 507,125 ​ ​
GS Mortgage Securities Trust,
Series 2015-GC34,
Class A3, 3.24%, 10/10/48
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,071,983 ​ ​
GS Mortgage Securities Trust,
Series 2016-GS4, Class AS,
3.65%, 11/10/49(c)
 ​ ​ ​ ​ 670,000 ​ ​ ​ ​ ​ 654,453 ​ ​
GS Mortgage Securities Trust,
Series 2017-GS8, Class C,
4.48%, 11/10/50(c)
 ​ ​ ​ ​ 401,000 ​ ​ ​ ​ ​ 392,396 ​ ​
GS Mortgage Securities Trust
2016-GS3,
Series 2016-GS3, Class C,
4.12%, 10/10/49
​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 552,993 ​ ​
HarborView Mortgage Loan
Trust 2005-11,
Series 2005-11,
Class 2A1A, CMO, (1 month
USD LIBOR + 0.620%),
2.79%, 8/19/45(c)
 ​ ​ ​ ​ 72,366 ​ ​ ​ ​ ​ 72,158 ​ ​
HERO Funding Trust,
Series 2016-3A, Class A1,
3.08%, 9/20/42(a)
 ​ ​ ​ ​ 492,684 ​ ​ ​ ​ ​ 475,514 ​ ​
Hudsons Bay Simon JV Trust
2015-HBS,
Series 2015-HB10,
Class C10, 5.63%, 8/5/34
​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 835,434 ​ ​
JP Morgan Chase Commercial
Mortgage Securities Trust,
Series 2016-JP4, Class A3,
3.39%, 12/15/49
​ ​ ​ ​ 1,071,000 ​ ​ ​ ​ ​ 1,042,541 ​ ​
JP Morgan Mortgage Trust,
Series 2017-3, Class 1A5,
3.50%, 8/25/47(a)(c)
 ​ ​ ​ ​ 473,734 ​ ​ ​ ​ ​ 466,418 ​ ​
JP Morgan Mortgage Trust,
Series 2018-7FRB,
Class A2, 2.82%,
4/25/46(a)(c)
 ​ ​ ​ ​ 87,521 ​ ​ ​ ​ ​ 87,666 ​ ​
JP Morgan Mortgage Trust
2017-6, Series 2017-6,
Class A6, CMO, 3.00%,
12/25/48
​ ​ ​ ​ 371,790 ​ ​ ​ ​ ​ 359,765 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
JP Morgan Mortgage Trust
2018-8, Series 2018-8,
Class A13, CMO, 4.00%,
1/25/49
​ ​ ​ $ 39,751 ​ ​ ​ ​ $ 39,240 ​ ​
JP Morgan Mortgage Trust
2018-9, Series 2018-9,
Class A13, CMO, 4.00%,
2/25/49
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 98,723 ​ ​
JPMBB Commercial Mortgage
Securities Trust,
Series 2014-C25,
Class A4A1, 3.41%,
11/15/47
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 495,193 ​ ​
JPMBB Commercial Mortgage
Securities Trust,
Series 2015-C30, Class A4,
3.55%, 7/15/48
​ ​ ​ ​ 114,286 ​ ​ ​ ​ ​ 113,871 ​ ​
JPMBB Commercial Mortgage
Securities Trust,
Series 2015-C33, Class A3,
3.50%, 12/15/48
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,084,825 ​ ​
JPMBB Commercial Mortgage
Securities Trust 2014-C23,
Series 2014-C23, Class AS,
4.20%, 9/15/47
​ ​ ​ ​ 860,000 ​ ​ ​ ​ ​ 873,830 ​ ​
JPMBB Commercial Mortgage
Securities Trust 2014-C24,
Series 2014-C24, Class D,
4.04%, 11/15/47
​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ 415,815 ​ ​
JPMCC Commercial Mortgage
Securities Trust,
Series 2017-JP5, Class A4,
3.46%, 3/15/50
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,073,869 ​ ​
JPMDB Commercial Mortgage
Securities Trust,
Series 2016-C2, Class A3A,
2.88%, 6/15/49
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,041,706 ​ ​
JPMDB Commercial Mortgage
Securities Trust,
Series 2017-C7, Class A3,
3.05%, 10/15/50
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 966,762 ​ ​
JPMDB Commercial Mortgage
Securities Trust,
Series 2018-C8, Class A3,
3.94%, 6/15/51
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,111,321 ​ ​
Ladder Capital Commercial
Mortgage 2013-GCP
Mortgage Trust,
Series 2013-GCP, Class A2,
3.99%, 2/15/36
​ ​ ​ ​ 767,193 ​ ​ ​ ​ ​ 766,945 ​ ​
​
See Notes to Financial Statements.
98   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
Morgan Stanley Bank of
America Merrill Lynch Trust,
Series 2013-C13, Class B,
4.90%, 11/15/46(c)
 ​ ​ ​ $ 500,000 ​ ​ ​ ​ $ 517,952 ​ ​
Morgan Stanley Bank of
America Merrill Lynch Trust,
Series 2013-C13, Class C,
5.05%, 11/15/46(c)
 ​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 381,090 ​ ​
Morgan Stanley Bank of
America Merrill Lynch Trust,
Series 2015-C23, Class A3,
3.45%, 7/15/50
​ ​ ​ ​ 171,496 ​ ​ ​ ​ ​ 169,686 ​ ​
Morgan Stanley Bank of
America Merrill Lynch Trust,
Series 2016-C29, Class A3,
3.06%, 5/15/49
​ ​ ​ ​ 114,286 ​ ​ ​ ​ ​ 109,431 ​ ​
Morgan Stanley Capital Trust,
Series 2018-H3, Class A3,
3.92%, 7/15/51
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 597,883 ​ ​
MSCG Trust 2015-ALDR,
Series 2015-ALDR,
Class A1, 2.61%, 6/7/35
​ ​ ​ ​ 151,062 ​ ​ ​ ​ ​ 144,624 ​ ​
Natixis Commercial Mortgage
Securities Trust 2018-850T,
Series 2018-850T, Class A,
2.94%, 7/15/33
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 993,810 ​ ​
Shellpoint Co-Originator Trust,
Series 2016-1, Class 1A10,
3.50%, 11/25/46(a)(c)
 ​ ​ ​ ​ 482,890 ​ ​ ​ ​ ​ 475,239 ​ ​
STACR Trust 2018-DNA3,
Series 2018-DNA3,
Class M1, CMO, 2.88%,
9/25/48
​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 160,311 ​ ​
UBS Commercial Mortgage
Trust, Series 2017-C4,
Class A4, 3.56%, 10/15/50
​ ​ ​ ​ 148,558 ​ ​ ​ ​ ​ 145,396 ​ ​
UBS Commercial Mortgage
Trust, Series 2017-C7,
Class A3, 3.42%, 12/15/50
​ ​ ​ ​ 305,000 ​ ​ ​ ​ ​ 294,941 ​ ​
UBS Commercial Mortgage
Trust, Series 2018-C10,
Class A3, 4.05%, 5/15/51
​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 1,114,516 ​ ​
UBS Commercial Mortgage
Trust, Series 2018-C10,
Class A3, 4.31%, 6/15/51
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 511,615 ​ ​
UBS Commercial Mortgage
Trust 2017-C4,
Series 2017-C4, Class A3,
3.30%, 10/15/50
​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 576,301 ​ ​
UBS-BAMLL Trust,
Series 2012-WRM, Class A,
3.66%, 6/10/30
​ ​ ​ ​ 1,300,000 ​ ​ ​ ​ ​ 1,291,696 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
COMMERCIAL MORTGAGE-BACKED SECURITIES – 
 (continued)
 ​
UBS-Barclays Commercial
Mortgage Trust 2013-C6,
Series 2013-C6, Class A4,
3.24%, 4/10/46
​ ​ ​ $ 794,000 ​ ​ ​ ​ $ 786,174 ​ ​
Wells Fargo Commercial
Mortgage Trust,
Series 2015-P2, Class A3,
3.54%, 12/15/48
​ ​ ​ ​ 114,286 ​ ​ ​ ​ ​ 113,142 ​ ​
Wells Fargo Commercial
Mortgage Trust,
Series 2017-RB1, Class C,
4.31%, 3/15/50(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 490,795 ​ ​
Wells Fargo Commercial
Mortgage Trust 2017-C40,
Series 2017-C40, Class A3,
3.32%, 10/15/50
​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 434,372 ​ ​
WFRBS Commercial Mortgage
Trust, Series 2013-C11,
Class B, 3.71%, 3/15/45(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 496,044 ​ ​
WFRBS Commercial Mortgage
Trust 2013-C13,
Series 2013-C13, Class D,
4.27%, 5/15/45
​ ​ ​ ​ 225,000 ​ ​ ​ ​ ​ 208,464 ​ ​
WFRBS Commercial Mortgage
Trust 2013-C18,
Series 2013-C18, Class C,
4.84%, 12/15/46
​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 354,155 ​ ​
TOTAL COMMERCIAL
MORTGAGE-BACKED SECURITIES
(Cost: $45,442,571)
 ​ ​ ​
​
45,335,809
 ​ ​
MUNICIPAL BONDS – 2.0% ​
CALIFORNIA – 1.1% ​
Bay Area Toll Authority,
Revenue Bonds, San
Francisco Bay Area Toll
Bridge, Series F2, 6.26%,
4/1/49
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 204,645 ​ ​
Chula Vista Municipal
Financing Authority,
Revenue Bonds, 4.28%,
12/1/48
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 980,610 ​ ​
City of Los Angeles CA,
Series A, 3.50%, 9/1/37
​ ​ ​ ​ 315,000 ​ ​ ​ ​ ​ 288,499 ​ ​
State of California, 2.89%,
4/1/47
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,005,830 ​ ​
State of California, General
Obligation, 2.25%, 10/1/23
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 954,950 ​ ​
State of California, General
Obligation, 4.60%, 4/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 518,700 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   99​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
MUNICIPAL BONDS –  (continued) ​
CALIFORNIA –  (continued) ​
State of California, General
Obligation, Build America
Bonds, 7.35%, 11/1/39
​ ​ ​ $ 275,000 ​ ​ ​ ​ $ 386,207 ​ ​
State of California, General
Obligation, High Speed
Passenger Train, 2.19%,
4/1/47(c)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 493,135 ​ ​
Upper Santa Clara Valley Joint
Powers Authority, Revenue
Bonds, Water Revenue,
Series A, 3.88%, 8/1/48
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 465,150 ​ ​
Total California ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,297,726 ​ ​
HAWAII – 0.2% ​
City & Cnty. of Honolulu HI,
Series F-GREEN BOND,
3.94%, 9/1/34
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 498,210 ​ ​
City & County of Honolulu, HI,
General Obligation, Green
Bond, Series D, 2.14%,
10/1/23
​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 521,741 ​ ​
Total Hawaii ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,019,951 ​ ​
ILLINOIS – 0.1% ​
Chicago Housing Auth.,
Series B, 4.36%, 1/1/38
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 488,820 ​ ​
State of Illinois, Series A,
5.00%, 10/1/22
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 220,217 ​ ​
Total Illinois ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 709,037 ​ ​
NEW JERSEY – 0.1% ​
New Jersey Turnpike
Authority, Revenue Bonds,
Build America Bonds,
Series F, 7.41%, 1/1/40
​ ​ ​ ​ 300,000 ​ ​ ​ ​
​
429,237
 ​ ​
NEW YORK – 0.1% ​
City of New York NY, Series C,
3.25%, 12/1/23
​ ​ ​ ​ 580,000 ​ ​ ​ ​
​
576,172
 ​ ​
OREGON – 0.1% ​
Oregon State Business
Development Commission,
Revenue Bonds, Economic
Development Revenue,
6.50%, 4/1/31(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​
​
493,285
 ​ ​
TEXAS – 0.3% ​
Texas Water Dev. Board,
4.19%, 10/15/43
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 502,360 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
MUNICIPAL BONDS –  (continued) ​
TEXAS –  (continued) ​
Texas Water Development
Board, Revenue Bonds,
State Water Implementation
Funds, Series B, 3.70%,
10/15/47
​ ​ ​ $ 1,000,000 ​ ​ ​ ​ $ 936,110 ​ ​
Total Texas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,438,470 ​ ​
TOTAL MUNICIPAL BONDS
(Cost: $10,091,937)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,963,878 ​ ​
SUPRANATIONAL BONDS – 1.9% ​
Asian Development Bank,
2.13%, 3/19/25
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 469,478 ​ ​
Asian Development Bank,
3.13%, 9/26/28
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 495,894 ​ ​
European Investment Bank,
1.63%, 8/14/20
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 478,539 ​ ​
European Investment Bank,
2.38%, 5/24/27
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 468,741 ​ ​
European Stability
Mechanism, Senior Note,
2.13%, 11/3/22(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 962,403 ​ ​
Inter-American Development
Bank, 2.13%, 10/9/20
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 998,970 ​ ​
International Bank for
Reconstruction &
Development, 2.20%,
3/18/20
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 999,523 ​ ​
International Development
Association, 2.75%,
4/24/23(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 492,637 ​ ​
International Finance Corp.,
1.75%, 3/30/20
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 983,490 ​ ​
Kreditanstalt fuer
Wiederaufbau, 1.88%,
11/30/20
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 977,640 ​ ​
North American Development
Bank, 2.30%, 10/10/18
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,063 ​ ​
North American Development
Bank, 2.40%, 10/26/22
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 959,218 ​ ​
TOTAL SUPRANATIONAL BONDS
(Cost: $9,304,721)
​ ​ ​ ​ 9,286,596 ​ ​
FOREIGN CORPORATE BONDS – 1.2% ​
BASIC MATERIALS – 0.1% ​
Kinross Gold Corp., 4.50%,
7/15/27
​ ​ ​ ​ 147,000 ​ ​ ​ ​ ​ 131,388 ​ ​
Mountain Province Diamonds,
Inc., 8.00%, 12/15/22
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,500 ​ ​
Yamana Gold, Inc., 4.95%,
7/15/24
​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 394,320 ​ ​
Total Basic Materials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 551,208 ​ ​
​
​
See Notes to Financial Statements.
100   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
FOREIGN CORPORATE BONDS –  (continued) ​
COMMUNICATIONS – 0.1% ​
Altice France S.A., 8.13%,
2/1/27
​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 205,500 ​ ​
Intelsat Connect Finance S.A.,
9.50%, 2/15/23
​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 324,188 ​ ​
Intelsat Jackson Holdings
S.A., 8.50%, 10/15/24
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,656 ​ ​
Vodafone Group PLC, 4.13%,
5/30/25
​ ​ ​ ​ 89,000 ​ ​ ​ ​ ​ 88,276 ​ ​
Total Communications ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 693,620 ​ ​
CONSUMER, NON-CYCLICAL – 0.1% ​
IHS Markit Ltd., 4.13%, 8/1/23
​ ​ ​ ​ 210,000 ​ ​ ​ ​
​
209,597
 ​ ​
ENERGY – 0.1% ​
Eni SpA, Series X-R, 4.75%,
9/12/28
​ ​ ​ ​ 283,000 ​ ​ ​ ​ ​ 279,540 ​ ​
Pacific Drilling First Lien
Escrow Issuer Ltd., 8.38%,
10/1/23
​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 51,625 ​ ​
Suncor Energy, Inc., 5.95%,
12/1/34
​ ​ ​ ​ 108,000 ​ ​ ​ ​ ​ 123,553 ​ ​
Transocean Pontus Ltd.,
6.13%, 8/1/25
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,406 ​ ​
Trinidad Drilling Ltd., 6.63%,
2/15/25
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,250 ​ ​
Total Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 554,374 ​ ​
FINANCIAL – 0.5% ​
Aircastle Ltd., 4.40%, 9/25/23
​ ​ ​ ​ 93,000 ​ ​ ​ ​ ​ 92,991 ​ ​
Banque Federative du Credit
Mutuel S.A., 3.75%,
7/20/23
​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 486,972 ​ ​
goeasy Ltd., 7.88%, 11/1/22 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 26,031 ​ ​
HSBC Holdings PLC, 4.29%,
9/12/26 (4.29% fixed rate
until 9/12/25; 1.35% + 3
month USD LIBOR
thereafter)
​ ​ ​ ​ 274,000 ​ ​ ​ ​ ​ 270,940 ​ ​
Mitsubishi UFJ Financial
Group, Inc., 3.00%, 2/22/22
​ ​ ​ ​ 285,000 ​ ​ ​ ​ ​ 278,852 ​ ​
Royal Bank of Scotland Group
PLC, 5.08%, 1/27/30
(3.88% fixed rate until
7/24/37; 1.36% + 3 month
USD LIBOR thereafter)
​ ​ ​ ​ 209,000 ​ ​ ​ ​ ​ 209,314 ​ ​
Toronto-Dominion Bank (The),
2.59%, 9/17/20
​ ​ ​ ​ 1,200,000 ​ ​ ​ ​ ​ 1,201,329 ​ ​
Total Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,566,429 ​ ​
INDUSTRIAL – 0.1% ​
Canadian National Railway
Co., 2.85%, 12/15/21
​ ​ ​ ​ 162,000 ​ ​ ​ ​ ​ 159,756 ​ ​
Investments
​ ​
Principal
Amount
​ ​
Value
​
FOREIGN CORPORATE BONDS –  (continued) ​
INDUSTRIAL –  (continued) ​
CNH Industrial N.V., 4.50%,
8/15/23
​ ​ ​ $ 131,000 ​ ​ ​ ​ $ 133,017 ​ ​
Embraer Overseas Ltd.,
5.70%, 9/16/23
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,875 ​ ​
Masonite International Corp.,
5.75%, 9/15/26
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,063 ​ ​
Park Aerospace Holdings Ltd.,
5.50%, 2/15/24
​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 153,562 ​ ​
Total Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 497,273 ​ ​
UTILITIES – 0.2% ​
Electricite de France S.A.,
4.88%, 9/21/38
​ ​ ​ ​ 336,000 ​ ​ ​ ​ ​ 327,374 ​ ​
Electricite de France S.A.,
5.00%, 9/21/48
​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 398,592 ​ ​
Enel Finance International
N.V., 4.88%, 6/14/29
​ ​ ​ ​ 210,000 ​ ​ ​ ​ ​ 203,351 ​ ​
Total Utilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 929,317 ​ ​
TOTAL FOREIGN CORPORATE BONDS
(Cost: $6,014,698)
​ ​ ​ ​ 6,001,818 ​ ​
FOREIGN GOVERNMENT OBLIGATIONS – 0.8% ​
HUNGARY – 0.0%(f) ​
Hungary Government
International Bond, 7.63%,
3/29/41
​ ​ ​ ​ 54,000 ​ ​ ​ ​
​
75,330
 ​ ​
INDONESIA – 0.2% ​
Indonesia Government
International Bond, 2.95%,
1/11/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 191,030 ​ ​
Indonesia Government
International Bond, 4.13%,
1/15/25(a)
 ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 393,428 ​ ​
Perusahaan Penerbit SBSN
Indonesia III, 3.75%,
3/1/23(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 294,750 ​ ​
Total Indonesia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 879,208 ​ ​
IRAQ – 0.1% ​
Iraq Government AID Bond,
2.15%, 1/18/22
​ ​ ​ ​ 500,000 ​ ​ ​ ​
​
484,856
 ​ ​
MEXICO – 0.1% ​
Mexico Government
International Bond, 4.35%,
1/15/47
​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 181,302 ​ ​
Mexico Government
International Bond,
Series MTN, 4.75%, 3/8/44
​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 171,990 ​ ​
Total Mexico ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 353,292 ​ ​
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   101​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
FOREIGN GOVERNMENT OBLIGATIONS –  (continued) ​
QATAR – 0.0%(f) ​
Qatar Government
International Bond, 4.50%,
4/23/28(a)
 ​ ​ ​ $ 200,000 ​ ​ ​ ​ $ 205,800 ​ ​
SAUDI ARABIA – 0.1% ​
Saudi Government
International Bond, 4.00%,
4/17/25(a)
 ​ ​ ​ ​ 300,000 ​ ​ ​ ​
​
300,150
 ​ ​
TUNISIA – 0.0%(f) ​
Tunisia Government AID
Bonds, 1.42%, 8/5/21
​ ​ ​ ​ 200,000 ​ ​ ​ ​
​
191,240
 ​ ​
UKRAINE – 0.2% ​
Ukraine Government AID
Bonds, 1.47%, 9/29/21
​ ​ ​ ​ 1,120,000 ​ ​ ​ ​
​
1,071,836
 ​ ​
UNITED ARAB EMIRATES – 0.1% ​
Abu Dhabi Government
International Bond, 3.13%,
10/11/27(a)
 ​ ​ ​ ​ 250,000 ​ ​ ​ ​
​
236,250
 ​ ​
URUGUAY – 0.0%(f) ​
Uruguay Government
International Bond, 5.10%,
6/18/50
​ ​ ​ ​ 150,000 ​ ​ ​ ​
​
153,000
 ​ ​
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $3,928,568)
​ ​ ​ ​ 3,950,962 ​ ​
FOREIGN GOVERNMENT AGENCIES – 0.5% ​
Canada – 0.2% ​
Province of Quebec Canada,
2.75%, 4/12/27
​ ​ ​ ​ 1,000,000 ​ ​ ​ ​
​
951,307
 ​ ​
Norway – 0.1% ​
Kommunalbanken A/S,
2.13%, 2/11/25(a)
 ​ ​ ​ ​ 500,000 ​ ​ ​ ​
​
468,050
 ​ ​
South Korea – 0.0%(f) ​
Korea Hydro & Nuclear Power
Co., Ltd., Series 144A,
3.75%, 7/25/23
​ ​ ​ ​ 200,000 ​ ​ ​ ​
​
198,491
 ​ ​
Sweden – 0.2% ​
Kommuninvest I Sverige AB,
1.50%, 4/23/19(a)
 ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​
​
993,789
 ​ ​
TOTAL FOREIGN GOVERNMENT
AGENCIES
(Cost: $2,617,626)
​ ​ ​ ​ 2,611,637 ​ ​
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
BANK LOANS – 0.2% ​
BASIC MATERIALS – 0.0%(f) ​
Aleris International Inc. 2018
Term Loan, 6.99%, 2/27/23
(1-month USD LIBOR +
4.75%)(c)
 ​ ​ ​ $ 49,875 ​ ​ ​ ​ $ 50,732 ​ ​
COMMUNICATIONS – 0.0%(f) ​
Altice France S.A. 2018 Term
Loan B13, 6.16%, 8/14/26
(1-month USD LIBOR +
4.00%)(c)
 ​ ​ ​ ​ 125,000 ​ ​ ​ ​
​
123,906
 ​ ​
CONSUMER, CYCLICAL – 0.1% ​
LTF Merger Sub, Inc. Term
Loan, 5.06%, 6/10/22
(3-month USD LIBOR +
2.75%)(c)
 ​ ​ ​ ​ 124,372 ​ ​ ​ ​ ​ 124,812 ​ ​
Marriott Ownership Resorts,
Inc. 2018 Term Loan,
4.49%, 8/29/25 (1-month
USD LIBOR + 2.25%)(c)
 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 50,375 ​ ​
Total Consumer, Cyclical ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,187 ​ ​
CONSUMER, NON-CYCLICAL – 0.0%(f) ​
Herbalife Nutrition Ltd. 2018
Term Loan B, 5.49%, 8/9/25
(1-month USD LIBOR +
3.25%)(c)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,208 ​ ​
Verscend Holding Corp. 2018
Term Loan, 6.74%, 8/27/25
(1-month USD LIBOR +
4.50%)(c)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 25,198 ​ ​
Total Consumer, Non-cyclical ​ ​ ​ ​ 50,406 ​ ​
ENERGY – 0.0%(f) ​
BCP Renaissance Parent LLC
Term Loan, 5.84%,
10/31/24 (3-month USD
LIBOR + 3.50%)(c)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,417 ​ ​
Consolidated Energy Finance
S.A. Term Loan B, 4.63%,
5/7/25 (1-month USD
LIBOR + 2.50%)(c)
 ​ ​ ​ ​ 74,813 ​ ​ ​ ​ ​ 74,532 ​ ​
Total Energy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 149,949 ​ ​
​
​
See Notes to Financial Statements.
102   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (continued)
​
Investments
​ ​
Principal
Amount
​ ​
Value
​
BANK LOANS –  (continued) ​
FINANCIAL – 0.1% ​
Edelman Financial Center LLC
2018 2nd Lien Term Loan,
9.09%, 7/20/26 (2-month
USD LIBOR + 6.75%)(c)
 ​ ​ ​ $ 25,000 ​ ​ ​ ​ $ 25,500 ​ ​
Edelman Financial Center LLC
Term Loan B 1, 5.59%,
7/21/25 (3-month USD
LIBOR + 3.25%)(c)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,579 ​ ​
Hub International Ltd. Term
Loan B 1, 5.34%, 4/25/25
(3-month USD LIBOR +
3.00%)(c)
 ​ ​ ​ ​ 24,938 ​ ​ ​ ​ ​ 24,981 ​ ​
Refinitiv US Holdings Inc.
Term Loan B, 0.00%,
10/1/25 (3-month USD
LIBOR + 3.75%)
 ​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 74,813 ​ ​
Total Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 200,873 ​ ​
HEALTH CARE – 0.0%(f) ​
Envision Healthcare Corp.
Term Loan B, 0.00%,
10/11/25 (3-month USD
LIBOR + 3.75%)
 ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 99,750 ​ ​
MPH Acquisition Holdings LLC
2016 Term Loan B, 0.00%,
6/7/23 (3-month USD
LIBOR + 3.00%)
 ​ ​ ​ ​ 24,058 ​ ​ ​ ​ ​ 24,088 ​ ​
Total Health Care ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 123,838 ​ ​
INDUSTRIAL – 0.0%(f) ​
Altra Industrial Motion Corp.
Term Loan, 0.00%, 0/0/0
(3-month USD LIBOR +
2.00%)
 ​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 24,938 ​ ​
TOTAL BANK LOANS
(Cost: $893,715)
​ ​ ​ ​ ​ ​ ​ ​ ​
​
899,829
 ​ ​
​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ ​ ​
SHORT-TERM INVESTMENTS – 2.6% ​
State Street Institutional
Treasury Money Market
Fund – Investor
Class Shares, 1.87%(i)
(Cost: $12,565,926)
​ ​ ​ ​ 12,565,926 ​ ​ ​ ​
​
12,565,926
 ​ ​
TOTAL INVESTMENTS – 100.8%
(Cost: $495,289,076)
​ ​ ​ ​ 493,955,729 ​ ​
OTHER ASSETS AND
LIABILITIES, NET – (0.4)%
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,828,403) ​ ​
NET ASSETS – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 490,127,326 ​ ​
​
​
(a)
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the
​
Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At September 30, 2018, the value of these securities was $104,966,600, representing 21.4% of net assets.
(b)
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. At September 30, 2018, the value of these securities was $328,940, representing 0.1% of net assets.
​
(c)
Adjustable or floating rate security. Rate shown reflects rate in effect at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
​
(d)
Step Bond – Coupon rate increases or decreases in increments to maturity. Rate shown as of September 30, 2018. Maturity date shown is the final maturity.
​
(e)
Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash.
​
(f)
Amount is less than 0.05%.
​
(g)
Perpetual floating rate security. Date shown reflects the next reset date.
​
(h)
To-be-announced (“TBA”) security.
​
(i)
The rate shown is the annualized seven-day yield at September 30, 2018.
​
ABS — Asset Backed Securities
CMO — Collateralized Mortgage Obligation
PIK — Paid-In-Kind
REIT — Real Estate Investment Trust
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   103​
Schedule of Investments
September 30, 2018
PFM Multi-Manager Fixed-Income Fund (concluded)
​
Futures contracts open at September 30, 2018:
Description
​ ​
Type
​ ​
Contracts
​ ​
Expiration
Date
​ ​
Notional
Amount
​ ​
Value/Net
Unrealized
Appreciation
(Depreciation)
​
CONTRACTS PURCHASED – 3.9% ​
U.S. Treasury 2-Year Notes
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 9,400,000 ​ ​ ​ ​ ​ 12/31/2018 ​ ​ ​ ​ $ 9,904,516 ​ ​ ​ ​ $ (29,310) ​ ​
U.S. Treasury 5-Year Notes
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 3,800,000 ​ ​ ​ ​ ​ 12/31/2018 ​ ​ ​ ​ ​ 4,274,109 ​ ​ ​ ​ ​ 309 ​ ​
U.S. Treasury 10-Year Notes
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 1,700,000 ​ ​ ​ ​ ​ 12/19/2018 ​ ​ ​ ​ ​ 2,019,281 ​ ​ ​ ​ ​ 773 ​ ​
U.S. Treasury Ultra Long-Term Bonds
​ ​ ​ ​ Long ​ ​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 12/19/2018 ​ ​ ​ ​ ​ 3,085,625 ​ ​ ​ ​ ​ (90,920) ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (119,148) ​ ​
CONTRACTS SOLD – (1.3)% ​ ​ ​ ​ ​ ​
U.S. Treasury 10-Year Long-Term Bonds
​ ​ ​ ​ Short ​ ​ ​ ​ ​ (700,000) ​ ​ ​ ​ ​ 12/19/2018 ​ ​ ​ ​ $ (882,000) ​ ​ ​ ​ $ 4,365 ​ ​
U.S. Treasury Ultra Long-Term Bonds
​ ​ ​ ​ Short ​ ​ ​ ​ ​ (4,100,000) ​ ​ ​ ​ ​ 12/19/2018 ​ ​ ​ ​ ​ (5,760,500) ​ ​ ​ ​ ​ 161,705 ​ ​
Total
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 166,070 ​ ​
​
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2018 (see Note 2 to the Financial Statements).
​ ​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​ ​
PFM Multi-Manager Fixed Income Fund ​ ​ ​ ​ ​ ​
Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in Securities: ​ ​ ​ ​ ​ ​
Corporate Bonds
​ ​ ​ $ — ​ ​ ​ ​ $ 236,564,775 ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 236,564,775 ​ ​ ​
U.S. Government Obligations
​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,191,871 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,191,871 ​ ​ ​
Asset-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 63,582,187 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 63,582,187 ​ ​ ​
U.S. Government Agencies
​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,000,441 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,000,441 ​ ​ ​
Commercial Mortgage-Backed Securities
​ ​ ​ ​ — ​ ​ ​ ​ ​ 45,335,809 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 45,335,809 ​ ​ ​
Supranational Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,286,596 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,286,596 ​ ​ ​
Municipal Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,963,878 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,963,878 ​ ​ ​
Foreign Corporate Bonds
​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,001,818 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,001,818 ​ ​ ​
Foreign Government Obligations
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,950,962 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,950,962 ​ ​ ​
Foreign Government Agencies
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,611,637 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,611,637 ​ ​ ​
Bank Loans
​ ​ ​ ​ — ​ ​ ​ ​ ​ 899,829 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 899,829 ​ ​ ​
Money Market Funds
​ ​ ​ ​ 12,565,926 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,565,926 ​ ​ ​
Total Investments in Securities
​ ​ ​ $ 12,565,926 ​ ​ ​ ​ $ 481,389,803 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 493,955,729 ​ ​ ​
Other Financial Instruments: ​ ​ ​ ​ ​ ​
Futures Contracts(a)
 ​ ​ ​ $ 167,152 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 167,152 ​ ​ ​
Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other Financial Instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Futures Contracts(a)
 ​ ​ ​ $ (120,230) ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (120,230) ​ ​ ​
​
​
(a)
Futures Contracts are valued at unrealized appreciation (depreciation). Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
​
​
See Notes to Financial Statements.
104   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Statements of Assets and Liabilities
September 30, 2018
​
​ ​ ​
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 $562,021,227, $323,769,786 and $495,289,076, respectively)
​ ​ ​ $ 595,320,778 ​ ​ ​ ​ $ 314,172,055 ​ ​ ​ ​ $ 493,955,729 ​ ​
Foreign Currency, at Value (Cost $–, $875,236 and $–, respectively) 
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ 863,580 ​ ​ ​ ​ ​ — ​ ​
Cash
​ ​ ​ ​ — ​ ​ ​ ​ ​ 22,566 ​ ​ ​ ​ ​ — ​ ​
Deposits at Broker for Futures Contracts
​ ​ ​ ​ 217,504 ​ ​ ​ ​ ​ 131,777 ​ ​ ​ ​ ​ — ​ ​
Deferred Offering Cost
​ ​ ​ ​ 5,798 ​ ​ ​ ​ ​ 5,798 ​ ​ ​ ​ ​ 5,798 ​ ​
Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment Securities Sold
​ ​ ​ ​ 715,569 ​ ​ ​ ​ ​ 1,005 ​ ​ ​ ​ ​ 4,155,878 ​ ​
Dividends
​ ​ ​ ​ 475,293 ​ ​ ​ ​ ​ 612,898 ​ ​ ​ ​ ​ — ​ ​
Interest
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,836,723 ​ ​
Foreign Tax Reclaims
​ ​ ​ ​ 602 ​ ​ ​ ​ ​ 108,697 ​ ​ ​ ​ ​ 2,366 ​ ​
Prepaid Expenses
​ ​ ​ ​ 9,344 ​ ​ ​ ​ ​ 5,032 ​ ​ ​ ​ ​ 9,581 ​ ​
Net Variation Margin on Futures Contracts
​ ​ ​ ​ 11,943 ​ ​ ​ ​ ​ 81,350 ​ ​ ​ ​ ​ 47,158 ​ ​
Total Assets
​ ​ ​ ​ 596,756,831 ​ ​ ​ ​ ​ 316,004,758 ​ ​ ​ ​ ​ 502,013,233 ​ ​
Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Due to Custodian
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 230,912 ​ ​
Cash Collateral Due to Brokers for Futures Contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 44,347 ​ ​
Payables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment Securities Purchased
​ ​ ​ ​ 1,374,757 ​ ​ ​ ​ ​ 845,411 ​ ​ ​ ​ ​ 11,132,524 ​ ​
Advisory Fee Payable
​ ​ ​ ​ 195,439 ​ ​ ​ ​ ​ 61,181 ​ ​ ​ ​ ​ 285,408 ​ ​
Trustees’ Fees and Expenses
​ ​ ​ ​ 1,528 ​ ​ ​ ​ ​ 359 ​ ​ ​ ​ ​ 1,477 ​ ​
Other Accrued Expenses
​ ​ ​ ​ 191,464 ​ ​ ​ ​ ​ 358,567 ​ ​ ​ ​ ​ 191,239 ​ ​
Total Liabilities
​ ​ ​ ​ 1,763,188 ​ ​ ​ ​ ​ 1,265,518 ​ ​ ​ ​ ​ 11,885,907 ​ ​
Net Assets
 ​ ​ ​ $ 594,993,643 ​ ​ ​ ​ $ 314,739,240 ​ ​ ​ ​ $ 490,127,326 ​ ​
Net Assets Consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-In Capital
​ ​ ​ $ 557,884,600 ​ ​ ​ ​ $ 324,108,200 ​ ​ ​ ​ $ 490,462,845 ​ ​
Total Distributable Earnings (Loss)
​ ​ ​ ​ 37,109,043 ​ ​ ​ ​ ​ (9,368,960) ​ ​ ​ ​ ​ (335,519) ​ ​
Net Assets
 ​ ​ ​ $ 594,993,643 ​ ​ ​ ​ $ 314,739,240 ​ ​ ​ ​ $ 490,127,326 ​ ​
Capital shares outstanding, no par value, unlimited shares authorized (all shares outstanding are of each Fund’s Institutional Class)
​ ​ ​ ​ 55,313,427 ​ ​ ​ ​ ​ 32,469,106 ​ ​ ​ ​ ​ 48,908,529 ​ ​
Net asset value, offering price and redemption price per share
​ ​ ​ $ 10.76 ​ ​ ​ ​ $ 9.69 ​ ​ ​ ​ $ 10.02 ​ ​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   105​
Statements of Operations
For the Year Ended September 30, 2018(1)
​
​ ​ ​
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  $3,780, $286,757 and $–, respectively)
​ ​ ​ $ 3,938,529 ​ ​ ​ ​ $ 3,005,929 ​ ​ ​ ​ $ 278,162 ​ ​
Interest (net of taxes withheld of  $–, $– and $1,012, respectively)
​ ​ ​ ​ 734 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,655,166 ​ ​
Total Investment Income
​ ​ ​ ​ 3,939,263 ​ ​ ​ ​ ​ 3,005,929 ​ ​ ​ ​ ​ 5,933,328 ​ ​
Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Accounting Fees
​ ​ ​ ​ 77,529 ​ ​ ​ ​ ​ 117,266 ​ ​ ​ ​ ​ 105,992 ​ ​
Administration Fees
​ ​ ​ ​ 49,500 ​ ​ ​ ​ ​ 49,500 ​ ​ ​ ​ ​ 49,500 ​ ​
Advisory Fees (Note 3)
​ ​ ​ ​ 588,963 ​ ​ ​ ​ ​ 550,363 ​ ​ ​ ​ ​ 662,454 ​ ​
Audit and Tax Fees
​ ​ ​ ​ 72,950 ​ ​ ​ ​ ​ 138,950 ​ ​ ​ ​ ​ 76,950 ​ ​
Custodian Fees
​ ​ ​ ​ 52,431 ​ ​ ​ ​ ​ 138,429 ​ ​ ​ ​ ​ 46,496 ​ ​
Insurance Premiums
​ ​ ​ ​ 28,545 ​ ​ ​ ​ ​ 15,370 ​ ​ ​ ​ ​ 29,279 ​ ​
Legal Fees
​ ​ ​ ​ 75,660 ​ ​ ​ ​ ​ 50,148 ​ ​ ​ ​ ​ 65,406 ​ ​
Offering Costs (Note 4)
​ ​ ​ ​ 17,717 ​ ​ ​ ​ ​ 17,717 ​ ​ ​ ​ ​ 17,717 ​ ​
Registration Fees
​ ​ ​ ​ 65,919 ​ ​ ​ ​ ​ 38,215 ​ ​ ​ ​ ​ 57,046 ​ ​
Transfer Agent Fees
​ ​ ​ ​ 31,447 ​ ​ ​ ​ ​ 31,255 ​ ​ ​ ​ ​ 31,492 ​ ​
Trustees Fees
​ ​ ​ ​ 44,521 ​ ​ ​ ​ ​ 35,981 ​ ​ ​ ​ ​ 41,280 ​ ​
Chief Compliance Officer Expense
​ ​ ​ ​ 646 ​ ​ ​ ​ ​ 1,274 ​ ​ ​ ​ ​ 647 ​ ​
Other Expenses
​ ​ ​ ​ 19,491 ​ ​ ​ ​ ​ 18,571 ​ ​ ​ ​ ​ 18,883 ​ ​
Total Expenses
​ ​ ​ ​ 1,125,319 ​ ​ ​ ​ ​ 1,203,039 ​ ​ ​ ​ ​ 1,203,142 ​ ​
Less: Advisory Fees Waived
​ ​ ​ ​ (101,546) ​ ​ ​ ​ ​ (110,073) ​ ​ ​ ​ ​ — ​ ​
Expenses Reimbursed
​ ​ ​ ​ (252,029) ​ ​ ​ ​ ​ (399,511) ​ ​ ​ ​ ​ (292,268) ​ ​
Net Expenses
​ ​ ​ ​ 771,744 ​ ​ ​ ​ ​ 693,455 ​ ​ ​ ​ ​ 910,874 ​ ​
Net Investment Income
​ ​ ​ ​ 3,167,519 ​ ​ ​ ​ ​ 2,312,474 ​ ​ ​ ​ ​ 5,022,454 ​ ​
Net Realized and Unrealized Gain (Loss) on investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net Realized Gain (Loss) From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 395,379 ​ ​ ​ ​ ​ (1,738,095) ​ ​ ​ ​ ​ 716,125 ​ ​
Futures Contracts
​ ​ ​ ​ 234,738 ​ ​ ​ ​ ​ (272,908) ​ ​ ​ ​ ​ 96,672 ​ ​
Foreign Currency Related Transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (138,967) ​ ​ ​ ​ ​ — ​ ​
Net Realized Gain (Loss)
​ ​ ​ ​ 630,117 ​ ​ ​ ​ ​ (2,149,970) ​ ​ ​ ​ ​ 812,797 ​ ​
Net Increase (Decrease) in Unrealized Appreciation/Depreciation From:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 33,299,551 ​ ​ ​ ​ ​ (9,597,731) ​ ​ ​ ​ ​ (1,333,347) ​ ​
Futures Contracts
​ ​ ​ ​ 11,854 ​ ​ ​ ​ ​ 81,178 ​ ​ ​ ​ ​ 46,922 ​ ​
Translation of Assets and Liabilities Denominated in Foreign Currencies
​ ​ ​ ​ 2 ​ ​ ​ ​ ​ (14,911) ​ ​ ​ ​ ​ — ​ ​
Net Increase (Decrease) in Unrealized Appreciation/Depreciation
​ ​ ​ ​ 33,311,407 ​ ​ ​ ​ ​ (9,531,464) ​ ​ ​ ​ ​ (1,286,425) ​ ​
Net Increase (Decrease) in Net Assets Resulting from Operations
 ​ ​ ​ $ 37,109,043 ​ ​ ​ ​ $ (9,368,960) ​ ​ ​ ​ $ 4,548,826 ​ ​
​
​
(1)
For the period December 29, 2017 (commencement of operations) to September 30, 2018.
​
​
See Notes to Financial Statements.
106   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Statements of Changes in Net Assets
For the Year Ended September 30, 2018(1)
​
​ ​ ​
PFM Multi-
Manager
Domestic
Equity Fund
​ ​
PFM Multi-
Manager
International
Equity Fund
​ ​
PFM Multi-
Manager
Fixed-Income
Fund
​
Increase in Net Assets Resulting from Operations: ​ ​ ​ ​
Net Investment Income
​ ​ ​ $ 3,167,519 ​ ​ ​ ​ $ 2,312,474 ​ ​ ​ ​ $ 5,022,454 ​ ​
Net Realized Gain (Loss)
​ ​ ​ ​ 630,117 ​ ​ ​ ​ ​ (2,149,970) ​ ​ ​ ​ ​ 812,797 ​ ​
Net Increase (Decrease) in Unrealized Appreciation/Depreciation 
 ​ ​ ​ ​ 33,311,407 ​ ​ ​ ​ ​ (9,531,464) ​ ​ ​ ​ ​ (1,286,425) ​ ​
Net Increase (Decrease) in Net Assets Resulting from Operations 
 ​ ​ ​ ​ 37,109,043 ​ ​ ​ ​ ​ (9,368,960) ​ ​ ​ ​ ​ 4,548,826 ​ ​
Distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Distributable Earnings
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,884,345) ​ ​
​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,884,345) ​ ​
Capital Share Transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from Sale of Shares
​ ​ ​ ​ 561,847,700 ​ ​ ​ ​ ​ 324,187,200 ​ ​ ​ ​ ​ 486,793,500 ​ ​
Reinvestment of Distributions
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,884,345 ​ ​
Cost of Shares Redeemed
​ ​ ​ ​ (3,963,100) ​ ​ ​ ​ ​ (79,000) ​ ​ ​ ​ ​ (1,215,000) ​ ​
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions
​ ​ ​ ​ 557,884,600 ​ ​ ​ ​ ​ 324,108,200 ​ ​ ​ ​ ​ 490,462,845 ​ ​
Net Increase in Net Assets
 ​ ​ ​ ​ 594,993,643 ​ ​ ​ ​ ​ 314,739,240 ​ ​ ​ ​ ​ 490,127,326 ​ ​
Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of Year
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
End of Year
​ ​ ​ $ 594,993,643 ​ ​ ​ ​ $ 314,739,240 ​ ​ ​ ​ $ 490,127,326 ​ ​
Shares Subscribed and Redeemed: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares Outstanding, Beginning of Year
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Shares Subscribed
​ ​ ​ ​ 55,686,877 ​ ​ ​ ​ ​ 32,477,349 ​ ​ ​ ​ ​ 48,542,956 ​ ​
Shares Issued from Reinvestment of Distributions
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 486,188 ​ ​
Shares Redeemed
​ ​ ​ ​ (373,450) ​ ​ ​ ​ ​ (8,243) ​ ​ ​ ​ ​ (120,615) ​ ​
Shares Outstanding, End of Year
​ ​ ​ ​ 55,313,427 ​ ​ ​ ​ ​ 32,469,106 ​ ​ ​ ​ ​ 48,908,529 ​ ​
​
​
(1)
For the period December 29, 2017 (commencement of operations) through September 30, 2018.
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   107​
Financial Highlights
For the Year Ended September 30, 2018(1)
PFM Multi-Manager Domestic Equity Fund
​
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
​
Net Asset Value, Beginning of Year
​ ​ ​ $ 10.00 ​ ​
​ Investment Operations: ​ ​
​
Net Investment Income(2)
 ​ ​ ​ ​ 0.12 ​ ​
​
Net Realized and Unrealized Gain (Loss)(3)
 ​ ​ ​ ​ 0.64 ​ ​
​
Total from Investment Operations
​ ​ ​ ​ 0.76 ​ ​
​
Net Asset Value, End of Year
​ ​ ​ $ 10.76 ​ ​
​
Total Return(4),(5)
​ ​ ​
​
7.60%
 ​ ​
​ Ratios/Supplemental Data:(6) ​ ​
​
Net Assets, End of Year (000’s omitted)
​ ​ ​ $ 594,994 ​ ​
​ Ratios to Average Net Assets of: ​ ​
​
Expenses, Net of Expense Waivers
​ ​ ​ ​ 0.38% ​ ​
​
Expenses, Prior to Expense Waivers
​ ​ ​ ​ 0.55% ​ ​
​
Net Investment Income
​ ​ ​ ​ 1.54% ​ ​
​
Portfolio Turnover Rate
​ ​ ​ ​ 13% ​ ​
​
​
(1)
For the period December 29, 2017 (commencement of operations) through September 30, 2018.
​
(2)
Based on average daily shares outstanding.
​
(3)
Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
​
(4)
Total return is not annualized for periods of less than one year.
​
(5)
Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​
(6)
Ratios are annualized for periods less than one year.
​
​
See Notes to Financial Statements.
108   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Financial Highlights
For the Year Ended September 30, 2018(1)
PFM Multi-Manager International Equity Fund
​
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
​
Net Asset Value, Beginning of Year
 ​ ​ ​ $ 10.00 ​ ​
​ Investment Operations: ​ ​ ​ ​ ​ ​ ​
​
Net Investment Income(2)
 ​ ​ ​ ​ 0.15 ​ ​
​
Net Realized and Unrealized Gain (Loss)(3)
 ​ ​ ​ ​ (0.46) ​ ​
​
Total from Investment Operations
​ ​ ​ ​ (0.31) ​ ​
​
Net Asset Value, End of Year
​ ​ ​ $ 9.69 ​ ​
​
Total Return(4),(5)
​ ​ ​
​
(3.10)%
 ​ ​
​ Ratios/Supplemental Data:(6) ​ ​ ​ ​ ​ ​ ​
​
Net Assets, End of Year (000’s omitted)
​ ​ ​ $ 314,739 ​ ​
​ Ratios to Average Net Assets of: ​ ​ ​ ​ ​ ​ ​
​
Expenses, Net of Expense Waivers
​ ​ ​ ​ 0.63% ​ ​
​
Expenses, Prior to Expense Waivers
​ ​ ​ ​ 1.09% ​ ​
​
Net Investment Income
​ ​ ​ ​ 2.08% ​ ​
​
Portfolio Turnover Rate
​ ​ ​ ​ 21% ​ ​
​
​
(1)
For the period December 29, 2017 (commencement of operations) through September 30, 2018.
​
(2)
Based on average daily shares outstanding.
​
(3)
Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
​
(4)
Total return is not annualized for periods of less than one year.
​
(5)
Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​
(6)
Ratios are annualized for periods less than one year.
​
​
See Notes to Financial Statements.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   109​
Financial Highlights
For the Year Ended September 30, 2018(1)
PFM Multi-Manager Fixed-Income Fund
​
Selected data for a share of beneficial interest outstanding throughout the period is presented below:
​
Net Asset Value, Beginning of Year
​ ​ ​ $ 10.00 ​ ​
​ Investment Operations: ​ ​ ​ ​ ​ ​ ​
​
Net Investment Income(2)
 ​ ​ ​ ​ 0.23 ​ ​
​
Net Realized and Unrealized Gain (Loss)(3)
 ​ ​ ​ ​ (0.10) ​ ​
​
Total from Investment Operations
​ ​ ​ ​ 0.13 ​ ​
​ Distributions From: ​ ​ ​ ​ ​ ​ ​
​
Net Investment Income
​ ​ ​ ​ (0.11) ​ ​
​
Total Distributions to Shareholders
​ ​ ​ ​ (0.11) ​ ​
​
Net Asset Value, End of Year
​ ​ ​ $ 10.02 ​ ​
​
Total Return(4),(5)
​ ​ ​
​
1.27%
 ​ ​
​ Ratios/Supplemental Data:(6) ​ ​ ​ ​ ​ ​ ​
​
Net Assets, End of Year (000’s omitted)
​ ​ ​ $ 490,127 ​ ​
​ Ratios to Average Net Assets of: ​ ​ ​ ​ ​ ​ ​
​
Expenses, Net of Expense Waivers
​ ​ ​ ​ 0.55% ​ ​
​
Expenses, Prior to Expense Waivers
​ ​ ​ ​ 0.73% ​ ​
​
Net Investment Income
​ ​ ​ ​ 3.00% ​ ​
​
Portfolio Turnover Rate
​ ​ ​ ​ 218% ​ ​
​
​
(1)
For the period December 29, 2017 (commencement of operations) through September 30, 2018.
​
(2)
Based on average daily shares outstanding.
​
(3)
Amount shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
​
(4)
Total return is not annualized for periods of less than one year.
​
(5)
Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​
(6)
Ratios are annualized for periods less than one year.
​
​
See Notes to Financial Statements.
110   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Notes to Financial Statements
​
1. Organization
PFM Multi-Manager Series Trust (the “Trust”) was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a continuously-offered open-end management investment company issuing shares. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (the “Domestic Equity Fund”), PFM Multi-Manager International Equity Fund (the “International Equity Fund”) and PFM Multi-Manager Fixed-Income Fund (the “Fixed-Income Fund”) (each a “Fund” and, collectively, the “Funds”). Each Fund offers Institutional Class, Advisor Class and Class R shares. As of September 30, 2018, 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 through a diversified portfolio consisting primarily of U.S. equity securities. The International Equity Fund seeks to provide long-term capital appreciation through a diversified portfolio consisting primarily of non-U.S. equity securities. The Fixed-Income Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies.
Use of Estimates
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Investment Valuation
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 p.m. Eastern time each day the New York Stock Exchange (“NYSE”) is open for trading. Under compliance policies and procedures approved by the Trust’s Board of Trustees (the Board), the Funds’ administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (“VC”). The VC provides administration and oversight of the Funds’ valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund 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 Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).
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 (“ETF”) 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
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   111​
Notes to Financial Statements
​
2. Summary of Significant Accounting Policies (continued)
Investment Valuation (continued)
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.
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 of 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.
Investments in open-end mutual funds are valued at their closing net asset value (“NAV”) each business day and are categorized as Level 1 in the hierarchy.
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).
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.
Level 2 — Inputs other than quoted prices that are observable for the asset, including quoted prices for similar investments based on interest rates, credit risk and like factors.
Level 3 — Unobservable inputs for the assets, including the VC’s own assumption for determining fair value.
The value of each Fund’s investments according to the fair value hierarchy as of September 30, 2018, is disclosed in each Fund’s respective Schedule of Investments.
Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Funds had no transfers between levels for the period ended September 30, 2018.
Futures Contracts
Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
112   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Notes to Financial Statements
​
2. Summary of Significant Accounting Policies (continued)
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Estimated expenses are accrued daily. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. In such cases, the dividend is recorded as soon as the information is received by the Funds. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Paydown gains and losses are recorded as an adjustment to interest income. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in 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 to return of capital or capital gain distributions at year end based on information provided by the REIT 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 specific expenses are allocated directly to the Fund that incurred the expense.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Dividends and Distributions
The Fixed-Income Fund declares and distributes dividends from net investment income, if any, monthly. The Domestic Equity Fund and International Equity Fund each declare and distribute net investment income to shareholders as dividends at least annually. Each Fund makes distributions of its net realized capital gains, if any, at least annually. Unless a shareholder elects to receive dividends and distributions in cash, dividends and distributions will be reinvested in additional shares of the same share class of the Fund at the NAV calculated as of the payment date. Distributions to shareholders are recorded on the ex-dividend date. The Funds pay distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAVs of the Funds’ shares will be reduced by the amount of the payment.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2018, 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.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   113​
Notes to Financial Statements
​
3. Federal Income Taxes
Each Fund intends 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 analyzed the positions to be taken on each Fund’s federal income tax returns and has concluded that no provision for federal income tax is required in the Fund’s financial statements. 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 year ended September 30, 2018, 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 tax-based components of distributable earnings as of period end were as follows for each Fund:
​ ​ ​
Undistributed
Ordinary
Income
​ ​
Undistributed
Cap Gains
​ ​
Capital Loss
Carryforward
 ​ ​
Other
Temporary
Differences
 ​ ​
Net
Unrealized
Appreciation
(Depreciation)
​ ​
Total
Distributable
Earnings
(Loss)
​
PFM Multi-Manager Domestic
Equity Fund
​ ​ ​ $ 3,629,378 ​ ​ ​ ​ $ 283,547 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (84,345) ​ ​ ​ ​ $ 33,280,463 ​ ​ ​ ​ $ 37,109,043 ​ ​
PFM Multi-Manager International Equity Fund
​ ​ ​ ​ 2,317,243 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,827,212) ​ ​ ​ ​ ​ (84,397) ​ ​ ​ ​ ​ (9,774,594) ​ ​ ​ ​ ​ (9,368,960) ​ ​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​ ​ 1,195,400 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (84,347) ​ ​ ​ ​ ​ (1,446,572) ​ ​ ​ ​ ​ (335,519) ​ ​
Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods. During the period ended September 30, 2018, no amounts were reclassified.
The tax character of distributions declared for the period ended September 30, 2018 was as follows:
​ ​ ​
Ordinary
Income
​ ​
Total
Distributions
​
PFM Multi-Manager Domestic Equity Fund
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
PFM Multi-Manager International Equity Fund
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​ ​ 4,884,345 ​ ​ ​ ​ ​ 4,884,345 ​ ​
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred for an unlimited period. The capital loss carryforward information presented below is estimated as of fiscal year end and is subject to adjustment. At September 30, 2018, the capital loss carryforwards were as follows:
​ ​ ​
Unlimited Short
Term Losses
​ ​
Unlimited Long
Term Losses
​
PFM Multi-Manager Domestic Equity Fund
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
PFM Multi-Manager International Equity Fund
​ ​ ​ ​ (1,712,174) ​ ​ ​ ​ ​ (115,038) ​ ​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
114   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Notes to Financial Statements
​
3. Federal Income Taxes (continued)
At September 30, 2018, 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
​ ​ ​ $ 562,040,315 ​ ​ ​ ​ $ 323,933,345 ​ ​ ​ ​ $ 495,402,301 ​ ​
Unrealized appreciation
​ ​ ​ $ 46,207,128 ​ ​ ​ ​ $ 10,148,065 ​ ​ ​ ​ $ 1,261,691 ​ ​
Unrealized depreciation
​ ​ ​ ​ (12,926,665) ​ ​ ​ ​ ​ (19,909,308) ​ ​ ​ ​ ​ (2,708,263) ​ ​
Net unrealized appreciation (depreciation)
​ ​ ​ $ 33,280,463 ​ ​ ​ ​ $ (9,761,243) ​ ​ ​ ​ $ (1,446,572) ​ ​
​
During the period ended September 30, 2018, there were differences between book and tax accounting, primarily due to wash sales, REITs, Passive Foreign Investment Company Inclusions, futures contracts mark to market and organizational expenses.
4. Agreements
Investment Advisory Agreement
PFM Asset Management LLC (the “Adviser”) is the investment adviser of each Fund. The Adviser was organized as a Delaware limited liability company in 2001. The Adviser has delegated responsibility for the day-to-day investment management of the Funds to sub-advisers, subject to the oversight and supervision of the Adviser. The Adviser maintains overall responsibility for the management and investment of the assets of the Funds and responsibility for all advisory services furnished by any sub-adviser, and supervises each sub-adviser in its performance of its duties for the applicable Fund. The Adviser evaluates and selects the sub-advisers and makes recommendations to the Board of Trustees about the hiring, termination and replacement of a sub-adviser and oversees, monitors and reviews the sub-advisers and their performance and their compliance with the applicable Fund’s investment policies and restrictions.
In return for providing management services to the Funds, each Fund pays the Adviser an annual fee based on the following percentage of its average daily net assets:
Fund
​ ​
%
​
Domestic Equity Fund
​ ​ ​ ​ 0.29% ​ ​
International Equity Fund
​ ​ ​ ​ 0.50% ​ ​
Fixed-Income Fund
​ ​ ​ ​ 0.40% ​ ​
The Adviser, not the Funds, compensates any sub-adviser for its services to a Fund.
Through January 28, 2019, the Adviser has agreed (1) to waive its fee in the amount of 0.05% of the average daily net assets of the Domestic Equity Fund; (2) to waive its fee in the amount of 0.10% of the average daily net assets of the International Equity Fund; and (3) to pay or otherwise bear operating and other expenses of the Funds (including organizational and offering expenses, but excluding any front-end and contingent deferred sales loads; any Rule 12b-1 or similar marketing and distribution-related fees; interest and tax expenses; leverage; dividends and interest on short positions; brokerage commissions; expenses incurred in connection with any merger, liquidation or reorganization; extraordinary or non-routine expenses such as litigation; and acquired fund fees and expenses) solely to the extent necessary to limit the total annualized expenses of the Funds to the percentages of average daily net assets below for the Institutional Class of each Fund (“Expense Limitation Agreement”):
Fund
​ ​
%
​
Domestic Equity Fund
​ ​ ​ ​ 0.38% ​ ​
International Equity Fund
​ ​ ​ ​ 0.63% ​ ​
Fixed-Income Fund
​ ​ ​ ​ 0.55% ​ ​
The Adviser shall be entitled to recoup any investment advisory fees waived or Fund expense payments paid by it pursuant to the Expense Limitation Agreement, if in any year the estimated operating expenses of a Fund for the fiscal year are less than the corresponding expense limitation for that year, subject to quarterly approval by the Trust’s Board
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   115​
Notes to Financial Statements
​
4. Agreements (continued)
Investment Advisory Agreement (continued)
of Trustees. The total amount of recoupment to which the Adviser may be entitled shall not exceed an amount that would cause a Fund to exceed its: (1) corresponding expense limitation in place at the time the investment advisory fees were waived or the expenses were incurred; or (2) corresponding expense limitation currently in place, whichever is less. Subject to the foregoing, the recoupment amount shall equal, at any time, the sum of all investment advisory fees previously waived or reduced by the Manager and all other payments remitted by the Adviser to the Fund pursuant to the Expense Limitation Agreement, within three (3) years of the date on which such investment advisory fees were waived or reduced or other payments remitted, less any recoupment previously paid to the Adviser with respect to such waivers, reductions, and payments. As of September 30, 2018, the amount of advisory fees waived and reimbursed expenses subject to recoupment was $440,268, $596,217 and $378,901 for the Domestic Equity Fund, International Equity Fund and Fixed-Income Fund, respectively.
Distributor
PFM Fund Distributors, Inc. (the “Distributor”) serves as the Fund’s Distributor. The Distributor is a wholly-owned subsidiary of the Adviser.
The Funds pay fees to the Distributor, on an ongoing basis as compensation for the services the Distributor renders and the expenses it bears in connection with the sale and distribution of Advisor Class and Class R shares of each Fund (“distribution fees”). These payments are made pursuant to Distribution and Servicing Plans (“12b-1 Plans”) adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act. There is a separate 12b-1 Plan for each Fund’s Advisor Class and Class R shares. There is no 12b-1 Plan for the Funds’ Institutional Class shares. The maximum annual rates at which the distribution and/or servicing fees may be paid under the Advisor Class and Class R 12b-1 Plans (calculated as a percentage of each Fund’s average daily net assets attributable to the particular class of shares) is 0.25% for Advisor Class shares and 0.50% for Class R shares.
Administrator, Custodian and Transfer Agent
The administrator, custodian and transfer agent to the Trust is State Street Bank and Trust Company (the “Administrator”).
5. Organization and Offering Costs
Organization costs consist of costs incurred to establish the Funds and enable them legally to do business. Organization costs were expensed as incurred and amounted to $259,899, which was expensed in December 2017 and allocated pro rata to the Funds and reimbursed by the Adviser. Such reimbursements are subject to recoupment pursuant to the terms of the Expense Limitation Agreement.
Offering costs include state registration fees and legal fees regarding the preparation of the initial registration statement. Offering costs are amortized to expense over a period not to exceed twelve months on a straight-line basis and was deferred in 2017 and expensed in 2018.
6. 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.
7. Investment Transactions
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments for the period ended September 30, 2018, were as follows:
​ ​ ​
PFM Multi-
Manager
Domestic
Equity Fund
​ ​
PFM Multi-
Manager
International
Equity Fund
​ ​
PFM Multi-
Manager
Fixed-
Income Fund
​
Purchases
​ ​ ​ $ 576,285,762 ​ ​ ​ ​ $ 335,541,103 ​ ​ ​ ​ $ 857,301,241 ​ ​
Sales
​ ​ ​ $ 28,588,997 ​ ​ ​ ​ $ 25,032,264 ​ ​ ​ ​ $ 379,080,970 ​ ​
116   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Notes to Financial Statements
​
8. Derivative Financial Instruments
The Funds may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 the 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 at September 30, 2018 is included in the Schedule of Investments. At September 30, 2018, the Fund had sufficient cash and/or securities to cover commitments under these contracts. In the normal course of pursuing its investment objectives, the Fund is subject to the following risks:
Equity Price Risk: The Domestic Equity and International Equity Funds enter into equity index futures contracts to gain exposure to equity markets and to enhance return.
Foreign Exchange Risk: The International Equity Fund holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts. There were no forward foreign currency exchange contracts held during the period ended September 30, 2018.
Interest Rate Risk: The Fixed Income Fund utilizes various interest rate derivatives including futures contracts to manage the duration of its portfolio, to gain exposure and to hedge against fluctuations in securities prices due to interest rates.
The following tables summarize the value of the Funds’ derivative instruments as of September 30, 2018 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
PFM Multi-Manager Domestic Equity Fund
​ ​ ​
Asset Derivatives
​ ​
Liability Derivatives
 ​
Equity contracts
​ ​ Net Variation Margin on
Futures Contracts* 		​ ​ ​ $ 21,247 ​ ​ ​ Net Variation Margin on
Futures Contracts*		 ​ ​ ​ $ 9,393 ​ ​
Total
​ ​ ​ ​ ​ ​ $ 21,247 ​ ​ ​ ​ ​ ​ ​ $ 9,393 ​ ​
​
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the futures table. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
​
PFM Multi-Manager International Equity Fund
​ ​ ​
Asset Derivatives
 ​ ​
Liability Derivatives
 ​
Equity contracts
​ ​ Net Variation Margin on
Futures Contracts* 		​ ​ ​ $ 81,178 ​ ​ ​ Net Variation Margin on
Futures Contracts*		 ​ ​ ​ $    — ​ ​
Total
​ ​ ​ ​ ​ ​ $ 81,178 ​ ​ ​ ​ ​ ​ ​ $ — ​ ​
​
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the futures table. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​
Asset Derivatives
​ ​
Liability Derivatives
 ​
Interest rate contracts
​ ​ Net Variation Margin on
Futures Contracts* 		​ ​ ​ $ 167,152 ​ ​ ​ Net Variation Margin on
Futures Contracts*		 ​ ​ ​ $ 120,230 ​ ​
Total
​ ​ ​ ​ ​ ​ $ 167,152 ​ ​ ​ ​ ​ ​ ​ $ 120,230 ​ ​
​
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the futures table. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
​
PFM Multi-Manager Domestic Equity Fund
​ ​ ​
Net Realized Gain (Loss)
 ​ ​
Net Change in Unrealized
Appreciation (Depreciation) from
​
Equity contracts risk
​ ​ Futures Contracts ​ ​ ​ $ 234,738 ​ ​ ​ Futures Contracts ​ ​ ​ $ 11,854 ​ ​
​
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   117​
Notes to Financial Statements
​
8. Derivative Financial Instruments (continued)
PFM Multi-Manager International Equity Fund
​ ​ ​
Net Realized Gain (Loss)
 ​ ​
Net Change in Unrealized
Appreciation (Depreciation) from
 ​
Equity contracts risk
​ ​ Futures Contracts ​ ​ ​ $ (272,908) ​ ​ ​ Futures Contracts ​ ​ ​ $ 81,178 ​ ​
​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​
Net Realized Gain (Loss)
 ​ ​
Net Change in Unrealized
Appreciation (Depreciation) from
 ​
Interest rate contracts risk
​ ​ Futures Contracts ​ ​ ​ $ 96,672 ​ ​ ​ Futures Contracts ​ ​ ​ $ 46,922 ​ ​
​
The average notional cost of futures contracts outstanding during the period ended September 30, 2018, which are indicative of the volume of these derivative types, were approximately as follows:
​ ​ ​
Futures
Contracts – Long
​ ​
Futures
Contracts – Short
​
PFM Multi-Manager Domestic Equity Fund
​ ​ ​ $ 2,151,008 ​ ​ ​ ​ $ — ​ ​
PFM Multi-Manager International Equity Fund
​ ​ ​ $ 1,893,125 ​ ​ ​ ​ $ — ​ ​
PFM Multi-Manager Fixed-Income Fund
​ ​ ​ $ 6,589,039 ​ ​ ​ ​ $ 4,807,834 ​ ​
9. Related Parties
At September 30, 2018, certain officers of the Trust are also employees of the Adviser, the Administrator or their affiliates, however, such officers are not compensated by the Funds.
10. Risks
Credit Risk — Refers to the likelihood that an issuer will default in the payment of principal and/or interest on a security. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, lack of or inadequacy of collateral or credit enhancements for a fixed-income security may affect its 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. However, ratings are only opinions of the agencies issuing them and are not absolute guarantees as to quality.
Counterparty Risk — Counterparty risk is the risk that the issuer or the guarantor of a fixed-income security will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Additionally, when a Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions. Additionally, when a Fund enters into cleared derivatives transactions, the Fund will be subject to the credit risk of the clearinghouse and clearing member through which it holds its cleared position, rather than the credit risk of its original counterparty to the derivatives transactions.
Market Risk — The risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the Fixed Income Fund to decline. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. It includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. 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.
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.
118   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Report of Independent Registered Public Accounting Firm
​
To the Shareholders and the Board of Trustees of PFM Multi-Manager Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of PFM Multi-Manager Series Trust (the “Trust”) (comprising the PFM Multi-Manager Domestic Equity Fund, PFM Multi-Manager International Equity Fund and PFM Multi-Manager Fixed-Income Fund (collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2018, and the related statements of operations, the statements of changes in net assets and the financial highlights for the period December 29, 2017 (commencement of operations) through September 30, 2018 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising PFM Multi-Manager Series Trust at September 30, 2018, and the results of their operations, the changes in their net assets and their financial highlights for the period December 29, 2017 (commencement of operations) through September 30, 2018, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
[MISSING IMAGE: sg_ernst-young.jpg]
We have served as the auditor of one or more PFM investment companies since 1999.
Philadelphia, Pennsylvania
November 29, 2018
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   119​
Other Information (unaudited)
​
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal period ended September 30, 2018.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2018 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Foreign Tax Credit
The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by each Fund to its shareholders. For the year ended September 30, 2018, the total amount of foreign taxes that will be passed through the PFM Multi-Manager International Equity Fund is $210,440.
Board Approval of Investment Subadvisory Agreement for PFM Multi-Manager Domestic Equity Fund (“Fund”)
At an in-person meeting held on September 17, 2018 (“Meeting”), the Trust’s Board, including a majority of the trustees who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Trustees”), reviewed and approved a new sub-advisory agreement between the Adviser and Jacobs Levy Equity Management, Inc. (“Sub-Adviser”) on behalf of the Fund (“Sub-advisory Agreement”) for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the new Sub-advisory Agreement.
In considering the Sub-advisory Agreement, the Board reviewed and considered information provided at the Meeting specifically related to the Sub-Advisory Agreement, as well as information about the management of the Fund by the Adviser and other sub-advisers provided throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Sub-Adviser provided in response to a detailed due diligence request in connection with the approval of the Sub-advisory Agreement. The Board reviewed and considered all of the factors it deemed relevant in approving the Sub-advisory Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Sub-Adviser; (ii) the costs of the services to be provided to the Fund; and (iii) the extent to which economies of scale may be realized as the Fund grows.
In approving the Sub-advisory Agreement, the Board, including a majority of the Independent Trustees, determined that the terms of the Sub-advisory Agreement are fair and reasonable and that the Sub-advisory Agreement is in the interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s determination.
Nature, Extent and Quality of Services
The Board reviewed and considered information regarding the nature, extent and quality of investment sub-advisory services expected to be provided by the Sub-Adviser to the Fund and its shareholders. In doing so, the Board noted that the Fund employs a “manager of managers” structure, whereby the Adviser is responsible for selecting sub-advisers (subject to Board and shareholder approval, as applicable), allocating the Fund’s assets among such sub-advisers, and overseeing the sub-advisers’ day-to-day management of their respective sleeves of the Fund. The Board further noted the responsibilities that the Sub-Adviser will have with respect to the portion of the Fund’s assets that will be allocated to the Sub-Adviser by the Adviser (“Sub-Advised Portion”), including, among others, security selection for the Sub-Advised Portion consistent with agreed upon investment guidelines. The information reviewed and considered by the Board included, among other things, the Sub-Adviser’s proposed investment strategy, and ability to implement such investment strategy, including, but not limited to, the Sub-Adviser’s trading practices and investment decision processes. The Board also reviewed and considered, among other things, general information on the ownership structure, history, management, affiliations, financial condition and viability, and insurance coverage of the Sub-Adviser; the Sub-Adviser’s professional staff, including the experience and responsibilities of the investment team and potential conflicts of interests; information on how portfolio transactions would be effected; the Sub-Adviser’s risk management controls, including how the Sub-Adviser would comply with the Fund’s investment guidelines; and the Sub-Adviser’s
120   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
compliance program. The Board also considered the Adviser’s rationale for recommending the approval of the Sub-Adviser.
The Board further considered the Trust Chief Compliance Officer’s review of the Sub-Adviser’s compliance program and capabilities as such program and capabilities relate to the operations of the Fund and the monitoring and testing of such program undertaken by the Trust’s Chief Compliance Officer. The Board also considered the selection and due diligence process employed by the Adviser in selecting and deciding to retain the Sub-Adviser as a sub-adviser to the Fund, including the due diligence undertaken with respect to the Sub-Adviser’s compliance and risk management capabilities.
Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by the Sub-Adviser to the Fund and its shareholders.
Fund Performance
The Board noted that the Sub-Adviser does not have comparable accounts in the small cap strategy that the Sub-Adviser will implement for the Fund, and thus, did not provide historic performance of comparable accounts for the Board’s consideration. However, the Board took into account management’s explanation that the Sub-Adviser has been managing a small cap strategy successfully for over 20 years with internal capital, and will employ a multi-factor, quantitative strategy designed to outperform the S&P Small Cap 600 Index over a full market cycle. In view of the fact that the Sub-Adviser had not yet managed any assets of the Fund, the Board concluded that the Fund’s current performance was not a relevant factor in its consideration of the Sub-advisory Agreement.
Comparative Fees and Expenses
The Board reviewed and considered information regarding the sub-advisory fee to be paid to the Sub-Adviser (the Sub-Advisory Fee). The Board received confirmation that the Sub-Advisory Fee will be paid by the Adviser to the Sub-Adviser and is not an additional fee to be borne by the Fund. The Board noted that the Sub-Advisory Fee to be paid by the Adviser to the Sub-Adviser was the product of arms-length negotiations between the Adviser and the Sub-Adviser. The Board concluded that the Sub-Advisory Fee is reasonable based on the information provided.
Profitability
In view of the fact that the Sub-Adviser is not affiliated with the Adviser, the Board concluded that the profitability of the Sub-Adviser was not a relevant factor in its consideration of the Sub-advisory Agreement.
Economies of Scale
The Board reviewed and considered the extent to which the Sub-Adviser may realize economies of scale. The Board determined that, given it is the Fund’s first year of operations, economies of scale were not a significant consideration at this time.
Conclusion
Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-advisory Agreement for an initial two-year period.
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   121​
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 the beginning of the period and held through September 30, 2018. 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
4/1/18
​ ​
Ending
Account Value
9/30/18
​ ​
Annualized
Expense Ratio
Based on the
Period
​ ​
Expenses Paid
During the
Period(1),(2)
4/1/18 to
9/30/18
​
PFM Multi-Manager Domestic Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,074.90 ​ ​ ​ ​ ​ 0.38% ​ ​ ​ ​ $ 1.98 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,023.16 ​ ​ ​ ​ ​ 0.38% ​ ​ ​ ​ $ 1.93 ​ ​
PFM Multi-Manager International Equity Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 969.00 ​ ​ ​ ​ ​ 0.63% ​ ​ ​ ​ $ 3.11 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.91 ​ ​ ​ ​ ​ 0.63% ​ ​ ​ ​ $ 3.19 ​ ​
PFM Multi-Manager Fixed-Income Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,012.70 ​ ​ ​ ​ ​ 0.55% ​ ​ ​ ​ $ 2.78 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,022.31 ​ ​ ​ ​ ​ 0.55% ​ ​ ​ ​ $ 2.79 ​ ​
​
(1)
Expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183/365 (to reflect the one-half year period).
​
(2)
Reflects expenses after fee waivers and expense reimbursements.
​
Please note that the expenses shown in the preceding table are meant to highlight your ongoing costs only and do not reflect any transactional costs. The “Expenses Paid per $1,000 During Period” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. As noted above, the Funds do not charge its shareholders transaction-based fees; however, other funds to which the Funds are compared may charge such fees. If transactional-based fees were included in the 5% hypothetical example above, the overall costs of investing would be higher.
122   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Trustee and Officer Information (unaudited)
​
The Trust’s Board has overall responsibility for overseeing the Funds’ management and operations. The Board governs the Funds and is responsible for protecting the interests of shareholders. The Chair of the Board is not considered an “interested person” of the Trust (an “Independent Trustee”), as that term is defined in the 1940 Act. The Trustees are experienced individuals who meet periodically throughout the year to oversee the Funds’ activities, review contractual arrangements with companies that provide services to the Funds, oversee management of the risks associated with such activities and contractual arrangements, and review the Funds’ performance.
Any vacancy on the Board may be filled by the remaining Trustees of the Board, except to the extent the 1940 Act requires the election of Trustees by the shareholders. There are four Trustees on the Board, a majority of whom are Independent Trustees. To the extent permitted by the 1940 Act and other applicable law, the Board may delegate any of its rights, powers and authority to any person, including without limitation, the officers of the Funds, the Investment Adviser or any committee of the Board. Trustees will not contribute to the capital of the Fund in their capacity as Trustees, but may purchase shares, subject to the eligibility requirements described in the Prospectus.
The Board appoints officers who are responsible for the Trust’s day-to-day business decisions based on policies set by the Board. The officers serve at the pleasure of the Board.
The following table provides information with respect to each Trustee, including the Independent Trustees.
Name, Address,
and Year of Birth
 ​ ​
Position(s) held
with Trust
 ​ ​
Term of Office** and
Length of Time Served
 ​ ​
Principal Occupation
During
Past Five Years and
Relevant Experience
 ​ ​
Number of
Funds in
Fund
Complex
Overseen
by Trustee
 ​ ​
Other Directorships
Held by Trustee
During the Past
Five Years.
 ​
Independent Trustees ​
Bruce Aronow
213 Market Street
Harrisburg, PA 17101
Year of birth: 1965
 ​ ​ Trustee and Chair of the Board and Chair of the Audit Committee ​ ​ Term: Indefinite
Elected:
November 2017		 ​ ​ Chief Executive Officer, eLocalUSA LLC (advertising) (2008 – Present) ​ ​
3
 ​ ​ Trustee, Copeland Trust (2010 – Present). ​
Robert Bernstein
213 Market Street
Harrisburg, PA 17101
Year of birth: 1954
 ​ ​ Trustee ​ ​ Term: Indefinite
Elected:
November 2017		 ​ ​ Co-Founder, Senior Managing Director, Chief Investment Strategist, Envestnet Retirement Solutions (financial technology) (2009 – Present) ​ ​
3
 ​ ​ Board Member, Fay Financial, Inc. (mortgage servicer) (2012 – Present); Board Chairman and Treasurer, Guitars Over Guns Organization (nonprofit). ​
Carmen A. Heredia-Lopez
213 Market Street
Harrisburg, PA 17101
Year of birth: 1970
 ​ ​ Trustee and Chair of the Nominating and Governance Committee ​ ​ Term: Indefinite
Elected:
November 2017		 ​ ​ Chief Investment Officer of Illinois Student Assistance Commission (2018 – Present); Director of Foundation Investments, W.K. Kellogg Foundation (private foundation) (2014 – 2017) Chief Investment Officer and Director of Investments, Chicago Teachers Pension Fund (2010 – 2013) ​ ​
3
 ​ ​ Trustee, Catholic United Investment Trust (2015 – Present); and Director, Prospanica (2013 – Present). ​
Interested Trustee ​
John Spagnola1
1735 Market Street, 43rd Floor
Philadelphia, PA 19103
Year of birth: 1957
 ​ ​ Trustee ​ ​ Term: Indefinite
Elected:
November 2017		 ​ ​ Managing Director, PFM Asset Management LLC (2002 – Present); Board member ​ ​
3
 ​ ​ Board Member, St. Rose of Lima Elementary School (2009 – Present); Director, Magee Rehabilitation Hospital (2008 – Present); and Board Member, Greater Philadelphia Chamber of Commerce Advisory Board (2004 – Present). ​
​
1
Mr. Spagnola is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because Mr. Spagnola is a managing director of PFM Asset Management LLC, the Investment Adviser.
​
​
PFM Multi-Manager Series Trust Annual Report | September 30, 2018   123​
Trustee and Officer Information (unaudited)
​
The following lists the principal officers of the Trust, as well as their mailing addresses and year of birth, positions with the Trust and length of time served, and present and principal occupations:
​
Name, Address,
and Year of Birth
 ​ ​
Position(s) held
with Trust
 ​ ​
Term of Office
and Length of
Time Served
 ​ ​
Principal Occupation
During Past Five Years
 ​
​
John Spagnola
PFM Asset Management LLC
1735 Market Street, 43rd Floor
Philadelphia, PA 19103
Year of birth: 1957
 ​ ​ President and Chief Executive Officer ​ ​ Term: Indefinite
Elected: November 2017		 ​ ​ Managing Director, PFM Asset Management LLC (2002 – present); Board member, Greater Philadelphia Chamber of Commerce (2004 to present); Board of Directors, Magee Rehabilitation Hospital, 2008 to present; Advisory Board, St. Rose of Lima Parish, 2008 to present ​
​
Mark Yasenchak
PFM Asset Management LLC
213 Market Street
Harrisburg, PA 17101
Year of birth: 1979
 ​ ​ Treasurer ​ ​ Term: Indefinite
Elected: November 2017		 ​ ​ Director, PFM Asset Management LLC (2003 – present) ​
​
Leo Karwejna
PFM Asset Management LLC
213 Market Street
Harrisburg, PA 17101
Year of birth: 1976
 ​ ​ Chief Compliance Officer ​ ​ Term: Indefinite
Elected: November 2017		 ​ ​ Managing Director, PFM Asset Management LLC (2011 – present); Vice President — Chief Compliance Officer, Prudential Investment Management (2008 – 2011) ​
​
Khimmara Greer
State Street Bank & Trust Company
100 Summer Street, 7th Floor
Boston, MA 02111
Year of birth: 1983
 ​ ​ Secretary ​ ​ Term: Indefinite
Elected: September 2018		 ​ ​ Vice President and Counsel, State Street Bank and Trust Company (2015 – present); Regulatory Advisor, JPMorgan (2014 – 2015); Claims Case Manager, Liberty Mutual Insurance (2012 – 2014); Contract Attorney, Various Law Firms (2011-2012). ​
The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers, and is available, without charge, upon request by callilng 1-833-736-6678.
124   PFM Multi-Manager Series Trust Annual Report | September 30, 2018
Investment Adviser
PFM Asset Management LLC
213 Market Street
Harrisburg, Pennsylvania 17101
Distributor
PFM Fund Distributors, Inc.
213 Market Street
Harrisburg, Pennsylvania 17101
Administrator, Custodian & Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
Independent Registered Public Accounting Firm
Ernst & Young LLP
2005 Market Street, Suite 700
Philadelphia, Pennsylvania 19103
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, Pennsylvania 19103
[MISSING IMAGE: lg_pfm.jpg]
PFM Multi-Manager Series Trust
213 Market Street
Harrisburg, Pennsylvania 17101
1.833.736.6678
5296 • 5/18

 

 

 

 

Item 2. Code of Ethics.

 

(a)As of the end of the period covered by this report, PFM Multi-Manager Series Trust (the “Registrant”), has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”).

  

(c)There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the Code of Ethics description in paragraph (b) of Item 2 of Form N-CSR.

 

(d)The Registrant has not, during the period covered by this report, granted any waivers, including an implicit waiver, from a provision of the Code of Ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item’s instructions.

 

(e)Not applicable.

 

(f)The Code of Ethics is attached hereto as exhibit 13(a)(1).

 

Item 3. Audit Committee Financial Expert.

 

The Board of Trustees of the Registrant (the “Board”) has determined that the Registrant has three “audit committee financial experts”, as that term is defined under Item 3(b) and 3(c) of Form N-CSR, serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Bruce Aronow, Robert Bernstein and Carmen Heredia-Lopez, who are “independent” trustees of the Registrant, as that term is defined under Item 3(a)(2) of Form N-CSR. The designation of Mr. Aronow, Mr. Bernstein and Ms. Heredia-Lopez as “audit committee financial experts” pursuant to Item 3 of Form N CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board.

 

Item 4. Principal Accountant Fees and Services.

 

Audit Fees

 

(a)For the period of December 29, 2017 (commencement of operations) through September 30, 2018, the aggregate fees billed for professional services rendered by Ernst & Young LLP (“EY”), the Registrant’s principal accountant, for the audit of the Registrant's annual financial statements or services that are normally provided by EY in connection with the Registrant’s statutory and regulatory filings or engagements was $190,000.

 

 

 

 

Audit-Related Fees

 

(b)For the period of December 29, 2017 (commencement of operations) through September 30, 2018, the aggregate fees billed for assurance and related services by EY that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item was $22,500. These services were comprised of performing security examinations pursuant to Rule 17f-2 under the Investment Company Act of 1940, as amended.

 

Tax Fees

 

(c)The aggregate fees billed for professional services rendered by EY to the Registrant for tax compliance, tax advice, tax planning and tax return preparation for the period of December 29, 2017 (commencement of operations) through September 30, 2018 was $16,850.

 

All Other Fees

 

(d)For the period of December 29, 2017 (commencement of operations) through September 30, 2018, the aggregate fees billed for products and services provided by EY, other than the services reported in paragraphs (a) through (c) of this Item was $0.

 

(e)(1)The Registrant’s audit committee has adopted Pre-Approval Policies and Procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including non-audit services provided to the Registrant's investment adviser(s) and to any affiliate of the investment adviser(s) that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

 

(e)(2)The Registrant’s Audit committee has approved 100% of services described in each of Items 4(b) through (d) pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)Not applicable.

 

(g)The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the period of December 29, 2017 (commencement of operations) through September 30, 2018 of the Registrant was $0.

 

(h)Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

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

 

(b)Not applicable.

 

 

 

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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.

 

Item 11. Controls and Procedures.

 

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

 

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

 

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

 

(a) Not applicable.

 

(b) Not applicable.

 

Item 13. Exhibits.

 

(a)(1)The Code of Ethics, that is the subject of disclosure required by Item 2, is attached hereto.

 

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

 

 

 

 

(a)(3)Not applicable.

 

(a)(4)Not applicable.

 

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

 

 

 

 

SIGNATURES

 

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

 

Registrant: PFM Multi-Manager Series Trust
   
By: /s/ John Spagnola                 
  John Spagnola
  President (Principal Executive Officer)
   
Date: December 7, 2018

 

 

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

 

By: /s/ John Spagnola _            
  John Spagnola
  President (Principal Executive Officer)
   
Date:   December 7, 2018
   
By: /s/ Mark Yasenchak            
  Mark Yasenchak
  Treasurer (Principal Financial Officer)
   
Date:   December 7, 2018

 

 

 

 

 

 EX-99.CODE ETH 2 tv507528_ex99-codeeth.htm CODE OF ETHICS

 

Exhibit 13(a)(1)

 

PFM MULTI-MANAGER SERIES TRUST

(the “Trust”)

 

Code of Ethics for Principal Executive and Senior Financial Officers

 

I.Covered Officers/Purpose of the Code

 

This Code of Ethics (the “Code”) is intended to serve as the Code of Ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall apply to the Trust’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers,” each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:

 

·honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
·full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Trust;
·compliance with applicable laws and governmental rules and regulations;
·the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
·accountability for adherence to the Code.

 

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 

II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest has the potential to interfere with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that any reasonable observer would have no grounds for belief that a conflict of interest has not been appropriately addressed and resolved. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person’s business opportunities.

 

This Code does not, and is not intended to, repeat or replace the programs and procedures or code of ethics of the Trust (adopted under Rule 17j-1 of the Investment Company Act of 1940, as amended (the “1940 Act”)) or the Trust’s investment adviser or a sub-adviser.

 

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or the investment adviser), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically.

 

 

 

 

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should be properly disclosed to the Trust and resolved by persons who do not have a personal interest.

 

*    *    *    *

 

Each Covered Officer must not:

 

·use his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust or a series of the Trust;
·cause the Trust or a series of the Trust to take action, or fail to take action, for the improper personal benefit of the Covered Officer rather than the benefit of the Trust or a series of the Trust; or
·retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports that are made in good faith of actual or of potential violations by the Trust or a series of the Trust or such affiliated persons of applicable rules and regulations.

 

Each Covered Officer must discuss certain material conflict of interest situations with the Audit Committee of the Board of Trustees of the Trust (the “Committee” or “Audit Committee”). Examples of such situations include:

 

·service as a director or trustee on the Board of a publicly traded company;
·accepting directly or indirectly investment opportunities, gifts or other gratuities from individuals conducting or seeking to conduct business with the Trust or the Trust’s investment adviser or a sub-adviser. However, Covered Officers may accept gifts from a single giver in aggregate amounts not exceeding $100, and may attend business meals, sporting events and other entertainment events at the expense of a giver as long as the expense is reasonable and both the giver(s) and the Covered Officer(s) are present;
·any direct or indirect ownership interest in, financial relationships with, or any consulting or employment relationship with, any of the Trust’s service providers; and
·a direct or indirect financial interest in commissions, transaction charges or spreads paid by a series of the Trust for effecting portfolio transactions or for selling or redeeming shares.

 

III.Disclosure and Compliance
·Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust and should understand the Trust’s Disclosure Controls and Procedures and Internal Control over Financial Reporting policy and procedures.
·Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s Board, Audit Committee and independent auditors, and to governmental regulators, self-regulators and self-regulatory organizations.
·Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust.
·It is the responsibility of each Covered Officer to promote and encourage professional integrity in all aspects of the Trust’s operations.

 

 

 

 

IV.Reporting and Accountability

 

Each Covered Officer must:

 

·upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the person named in Exhibit A affirming that he or she has received, read and understands the Code;
·annually sign and return a report in the form of Exhibit C to the person named in Exhibit A affirming that he or she has complied with the requirements of the Code; and
·notify the Trust’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

 

The Trust’s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation, including any approvals or waivers sought by a Covered Officer.

 

The Audit Committee will follow these procedures in investigating and enforcing this Code:

 

·The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee.
·If, after such investigation, the Audit Committee believes that no violation has occurred, the Committee is not required to take any further action.
·Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board at its next regular meeting.
·If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to the appropriate personnel of the investment adviser, a sub-adviser, administrator or their boards; and possible dismissal of the Covered Officer as an officer of the Trust. No Covered Person will be disciplined for reporting a concern in good faith.
·The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.
·Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

V.Other Policies and Procedures

 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Trust’s investment adviser or a sub-adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s code of ethics under Rule 17j-1 under the 1940 Act and the codes of ethics of the investment adviser and investment sub-adviser and the investment adviser’s and investment sub-adviser’s other policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI.Amendments

 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not “interested persons”, as that term is defined under the 1940 Act, of the Trust (the “Independent Trustees”).

 

 

 

 

VII.Confidentiality

 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust’s Board, Trust’s Audit Committee, Trust’s Chief Compliance Officer, legal counsel to the Trust, legal counsel to the Independent Trustees, and such other person as approved by a majority of the Board of Trustees of the Trust, including a majority of the Independent Trustees.

 

VIII.Internal Use

 

The Code is intended solely for internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance or legal conclusion.

 

The Code, and any waivers thereto, and any amendments thereto, must be disclosed to the public in one of three ways:

 

(i)filing a copy of the Code as an exhibit to the Trust’s Form N-CSR (annual report);
(ii)posting the Code on the Trust’s website and disclosing on Form N-CSR the website address and the fact that the Code is posted there; or
(iii)providing an undertaking in the Trust’s Form N-CSR to provide a copy of the Code to any person, without charge upon request, and explaining the manner in which the request should be made.

 

 

Adopted: November 22, 2017

 

 

 

 

EXHIBIT A

 

 

Persons Covered by this Code of Ethics:

 

John Spagnola (Principal Executive Officer)

 

Mark Yasenchak (Principal Financial Officer)

 

 

Recipient of reports under Article IV (Reporting and Accountability):

 

Leo Karwejna (Chief Compliance Officer)

 

 

 

 

  

EXHIBIT B

 

INITIAL CERTIFICATION FORM

 

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of PFM Multi-Manager Series Trust, adopted November 22, 2017, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

 

 

 

Please sign your name here:                                                             

 

Please print your name here:                                                            

 

Please date here:                                                                                

 

 

 

 

EXHIBIT C

 

ANNUAL CERTIFICATION FORM

 

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of PFM Multi-Manager Series Trust adopted November 22, 2017, (the “Code”) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

 

This is to further certify that I have complied with the requirements of the Code during the period of ____________________________ through _______________________________.

 

 

 

Please sign your name here:                                                           

 

Please print your name here:                                                         

 

Please date here:                                                                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99.CERT 3 tv507528_ex99-cert.htm CERTIFICATIONS

 

Exhibit 13(a)(2)

 

CERTIFICATIONS

 

I, John Spagnola, President of PFM Multi-Manager Series Trust, certify that:

 

1.I have reviewed this report on Form N-CSR of the PFM Multi-Manager Series Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: December 7, 2018

 

 

/s/ John Spagnola________________________

John Spagnola

President (Principal Executive Officer) of PFM Multi-Manager Series Trust

 

 

 


 

 

CERTIFICATIONS

 

I, Mark Yasenchak, Treasurer of PFM Multi-Manager Series Trust, certify that:

 

1.I have reviewed this report on Form N-CSR of the PFM Multi-Manager Series Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: December 7, 2018

 

 

/s/ Mark Yasenchak__________________

Mark Yasenchak

Treasurer (Principal Financial Officer) of PFM Multi-Manager Series Trust

 

 

 

 

 EX-99.906CERT 4 tv507528_ex99-906cert.htm CERTIFICATIONS

 


Exhibit 13(b)

 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

I, John Spagnola, President, and I, Mark Yasenchak, Treasurer of the PFM Multi-Manager Series Trust (the “Registrant”), each certify that:

 

1.The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

By: /s/ John Spagnola_________________________
  John Spagnola
  President (Principal Executive Officer) of PFM Multi-Manager Series Trust
   
Date: December 7, 2018
   
By: /s/ Mark Yasenchak_______________________
  Mark Yasenchak
  Treasurer (Principal Financial Officer) of PFM Multi-Manager Series Trust
   
Date: December 7, 2018

 

 

 

 

 

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