Final Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Repurchase Agreement CREDIT AGRICOLE CIB/US RPQD09UN8 0.82% 04/03/2017 04/03/2017 04/03/2017 75,000,000.00 75,000,000.00 U.S. Treasury Debt 75,000,000.00 75,000,000.00 UNITED STATES TREASURY 912828SQ4 0.88% 04/17/2017 04/17/2017 04/17/2017 399,791,040.00 400,327,009.23 UNITED STATES TREASURY 912796LE7 0.80% 06/15/2017 06/15/2017 06/15/2017 50,000,000.00 49,917,187.53 UNITED STATES TREASURY 912796KL2 0.92% 09/14/2017 09/14/2017 09/14/2017 25,000,000.00 24,894,924.35 U.S. Government Agency Repurchase Agreement 474,791,040.00 475,139,121.11 GOLDMAN SACHS & CO RPQD09U99 0.79% 04/03/2017 04/03/2017 04/03/2017 38,000,000.00 38,000,000.00 GOLDMAN SACHS & CO RP9J0VIV1 0.78% 04/07/2017 04/07/2017 05/04/2017 150,000,000.00 150,000,000.00 U.S. Government Agency Debt 188,000,000.00 188,000,000.00 FEDERAL HOME LOAN BANKS 313385GB6 0.77% 05/26/2017 05/26/2017 05/26/2017 50,000,000.00 49,941,256.95 FEDERAL HOME LOAN BANKS 313385GY6 0.80% 06/16/2017 06/16/2017 06/16/2017 25,000,000.00 24,957,988.90 Non-Financial Company Commercial Paper 75,000,000.00 74,899,245.85 EXXON MOBIL CORP 30229AR50 0.82% 04/05/2017 04/05/2017 04/05/2017 50,000,000.00 49,995,444.46 Financial Company Commercial Paper 50,000,000.00 49,995,444.46 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BT29 1.28% 06/02/2017 06/02/2017 06/02/2017 70,000,000.00 69,846,894.75 BANK OF TOKYO MITSUBISHI UFJ LTD 06538BTF0 1.30% 06/15/2017 06/15/2017 06/15/2017 10,000,000.00 9,973,124.80 ING (US) FUNDING LLC 4497W0TC2 1.26% 06/12/2017 06/12/2017 06/12/2017 40,000,000.00 39,900,000.12 ING (US) FUNDING LLC 44988KBC2 1.34% 04/12/2017 06/12/2017 06/12/2017 50,000,000.00 50,000,000.00 Page 1
Final Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper ING (US) FUNDING LLC 4497W0U71 1.28% 07/07/2017 07/07/2017 07/07/2017 10,000,000.00 9,965,780.63 JP MORGAN SECURITIES LLC 46640EDZ8 1.23% 04/10/2017 06/08/2017 06/08/2017 50,000,000.00 50,000,000.00 JP MORGAN SECURITIES LLC 46640PVU4 1.21% 08/28/2017 08/28/2017 08/28/2017 50,000,000.00 49,751,666.73 NATIXIS NY BRANCH 63873LAC9 1.41% 04/03/2017 05/01/2017 05/01/2017 10,000,000.00 10,004,636.89 PRUDENTIAL FUNDING LLC 74433GR73 0.80% 04/07/2017 04/07/2017 04/07/2017 30,000,000.00 29,996,000.00 TOYOTA MOTOR CREDIT CORP 89233GT55 1.12% 06/05/2017 06/05/2017 06/05/2017 30,000,000.00 29,939,874.93 TOYOTA MOTOR CREDIT CORP 89233ASV2 1.30% 04/26/2017 07/18/2017 07/18/2017 30,000,000.00 30,000,000.00 TOYOTA MOTOR CREDIT CORP 89233ATV1 1.09% 04/10/2017 12/04/2017 12/04/2017 40,000,000.00 40,000,000.00 420,000,000.00 419,377,978.85 BANK OF AMERICA NA 06050FBV3 1.27% 04/12/2017 07/12/2017 07/12/2017 50,000,000.00 50,000,000.00 BANK OF AMERICA NA 06052TWE6 1.30% 10/10/2017 10/10/2017 10/10/2017 25,000,000.00 25,000,000.00 BANK OF MONTREAL 06427KBD8 1.51% 04/24/2017 10/24/2017 10/24/2017 20,000,000.00 20,041,962.99 BANK OF MONTREAL CHICAGO 06427KNT0 1.08% 04/04/2017 04/04/2017 04/04/2017 28,000,000.00 28,000,000.00 BANK OF MONTREAL CHICAGO 06427KUL9 1.13% 06/20/2017 06/20/2017 06/20/2017 30,000,000.00 30,000,000.00 BANK OF MONTREAL CHICAGO 06427KJ81 1.21% 04/03/2017 07/03/2017 07/03/2017 22,000,000.00 22,000,000.00 BANK OF NOVA SCOTIA 06417GRQ3 1.27% 04/18/2017 06/14/2017 06/14/2017 30,000,000.00 30,000,000.00 BANK OF NOVA SCOTIA 06417GRK6 1.44% 06/08/2017 12/08/2017 12/08/2017 50,000,000.00 50,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GMJ4 1.13% 05/16/2017 05/16/2017 05/16/2017 20,000,000.00 20,003,828.79 BANK OF TOKYO MITSUBISHI UFJ LTD 06538NXY8 1.42% 09/01/2017 09/01/2017 09/01/2017 20,000,000.00 19,993,975.78 BNP PARIBAS NY BRANCH 05582WJD7 1.17% 06/05/2017 06/05/2017 06/05/2017 22,000,000.00 22,000,000.00 BNP PARIBAS NY BRANCH 05582WHZ0 1.31% 09/01/2017 09/01/2017 09/01/2017 20,000,000.00 20,000,000.00 BNP PARIBAS NY BRANCH 05582WKV5 1.40% 10/02/2017 10/02/2017 10/02/2017 50,000,000.00 50,000,000.00 CANADIAN IMP BK COMM NY 13606A6W3 1.26% 04/03/2017 08/03/2017 08/03/2017 50,000,000.00 50,000,000.00 CANADIAN IMP BK COMM NY 13606BAG1 1.39% 10/10/2017 10/10/2017 10/10/2017 25,000,000.00 25,000,000.00 CANADIAN IMP BK COMM NY 13606BAS5 1.40% 10/13/2017 10/13/2017 10/13/2017 25,000,000.00 25,000,000.00 CITIBANK NA 17305TGB2 1.10% 04/21/2017 04/21/2017 04/21/2017 10,000,000.00 9,999,942.74 CITIBANK NA 17305TGK2 1.14% 05/08/2017 05/08/2017 05/08/2017 60,000,000.00 60,000,000.00 Page 2
Final Category of Investment / Issuer CUSIP WAM WAL Date CITIBANK NA 17305TGQ9 1.14% 05/08/2017 05/08/2017 05/08/2017 20,000,000.00 20,000,000.00 CITIBANK NA 17305THV7 1.21% 06/01/2017 06/01/2017 06/01/2017 10,000,000.00 10,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ELU1 1.19% 04/05/2017 07/06/2017 07/06/2017 20,000,000.00 20,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271ELV9 1.44% 06/13/2017 12/13/2017 12/13/2017 35,000,000.00 35,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMC0 1.29% 05/02/2017 02/02/2018 02/02/2018 25,000,000.00 25,000,000.00 CREDIT AGRICOLE CIB NY 22534HVF5 1.22% 06/12/2017 06/12/2017 06/12/2017 50,000,000.00 50,000,000.00 CREDIT AGRICOLE CIB NY 22534HVM0 1.23% 06/19/2017 06/19/2017 06/19/2017 50,000,000.00 50,000,000.00 CREDIT SUISSE NEW YORK 22549VRZ8 0.88% 04/07/2017 04/07/2017 04/07/2017 20,000,000.00 20,001,875.00 DNB NOR BANK ASA NY 23340QB93 0.85% 04/06/2017 04/06/2017 04/06/2017 50,000,000.00 50,000,000.00 DNB NOR BANK ASA NY 23340QA60 1.09% 06/19/2017 06/19/2017 06/19/2017 50,000,000.00 50,000,000.00 MIZUHO BANK LTD NY 60689DW82 1.43% 04/05/2017 06/05/2017 06/05/2017 20,000,000.00 20,000,000.00 MIZUHO BANK LTD/NY 60689DW90 1.43% 04/06/2017 06/06/2017 06/06/2017 50,000,000.00 50,000,000.00 MIZUHO BANK LTD/NY 60689DY49 1.60% 04/19/2017 06/19/2017 06/19/2017 10,000,000.00 10,000,000.00 MIZUHO BANK LTD/NY 60689D2F9 1.44% 04/06/2017 07/06/2017 07/06/2017 20,000,000.00 20,000,000.00 NATIXIS US BRANCH 63873NBZ3 0.89% 04/03/2017 04/03/2017 04/03/2017 90,000,000.00 90,000,000.00 NORDEA BANK FINLAND NY 65558LFA5 1.09% 05/26/2017 05/26/2017 05/26/2017 30,000,000.00 30,002,258.78 NORINCHUKIN BANK NY 65602UMJ4 1.05% 05/10/2017 05/10/2017 05/10/2017 50,000,000.00 50,000,000.00 NORINCHUKIN BANK NY 65602UME5 1.12% 06/02/2017 06/02/2017 06/02/2017 20,000,000.00 20,000,279.63 NORINCHUKIN BANK NY 65602UMV7 1.11% 06/08/2017 06/08/2017 06/08/2017 30,000,000.00 29,999,354.69 ROYAL BANK OF CANADA NY 78009NN85 1.36% 04/28/2017 06/29/2017 06/29/2017 39,000,000.00 39,000,000.00 ROYAL BANK OF CANADA NY 78009NL79 1.31% 04/10/2017 09/08/2017 09/08/2017 50,000,000.00 50,000,000.00 ROYAL BANK OF CANADA NY 78009NS56 1.24% 04/20/2017 12/20/2017 12/20/2017 10,000,000.00 10,000,000.00 SOCIETE GENERALE NY 83369YKD7 1.27% 07/24/2017 07/24/2017 07/24/2017 50,000,000.00 50,000,000.00 SOCIETE GENERALE NY 83369YNT9 1.24% 08/01/2017 08/01/2017 08/01/2017 50,000,000.00 50,000,000.00 SUMITOMO MITSUI BANK NY 86563YLW1 1.36% 04/05/2017 06/05/2017 06/05/2017 42,000,000.00 42,000,000.00 SUMITOMO MITSUI BANK NY 86563YMB6 1.39% 04/05/2017 06/05/2017 06/05/2017 33,000,000.00 33,000,000.00 SUMITOMO MITSUI BANK NY 86563YMK6 1.58% 04/19/2017 06/19/2017 06/19/2017 25,000,000.00 25,000,000.00 SWEDBANK NY 87019UZC6 0.88% 04/03/2017 04/03/2017 04/03/2017 90,000,000.00 90,000,000.00 TORONTO DOMINION BANK NY 89113WC95 1.15% 07/05/2017 07/05/2017 07/05/2017 50,000,000.00 50,000,000.00 Page 3
Final Category of Investment / Issuer CUSIP WAM WAL Date TORONTO DOMINION BANK NY 89113WXT8 1.18% 09/01/2017 09/01/2017 09/01/2017 50,000,000.00 50,000,000.00 UBS AG STAMFORD CT 90275DDW7 1.31% 08/10/2017 08/10/2017 08/10/2017 50,000,000.00 50,000,000.00 UBS AG STAMFORD CT 90275DFC9 1.42% 11/13/2017 11/13/2017 11/13/2017 50,000,000.00 50,000,000.00 WELLS FARGO BANK NA 94989RDG0 1.19% 04/03/2017 06/01/2017 06/01/2017 20,000,000.00 20,000,000.00 WELLS FARGO BANK NA 94989REC8 1.40% 04/21/2017 06/21/2017 06/21/2017 10,000,000.00 10,000,000.00 WELLS FARGO BANK NA 94989RDP0 1.45% 06/08/2017 12/07/2017 12/07/2017 20,000,000.00 20,000,000.00 WELLS FARGO BANK NA 94989RGL6 1.31% 05/08/2017 02/06/2018 02/06/2018 30,000,000.00 30,000,000.00 WELLS FARGO BANK NA 94989RJC3 1.30% 06/30/2017 03/29/2018 03/29/2018 20,000,000.00 20,000,000.00 1,896,000,000.00 1,896,043,478.40 Portfolio Totals 3,178,791,040.00 3,178,455,268.67 Page 4
The Fund's Weighted Average and Weighted Average Life as of the reporting date are 50 and 83 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. 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 investment objectives, risks, charges and expenses before investing in the Virginia State Non-Arbitrage Program ( SNAP or the Program ). This and other information about the Program is available in the SNAP Information Statement, which should be read carefully before investing. A copy of the SNAP Information Statement may be obtained by calling 1-800-570-SNAP (7627) or is available on the Program s website at www.vasnap.com. While the seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Program. An investment in the Program is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the 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. Page 5