A press release entitled, "Fitch Assigns First-Time Rating to PFM Funds Government Select Series," tells us, "Fitch Ratings has assigned a 'AAAmmf' rating to the PFM Funds Government Select Series, managed by PFM Asset Management LLC.... The 'AAAmmf' rating assignment reflects: The fund's overall credit quality and diversification; Low exposure to interest rate and spread risks. Holdings of daily and weekly liquid assets consistent with shareholder profile and concentration; Maturity profile consistent with Fitch's 'AAAmmf' rating criteria; and, The capabilities and resources of PFM Asset Management LLC." The release says, "The fund seeks to maintain a diversified, high credit quality portfolio consistent with Fitch's criteria for 'AAAmmf' rated money market funds (MMFs), by investing in highly rated securities with limited exposure to individual issuers. The fund has a policy of investing at least 99.5% of its assets in cash, U.S. government securities (including securities issued or guaranteed by the U.S. government or its agencies or instrumentalities) and/or repurchase agreements that are collateralized fully.... The investment objective for this fund is to provide high current income consistent with stability, safety of principal, and liquidity, and to maintain a stable net asset value of $1.00 per share." Fitch adds, "The fund's investment adviser is PFM Asset Management LLC, based in Harrisburg, PA. PFM Asset Management LLC specializes in high quality short- and intermediate-duration investment strategies within the institutional public sector. As of Dec. 31, 2017, the firm had approximately $123 billion in total assets, including $81 billion discretionary assets under management and $42 billion in assets under advisement.... Fitch views PFM Asset Management LLC's investment advisory capabilities, financial and resource commitments, operational controls, corporate governance and compliance procedures as consistent with the 'AAAmmf' rating assigned to the funds."

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