Final Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Repurchase Agreement CREDIT AGRICOLE CIB/US RPQD09UN8 0.82% 04/03/2017 04/03/2017 04/03/2017 24,300,000.00 24,300,000.00 U.S. Treasury Debt 24,300,000.00 24,300,000.00 UNITED STATES TREASURY 912828SQ4 0.87% 04/17/2017 04/17/2017 04/17/2017 35,810,160.00 35,858,285.20 UNITED STATES TREASURY 912796KY4 0.55% 05/11/2017 05/11/2017 05/11/2017 3,000,000.00 2,998,176.41 UNITED STATES TREASURY 912828TS9 0.75% 10/02/2017 10/02/2017 10/02/2017 5,000,000.00 4,996,904.35 Non-Financial Company Commercial Paper 43,810,160.00 43,853,365.96 EXXON MOBIL CORP 30229AR50 0.82% 04/05/2017 04/05/2017 04/05/2017 10,000,000.00 9,999,088.90 Financial Company Commercial Paper 10,000,000.00 9,999,088.90 BANK OF MONTREAL CHICAGO 06366GRH4 1.08% 04/17/2017 04/17/2017 04/17/2017 2,500,000.00 2,498,800.00 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BRJ4 1.28% 04/18/2017 04/18/2017 04/18/2017 5,000,000.00 4,997,001.57 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BT86 1.28% 06/08/2017 06/08/2017 06/08/2017 2,500,000.00 2,494,002.47 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BV75 1.34% 08/07/2017 08/07/2017 08/07/2017 1,500,000.00 1,492,906.78 BNP PARIBAS NY BRANCH 09659BVM9 1.23% 08/21/2017 08/21/2017 08/21/2017 11,000,000.00 10,947,065.59 BNP PARIBAS NY BRANCH 09659BX21 1.40% 10/02/2017 10/02/2017 10/02/2017 3,000,000.00 2,978,686.50 COOPERATIEVE RABOBANK U.A. 21687AV18 1.20% 08/01/2017 08/01/2017 08/01/2017 3,000,000.00 2,987,901.78 CREDIT AGRICOLE CIB NY 22533TRH1 1.24% 04/17/2017 04/17/2017 04/17/2017 3,000,000.00 2,998,360.00 CREDIT AGRICOLE CIB NY 22533TTK2 1.24% 06/19/2017 06/19/2017 06/19/2017 3,000,000.00 2,991,902.50 CREDIT AGRICOLE CIB NY 22533TV11 1.29% 08/01/2017 08/01/2017 08/01/2017 6,000,000.00 5,973,973.22 ING (US) FUNDING LLC 44988KBC2 1.34% 04/12/2017 06/12/2017 06/12/2017 3,000,000.00 3,000,000.00 ING (US) FUNDING LLC 44988KAM1 1.70% 04/24/2017 06/23/2017 06/23/2017 8,000,000.00 8,000,000.00 ING (US) FUNDING LLC 4497W0XT0 1.51% 10/27/2017 10/27/2017 10/27/2017 2,000,000.00 1,982,699.49 JP MORGAN SECURITIES LLC 46640EDZ8 1.23% 04/10/2017 06/08/2017 06/08/2017 5,500,000.00 5,500,000.00 Page 1
Final Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper JP MORGAN SECURITIES LLC 46640PTW3 1.26% 06/30/2017 06/30/2017 06/30/2017 1,000,000.00 996,874.92 JP MORGAN SECURITIES LLC 46640EDR6 1.33% 04/10/2017 07/10/2017 07/10/2017 2,500,000.00 2,500,000.00 JP MORGAN SECURITIES LLC 46640PXD0 1.41% 10/13/2017 10/13/2017 10/13/2017 3,000,000.00 2,977,250.14 METLIFE SHORT TERM FUNDING 59157TTD5 1.16% 06/13/2017 06/13/2017 06/13/2017 3,000,000.00 2,992,943.38 METLIFE SHORT TERM FUNDING 59157TU76 1.05% 07/07/2017 07/07/2017 07/07/2017 5,000,000.00 4,985,854.09 METLIFE SHORT TERM FUNDING 59157TVE0 1.12% 08/14/2017 08/14/2017 08/14/2017 5,000,000.00 4,979,187.60 MIZUHO BANK LTD/NY 60689FUM8 1.31% 07/21/2017 07/21/2017 07/21/2017 8,000,000.00 7,967,810.00 NATIXIS NY BRANCH 63873JR36 0.89% 04/03/2017 04/03/2017 04/03/2017 13,000,000.00 12,999,357.23 PRICOA SHORT TERM FUNDING LLC 74154ES58 1.07% 05/05/2017 05/05/2017 05/05/2017 12,000,000.00 11,987,873.48 PRICOA SHORT TERM FUNDING LLC 74154ET57 1.08% 06/05/2017 06/05/2017 06/05/2017 1,000,000.00 998,050.00 TORONTO DOMINION HOLDING USA 89116ER70 1.04% 04/07/2017 04/07/2017 04/07/2017 2,500,000.00 2,499,566.60 TORONTO DOMINION HOLDING USA 89116ERA3 1.08% 04/10/2017 04/10/2017 04/10/2017 8,000,000.00 7,997,840.00 TOYOTA MOTOR CREDIT CORP 89233GT97 1.25% 06/09/2017 06/09/2017 06/09/2017 6,000,000.00 5,985,740.37 TOYOTA MOTOR CREDIT CORP 89233GU79 1.28% 07/07/2017 07/07/2017 07/07/2017 3,000,000.00 2,989,733.86 TOYOTA MOTOR CREDIT CORP 89233ATV1 1.09% 04/10/2017 12/04/2017 12/04/2017 4,000,000.00 4,000,000.00 Certificate of Deposit 136,000,000.00 135,701,381.57 ALLEGIANCE BANK TEXAS (TX) RE1266676 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 BANK OF AKRON (NY) RE1268227 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 BANK OF AMERICA, NA (NC) RE1270074 1.25% 02/22/2018 02/22/2018 02/22/2018 230,500.00 230,500.00 BANK OF MONTREAL CHICAGO 06427KNT0 1.08% 04/04/2017 04/04/2017 04/04/2017 5,000,000.00 5,000,000.00 BANK OF MONTREAL CHICAGO 06427KUL9 1.13% 06/20/2017 06/20/2017 06/20/2017 4,000,000.00 4,000,000.00 BANK OF NOVA SCOTIA 06417GRK6 1.44% 06/08/2017 12/08/2017 12/08/2017 6,000,000.00 6,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GMJ4 1.13% 05/16/2017 05/16/2017 05/16/2017 3,750,000.00 3,750,718.09 BANK OF THE WEST (CA) RE1240267 0.95% 04/20/2017 04/20/2017 04/20/2017 179,661.81 179,661.81 BANK SNB (OK) RE1266411 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 BANKUNITED MIAMI LAKES (FL) RE1266734 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 BAY COMMERCIAL BANK (CA) RE1266536 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 Page 2
Final Category of Investment / Issuer CUSIP WAM WAL Date Certificate of Deposit BMO HARRIS BANK NA 05574BGL8 1.48% 04/13/2017 04/13/2017 04/13/2017 2,500,000.00 2,500,000.00 CANADIAN IMP BK COMM NY 13606A6W3 1.26% 04/03/2017 08/03/2017 08/03/2017 5,000,000.00 5,000,000.00 CANADIAN IMP BK COMM NY 13606BCF1 1.20% 08/08/2017 08/08/2017 08/08/2017 4,000,000.00 3,999,568.07 CANADIAN IMP BK COMM NY 13606BAS5 1.40% 10/13/2017 10/13/2017 10/13/2017 5,000,000.00 5,000,000.00 CITIZENS BANK PP9F25LR1 0.70% 04/03/2017 04/03/2017 04/04/2017 19,000,000.00 19,000,000.00 CITIZENS BANK PP9F2BYD5 0.95% 04/03/2017 04/03/2017 05/02/2017 12,000,000.00 12,000,000.00 CITIZENS BANK PPA204823 0.78% 04/03/2017 04/03/2017 05/16/2017 7,000,000.00 7,000,000.00 CITY STATE BANK OF NORWALK (IA) RE1238535 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ELU1 1.19% 04/05/2017 07/06/2017 07/06/2017 9,000,000.00 9,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ELV9 1.44% 06/13/2017 12/13/2017 12/13/2017 3,000,000.00 3,000,000.00 CONWAY BANK (KS) RE1266460 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 CROSSFIRST BANK (KS) RE1240408 0.95% 04/20/2017 04/20/2017 04/20/2017 216,740.99 216,740.99 CUSTOMERS BANK PP9F2NPK3 1.10% 04/03/2017 04/03/2017 09/27/2017 10,000,000.00 10,000,000.00 CUSTOMERS BANK RE1234914 0.85% 04/03/2017 04/03/2017 10/02/2017 10,000,000.00 10,000,000.00 FIRST COMMERCE BANK (TN) RE1240317 0.95% 04/20/2017 04/20/2017 04/20/2017 83,871.14 83,871.14 KS STATEBANK (KS) RE1238634 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 LINCOLN SAVINGS BANK (IA) RE1269779 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 MERRICK BANK (UT) RE1270041 1.25% 02/22/2018 02/22/2018 02/22/2018 202,901.07 202,901.07 METROPOLITAN BANK (MS) RE1269878 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 METROPOLITAN CAPITAL BANK & TRUST (IL) RE1240325 0.95% 04/20/2017 04/20/2017 04/20/2017 35,317.92 35,317.92 MORRIS BANK (GA) RE1238600 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 MORTON COMMUNITY BANK (IL) RE1269829 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 NATIONAL AUSTRALIA BANK NY 63253TE87 1.39% 04/10/2017 06/08/2017 06/08/2017 7,000,000.00 7,000,000.00 PENTAGON FEDERAL CREDIT UNION RE1233908 0.80% 04/03/2017 04/03/2017 09/15/2017 10,000,000.00 10,000,000.00 PENTAGON FEDERAL CREDIT UNION RE1235994 0.85% 04/03/2017 04/03/2017 10/11/2017 5,000,000.00 5,000,000.00 PENTAGON FEDERAL CREDIT UNION PP0OBGBV9 1.10% 04/03/2017 04/03/2017 01/05/2018 5,000,000.00 5,000,000.00 PEOPLEFIRST BANK (IL) RE1240382 0.95% 04/20/2017 04/20/2017 04/20/2017 203,307.57 203,307.57 PEOPLES BANK, NATL ASSOC (OH) RE1266775 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 PINNACLE BANK (NE) RE1238501 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 Page 3
Final Category of Investment / Issuer CUSIP WAM WAL Date Certificate of Deposit PRUDENTIAL SAVINGS BANK (PA) RE1269985 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 ROYAL BANK OF CANADA NY 78009ND37 1.45% 06/02/2017 06/02/2017 06/02/2017 5,000,000.00 5,000,000.00 ROYAL BANK OF CANADA NY 78009NS56 1.24% 04/20/2017 12/20/2017 12/20/2017 2,000,000.00 2,000,000.00 SOUTHERN STATES BANK (AL) RE1266643 1.25% 02/22/2018 02/22/2018 02/22/2018 78,000.00 78,000.00 ST. LOUIS BANK (MO) RE1266619 1.25% 02/22/2018 02/22/2018 02/22/2018 105,598.93 105,598.93 SVENSKA HANDELSBANKEN NY 86958JBY4 1.47% 05/30/2017 05/30/2017 05/30/2017 3,000,000.00 3,000,000.00 SWEDBANK NY 87019UTQ2 1.09% 11/21/2017 11/21/2017 11/21/2017 5,000,000.00 4,995,067.26 THE PARK NATIONAL BANK (OH) RE1240424 0.95% 04/20/2017 04/20/2017 04/20/2017 76,100.57 76,100.57 THE PROVIDENT BANK (NJ) RE1268151 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 THE STATE BANK AND TRUST COMPANY (OH) RE1268243 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 TORONTO DOMINION BANK NY 89113WXT8 1.18% 09/01/2017 09/01/2017 09/01/2017 3,500,000.00 3,500,000.00 TRADITIONAL BANK, INC. (KY) RE1269969 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 TRANSPORTATION ALLIANCE BANK, INC. (UT) RE1270058 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 TRISTATE CAPITAL BANK (PA) RE1240374 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 UBS AG STAMFORD CT 90275DDB3 1.67% 06/21/2017 06/21/2017 06/21/2017 4,825,000.00 4,825,000.00 UBS AG STAMFORD CT 90275DEZ9 1.40% 11/10/2017 11/10/2017 11/10/2017 5,000,000.00 5,000,000.00 UNION STATE BANK (TX) RE1268136 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 UNITED BANK (WV) RE1268292 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 VALLEY NATIONAL BANK (NJ) RE1268367 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 WELLS FARGO BANK NA 94989RAQ1 1.45% 04/26/2017 04/26/2017 04/26/2017 3,000,000.00 3,000,000.00 WELLS FARGO BANK NA 94988EZ92 1.43% 04/04/2017 10/04/2017 10/04/2017 3,000,000.00 3,000,000.00 WELLS FARGO BANK NA 94989RDP0 1.45% 06/08/2017 12/07/2017 12/07/2017 2,500,000.00 2,500,000.00 WELLS FARGO BANK NA 94989RGL6 1.31% 05/08/2017 02/06/2018 02/06/2018 4,500,000.00 4,500,000.00 WESTPAC BANKING CORP NY 96121T2N7 1.52% 01/12/2018 01/12/2018 01/12/2018 5,000,000.00 5,000,000.00 Asset Backed Commercial Paper 185,575,000.00 185,570,353.42 MANHATTAN ASSET FUNDING CO 56274LTS3 1.16% 06/26/2017 06/26/2017 06/26/2017 13,000,000.00 12,963,975.56 OLD LINE FUNDING LLC 67984RCZ0 1.19% 04/03/2017 08/02/2017 08/02/2017 6,000,000.00 6,000,000.00 Page 4
Final Category of Investment / Issuer CUSIP WAM WAL Date 19,000,000.00 18,963,975.56 Portfolio Totals 418,685,160.00 418,388,165.41 Page 5
The Fund's Weighted Average and Weighted Average Life as of the reporting date are 53 and 75 days, respectively. The maturity date used to calculate weighted-average maturity (WAM) under GASB 79. This takes into account the maturity shortening provisions of GASB 79 regarding demand features and interest rate adjustments. The maturity date used to calculate weighted-average life (WAL) under GASB 79. This takes into account the maturity shortening provisions of GASB 79 regarding demand features without reference to interest rate adjustments. The ultimate legal maturity date on which, in accordance with the terms of the security, and without reference to the maturity shortening provisions of GASB 79, the principal amount must unconditionally be paid. The value in accordance with GASB 79. Unless otherwise noted, the fund utilizes the amortized cost method to value portfolio securities. Adjustable rate instrument. Rate shown is that which is in effect as of reporting date. Guaranteed by Federal Home Loan Bank Letters of Credit. This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Fund's investment objectives, risks, charges and expenses before investing in the Fund. This and other information about the Fund is available in the Fund s current Information Statement, which should be read carefully before investing. A copy of the Fund s Information Statement may be obtained by calling the Investment Advisor at 1-800-937-2736. While the Fund seeks to maintain a stable net asset value of $1.00 per unit, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Units of the Fund are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org)and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. Page 6