MassDevelopment Short Term Asset Reserve Fund

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1 Final Yield to Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Repurchase Agreement CREDIT AGRICOLE CORP & INVESTMENT BANK RE % 12/01/ /01/ /01/ ,000, ,000, U.S. Treasury Debt 15,000, ,000, UNITED STATES TREASURY MD9 0.42% 01/03/ /03/ /03/2017 4,000, ,009, UNITED STATES TREASURY SJ0 0.50% 02/28/ /28/ /28/2017 5,000, ,004, UNITED STATES TREASURY KY4 0.55% 05/11/ /11/ /11/2017 3,000, ,992, UNITED STATES TREASURY TM2 0.65% 08/31/ /31/ /31/2017 5,000, ,998, U.S. Government Agency Debt 17,000, ,005, FEDERAL HOME LOAN BANKS 3130A8CF8 0.54% 12/01/ /01/ /01/2017 7,000, ,999, FEDERAL HOME LOAN BANKS 3130A8G % 12/09/ /09/ /09/2017 5,000, ,000, Non-Financial Company Commercial Paper 12,000, ,999, IBM CORP 45920FMT2 0.58% 12/27/ /27/ /27/2016 9,000, ,996, Financial Company Commercial Paper 9,000, ,996, BANK OF MONTREAL CHICAGO 06366GPF0 0.90% 02/15/ /15/ /15/2017 6,500, ,487, BANK OF TOKYO MITSUBISHI UFJ LTD 06538BQT3 1.28% 03/27/ /27/ /27/2017 4,000, ,983, BANK OF TOKYO MITSUBISHI UFJ LTD 06538BRJ4 1.28% 04/18/ /18/ /18/2017 5,000, ,975, BNP PARIBAS NY BRANCH 09659BMC1 1.02% 12/12/ /12/ /12/2016 5,000, ,998, BNP PARIBAS NY BRANCH 09659BQD5 1.06% 03/13/ /13/ /13/2017 7,000, ,979, COOPERATIEVE RABOBANK U.A AQ % 03/01/ /01/ /01/2017 6,000, ,985, CREDIT AGRICOLE CIB NY 22533TP % 02/03/ /03/ /03/2017 6,000, ,986, CREDIT AGRICOLE CIB NY 22533TRH1 1.24% 04/17/ /17/ /17/2017 3,000, ,985, CREDIT SUISSE NEW YORK 22533HBK7 0.98% 12/01/ /01/ /01/2016 7,000, ,000, Page 1

2 Final Yield to Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper ING (US) FUNDING LLC 4497W0Q % 03/01/ /01/ /01/2017 1,000, , ING (US) FUNDING LLC 44988KAM1 1.29% 12/23/ /23/ /23/2017 8,000, ,000, JP MORGAN SECURITIES LLC 46640PMT7 1.04% 12/27/ /27/ /27/2016 3,600, ,597, JP MORGAN SECURITIES LLC 46640EDR6 1.20% 01/10/ /10/ /10/2017 2,500, ,500, METLIFE SHORT TERM FUNDING 59157TML4 0.93% 12/20/ /20/ /20/2016 4,500, ,497, METLIFE SHORT TERM FUNDING 59157TQ % 03/01/ /01/ /01/2017 5,000, ,988, MIZUHO CORPORATE BANK/NY 60689FPT9 1.18% 02/27/ /27/ /27/2017 9,000, ,974, NATIXIS US BRANCH 63873JM % 12/06/ /06/ /06/2016 9,000, ,999, TORONTO DOMINION HOLDING USA 89116EPT4 0.90% 02/27/ /27/ /27/2017 8,000, ,982, TOYOTA MOTOR CREDIT CORP 89233GT % 06/09/ /09/ /09/2017 6,000, ,960, TOYOTA MOTOR CREDIT CORP 89233GU % 07/07/ /07/ /07/2017 3,000, ,976, ,100, ,856, ALERUS FINANCIAL, NA (ND) RE % 03/23/ /23/ /23/ , , AMARILLO NATIONAL BANK (TX) RE % 03/23/ /23/ /23/ , , AVENUE BANK (TN) RE % 03/23/ /23/ /23/ , , BANK OF AMERICA, NA (NC) RE % 03/23/ /23/ /23/ , , BANK OF CHINA NEW YORK (NY) RE % 03/23/ /23/ /23/ , , BANK OF THE OZARKS (AR) RE % 03/23/ /23/ /23/ , , BANK OF THE WEST (CA) RE % 04/20/ /20/ /20/ , , BANK TEXAS, NATIONAL ASSOCIATION (TX) RE % 02/16/ /16/ /16/ , , BMO HARRIS BANK NA 05574BGL8 1.14% 12/13/ /13/ /13/2017 2,500, ,500, BOKF, NATIONAL ASSOCIATION (OK) RE % 03/23/ /23/ /23/ , , BUSINESS FIRST BANK (LA) RE % 02/16/ /16/ /16/ , , CANADIAN IMPERIAL BANK 13606AJY5 1.16% 12/05/ /05/ /05/2016 1,500, ,500, CANADIAN IMPERIAL BANK 13606AZK7 0.93% 12/05/ /03/ /03/2017 3,000, ,000, CAPITAL BANK (FL) RE % 03/23/ /23/ /23/ , , CENTRAL BANK OF THE OZARKS (MO) RE % 02/16/ /16/ /16/ , , CITIZENS BANK OF PENNSYLVANIA RE % 12/01/ /01/ /13/2016 7,000, ,000, Page 2

3 Final Yield to Category of Investment / Issuer CUSIP WAM WAL Date CITIZENS BANK OF PENNSYLVANIA RE % 12/01/ /01/ /20/ ,000, ,000, CITIZENS NATIONAL BANK (TN) RE % 03/23/ /23/ /23/ , , CITY STATE BANK OF NORWALK (IA) RE % 04/20/ /20/ /20/ , , CRESTMARK BANK (MI) RE % 03/23/ /23/ /23/ , , CROSSFIRST BANK (KS) RE % 02/16/ /16/ /16/ , , CROSSFIRST BANK (KS) RE % 04/20/ /20/ /20/ , , CUSTOMERS BANK RE % 12/01/ /01/ /30/ ,000, ,000, CUSTOMERS BANK RE % 12/01/ /01/ /02/ ,000, ,000, FIRST COMMERCE BANK (TN) RE % 04/20/ /20/ /20/ , , FIRST NBC BANK (LA) RE % 03/23/ /23/ /23/ , , FIRST STATE BANK GRAHAM (TX) RE % 03/23/ /23/ /23/ , , FIRSTCAPITAL BANK OF TEXAS, NA (TX) RE % 02/16/ /16/ /16/ , , GOLD COAST BANK (NY) RE % 03/23/ /23/ /23/ , , HSBC BANK USA NA 40428AZ % 12/09/ /09/ /09/2017 3,000, ,000, KS STATEBANK (KS) RE % 04/20/ /20/ /20/ , , MB FINANCIAL BANK, NA (IL) RE % 03/23/ /23/ /23/ , , MECHANICS & FARMERS BANK (NC) RE % 03/23/ /23/ /23/ , , METROPOLITAN BANK (MS) RE % 02/16/ /16/ /16/ , , METROPOLITAN CAPITAL BANK & TRUST (IL) RE % 04/20/ /20/ /20/ , , MORRIS BANK (GA) RE % 04/20/ /20/ /20/ , , NATIONAL AUSTRALIA BANK NY 63253TE % 12/08/ /08/ /08/2017 7,000, ,000, NORTHSTAR BANK (MI) RE % 02/16/ /16/ /16/ , , OAKSTAR BANK (MO) RE % 03/23/ /23/ /23/ , , OLD LINE BANK (MD) RE % 03/23/ /23/ /23/ , , PARKE BANK OF SEWELL (NJ) RE % 03/23/ /23/ /23/ , , RE % 12/01/ /01/ /24/2017 5,000, ,000, RE % 12/01/ /01/ /15/ ,000, ,000, RE % 12/01/ /01/ /11/2017 5,000, ,000, PEOPLEFIRST BANK (IL) RE % 04/20/ /20/ /20/ , , PINNACLE BANK (NE) RE % 04/20/ /20/ /20/ , , Page 3

4 Final Yield to Category of Investment / Issuer CUSIP WAM WAL Date ROYAL BANK OF CANADA NY 78009NF % 12/23/ /23/ /23/2017 5,500, ,500, ROYAL BANK OF CANADA NY 78009ND % 12/02/ /02/ /02/2017 5,000, ,000, SANTANDER BANK, N.A. (DE) RE % 02/16/ /16/ /16/ , , SIGNATURE BANK (NY) RE % 03/23/ /23/ /23/ , , SOUTHWEST BANK (TX) RE % 03/23/ /23/ /23/ , , STATE STREET BANK & TR 8574P1JJ6 0.99% 12/12/ /10/ /10/2017 5,000, ,000, SVENSKA HANDELSBANKEN NY 86958D5W8 0.96% 12/20/ /20/ /20/2017 6,000, ,000, SVENSKA HANDELSBANKEN NY 86958JBY4 1.36% 02/28/ /30/ /30/2017 3,000, ,000, THE FIRST NATIONAL BANK OF SYRACUSE (KS) RE % 03/23/ /23/ /23/ , , THE PARK NATIONAL BANK (OH) RE % 04/20/ /20/ /20/ , , THE PRIVATEBANK AND TRUST COMPANY (IL) RE % 02/16/ /16/ /16/ , , TORONTO DOMINION BANK NY 89113E6B7 1.00% 01/09/ /09/ /09/2017 1,000, ,000, TRISTATE CAPITAL BANK (PA) RE % 04/20/ /20/ /20/ , , UBS AG STAMFORD CT 90275DAU4 0.98% 01/31/ /31/ /31/2017 6,175, ,175, UBS AG STAMFORD CT 90275DDB3 1.38% 12/21/ /21/ /21/2017 4,825, ,825, UNION BANK & TRUST (NE) RE % 03/23/ /23/ /23/ , , VIEWPOINT BANK NATIONAL ASSOCIATION (TX) RE % 03/23/ /23/ /23/ , , WELLS FARGO BANK NA 94988EQA9 1.24% 02/03/ /03/ /03/2017 2,000, ,000, WELLS FARGO BANK NA 94989RAQ1 1.07% 12/28/ /26/ /26/2017 4,000, ,000, WELLS FARGO BANK NA 94988EZ % 01/04/ /04/ /04/2017 3,000, ,000, WESTERN ALLIANCE BANK (AZ) RE % 02/16/ /16/ /16/ , , WESTPAC BANKING CORP NY 96121TS % 12/01/ /01/ /01/2017 2,000, ,000, Asset Backed Commercial Paper 135,500, ,500, MANHATTAN ASSET FUNDING CO 56274LMC5 0.96% 12/12/ /12/ /12/2016 9,000, ,997, ,000, ,997, Portfolio Totals 306,600, ,356, Page 4

5 The Fund's Weighted Average and Weighted Average Life as of the reporting date are 45 and 74 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 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) ( Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. Page 5

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