About PFM Funds

EFFECTIVE DECEMBER 20, 2021: PFM Funds Government Select Series has merged with the First American Funds. All shareholders received equivalent shares of First American Funds Government Obligations Fund, Class Z on December 20, 2021 (the “Reorganization”).

Descriptive information below about PFM Funds Prior to Fund Reorganization on December 20, 2021, for reference purposes:

PFM Funds (the "Fund") is a money market mutual fund designed to meet the short-term investment needs of institutional investors. The portfolio provides:

• Daily liquidity
• Competitive money market returns
• Unlimited number of deposits and withdrawals
• Transactions by wire, ACH and check
• Sub-accounting to track multiple funds/accounts
• Arbitrage rebate compliance services (for proceeds of tax-exempt or other issues subject to rebate)

The portfolio maintains a dollar-weighted average portfolio maturity of 60 days or less and is managed to maintain a constant $1.00 price per share or net asset value (NAV).

Government Select Series* invests exclusively in U.S. Treasury and Federal Agency obligations. The following links provide information on the Fund’s Government Select Series (formerly known as Prime Series prior to its conversion to a government money market fund on October 3, 2016). Government Select Series is rated AAAm by Standard & Poor's and AAAmmf by Fitch Ratings ("Fitch")**. To see the Government Select Series' Standard & Poor's report, click here. To view a copy of the Press Release regarding the Fitch rating click here.

PFM Funds Fact Sheet

Government Select Series Daily NAVs, Shareholder Flows: Liquidity for Past 6 Months

Daily Dividends Institutional Class DEC 2021

The Government Select series offers the Institutional Class.

**Rated AAAm by Standard & Poor's ("S&P") and AAAmmf by Fitch Ratings ("Fitch"). S&P's fund ratings are based on analysis of credit quality, market price exposure, and management. According to S&P's rating criteria, the AAAm rating signifies excellent safety of investment principal and a superior capacity to maintain a $1.00 per share net asset value. The Fitch AAAmmf rating reflects Fitch's review of the fund's overall credit quality and diversification and low exposure to interest rate and spread risks as well as the capabilities and resources of PFM Asset Management LLC as investment adviser. According to Fitch's rating criteria, the AAAmmf rating signifies an extremely strong capacity to achieve the fund's investment objective of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk. However, it should be understood that these ratings are not "market" ratings nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor's and www.fitchratings.com.

Important Announcement

Effective December 20, 2021, PFM Funds’ Government Select Series will merge into the First American Funds Government Obligations Fund, Class Z. For more information about First American Funds Government Obligations Fund, please visit www.FirstAmericanFunds.com. Historical information on the PFM Funds’ Government Select Series will remain on this site until June 30, 2022.

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This information does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which the person making such offer is not qualified to do so, or to anyone to whom it is unlawful to make such an offer or solicitation, or to anyone in any jurisdiction outside the United States. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Fund's portfolios. This and other information about the Fund is available in the Fund's current Prospectus, which should be read carefully before investing. A copy of the Fund's Prospectus may be obtained by calling 1-800-338-3383 or is available on the Fund's website at www.pfmfunds.com. While the Fund's portfolio seeks to maintain a stable net asset value of $1.00 per share, 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. Shares 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. Effective October 3, 2016, Government Select Series adopted a policy to invest at least 99.5% of its total assets in cash and the following types of high quality, short-term investments: U.S. government securities (including securities issued or guaranteed by the U.S. government or its agencies or instrumentalities) (“U.S. Government Securities”); repurchase agreements for U.S. Government Securities that are collateralized fully; and shares of money market funds that invest exclusively in types of obligations in which Government Select Series is authorized to invest. It also adopted, effective on such date, a policy under which it invests, under normal market conditions, at least 80% of its net assets in U.S. Government Securities and/or repurchase agreements that are collateralized fully by U.S. Government Securities. Prior to October 3, 2016, Government Select Series was known as Prime Series and invested in a broader range of money market obligations, including obligations of U.S. companies, financial institutions and municipalities. Investment performance for periods prior to October 3, 2016 is not reflective of the current investment strategy of Government Select Series.