Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Debt UNITED STATES TREASURY 912828MD9 0.42% 01/03/2017 01/03/2017 01/03/2017 4,000,000.00 4,027,998.41 UNITED STATES TREASURY 912828SJ0 0.50% 02/28/2017 02/28/2017 02/28/2017 5,000,000.00 5,007,844.45 U.S. Government Agency Repurchase Agreement 9,000,000.00 9,035,842.86 GOLDMAN SACHS & CO RE1234559 0.50% 10/03/2016 10/03/2016 10/03/2016 10,600,000.00 10,600,000.00 U.S. Government Agency Debt 10,600,000.00 10,600,000.00 FEDERAL HOME LOAN BANKS 3130A7WE1 0.51% 11/02/2016 11/02/2016 11/02/2016 4,000,000.00 3,999,840.59 FEDERAL HOME LOAN BANKS 3130A8CF8 0.53% 10/01/2016 03/01/2017 03/01/2017 7,000,000.00 6,999,709.41 FEDERAL HOME LOAN BANKS 3130A8G49 0.53% 10/09/2016 03/09/2017 03/09/2017 5,000,000.00 5,000,000.00 Financial Company Commercial Paper 16,000,000.00 15,999,550.00 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BMP5 0.94% 12/23/2016 12/23/2016 12/23/2016 5,000,000.00 4,989,164.17 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BQT3 1.28% 03/27/2017 03/27/2017 03/27/2017 4,000,000.00 3,975,023.33 BNP PARIBAS NY BRANCH 09659BMC1 1.02% 12/12/2016 12/12/2016 12/12/2016 5,000,000.00 4,989,900.17 BNP PARIBAS NY BRANCH 09659BQD5 1.06% 03/13/2017 03/13/2017 03/13/2017 7,000,000.00 6,966,721.04 CANADIAN IMPERIAL HOLDING 13607JA32 0.95% 10/03/2016 10/28/2016 10/28/2016 7,000,000.00 7,000,000.00 CREDIT AGRICOLE CIB NY 22533TL79 0.93% 11/07/2016 11/07/2016 11/07/2016 3,000,000.00 2,997,132.50 CREDIT AGRICOLE CIB NY 22533TP34 1.28% 02/03/2017 02/03/2017 02/03/2017 6,000,000.00 5,973,541.77 CREDIT SUISSE NEW YORK 22533HBK7 0.97% 10/03/2016 12/01/2016 12/01/2016 7,000,000.00 7,000,000.00 ING (US) FUNDING LLC 4497W0Q19 1.23% 03/01/2017 03/01/2017 03/01/2017 1,000,000.00 994,882.81 ING (US) FUNDING LLC 44988KAM1 1.25% 10/24/2016 06/23/2017 06/23/2017 8,000,000.00 8,000,000.00 JP MORGAN SECURITIES LLC 46640EDG0 1.00% 10/24/2016 11/22/2016 11/22/2016 3,000,000.00 3,000,000.00 JP MORGAN SECURITIES LLC 46640PMT7 1.04% 12/27/2016 12/27/2016 12/27/2016 3,600,000.00 3,591,039.00 METLIFE SHORT TERM FUNDING 59157TLU5 0.88% 11/28/2016 11/28/2016 11/28/2016 5,500,000.00 5,492,202.16 METLIFE SHORT TERM FUNDING 59157TML4 0.93% 12/20/2016 12/20/2016 12/20/2016 4,500,000.00 4,490,700.00 Page 1
Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper MIZUHO CORPORATE BANK/NY 60689FMM7 0.92% 12/21/2016 12/21/2016 12/21/2016 6,000,000.00 5,987,647.50 MIZUHO CORPORATE BANK/NY 60689FPT9 1.26% 02/27/2017 02/27/2017 02/27/2017 4,000,000.00 3,979,305.57 TOYOTA MOTOR CREDIT CORP 89233GT97 1.25% 06/09/2017 06/09/2017 06/09/2017 6,000,000.00 5,948,126.71 85,600,000.00 85,375,386.73 ALERUS FINANCIAL, NA (ND) RE1239756 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 AMARILLO NATIONAL BANK (TX) RE1237883 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 AVENUE BANK (TN) RE1241463 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 BANK OF AMERICA, NA (NC) RE1239707 0.95% 03/23/2017 03/23/2017 03/23/2017 13,000.00 13,000.00 BANK OF CHINA NEW YORK (NY) RE1239608 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 BANK OF THE OZARKS (AR) RE1237826 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 BANK OF THE WEST (CA) RE1240267 0.95% 04/20/2017 04/20/2017 04/20/2017 179,661.81 179,661.81 BANK TEXAS, NATIONAL ASSOCIATION (TX) RE1112623 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 BMO HARRIS BANK NA 05574BFX3 0.72% 10/21/2016 10/21/2016 10/21/2016 9,000,000.00 9,000,120.82 BMO HARRIS BANK NA 05574BGL8 1.13% 10/13/2016 04/13/2017 04/13/2017 2,500,000.00 2,500,000.00 BOKF, NATIONAL ASSOCIATION (OK) RE1239764 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 BUSINESS FIRST BANK (LA) RE1112755 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 CANADIAN IMPERIAL BANK 13606AJY5 1.16% 12/05/2016 12/05/2016 12/05/2016 1,500,000.00 1,500,266.05 CANADIAN IMPERIAL BANK 13606AZK7 0.93% 10/03/2016 01/03/2017 01/03/2017 3,000,000.00 3,000,000.00 CAPITAL BANK (FL) RE1241448 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 CENTRAL BANK OF THE OZARKS (MO) RE1116186 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 CITIZENS BANK OF PENNSYLVANIA RE1231399 0.55% 10/03/2016 10/03/2016 10/18/2016 16,000,000.00 16,000,000.00 CITIZENS BANK OF PENNSYLVANIA RE1232124 0.55% 10/03/2016 10/03/2016 11/01/2016 7,000,000.00 7,000,000.00 CITIZENS NATIONAL BANK (TN) RE1239442 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 CITY STATE BANK OF NORWALK (IA) RE1238535 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 CRESTMARK BANK (MI) RE1239665 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 CROSSFIRST BANK (KS) RE1112789 0.95% 02/16/2017 02/16/2017 02/16/2017 24,259.01 24,259.01 CROSSFIRST BANK (KS) RE1240408 0.95% 04/20/2017 04/20/2017 04/20/2017 216,740.99 216,740.99 CUSTOMERS BANK RE1054114 0.70% 10/03/2016 10/03/2016 10/03/2016 10,000,000.00 10,000,000.00 Page 2
Category of Investment / Issuer CUSIP WAM WAL Date CUSTOMERS BANK RE1054122 0.95% 10/03/2016 10/03/2016 03/30/2017 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 FIRST NBC BANK (LA) RE1241364 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 FIRST STATE BANK GRAHAM (TX) RE1239483 0.95% 03/23/2017 03/23/2017 03/23/2017 79,000.00 79,000.00 FIRSTCAPITAL BANK OF TEXAS, NA (TX) RE1112649 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 GOLD COAST BANK (NY) RE1241398 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 HSBC BANK USA NA 40428AZ59 1.02% 10/11/2016 02/09/2017 02/09/2017 3,000,000.00 3,000,000.00 KS STATEBANK (KS) RE1238634 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 MB FINANCIAL BANK, NA (IL) RE1239731 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 MECHANICS & FARMERS BANK (NC) RE1237842 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 METROPOLITAN BANK (MS) RE1112532 0.95% 02/16/2017 02/16/2017 02/16/2017 146,157.76 146,157.76 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 NATIONAL AUSTRALIA BANK NY 63253TE87 1.06% 10/11/2016 06/08/2017 06/08/2017 7,000,000.00 7,000,000.00 NORTHSTAR BANK (MI) RE1112672 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 OAKSTAR BANK (MO) RE1241349 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 OLD LINE BANK (MD) RE1239533 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 PARKE BANK OF SEWELL (NJ) RE1239699 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 RE1044784 0.85% 10/03/2016 10/03/2016 10/25/2016 10,000,000.00 10,000,000.00 RE1230870 0.60% 10/03/2016 10/03/2016 01/24/2017 5,000,000.00 5,000,000.00 RE1233908 0.80% 10/03/2016 10/03/2016 09/15/2017 10,000,000.00 10,000,000.00 PEOPLEFIRST BANK (IL) RE1240382 0.95% 04/20/2017 04/20/2017 04/20/2017 203,307.57 203,307.57 PINNACLE BANK (NE) RE1238501 0.95% 04/20/2017 04/20/2017 04/20/2017 241,000.00 241,000.00 ROYAL BANK OF CANADA NY 78009NF84 1.10% 10/24/2016 01/23/2017 01/23/2017 5,500,000.00 5,500,000.00 ROYAL BANK OF CANADA NY 78009ND37 1.23% 12/02/2016 06/02/2017 06/02/2017 5,000,000.00 5,000,000.00 SANTANDER BANK, N.A. (DE) RE1112565 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 SIGNATURE BANK (NY) RE1239806 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 SOUTHWEST BANK (TX) RE1237941 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 STATE STREET BANK & TR 8574P1HV1 0.88% 10/20/2016 10/20/2016 10/20/2016 2,000,000.00 2,000,000.00 STATE STREET BANK & TR 8574P1JJ6 0.97% 10/11/2016 03/10/2017 03/10/2017 5,000,000.00 5,000,000.00 Page 3
Category of Investment / Issuer CUSIP WAM WAL Date SVENSKA HANDELSBANKEN NY 86958D5W8 0.93% 10/20/2016 01/20/2017 01/20/2017 6,000,000.00 6,000,000.00 SVENSKA HANDELSBANKEN NY 86958JBY4 1.25% 11/30/2016 05/30/2017 05/30/2017 3,000,000.00 3,000,000.00 THE FIRST NATIONAL BANK OF SYRACUSE (KS) RE1239780 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 THE PARK NATIONAL BANK (OH) RE1240424 0.95% 04/20/2017 04/20/2017 04/20/2017 76,100.57 76,100.57 THE PRIVATEBANK AND TRUST COMPANY (IL) RE1112615 0.95% 02/16/2017 02/16/2017 02/16/2017 125,083.23 125,083.23 TORONTO DOMINION BANK NY 89113EE69 0.93% 10/17/2016 10/17/2016 10/17/2016 3,000,000.00 3,000,000.00 TORONTO DOMINION BANK NY 89113EL79 0.95% 11/08/2016 11/08/2016 11/08/2016 1,100,000.00 1,100,052.75 TORONTO DOMINION BANK NY 89113E6B7 1.00% 01/09/2017 01/09/2017 01/09/2017 1,000,000.00 1,000,000.00 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 90275DAU4 0.98% 01/31/2017 01/31/2017 01/31/2017 6,175,000.00 6,175,000.00 UBS AG STAMFORD CT 90275DDB3 1.38% 12/21/2016 06/21/2017 06/21/2017 4,825,000.00 4,825,000.00 UNION BANK & TRUST (NE) RE1237875 0.95% 03/23/2017 03/23/2017 03/23/2017 38,000.00 38,000.00 VIEWPOINT BANK NATIONAL ASSOCIATION (TX) RE1241323 0.95% 03/23/2017 03/23/2017 03/23/2017 243,500.00 243,500.00 WELLS FARGO BANK NA 94988ETD0 0.88% 10/04/2016 10/04/2016 10/04/2016 4,000,000.00 4,000,000.00 WELLS FARGO BANK NA 94988EKG2 0.93% 10/13/2016 10/13/2016 10/13/2016 4,000,000.00 4,000,000.00 WELLS FARGO BANK NA 94988EQA9 1.12% 11/03/2016 02/03/2017 02/03/2017 2,000,000.00 2,000,599.52 WESTERN ALLIANCE BANK (AZ) RE1112706 0.95% 02/16/2017 02/16/2017 02/16/2017 243,500.00 243,500.00 WESTPAC BANKING CORP NY 96121TS41 0.97% 10/03/2016 02/01/2017 02/01/2017 2,000,000.00 2,000,000.00 Asset Backed Commercial Paper 157,600,000.00 157,601,039.14 MANHATTAN ASSET FUNDING CO 56274LMC5 0.96% 12/12/2016 12/12/2016 12/12/2016 9,000,000.00 8,982,720.00 9,000,000.00 8,982,720.00 Portfolio Totals 287,800,000.00 287,594,538.73 Page 4
The Fund's Weighted Average and Weighted Average Life as of the reporting date are 49 and 90 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 5