A Prospectus Supplement filing for the PFM Funds tells us, "Enclosed is a notice of a Special Meeting of Shareholders of PFM Funds that will be held on November 19, 2021, at 1:00 p.m. Eastern Time.... At the Meeting, shareholders of Government Select Series, a series of the PFM Funds Trust, will vote on the following proposals: (i) to approve a new advisory agreement to be entered into between the PFM Fund and PFM Asset Management LLC on terms identical to the existing advisory agreement between PFMAM and the PFM Fund in connection with the acquisition by U.S. Bancorp Asset Management of PFMAM as a wholly-owned subsidiary; and (ii) to approve the reorganization of the Acquired Fund into the Government Obligations Fund), a series of First American Funds, Inc. The Acquired Fund and the Acquiring Fund are each sometimes referred to herein as a 'Fund' and collectively, the 'Funds.' Although PFMAM will become a wholly-owned subsidiary of USBAM, the portfolio managers of the Acquired Fund will not continue in such capacity with respect to the Acquiring Fund following the Reorganization; USBAM and the Acquiring Fund's current portfolio managers will continue to manage the Acquiring Fund following the Reorganization." The filing continues, "The Acquired Fund is managed by PFMAM and the Acquiring Fund is managed by USBAM. If the Advisory Agreement Proposal is approved, PFMAM will continue to operate as a separate registered investment adviser known as PFM Asset Management, a division of USBAM, and will continue to manage the Acquired Fund pursuant to terms identical to those in the Existing Advisory Agreement. If the Reorganization is approved and implemented, each person that invests in the Acquired Fund will automatically become an investor in the Acquiring Fund." PFM adds, "The Board of Trustees of the PFM Funds Trust considered that the Acquired Fund was launched 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. The PFM Funds Board also considered that the Acquiring Fund's investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. The PFM Funds Board considered that the Acquired Fund and the Acquiring Fund have substantially identical investment objectives insofar as each is a 'government money market fund' (as that term is defined in Rule 2a-7 under the Investment Company Act of 1940, as amended ('1940 Act')) and, as such, invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities. The PFM Funds Board further considered that shareholders of the PFM Fund would potentially benefit from greater economies of scale and reduced operational costs as a result of the Reorganization. The PFM Funds Board observed that, in the event the Advisory Agreement Proposal were approved by shareholders but the Reorganization Proposal was not, the annual operating expenses of the PFM Fund under USBAM's management was expected to be equal to the annual operating expenses currently incurred by the PFM Fund under the Existing Advisory Agreement. After considering PFMAM's recommendation, the PFM Funds Board, including a majority of the board members who are not 'interested persons' (as that term is defined in the 1940 Act) of the PFM Fund (the 'Independent Board Members'), concluded that it is in the best interests of the Acquired Fund and its shareholders to approve the New Advisory Agreement. Subject to obtaining approval by shareholders of the New Advisory Agreement, and to the satisfaction of various other conditions that are described in the enclosed Proxy Statement/Prospectus, it is expected that the implementation of the New Advisory Agreement will be effected on or about December 7, 2021. Furthermore, after considering PFMAM's recommendation, the PFM Funds Board, including a majority of the Independent Board Members, also concluded that the Reorganization is in the best interests of the Acquired Fund, and that the interests of the shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. The closing of the Reorganization is subject to obtaining approval by shareholders of the Plan of Reorganization and the satisfaction or waiver of certain closing conditions which are described more fully in the accompanying Proxy Statement/Prospectus. After considering the recommendation of U.S. Bancorp Asset Management, Inc., the investment adviser to the Acquiring Fund, the Acquiring Fund's Board of Directors, of which none of the members are 'interested persons' (as that term is defined in the 1940 Act), concluded that: (i) the Reorganization is in the best interests of the Acquiring Fund; and (ii) the interests of the shareholders of the Acquiring Fund will not be diluted as a result of the Reorganization." For more, July 12 Link of the Day, "US Bank Buys LGIP Advisor PFM."

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