U.S. Treasury Repurchase Agreement CREDIT AGRICOLE CIB/US RP1E097Q2 1.06% 11/01/2017 11/01/2017 11/01/2017 27,000,000.00 27,000,000.00 U.S. Treasury Debt 27,000,000.00 27,000,000.00 UNITED STATES TREASURY 912828N55 1.15% 01/02/2018 01/02/2018 01/02/2018 5,000,000.00 4,998,716.24 U.S. Government Agency Debt 5,000,000.00 4,998,716.24 FEDERAL HOME LOAN BANKS 3130A6SW8 1.18% 12/19/2017 12/19/2017 12/19/2017 2,000,000.00 1,999,524.18 Financial Company Commercial Paper 2,000,000.00 1,999,524.18 BANK OF TOKYO MITSUBISHI UFJ LTD 06538CCD1 1.51% 03/13/2018 03/13/2018 03/13/2018 5,000,000.00 4,972,683.00 BANK OF TOKYO MITSUBISHI UFJ LTD 06538CF14 1.58% 06/01/2018 06/01/2018 06/01/2018 1,000,000.00 990,813.23 BNP PARIBAS NY BRANCH 09659CC71 1.52% 03/07/2018 03/07/2018 03/07/2018 7,000,000.00 6,963,250.22 BNP PARIBAS NY BRANCH 09659CD21 1.47% 04/02/2018 04/02/2018 04/02/2018 3,000,000.00 2,981,506.75 CANADIAN IMPERIAL HOLDING 13607JC48 1.37% 11/07/2017 03/07/2018 03/07/2018 5,000,000.00 5,000,000.00 CANADIAN IMPERIAL HOLDING 13607JC55 1.39% 11/13/2017 04/13/2018 04/13/2018 4,000,000.00 4,000,000.00 CREDIT AGRICOLE CIB NY 22533TYF7 1.36% 11/15/2017 11/15/2017 11/15/2017 2,000,000.00 1,998,950.00 CREDIT AGRICOLE CIB NY 22533TZ82 1.34% 12/08/2017 12/08/2017 12/08/2017 1,000,000.00 998,632.82 CREDIT AGRICOLE CIB NY 22533UE25 1.60% 05/02/2018 05/02/2018 05/02/2018 6,000,000.00 5,951,770.00 CREDIT SUISSE NEW YORK 2254EAYL1 1.47% 11/20/2017 11/20/2017 11/20/2017 7,000,000.00 6,994,606.34 CREDIT SUISSE NEW YORK 22533HBY7 1.60% 01/12/2018 01/12/2018 01/12/2018 5,000,000.00 5,000,000.00 HSBC USA INC 40434WBZ3 1.44% 01/08/2018 07/06/2018 07/06/2018 5,000,000.00 5,000,000.00 ING (US) FUNDING LLC 44988KBV0 1.42% 11/06/2017 11/06/2017 11/06/2017 5,000,000.00 5,000,030.07 ING (US) FUNDING LLC 4497W1E10 1.56% 05/01/2018 05/01/2018 05/01/2018 2,500,000.00 2,480,642.81 JP MORGAN SECURITIES LLC 46640EEL8 1.39% 11/13/2017 12/13/2017 12/13/2017 5,000,000.00 5,000,000.00 JP MORGAN SECURITIES LLC 46640EET1 1.44% 11/06/2017 04/06/2018 04/06/2018 1,000,000.00 1,000,000.00 Page 1
Financial Company Commercial Paper JP MORGAN SECURITIES LLC 46640EFC7 1.48% 12/22/2017 06/22/2018 06/22/2018 4,000,000.00 4,000,000.00 METLIFE SHORT TERM FUNDING 59157UB58 1.41% 02/05/2018 02/05/2018 02/05/2018 5,000,000.00 4,981,333.07 METLIFE SHORT TERM FUNDING 59157UBC3 1.40% 02/12/2018 02/12/2018 02/12/2018 4,000,000.00 3,984,092.02 MIZUHO BANK LTD/NY 60689GAH9 1.41% 01/17/2018 01/17/2018 01/17/2018 4,000,000.00 3,988,022.51 NATIXIS NY BRANCH 63873JY38 1.16% 11/03/2017 11/03/2017 11/03/2017 9,000,000.00 8,999,420.00 PRICOA SHORT TERM FUNDING LLC 74154GD59 1.49% 04/05/2018 04/05/2018 04/05/2018 8,000,000.00 7,949,022.28 TOYOTA MOTOR CREDIT CORP 89233ATV1 1.48% 11/09/2017 12/04/2017 12/04/2017 4,000,000.00 4,000,000.00 TOYOTA MOTOR CREDIT CORP 89233HCF9 1.48% 03/15/2018 03/15/2018 03/15/2018 5,000,000.00 4,972,827.91 Certificate of Deposit 107,500,000.00 107,207,603.03 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 NOVA SCOTIA 06417GRK6 1.65% 12/08/2017 12/08/2017 12/08/2017 6,000,000.00 6,000,000.00 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 BOFI FEDERAL BANK PP30418G6 1.21% 11/01/2017 11/01/2017 01/08/2018 10,000,000.00 10,000,000.00 BOFI FEDERAL BANK PP9F4QZZ0 1.26% 11/01/2017 11/01/2017 02/02/2018 8,000,000.00 8,000,000.00 CITIZENS BANK PP3040GC8 1.20% 11/01/2017 11/01/2017 11/13/2017 17,000,000.00 17,000,000.00 CITIZENS BANK PP304AN12 1.20% 11/01/2017 11/01/2017 12/04/2017 8,000,000.00 8,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ELV9 1.64% 12/13/2017 12/13/2017 12/13/2017 3,000,000.00 3,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMP1 1.40% 11/08/2017 06/08/2018 06/08/2018 5,000,000.00 5,000,000.00 CONWAY BANK (KS) RE1266460 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 HSBC BANK USA NA 40428A5P8 1.40% 11/02/2017 07/02/2018 07/02/2018 2,000,000.00 2,000,000.00 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 Page 2
Certificate of Deposit MORTON COMMUNITY BANK (IL) RE1269829 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 PENTAGON FEDERAL CREDIT UNION PP0OBGBV9 1.10% 11/01/2017 11/01/2017 01/05/2018 5,000,000.00 5,000,000.00 PEOPLES BANK, NATL ASSOC (OH) RE1266775 1.25% 02/22/2018 02/22/2018 02/22/2018 243,500.00 243,500.00 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 78009NS56 1.50% 11/20/2017 12/20/2017 12/20/2017 2,000,000.00 2,000,000.00 ROYAL BANK OF CANADA NY 78009NW36 1.39% 11/06/2017 04/05/2018 04/05/2018 2,000,000.00 2,000,000.00 SKANDINAVISKA ENSKILDA BANKEN NY 83050FZK0 1.30% 12/27/2017 12/27/2017 12/27/2017 5,000,000.00 5,000,000.00 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 86958JRK7 1.36% 11/16/2017 02/16/2018 02/16/2018 3,000,000.00 3,000,000.00 SVENSKA HANDELSBANKEN NY 86958JRS0 1.36% 11/27/2017 02/26/2018 02/26/2018 2,000,000.00 2,000,000.00 SVENSKA HANDELSBANKEN NY 86958JSY6 1.36% 11/03/2017 04/03/2018 04/03/2018 5,000,000.00 5,000,000.00 SWEDBANK NY 87019UTQ2 1.40% 11/21/2017 11/21/2017 11/21/2017 5,000,000.00 4,999,578.38 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 89113XBC7 1.41% 02/23/2018 02/23/2018 02/23/2018 5,000,000.00 5,000,000.00 TORONTO DOMINION BANK NY 89113XBW3 1.41% 02/23/2018 02/23/2018 02/23/2018 4,000,000.00 4,000,000.00 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 UBS AG STAMFORD CT 90275DEZ9 1.40% 11/10/2017 11/10/2017 11/10/2017 5,000,000.00 5,000,000.00 UBS AG STAMFORD CT 90275DFD7 1.58% 02/14/2018 02/14/2018 02/14/2018 4,000,000.00 3,999,783.61 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 US BANK NA CINCINNATI 90333VUQ1 1.44% 03/20/2018 03/20/2018 03/20/2018 4,500,000.00 4,499,295.94 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 94989RDP0 1.66% 12/07/2017 12/07/2017 12/07/2017 2,500,000.00 2,500,000.00 WELLS FARGO BANK NA 94989RGL6 1.59% 11/06/2017 02/06/2018 02/06/2018 4,500,000.00 4,500,000.00 WELLS FARGO BANK NA 94989RQU5 1.41% 11/06/2017 07/05/2018 07/05/2018 2,000,000.00 2,000,000.00 WESTPAC BANKING CORP NY 96121T2N7 1.52% 01/12/2018 01/12/2018 01/12/2018 5,000,000.00 5,000,000.00 WESTPAC BANKING CORP NY 96121T3G1 1.49% 01/12/2018 04/12/2018 04/12/2018 5,000,000.00 5,000,000.00 Page 3
Asset Backed Commercial Paper 134,500,000.00 134,498,657.93 BEDFORD ROW FUNDING CORP 07645RAT3 1.38% 12/01/2017 03/01/2018 03/01/2018 5,000,000.00 4,999,594.20 MANHATTAN ASSET FUNDING CO 56274TCM7 1.34% 11/28/2017 01/02/2018 01/02/2018 10,000,000.00 10,000,000.00 15,000,000.00 14,999,594.20 Portfolio Totals 291,000,000.00 290,704,095.58 Page 4
The Fund's Weighted Average and Weighted Average Life as of the reporting date are 47 and 76 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