MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

Yield to Effective Final Amortized Category of Investment / Issuer CUSIP Maturity Maturity (1) Maturity (2) Principal Cost Treasury Debt

UNITED STATES TREASURY 912828PM6 0.31% 12/31/2015 12/31/2015 3,000,000.00 3,036,165.60

Category of Investment Sub-Total 3,000,000.00 3,036,165.60 Other Note

GENERAL ELEC CAP CORP 36962G5F7 0.32% 06/30/2015 06/30/2015 5,000,000.00 5,017,000.20 GENERAL ELEC CAP CORP 36962G5Z3 0.35% 07/02/2015 07/02/2015 3,000,000.00 3,006,526.51 GENERAL ELEC CAP CORP 36962G4T8 0.48% 11/09/2015 11/09/2015 2,000,000.00 2,018,649.42 IBM CORP 459200HD6 0.26% 05/11/2015 05/11/2015 4,445,000.00 4,445,609.37 TOYOTA MOTOR CREDIT CORP 89233P6J0 0.34% 07/17/2015 07/17/2015 1,500,000.00 1,501,695.00 WAL-MART STORES INC 931142BY8 0.24% 07/01/2015 07/01/2015 2,500,000.00 2,517,760.40 WELLS FARGO & COMPANY 94985H5F7 0.33% 07/20/2015 07/20/2015 2,845,000.00 2,847,605.39

Category of Investment Sub-Total 21,290,000.00 21,354,846.29 Other Commercial Paper

COCA-COLA COMPANY 19121BWB1 0.30% 09/11/2015 09/11/2015 5,000,000.00 4,994,458.52

Category of Investment Sub-Total 5,000,000.00 4,994,458.52 Government Agency Repurchase Agreement

BNP PARIBAS SECURITIES CORP RE1034108 0.12% 05/01/2015 05/01/2015 13,300,000.00 13,300,000.00 BNP PARIBAS SECURITIES CORP RE1030742 0.10% 05/07/2015 05/07/2015 10,000,000.00 10,000,000.00

Category of Investment Sub-Total 23,300,000.00 23,300,000.00 Government Agency Debt

FEDERAL FARM CREDIT 3133EC7H1 0.26% 08/17/2015 08/17/2015 3,000,000.00 3,000,678.98 FEDERAL HOME BANKS 3130A0P38 0.22% 07/21/2015 07/21/2015 2,505,000.00 2,505,210.04 FREDDIE MAC 3134G6AE3 0.18% (3) 05/21/2015 07/21/2016 3,000,000.00 2,999,623.69

Category of Investment Sub-Total 8,505,000.00 8,505,512.71 Financial Company Commercial Paper

Page 1 MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

Yield to Effective Final Amortized Category of Investment / Issuer CUSIP Maturity Maturity (1) Maturity (2) Principal Cost Financial Company Commercial Paper

BANK OF TOKYO MITSUBISHI UFJ LTD 06538CU17 0.30% 07/01/2015 07/01/2015 6,000,000.00 5,996,950.01 OF TOKYO MITSUBISHI UFJ LTD 06538CVK4 0.34% 08/19/2015 08/19/2015 4,000,000.00 3,995,844.51 BNP PARIBAS INC 0556N1SD6 0.29% 05/13/2015 05/13/2015 1,500,000.00 1,499,854.70 BNP PARIBAS FINANCE INC 0556N1U19 0.28% 07/01/2015 07/01/2015 4,500,000.00 4,497,865.00 BNP PARIBAS FINANCE INC 0556N1UA9 0.29% 07/10/2015 07/10/2015 4,000,000.00 3,997,744.41 CANADIAN IMPERIAL HOLDING 13607JZZ4 0.27% (3) 05/12/2015 01/12/2016 9,000,000.00 9,000,000.00 CREDIT AGRICOLE CIB NY 22533US46 0.13% 05/04/2015 05/04/2015 9,000,000.00 8,999,902.50 JP MORGAN SECURITIES LLC 46640QVU2 0.35% 08/28/2015 08/28/2015 3,500,000.00 3,495,950.84 JP MORGAN SECURITIES LLC 46640EAZ1 0.34% (3) 05/11/2015 11/10/2015 2,000,000.00 2,000,000.00 JP MORGAN SECURITIES LLC 46640EBD9 0.34% (3) 05/15/2015 01/15/2016 2,000,000.00 2,000,000.00 NATIXIS US BRANCH 63873KS65 0.11% 05/06/2015 05/06/2015 9,000,000.00 8,999,862.49 PNC BANK NA 69349KU16 0.28% 07/01/2015 07/01/2015 4,000,000.00 3,998,102.02 PNC BANK NA 69349KV31 0.28% 08/03/2015 08/03/2015 4,500,000.00 4,496,710.00 PNC BANK NA 69349KW48 0.43% 09/04/2015 09/04/2015 1,000,000.00 998,494.61 STANDARD CHARTERED BANK 85324US79 0.27% 05/07/2015 05/07/2015 4,000,000.00 3,999,820.00 STANDARD CHARTERED BANK 85324UV75 0.28% 08/07/2015 08/07/2015 3,000,000.00 2,997,713.29 TOYOTA MOTOR CREDIT CORP 89233AEJ4 0.24% (3) 05/13/2015 05/13/2015 8,500,000.00 8,500,000.00 UBS FINANCE DELAWARE LLC 90262DT54 0.30% 06/05/2015 06/05/2015 3,000,000.00 2,999,139.31 US BANK NA 90349QA52 0.18% 05/01/2015 05/01/2015 8,000,000.00 8,000,000.00

Category of Investment Sub-Total 90,500,000.00 90,473,953.69 Certificate of Deposit

ALLIANCE BANK (MN) RE1068668 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 AMARILLO NATIONAL BANK (TX) RE1056796 0.41% 06/18/2015 06/18/2015 205,439.95 205,439.95 AMARILLO NATIONAL BANK (TX) RE1068718 0.44% 11/19/2015 11/19/2015 17,310.05 17,310.05 BANCO POPULAR DE PUERTO RICO - IBC (PR) RE1069518 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 BANCO SANTANDER NEW YORK RE1032979 (4) 0.28% 05/01/2015 05/01/2015 13,000,000.00 13,000,000.00 BANCO SANTANDER NEW YORK RE1030643 (4) 0.28% 05/01/2015 05/01/2015 6,000,000.00 6,000,000.00 BANCO SANTANDER NEW YORK RE1030650 (4) 0.28% 05/01/2015 05/01/2015 6,000,000.00 6,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417HD94 0.28% (3) 05/26/2015 11/23/2015 5,000,000.00 5,000,000.00 BANK OF THE WEST (CA) RE1076406 0.35% 08/13/2015 08/13/2015 184,481.08 184,481.08

Page 2 MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

Yield to Effective Final Amortized Category of Investment / Issuer CUSIP Maturity Maturity (1) Maturity (2) Principal Cost Certificate of Deposit

BOKF, NATIONAL ASSOCIATION (OK) RE1070441 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 BRANCH BANKING AND TRUST COMPANY (NC) RE1069641 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 BREMER BANK, NATIONAL ASSOCIATION (MN) RE1069344 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 CENTIER BANK (IN) RE1076257 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 CITIZENS BANK OF PENNSYLVANIA RE1031666 (4) 0.30% 05/01/2015 05/01/2015 7,000,000.00 7,000,000.00 CITIZENS BANK OF PENNSYLVANIA RE1028993 (4) 0.30% 05/01/2015 05/01/2015 15,000,000.00 15,000,000.00 CITIZENS BANK OF PENNSYLVANIA RE1031146 (4) 0.30% 05/01/2015 05/01/2015 5,000,000.00 5,000,000.00 CITIZENS BANK, ELIZABETHTON (TN) RE1076273 0.35% 08/13/2015 08/13/2015 54,867.43 54,867.43 CITIZENS NATIONAL BANK OF MERIDIAN (MS) RE1070474 0.44% 11/19/2015 11/19/2015 162,185.21 162,185.21 CITIZENS SECURITY BANK & TRUST CO (OK) RE1076232 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 CITY FIRST BANK OF D.C., NA (DC) RE1069476 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 COBIZ BANK (CO) RE1076331 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 EAST WEST BANK (CA) RE1057000 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 EVERBANK (FL) RE1069492 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 FIRST COMMUNITY BANK (VA) RE1076265 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 FIRST NATIONAL BANK OF OKLAHOMA (OK) RE1058594 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 FIRST NATIONAL BANK OF ST. LOUIS (MO) RE1076430 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 FIRST NBC BANK (LA) RE1076463 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 FIRST UNITED BANK AND TRUST COMPANY (OK) RE1070458 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 FIRST WESTERN TRUST BANK (CO) RE1058669 0.41% 06/18/2015 06/18/2015 182,909.20 182,909.20 FIRSTCAPITAL BANK OF TEXAS, NA (TX) RE1068908 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 FIVE STAR BANK (CA) RE1070417 0.44% 11/19/2015 11/19/2015 17,939.86 17,939.86 FLAGSTAR BANK, FSB (MI) RE1057026 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 FRONTIER BANK (NE) RE1069385 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 GENESEE REGIONAL BANK (NY) RE1076356 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 HERITAGE BANK NATIONAL ASSOCIATION (MN) RE1076315 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 HSBC BANK USA NA 40428AA31 0.29% 07/20/2015 07/20/2015 5,000,000.00 5,000,000.00 HSBC BANK USA NA 40428AC47 0.34% (3) 05/04/2015 02/03/2016 5,000,000.00 5,000,000.00 IBERIABANK (LA) RE1069435 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 INDEPENDENCE BANK (MT) RE1068791 0.44% 11/19/2015 11/19/2015 85,731.92 85,731.92 INDEPENDENT BANK (TX) RE1056986 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 JP MORGAN CHASE BANK 46639XAX7 0.32% (3) 05/27/2015 10/27/2015 2,500,000.00 2,500,000.00

Page 3 MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

Yield to Effective Final Amortized Category of Investment / Issuer CUSIP Maturity Maturity (1) Maturity (2) Principal Cost Certificate of Deposit

LINCOLN SAVINGS BANK (IA) RE1069369 0.44% 10/08/2015 10/08/2015 108,000.00 108,000.00 MACHIAS SAVINGS BANK (ME) RE1076323 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 MAINSTREET BANK (VA) RE1070524 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 MECHANICS & FARMERS BANK (NC) RE1069328 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 METRO BANK RE1068866 0.44% 11/19/2015 11/19/2015 36,000.00 36,000.00 METROPOLITAN BANK (MS) RE1069401 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 MORTON COMMUNITY BANK (IL) RE1068775 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 NEWBRIDGE BANK (NC) RE1076299 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 NORDEA BANK FINLAND NY 65558E6A1 0.23% 05/19/2015 05/19/2015 3,000,000.00 3,000,000.00 ONE PACIFICCOAST BANK, FSB (CA) RE1058768 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 PINNACLE BANK (NE) RE1068650 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 PROSPERITY BANK (TX) RE1076307 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 RABOBANK NEDERLAND NV NY 21684BXK5 0.27% (3) 05/07/2015 07/07/2015 6,000,000.00 6,000,000.00 ROYAL BANK OF CANADA NY 78009NRN8 0.25% (3) 05/26/2015 06/26/2015 6,000,000.00 6,000,000.00 ROYAL BANK OF CANADA NY 78009NSG2 0.27% (3) 05/11/2015 11/10/2015 1,000,000.00 1,000,000.00 SANTANDER BANK, N.A. (DE) RE1076380 0.35% 08/13/2015 08/13/2015 90,089.17 90,089.17 SANTANDER BANK, N.A. (DE) RE1068817 0.44% 11/19/2015 11/19/2015 150,910.83 150,910.83 SEASIDE NATIONAL BANK & TRUST (FL) RE1076471 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 SIGNATURE BANK NATIONAL ASSOCIATION (OH) RE1070508 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 SOUTHWEST NATIONAL BANK (KS) RE1070466 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 SPIRITBANK (OK) RE1069542 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 ST. LOUIS BANK (MO) RE1070557 0.44% 11/19/2015 11/19/2015 119,922.13 119,922.13 STANDARD CHARTERED BANK NY 85325B4N1 0.32% 07/01/2015 07/01/2015 2,000,000.00 2,000,000.00 SUSQUEHANNA BANK (PA) RE1058826 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 SVENSKA HANDELSBANKEN NY 86958DST0 0.30% 10/16/2015 10/16/2015 5,000,000.00 5,000,116.52 TEXAS COMMUNITY BANK (TX) RE1076349 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 THE BANK OF MISSOURI (MO) RE1076281 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 THE HUNTINGTON NATIONAL BANK (OH) RE1058818 0.41% 06/18/2015 06/18/2015 106,900.85 106,900.85 THE PARK NATIONAL BANK (OH) RE1069625 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 THE PRIVATEBANK AND TRUST COMPANY (IL) RE1058511 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 THE PROVIDENT BANK (NJ) RE1076240 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 TORONTO DOMINION BANK NY 89112UVD0 0.28% 05/08/2015 05/08/2015 4,000,000.00 4,000,000.00

Page 4 MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

Yield to Effective Final Amortized Category of Investment / Issuer CUSIP Maturity Maturity (1) Maturity (2) Principal Cost Certificate of Deposit

TORONTO DOMINION BANK NY 89113ELP9 0.30% 10/21/2015 10/21/2015 5,000,000.00 5,000,000.00 TOWN NORTH BANK, NA (TX) RE1068783 0.44% 11/19/2015 11/19/2015 241,000.00 241,000.00 TRISTATE CAPITAL BANK (PA) RE1058750 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 UNITED BANK (VA) RE1056895 0.41% 06/18/2015 06/18/2015 222,750.00 222,750.00 UNIVEST BANK AND TRUST CO. (PA) RE1076489 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 VALLEY NATIONAL BANK (NJ) RE1076505 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 VIEWPOINT BANK NATIONAL ASSOCIATION (TX) RE1076455 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 WATERFORD BANK, N.A. (OH) RE1069583 0.44% 10/08/2015 10/08/2015 241,000.00 241,000.00 WELLS FARGO BANK NA 94988E6K9 0.29% (3) 05/01/2015 08/18/2015 4,000,000.00 4,000,000.00 WELLS FARGO BANK NA 94988EBA5 0.29% (3) 05/01/2015 11/20/2015 2,000,000.00 2,000,000.00 WESBANCO BANK, INC. (WV) RE1076497 0.35% 08/13/2015 08/13/2015 25,062.32 25,062.32 WESTERN ALLIANCE BANK RE1076448 0.35% 08/13/2015 08/13/2015 244,500.00 244,500.00 WESTPAC BANKING CORP NY 96121TXA1 0.26% (3) 05/05/2015 08/05/2015 5,000,000.00 5,000,000.00 WESTPAC BANKING CORP NY 96121TYA0 0.27% (3) 05/27/2015 10/27/2015 2,000,000.00 2,000,000.00 WESTPAC BANKING CORP NY 96121TZJ0 0.30% (3) 05/13/2015 04/13/2016 2,000,000.00 2,000,000.00

Category of Investment Sub-Total 130,000,000.00 130,000,116.52 Asset Backed Commercial Paper

MANHATTAN ASSET FUNDING CO 56274MT85 0.20% 06/08/2015 06/08/2015 9,200,000.00 9,198,057.76

Category of Investment Sub-Total 9,200,000.00 9,198,057.76

Portfolio Totals 290,795,000.00 290,863,111.09

The Fund's Weighted Average Maturity and Weighted Average Life Maturity as of the reporting date are 41 and 76 days, respectively.

Page 5 MassDevelopment Short Term Asset Reserve Fund Schedule of Investments For the Month Ending April 30, 2015

(1) The date on which, in accordance with the terms of the instrument, the principal amount must unconditionally be paid, or in the case of an instrument called for redemption, the date on which the redemption payment must be made, taking into account the maturity date shortening exceptions allowed in Title 17 CFR §270.2a-7 regarding interest rate adjustments.

(2) The date on which, in accordance with the terms of the instrument, the principal amount must unconditionally be paid, or in the case of an instrument called for redemption, the date on which the redemption payment must be made, without taking into account interest rate adjustments.

(3) Adjustable rate instrument. Rate shown is that which is in effect as of reporting date.

(4) 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 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.

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