0001144204-12-060338.txt : 20121108 0001144204-12-060338.hdr.sgml : 20121108 20121108131451 ACCESSION NUMBER: 0001144204-12-060338 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121108 DATE AS OF CHANGE: 20121108 EFFECTIVENESS DATE: 20121108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFM Funds CENTRAL INDEX KEY: 0000807878 IRS NUMBER: 311480491 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04933 FILM NUMBER: 121189344 BUSINESS ADDRESS: STREET 1: ONE KEYSTONE PLAZA, SUITE 300 STREET 2: NORTH FRONT & MARKET STREETS CITY: HARRISBURG STATE: PA ZIP: 17101 BUSINESS PHONE: 8003383383 MAIL ADDRESS: STREET 1: ONE KEYSTONE PLAZA, SUITE 300 STREET 2: NORTH FRONT & MARKET STREETS CITY: HARRISBURG STATE: PA ZIP: 17101 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH CASH RESERVE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA LOCAL GOVERNMENT INVESTMENT FUND INC DATE OF NAME CHANGE: 19890525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PFM Funds CENTRAL INDEX KEY: 0000807878 IRS NUMBER: 311480491 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-10754 FILM NUMBER: 121189345 BUSINESS ADDRESS: STREET 1: ONE KEYSTONE PLAZA, SUITE 300 STREET 2: NORTH FRONT & MARKET STREETS CITY: HARRISBURG STATE: PA ZIP: 17101 BUSINESS PHONE: 8003383383 MAIL ADDRESS: STREET 1: ONE KEYSTONE PLAZA, SUITE 300 STREET 2: NORTH FRONT & MARKET STREETS CITY: HARRISBURG STATE: PA ZIP: 17101 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH CASH RESERVE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA LOCAL GOVERNMENT INVESTMENT FUND INC DATE OF NAME CHANGE: 19890525 0000807878 S000007237 Government Series C000019836 Government Series 0000807878 S000007238 Prime Series C000019838 SNAP(R) Fund Class C000069120 Institutional Class C000078475 Independent Schools and Colleges Class Shares C000092824 Florida Education Class Shares C000104338 Colorado Investors Class 485BPOS 1 v327440_485bpos.htm 485BPOS Unassociated Document
As filed on November 8, 2012
Registration Nos. 33-10754, 811-4933

FORM N-1A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
 
¨
Post-Effective Amendment No. 52
 
x
      
and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 54
 
x
(Check appropriate box or boxes.)

PFM Funds
(Exact name of registrant as specified in charter)

One Keystone Plaza, Suite 300, North Front & Market Streets
Harrisburg, Pennsylvania 17101
(Address of principal executive offices) (Zip code)

(800) 338-3383
(Registrant's telephone number, including area code).

PFM Asset Management LLC
One Keystone Plaza, Suite 300, North Front & Market Streets
Harrisburg, Pennsylvania 17101
(Name and address of agent for service)

Copy to:

Kenneth S. Gerstein, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022

Approximate Date of Proposed Public Offering

It is proposed that this filing will become effective
(check appropriate box)
 
x
immediately upon filing pursuant to paragraph (b)
 
¨
on [date] pursuant to paragraph (b)
 
¨
60 days after filing pursuant to paragraph (a)(1)
 
¨
on [date] pursuant to paragraph (a)(1)
 
¨
75 days after filing pursuant to paragraph (a)(2)
 
¨
on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

 
¨
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Harrisburg, and the State of Pennsylvania on the 8th day of November, 2012.
 
 
PFM FUNDS
 
(Registrant)
   
 
By:
/s/ Martin P. Margolis *
 
 
Martin P. Margolis, President
 
(Principal Executive Officer)

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.

Signature
 
Title
 
Date
         
/s/ Martin P. Margolis *
 
Trustee and President
 
November 8, 2012
Martin P. Margolis
 
(Principal Executive Officer)
   
         
/s/ Michael P. Flanagan *
 
Trustee
 
November 8, 2012
Michael P. Flanagan
       
         
/s/ Larry W. Davenport *
 
Trustee
 
November 8, 2012
Larry W. Davenport
       
         
/s/ Jeffrey A. Laine *
 
Trustee
 
November 8, 2012
Jeffrey A. Laine
       
         
/s/ Brian M. Marcel *
 
Trustee
 
November 8, 2012
Brian M. Marcel
       
         
/s/ Robert R. Sedivy *
 
Trustee
 
November 8, 2012
Robert R. Sedivy
       
         
/s/ Joseph W. White *
 
Trustee
 
November 8, 2012
Joseph W. White
       
         
/s/ Debra J. Goodnight  *
 
Treasurer
 
November 8, 2012
Debra J. Goodnight
 
(Principal Financial Officer)
   
         
* /s/ Daniel R. Hess
       
Attorney-in-fact.
       
 
 
 

 

EXHIBIT LIST
Exhibit No.
Exhibit
   
EX-101.INS
XBRL Instance Document
   
EX-101.SCH
XBRL Taxonomy Extension Schema Document
   
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
 
 
 

 
EX-101.INS 2 ck0000807878-20120630.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-06-30 0000807878 2012-10-31 PFM Funds false 2012-10-31 2012-10-31 <div style="display:none">~ http://www.pfmfunds.com/role/ExpenseExample_S000007238Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/BarChartData_S000007238Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>To provide high current income consistent with stability, safety of principal,<br />and liquidity, and to maintain a stable net asset value ("NAV") of $1.00 per<br />share.</tt> <tt>This example is intended to help you compare the cost of investing in the SNAP<br />Fund Class of the Fund with the cost of investing in other mutual funds and<br />share classes. The example assumes that you invest $10,000 for the time periods<br />indicated and then redeem all of your shares at the end of the period. The example <br />also assumes that you earn a 5% return each year on your investment and that the <br />operating expenses remain the same.</tt> <tt>The Fund invests exclusively in the following high quality, short-term money<br />market instruments:<br />&#xA0;&#xA0;<br /> &#x2022; US Government and agency obligations, and repurchase agreements involving these<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br /> &#x2022; Obligations of US companies<br /><br /> &#x2022; Obligations of financial institutions<br />&#xA0;&#xA0;<br /> &#x2022; Obligations of US municipalities<br />&#xA0;&#xA0;<br /> &#x2022; Other money market mutual funds that invest exclusively in these types of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;<br />The Fund maintains a dollar-weighted average portfolio maturity of no more than<br />60 days and a dollar-weighted life (final maturity, disregarding interest rate<br />adjustments) of no more than 120 days.</tt> Prime Series SNAP Fund Class Shares Expense Example Investment Objective Past performance may not indicate future results and yields may vary. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Investment Risks Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year-by-Year Total Return (shown for calendar years) (%) Performance The following information illustrates how the Fund has performed over time. <tt>Highest Quarter Return: Q3 2007&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.34%<br />Lowest Quarter Return: Q3 2011&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.05%<br />YTD as of 9/30/12 (not annualized):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.23%</tt> (800) 570-SNAP Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (%) (for the periods ended December 31, 2011) <tt>Although the Fund invests exclusively in high-quality securities, an investment<br />in the Fund - like an investment in any money market fund - is subject to<br />certain risks, such as:<br />&#xA0;&#xA0;<br />&#x2022; Interest Rate Risk&#xA0;&#xA0;&#xA0;When short-term interest rates fall, the Fund's yield is&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;likely to fall. When interest rates rise, the values of obligations held by&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Prime Series may decline. If the rise is sharp or unexpected, the Fund's share <br />&#xA0;&#xA0;price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#x2022; Credit Risk&#xA0;&#xA0;&#xA0;The issuer of an obligation could fail to pay interest and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;principal in a timely manner. The credit quality of the Fund's holdings could&#xA0;&#xA0;<br />&#xA0;&#xA0;change rapidly in certain markets, and the default or decline in credit quality<br />&#xA0;&#xA0;of even a single holding could cause the Fund's share price to fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />&#x2022; Management Risk&#xA0;&#xA0;&#xA0;Performance could be hurt by decisions made by the investment&#xA0;&#xA0;<br />&#xA0;&#xA0;adviser, such as choice of investments and timing of buy/sell decisions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />An investment in the Fund is not insured or guaranteed by the Federal Deposit<br />Insurance Corporation or any other government agency. Although the Fund seeks to<br />preserve the value of your investment at $1.00 per share, it is possible to lose<br />money by investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The following information illustrates how the Fund has performed over time. <br />For current yield information, call (800) 570-SNAP. Past performance may not<br />indicate future results and yields may vary.</tt> <tt>These are the fees and expenses you may pay when you buy and hold shares of the<br />SNAP Fund Class of the Fund. Other expenses incurred by the SNAP&#xAE; Program, or by<br />participants in the SNAP&#xAE; Program, that are not expenses of the Fund are not<br />reflected.<br /> </tt> <div style="display:none">~ http://www.pfmfunds.com/role/OperatingExpensesData_S000007238Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/PerformanceTableData_S000007238Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0186 Lowest Quarter Return: Highest Quarter Return: 2012-09-30 0.0002 9 2007-09-30 29 0.0005 0.0134 0.0028 116 51 0.0536 0.0134 0.0021 0.0003 0.0302 0.0006 2011-09-30 0.0068 0.0189 0.0320 YTD 0.0001 0.0021 0.0116 0.0000 0.0220 0.0009 0.0511 0.0347 1995-07-24 0.0023 <div style="display:none">~ http://www.pfmfunds.com/role/ExpenseExample_S000007238Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/BarChartData_S000007238Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>To provide high current income consistent with stability, safety of principal,<br />and liquidity, and to maintain a stable net asset value of $1.00 per share.</tt> <tt>This example is intended to help you compare the cost of investing in the<br />Colorado Investors Class of Prime Series with the cost of investing in other<br />mutual funds and share classes. The example assumes that you invest $10,000 for<br />the time periods indicated and then redeem all of your shares at the end of the<br />period. The example also assumes that you earn a 5% return each year on your<br />investment and that the operating expenses remain the same.</tt> <tt>Prime Series invests exclusively in the following high quality, short-term money<br />market instruments:<br /> <br /> &#xB7; US Government and agency obligations, and repurchase agreements involving these<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br /> &#xB7; Obligations of US companies<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of financial institutions<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of US municipalities<br />&#xA0;&#xA0;<br /> &#xB7; Other money market mutual funds that invest exclusively in these types of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />Prime Series maintains a dollar-weighted average portfolio maturity of no more<br />than 60 days and a dollar-weighted life (final maturity, disregarding interest<br />rate adjustments) of no more than 120 days.</tt> Prime Series Colorado Investors Class Expense Example Investment Objective Past performance may not indicate future results and yields may vary. Although Prime Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Prime Series. Principal Investment Risks Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year-by-Year Total Return (shown for calendar years) (%) Performance The following information is intended to illustrate how the SNAP Fund Class of Prime Series has performed over time. <tt>Highest Quarter Return: Q3 2007&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.34%<br />Lowest Quarter Return: Q3 2011&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.05%<br />YTD as of 9/30/12 (not annualized):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.23%</tt> (800) 338-3383 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return (%) (for the periods ended December 31, 2011) <tt>Although Prime Series invests exclusively in high-quality securities, an<br />investment in Prime Series - like an investment in any money market fund - is<br />subject to certain risks, such as:<br /> <br /> &#xB7; Interest Rate Risk&#xA0;&#xA0;&#xA0;When short-term interest rates fall, Prime Series' yield is <br />&#xA0;&#xA0;likely to fall. When interest rates rise, the values of obligations held by&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Prime Series may decline. If the rise is sharp or unexpected, Prime Series'&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br /> &#xB7; Credit Risk&#xA0;&#xA0;&#xA0;The issuer of an obligation could fail to pay interest and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;principal in a timely manner. The credit quality of Prime Series' holdings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;could change rapidly in certain markets, and the default or decline in credit&#xA0;&#xA0;<br />&#xA0;&#xA0;quality of even a single holding could cause Prime Series' share price to fall.<br />&#xA0;&#xA0;<br /> &#xB7; Management Risk&#xA0;&#xA0;&#xA0;Performance could be hurt by decisions made by the investment&#xA0;&#xA0;<br />&#xA0;&#xA0;adviser, such as choice of investments and timing of buy/sell decisions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />An investment in Prime Series is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other government agency. Although Prime<br />Series seeks to preserve the value of your investment at $1.00 per share, it is<br />possible to lose money by investing in Prime Series.</tt> Fees and Expenses Principal Investment Strategies <tt>The following information is intended to illustrate how the SNAP Fund Class of<br />Prime Series has performed over time. Performance information for the Colorado<br />Investors Class is not shown because that class does not have annual returns for<br />at least one calendar year. The performance of the Colorado Investors Class of<br />Prime Series will vary due to different expenses than those of the SNAP Fund<br />Class of Prime Series. For current yield information, call (800) 338-3383. Past<br />performance may not indicate future results and yields may vary.<br /> </tt> <tt>These are the fees and expenses you may pay when you buy and hold shares of the<br />Colorado Investors Class of Prime Series.</tt> <div style="display:none">~ http://www.pfmfunds.com/role/OperatingExpensesData_S000007238Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/PerformanceTableData_S000007238Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in Prime Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0186 Lowest Quarter Return: Highest Quarter Return: 2012-09-30 0.0009 13 2007-09-30 48 0.0005 0.0134 -0.0004 0.0028 201 86 0.0536 0.0134 0.0021 0.0010 0.0302 0.0006 2013-10-31 2011-09-30 0.0068 0.0189 0.0320 YTD 0.0001 0.0021 0.0116 0.0000 0.0220 0.0012 0.0016 0.0511 0.0347 1995-07-24 0.0023 <div style="display:none">~ http://www.pfmfunds.com/role/ExpenseExample_S000007238Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/BarChartData_S000007238Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>To provide high current income consistent with stability, safety of principal,<br />and liquidity, and to maintain a stable net asset value of $1.00 per share.</tt> <tt>This example is intended to help you compare the cost of investing in the<br />Independent Schools Class of Prime Series with the cost of investing in other<br />mutual funds and share classes. The example assumes that you invest $10,000 for<br />the time periods indicated and then redeem all of your shares at the end of the<br />period. The example also assumes that you earn a 5% return each year on your<br />investment and that the operating expenses remain the same.</tt> <tt>Prime Series invests exclusively in the following high quality, short-term money<br />market instruments:<br /><br /> &#xB7; US Government and agency obligations, and repurchase agreements involving these<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of US companies<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of financial institutions<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of US municipalities<br />&#xA0;&#xA0;<br /> &#xB7; Other money market mutual funds that invest exclusively in these types of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />Prime Series maintains a dollar-weighted average portfolio maturity of no more<br />than 60 days and a dollar-weighted life (final maturity, disregarding interest<br />rate adjustments) of no more than 120 days.</tt> Prime Series Independent Schools and Colleges Class Expense Example Investment Objective Past performance may not indicate future results and yields may vary. Although Prime Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Prime Series. Principal Investment Risks Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year-by-Year Total Return (shown for calendar years) (%) Performance The following information illustrates how Independent Schools Class Shares have performed over time. <tt>Highest Quarter Return: Q3 2010&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.06%<br />Lowest Quarter Return: Q2 2011&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.03%<br />YTD as of 9/30/12 (not annualized):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.16%</tt> (800) 338-3383 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return (%) (for the periods ended December 31, 2011) <tt>Although Prime Series invests exclusively in high-quality securities, an<br />investment in Prime Series - like an investment in any money market fund - is<br />subject to certain risks, such as:<br /> <br /> &#xB7; Interest Rate&#xA0;&#xA0;&#xA0;Risk When short-term interest rates fall, Prime Series' yield is <br />&#xA0;&#xA0;likely to fall. When interest rates rise, the values of obligations held by&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Prime Series may decline. If the rise is sharp or unexpected, Prime Series'&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br /> &#xB7; Credit Risk&#xA0;&#xA0;&#xA0;The issuer of an obligation could fail to pay interest and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;principal in a timely manner. The credit quality of Prime Series' holdings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;could change rapidly in certain markets, and the default or decline in credit&#xA0;&#xA0;<br />&#xA0;&#xA0;quality of even a single holding could cause Prime Series' share price to fall.<br />&#xA0;&#xA0;<br /> &#xB7; Management Risk&#xA0;&#xA0;&#xA0;Performance could be hurt by decisions made by the investment&#xA0;&#xA0;<br />&#xA0;&#xA0;adviser, such as choice of investments and timing of buy/sell decisions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />An investment in Prime Series is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other government agency. Although Prime<br />Series seeks to preserve the value of your investment at $1.00 per share, it is<br />possible to lose money by investing in Prime Series.</tt> Fees and Expenses Principal Investment Strategies <tt>The following information illustrates how Independent Schools Class Shares have<br />performed over time. For current yield information, call (800) 338-3383. Returns<br />for other classes were different and are not shown here. Past performance may<br />not indicate future results and yields may vary.</tt> <tt>These are the fees and expenses you may pay when you buy and hold shares of the<br />Independent Schools Class of Prime Series.</tt> <div style="display:none">~ http://www.pfmfunds.com/role/OperatingExpensesData_S000007238Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/PerformanceTableData_S000007238Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in Prime Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Lowest Quarter Return: Highest Quarter Return: 2012-09-30 0.0017 27 2010-09-30 84 0.0003 0.0019 331 146 0.0006 0.0017 0.0020 0.0006 2013-10-31 2011-06-30 YTD 0.0003 0.0017 0.0000 0.0026 0.0022 2009-05-11 0.0016 <div style="display:none">~ http://www.pfmfunds.com/role/ExpenseExample_S000007238Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/BarChartData_S000007238Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>To provide high current income consistent with stability, safety of principal,<br />and liquidity, and to maintain a stable net asset value of $1.00 per share.</tt> <tt>This example is intended to help you compare the cost of investing in the<br />Institutional Class of Prime Series with the cost of investing in other mutual<br />funds and share classes. The example assumes that you invest $10,000 for the<br />time periods indicated and then redeem all of your shares at the end of the<br />period. The example also assumes that you earn a 5% return each year on your<br />investment and that the operating expenses remain the same.</tt> <tt>Prime Series invests exclusively in the following high quality, short-term money<br />market instruments:<br />&#xA0;&#xA0;<br /> &#xB7; US Government and agency obligations, and repurchase agreements involving these<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of US companies<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of financial institutions<br />&#xA0;&#xA0;<br /> &#xB7; Obligations of US municipalities<br />&#xA0;&#xA0;<br /> &#xB7; Other money market mutual funds that invest exclusively in these types of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />Prime Series maintains a dollar-weighted average portfolio maturity of no more<br />than 60 days and a dollar-weighted life (final maturity, disregarding interest<br />rate adjustments) of no more than 120 days.</tt> Prime Series Institutional Class Expense Example Investment Objective Past performance may not indicate future results and yields may vary. Although Prime Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Prime Series. Principal Investment Risks Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year-by-Year Total Return (shown for calendar years) (%) Performance The following information illustrates how Institutional Class Shares have performed over time. <tt>Highest Quarter Return: Q1 2009&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.29%<br />Lowest Quarter Return: Q3 2011&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.03%<br />YTD as of 9/30/12 (not annualized):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.17%</tt> (800) 338-3383 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return (%) (for the periods ended December 31, 2011) <tt>Although Prime Series invests exclusively in high-quality securities, an<br />investment in Prime Series - like an investment in any money market fund - is<br />subject to certain risks, such as:<br />&#xA0;&#xA0;<br /> &#xB7; Interest Rate Risk&#xA0;&#xA0;&#xA0;When short-term interest rates fall, Prime Series' yield <br />&#xA0;&#xA0;is likely to fall. When interest rates rise, the values of obligations held by&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Prime Series may decline. If the rise is sharp or unexpected, Prime Series'&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br /> &#xB7; Credit Risk&#xA0;&#xA0;&#xA0;The issuer of an obligation could fail to pay interest and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;principal in a timely manner. The credit quality of Prime Series' holdings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;could change rapidly in certain markets, and the default or decline in credit&#xA0;&#xA0;<br />&#xA0;&#xA0;quality of even a single holding could cause Prime Series' share price to fall.<br />&#xA0;&#xA0;<br /> &#xB7; Management Risk&#xA0;&#xA0;&#xA0;Performance could be hurt by decisions made by the investment&#xA0;&#xA0;<br />&#xA0;&#xA0;adviser, such as choice of investments and timing of buy/sell decisions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />An investment in Prime Series is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other government agency. Although Prime<br />Series seeks to preserve the value of your investment at $1.00 per share, it is<br />possible to lose money by investing in Prime Series.</tt> Fees and Expenses Principal Investment Strategies <tt>The following information illustrates how Institutional Class Shares have<br />performed over time. For current yield information, call (800) 338-3383. <br />Returns for other classes were different and are not shown here. Past <br />performance may not indicate future results and yields may vary.</tt> <tt>These are the fees and expenses you may pay when you buy and hold shares of the<br />Institutional Class of Prime Series.</tt> <div style="display:none">~ http://www.pfmfunds.com/role/OperatingExpensesData_S000007238Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/PerformanceTableData_S000007238Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in Prime Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Lowest Quarter Return: Highest Quarter Return: 2012-09-30 0.0009 17 2009-03-31 55 0.0003 0.0020 217 96 0.0029 0.0014 0.0011 0.0006 2011-09-30 0.0057 YTD 0.0002 0.0014 0.0000 0.0017 0.0046 2008-09-29 0.0017 <div style="display:none">~ http://www.pfmfunds.com/role/ExpenseExample_S000007237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/BarChartData_S000007237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>To provide high current income consistent with stability, safety of principal,<br />and liquidity, and to maintain a stable net asset value of $1.00 per share.</tt> <tt>This example is intended to help you compare the cost of investing in Government<br />Series with the cost of investing in other mutual funds and share classes. The<br />example assumes that you invest $10,000 for the time periods indicated and then<br />redeem all of your shares at the end of the period. The example also assumes<br />that you earn a 5% return each year on your investment and that the operating<br />expenses remain the same.</tt> <tt>Government Series invests exclusively in the following high quality, short-term<br />money market instruments:<br />&#xA0;&#xA0;<br /> &#xB7; US Government and agency obligations<br />&#xA0;&#xA0;<br /> &#xB7; Obligations issued by entities with liquidity support from the US Government or<br />&#xA0;&#xA0;its agencies or instrumentalities&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> &#xB7; Repurchase agreements involving these obligations<br />&#xA0;&#xA0;<br /> &#xB7; Other money market mutual funds that invest exclusively in these types of&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />Government Series maintains a dollar-weighted average portfolio maturity of no<br />more than 60 days and a dollar-weighted life (final maturity, disregarding<br />interest rate adjustments) of no more than 120 days.</tt> Government Series Expense Example Investment Objective Past performance may not indicate future results and yields may vary. Although Government Series seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Government Series. Principal Investment Risks Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Year-by-Year Total Return (shown for calendar years) (%) Performance The following information illustrates how Government Series has performed over time. <tt>Highest Quarter Return: Q3 2007&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1.29%<br />Lowest Quarter Return: Q3 2011&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.01%<br />YTD as of 9/30/12 (not annualized):&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;0.03%</tt> (800) 338-3383 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Return (%) (for the periods ended December 31, 2011) <tt>Although Government Series invests exclusively in high-quality securities, an<br />investment in Government Series - like an investment in any money market fund -<br />is subject to certain risks, such as:<br />&#xA0;&#xA0;<br /> &#xB7; Interest Rate Risk&#xA0;&#xA0;&#xA0;When short-term interest rates fall, Government Series'&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;yield is likely to fall. When interest rates rise, the values of obligations&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;held by Government Series may decline. If the rise is sharp or unexpected,&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;Government Series' share price could fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br /> &#xB7; Credit Risk&#xA0;&#xA0;&#xA0;The issuer of an obligation could fail to pay interest and&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;principal in a timely manner. The credit quality of Government Series' holdings<br />&#xA0;&#xA0;could change rapidly in certain markets, and the default or decline in credit&#xA0;&#xA0;<br />&#xA0;&#xA0;quality of even a single holding could cause Government Series' share price to <br />&#xA0;&#xA0;fall.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br /> &#xB7; Management Risk&#xA0;&#xA0;&#xA0;Performance could be hurt by decisions made by the investment&#xA0;&#xA0;<br />&#xA0;&#xA0;adviser, such as choice of investments and timing of buy/sell decisions.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;<br />An investment in Government Series is not insured or guaranteed by the Federal<br />Deposit Insurance Corporation or any other government agency. Although Government <br />Series seeks to preserve the value of your investment at $1.00 per share, it is <br />possible to lose money by investing in Government Series.</tt> Fees and Expenses Principal Investment Strategies <tt>The following information illustrates how Government Series has performed over<br />time. For current yield information, call (800) 338-3383. Returns for other<br />classes were different and are not shown here. Past performance may not indicate<br />future results and yields may vary.</tt> <tt>These are the fees and expenses you may pay when you buy and hold shares of<br />Government Series.</tt> <div style="display:none">~ http://www.pfmfunds.com/role/OperatingExpensesData_S000007237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.pfmfunds.com/role/PerformanceTableData_S000007237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in Government Series is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <tt>Pursuant to a fee reduction agreement with the Trust, PFM Asset Management may,<br />but is not obligated to, temporarily reduce its investment advisory, administartion <br />or transfer agent fees payable by Government Series. Fees waived subject to the fee <br />reduction agreement may be recouped by PFM Asset Management for up to three years, <br />subject to certain terms and conditions.</tt> 0.0155 Lowest Quarter Return: Highest Quarter Return: 2012-09-30 0.0009 22 2007-09-30 68 0.0001 0.0112 0.0013 268 118 0.0506 0.0129 0.0006 0.0013 0.0237 0.0008 2011-09-30 0.0039 0.0158 0.0294 YTD 0.0004 0.0006 0.0086 0.0000 0.0191 0.0021 0.0480 0.0264 1999-01-05 0.0003 0000807878 ck0000807878:SummaryS000007237Memberck0000807878:S000007237Memberck0000807878:C000019836Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007237Memberck0000807878:S000007237Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-1Memberck0000807878:S000007238Memberck0000807878:C000069120Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-1Memberck0000807878:S000007238Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-2Memberck0000807878:S000007238Memberck0000807878:C000078475Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-2Memberck0000807878:S000007238Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-3Memberck0000807878:S000007238Memberck0000807878:C000104338Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-3Memberck0000807878:S000007238Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-4Memberck0000807878:S000007238Memberck0000807878:C000019838Member 2012-10-31 2012-10-31 0000807878 ck0000807878:SummaryS000007238-4Memberck0000807878:S000007238Member 2012-10-31 2012-10-31 0000807878 2012-10-31 2012-10-31 pure iso4217:USD Government Series inception: 1/5/1999 Institutional Class Shares inception: 9/29/08 Independent Schools Class Shares inception: 5/11/09 The Adviser will waive a portion of its investment advisory, administration or transfer agency fees through October 31, 2013 pursuant to a contractual expense limitation agreement in order to limit ordinary operating expenses of the Independent Schools Class to not more than 0.26% of average daily net assets. This limitation does not apply to any taxes, interest, brokerage commissions or extraordinary expenses that, if incurred, would increase the overall expense ratio. The Adviser will waive a portion of investment advisory, administration or transfer agency fees through October 31, 2013 pursuant to a contractual expense limitation agreement in order to limit ordinary operating expenses of the Colorado Investors Class to not more than 0.12% of average daily net assets. This limitation does not apply to any taxes, interest, brokerage commissions or extraordinary expenses that, if incurred, would increase the overall expense ratio. SNAP Fund Class Shares inception: 7/24/1995 The Adviser may voluntarily waive a portion of transfer agent fees payable by the SNAP Fund Class of shares. It currently expects to waive a portion of its investment advisory, administration or transfer agency fees in order that such fees do not exceed an aggregate effective rate of 0.09% of the average daily net assets of the SNAP Fund Class up to $1 billion, 0.065% of the average daily net assets of the SNAP Fund Class from $1 billion to $3 billion and 0.05% of the average daily net assets of the SNAP Fund Class in excess of $3 billion on an annualized basis. 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