U.S. Treasury Debt UNITED STATES TREASURY 912828RH5 2.03% 10/01/2018 10/01/2018 10/01/2018 10,000,000.00 9,983,745.40 U.S. Government Agency Repurchase Agreement 10,000,000.00 9,983,745.40 MERRILL LYNCH PIERCE FENNER & SMITH INC RP1D1TWK4 2.10% 07/02/2018 07/02/2018 07/02/2018 25,300,000.00 25,300,000.00 U.S. Government Agency Debt 25,300,000.00 25,300,000.00 FEDERAL HOME LOAN BANKS 313385B21 1.91% 08/08/2018 08/08/2018 08/08/2018 5,000,000.00 4,989,972.24 FEDERAL HOME LOAN BANKS 313385B96 1.91% 08/15/2018 08/15/2018 08/15/2018 10,000,000.00 9,976,250.01 Non-Financial Company Commercial Paper 15,000,000.00 14,966,222.25 COCA-COLA COMPANY 19121BJT7 2.31% 09/27/2018 09/27/2018 09/27/2018 5,000,000.00 4,972,011.32 COCA-COLA COMPANY 19121BL56 2.34% 11/05/2018 11/05/2018 11/05/2018 8,000,000.00 7,934,524.48 Financial Company Commercial Paper 13,000,000.00 12,906,535.80 BANK OF MONTREAL CHICAGO 06366HH91 2.27% 08/09/2018 08/09/2018 08/09/2018 8,000,000.00 7,980,413.28 CANADIAN IMPERIAL HOLDING 13607JD54 2.40% 08/06/2018 11/05/2018 11/05/2018 5,000,000.00 5,000,000.00 CANADIAN IMPERIAL HOLDING 13607JD47 2.48% 07/05/2018 01/04/2019 01/04/2019 6,000,000.00 6,000,000.00 CANADIAN IMPERIAL HOLDING 13607JD62 2.29% 07/02/2018 03/01/2019 03/01/2019 3,000,000.00 3,000,000.00 CREDIT AGRICOLE CIB NY 22533UJ46 2.27% 09/04/2018 09/04/2018 09/04/2018 5,000,000.00 4,979,597.26 CREDIT AGRICOLE CIB NY 22533UK10 2.35% 10/01/2018 10/01/2018 10/01/2018 8,000,000.00 7,952,364.46 CREDIT SUISSE NEW YORK 22533HCT7 2.55% 07/09/2018 01/04/2019 01/04/2019 6,000,000.00 6,000,000.00 DEXIA CREDIT LOCAL SA NY 25214PGS6 2.41% 07/30/2018 01/29/2019 01/29/2019 5,000,000.00 5,000,000.00 HSBC USA INC 40434WBZ3 2.41% 07/06/2018 07/06/2018 07/06/2018 5,000,000.00 5,000,000.00 HSBC USA INC 40434WCQ2 2.43% 09/04/2018 03/01/2019 03/01/2019 2,000,000.00 2,000,000.00 Page 1
Financial Company Commercial Paper ING (US) FUNDING LLC 44988KEL9 2.41% 07/09/2018 10/09/2018 10/09/2018 2,000,000.00 2,000,033.26 ING (US) FUNDING LLC 44988KEN5 2.32% 07/16/2018 11/15/2018 11/15/2018 7,000,000.00 7,000,000.00 ING (US) FUNDING LLC 44988KEM7 2.52% 07/09/2018 01/07/2019 01/07/2019 3,000,000.00 3,000,000.00 ING (US) FUNDING LLC 44988KES4 2.35% 07/16/2018 02/15/2019 02/15/2019 1,000,000.00 1,000,000.00 JP MORGAN SECURITIES LLC 46640QJM4 2.31% 09/21/2018 09/21/2018 09/21/2018 2,000,000.00 1,989,522.23 JP MORGAN SECURITIES LLC 46640EGJ1 2.42% 07/05/2018 10/05/2018 10/05/2018 9,000,000.00 9,000,000.00 JP MORGAN SECURITIES LLC 46640EGZ5 2.35% 07/23/2018 12/21/2018 12/21/2018 2,000,000.00 2,000,000.00 METLIFE SHORT TERM FUNDING 59157UGW4 2.25% 07/30/2018 07/30/2018 07/30/2018 2,000,000.00 1,996,390.96 METLIFE SHORT TERM FUNDING 59157UJA9 2.24% 09/10/2018 09/10/2018 09/10/2018 5,000,000.00 4,978,009.71 MIZUHO BANK LTD/NY 60689GGK6 2.34% 07/19/2018 07/19/2018 07/19/2018 8,000,000.00 7,990,699.68 MIZUHO BANK LTD/NY 60689GHF6 2.38% 08/15/2018 08/15/2018 08/15/2018 6,000,000.00 5,982,299.86 MUFG BANK LTD/NY 62479MGH0 2.36% 07/17/2018 07/17/2018 07/17/2018 8,000,000.00 7,991,644.38 MUFG BANK LTD/NY 62479MH63 2.33% 08/06/2018 08/06/2018 08/06/2018 5,000,000.00 4,988,399.95 NESTLE CAPITAL CORP 64105HN73 2.46% 01/07/2019 01/07/2019 01/07/2019 5,000,000.00 4,935,875.00 TORONTO DOMINION HOLDING USA 89116FJS0 2.30% 09/26/2018 09/26/2018 09/26/2018 5,000,000.00 4,972,450.04 TOYOTA MOTOR CREDIT CORP 89233HGB4 2.31% 07/11/2018 07/11/2018 07/11/2018 5,000,000.00 4,996,805.33 TOYOTA MOTOR CREDIT CORP 89233HGH1 2.34% 07/17/2018 07/17/2018 07/17/2018 5,000,000.00 4,994,844.37 TOYOTA MOTOR CREDIT CORP 89233HH72 2.37% 08/07/2018 08/07/2018 08/07/2018 4,000,000.00 3,990,338.80 Certificate of Deposit 137,000,000.00 136,719,688.57 BANK OF AMERICA NA 06050FDA7 2.45% 07/09/2018 10/09/2018 10/09/2018 8,000,000.00 8,000,000.00 BANK OF AMERICA NA 06050FDE9 2.40% 08/15/2018 11/15/2018 11/15/2018 5,000,000.00 5,000,000.00 BNP PARIBAS NY BRANCH 05582WC85 2.30% 08/17/2018 08/17/2018 08/17/2018 2,000,000.00 1,998,162.90 BNP PARIBAS NY BRANCH 05582W2W3 2.45% 07/02/2018 10/02/2018 10/02/2018 11,000,000.00 11,000,000.00 BOFI FEDERAL BANK PPE039AX8 1.92% 07/02/2018 07/02/2018 07/02/2018 13,000,000.00 13,000,000.00 BOFI FEDERAL BANK PP3094CK1 2.10% 07/02/2018 07/02/2018 08/20/2018 25,000,000.00 25,000,000.00 PPEP3JHP1 2.15% 07/02/2018 07/02/2018 08/06/2018 15,000,000.00 15,000,000.00 PPA31FB88 2.15% 07/02/2018 07/02/2018 08/20/2018 8,000,000.00 8,000,000.00 Page 2
Certificate of Deposit PPEP3UJB5 2.20% 07/02/2018 07/02/2018 09/17/2018 10,000,000.00 10,000,000.00 PP3094CR6 2.20% 07/02/2018 07/02/2018 09/24/2018 5,000,000.00 5,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271END7 2.22% 07/05/2018 10/04/2018 10/04/2018 2,000,000.00 2,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ENP0 2.30% 10/19/2018 10/19/2018 10/19/2018 4,760,000.00 4,760,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMX4 2.27% 07/11/2018 12/11/2018 12/11/2018 4,000,000.00 4,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ENX3 2.33% 07/30/2018 01/28/2019 01/28/2019 3,000,000.00 3,000,000.00 DNB NOR BANK ASA NY 23341VFF3 2.26% 08/01/2018 08/01/2018 08/01/2018 5,000,000.00 5,000,000.00 HSBC BANK USA NA 40428A6S1 2.45% 07/11/2018 10/11/2018 10/11/2018 2,000,000.00 2,000,000.00 HSBC BANK USA NA 40428A7A9 2.33% 07/23/2018 11/21/2018 11/21/2018 5,000,000.00 5,000,000.00 LLOYDS BANK PLC 53945GPA3 2.28% 07/02/2018 07/02/2018 07/02/2018 8,000,000.00 8,000,000.00 NORDEA BANK AB NEW YORK 65590AWD4 2.20% 08/10/2018 08/10/2018 08/10/2018 5,000,000.00 5,000,000.00 NORDEA BANK AB NEW YORK 65590AXG6 2.22% 09/10/2018 09/10/2018 09/10/2018 3,000,000.00 3,000,000.00 NORDEA BANK AB NEW YORK 65590AUR5 2.53% 07/05/2018 04/05/2019 04/05/2019 4,000,000.00 4,000,000.00 STATE STREET BANK & TR 8574P1LK0 2.22% 08/30/2018 08/30/2018 08/30/2018 4,000,000.00 4,000,000.00 SVENSKA HANDELSBANKEN NY 86958JB24 2.47% 07/30/2018 09/28/2018 09/28/2018 12,000,000.00 12,000,000.00 SVENSKA HANDELSBANKEN NY 86958JF61 2.39% 08/14/2018 11/14/2018 11/14/2018 2,000,000.00 2,000,000.00 TORONTO DOMINION BANK 89113XG81 2.53% 07/17/2018 04/17/2019 04/17/2019 3,000,000.00 3,000,000.00 TORONTO DOMINION BANK NY 89113XH72 2.32% 08/20/2018 08/20/2018 08/20/2018 5,000,000.00 5,000,000.00 UBS AG STAMFORD CT 90275DHW3 2.47% 09/28/2018 12/28/2018 12/28/2018 5,000,000.00 5,000,000.00 UBS AG STAMFORD CT 90275DHR4 2.48% 08/03/2018 02/04/2019 02/04/2019 5,000,000.00 5,000,000.00 WELLS FARGO BANK NA 94989RUU0 2.22% 07/09/2018 09/07/2018 09/07/2018 2,000,000.00 2,000,000.00 WELLS FARGO BANK NA 94989RC97 2.42% 07/05/2018 10/04/2018 10/04/2018 3,000,000.00 3,000,000.00 WESTPAC BANKING CORP NY 96121T3V8 2.17% 07/26/2018 07/26/2018 07/26/2018 5,000,000.00 5,000,827.84 WESTPAC BANKING CORP NY 96121T4V7 2.40% 10/19/2018 10/19/2018 10/19/2018 2,000,000.00 1,995,643.27 WESTPAC BANKING CORP NY 96121T6G8 2.40% 11/01/2018 11/01/2018 11/01/2018 4,925,000.00 4,919,014.19 WESTPAC BANKING CORP NY 96130AAF5 2.43% 07/26/2018 04/26/2019 04/26/2019 2,000,000.00 2,000,000.00 Asset Backed Commercial Paper 202,685,000.00 202,673,648.20 Page 3
Asset Backed Commercial Paper BEDFORD ROW FUNDING CORP 07644DEQ7 2.33% 07/30/2018 09/28/2018 09/28/2018 2,500,000.00 2,500,000.00 BEDFORD ROW FUNDING CORP 07644CEJ5 2.47% 07/05/2018 01/04/2019 01/04/2019 3,000,000.00 3,000,000.00 BEDFORD ROW FUNDING CORP 07644CER7 2.35% 07/23/2018 01/23/2019 01/23/2019 4,000,000.00 4,000,000.00 FAIRWAY FINANCE COMPANY LLC 30601WHA0 2.23% 08/10/2018 08/10/2018 08/10/2018 3,000,000.00 2,992,600.00 MANHATTAN ASSET FUNDING CO 56274TDN4 2.31% 07/05/2018 11/05/2018 11/05/2018 10,000,000.00 10,000,000.00 OLD LINE FUNDING LLC 67983UHF3 2.26% 08/15/2018 08/15/2018 08/15/2018 2,000,000.00 1,994,375.00 OLD LINE FUNDING LLC 67984RFT1 2.32% 07/23/2018 08/21/2018 08/21/2018 2,000,000.00 2,000,000.00 26,500,000.00 26,486,975.00 Portfolio Totals 429,485,000.00 429,036,815.22 Page 4
The Fund's Weighted Average and Weighted Average Life as of the reporting date are 31 and 78 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