Virginia State Non-Arbitrage Program SNAP Fund Portfolio

Final Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Debt UNITED STATES TREASURY 912796PB9 1.46% 04/19/2018 04/19/2018 04/19/2018 42,500,000.00 42,367,963.71 UNITED STATES TREASURY 912796PC7 1.45% 05/03/2018 05/03/2018 05/03/2018 25,000,000.00 24,909,000.00 U.S. Government Agency Repurchase Agreement 67,500,000.00 67,276,963.71 GOLDMAN SACHS & CO RP1D0RDG9 1.31% 02/01/2018 02/01/2018 02/01/2018 255,700,000.00 255,700,000.00 GOLDMAN SACHS & CO RP1D0ONE0 1.33% 02/07/2018 02/07/2018 02/20/2018 150,000,000.00 150,000,000.00 MERRILL LYNCH PIERCE FENNER & SMITH INC RP1D0RDK0 1.36% 02/01/2018 02/01/2018 02/01/2018 200,000,000.00 200,000,000.00 Non-Financial Company Commercial Paper 605,700,000.00 605,700,000.00 GENERAL ELECTRIC CO 3696E5UQ6 1.71% 02/12/2018 06/28/2018 06/28/2018 25,000,000.00 25,000,000.00 Financial Company Commercial Paper 25,000,000.00 25,000,000.00 BANK OF MONTREAL CHICAGO 06366HCC9 1.61% 03/12/2018 03/12/2018 03/12/2018 37,000,000.00 36,935,727.25 BANK OF TOKYO MITSUBISHI UFJ LTD 06538CCD1 1.54% 03/13/2018 03/13/2018 03/13/2018 20,000,000.00 19,966,222.39 BNP PARIBAS NY BRANCH 09659CD21 1.47% 04/02/2018 04/02/2018 04/02/2018 28,000,000.00 27,931,866.91 CREDIT AGRICOLE CIB NY 22533UE25 1.60% 05/02/2018 05/02/2018 05/02/2018 55,000,000.00 54,781,375.17 ING (US) FUNDING LLC 44988KCY3 1.70% 02/01/2018 05/01/2018 05/01/2018 25,000,000.00 24,999,725.59 ING (US) FUNDING LLC 4497W1E10 1.56% 05/01/2018 05/01/2018 05/01/2018 60,000,000.00 59,771,567.02 ING (US) FUNDING LLC 44988KDC0 1.72% 02/01/2018 06/01/2018 06/01/2018 25,000,000.00 25,000,000.00 ING (US) FUNDING LLC 44988KDM8 1.76% 02/28/2018 08/31/2018 08/31/2018 10,000,000.00 10,000,000.00 JP MORGAN SECURITIES LLC 46640EET1 1.76% 02/06/2018 04/06/2018 04/06/2018 25,000,000.00 25,000,000.00 JP MORGAN SECURITIES LLC 46640EFQ6 1.74% 02/26/2018 05/25/2018 05/25/2018 10,000,000.00 10,000,000.00 JP MORGAN SECURITIES LLC 46640EFC7 1.81% 03/22/2018 06/22/2018 06/22/2018 50,000,000.00 50,000,000.00 JP MORGAN SECURITIES LLC 46640EGB8 1.77% 02/28/2018 07/30/2018 07/30/2018 10,000,000.00 10,000,000.00 JP MORGAN SECURITIES LLC 46640QJE2 2.02% 09/14/2018 09/14/2018 09/14/2018 15,000,000.00 14,813,437.59 Page 1

Final Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper NATIXIS NY BRANCH 63873KB55 1.40% 02/05/2018 02/05/2018 02/05/2018 110,000,000.00 109,982,888.90 PRUDENTIAL FUNDING LLC 74433HB60 1.40% 02/06/2018 02/06/2018 02/06/2018 42,000,000.00 41,991,833.33 TOYOTA MOTOR CREDIT CORP 89233HE91 1.73% 05/09/2018 05/09/2018 05/09/2018 80,000,000.00 79,629,244.43 TOYOTA MOTOR CREDIT CORP 89233HGK4 1.66% 07/19/2018 07/19/2018 07/19/2018 30,000,000.00 29,770,400.18 632,000,000.00 630,574,288.76 BANK OF AMERICA NA 06050FCK6 1.70% 02/09/2018 04/09/2018 04/09/2018 35,000,000.00 35,000,000.00 BANK OF AMERICA NA 06050FCS9 1.68% 02/15/2018 05/15/2018 05/15/2018 25,000,000.00 25,000,000.00 BANK OF AMERICA NA 06052TYA2 1.49% 05/16/2018 05/16/2018 05/16/2018 25,000,000.00 25,000,000.00 BANK OF MONTREAL CHICAGO 06427KZS9 1.61% 03/05/2018 06/04/2018 06/04/2018 30,000,000.00 30,000,179.48 BANK OF MONTREAL CHICAGO 06371EQM2 1.74% 02/05/2018 07/05/2018 07/05/2018 25,000,000.00 25,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GD88 1.70% 03/15/2018 03/15/2018 03/15/2018 15,000,000.00 15,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GVA3 1.60% 03/01/2018 06/01/2018 06/01/2018 35,000,000.00 35,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GVY1 1.76% 02/06/2018 07/06/2018 07/06/2018 25,000,000.00 25,000,000.00 BANK OF NOVA SCOTIA HOUSTON 06417GD39 1.75% 02/07/2018 09/07/2018 09/07/2018 50,000,000.00 50,000,000.00 BANK OF TOKYO MITSUBISHI UFJ LTD 06538NG43 1.80% 03/28/2018 03/28/2018 03/28/2018 15,575,000.00 15,572,101.07 BMO HARRIS BANK NA 05574BHF0 1.51% 02/08/2018 02/08/2018 02/08/2018 13,000,000.00 13,000,000.00 BNP PARIBAS NEW YORK 05582WV50 1.66% 02/02/2018 08/02/2018 08/02/2018 30,000,000.00 30,000,000.00 BNP PARIBAS NY BRANCH 05582WK29 1.54% 04/19/2018 04/19/2018 04/19/2018 50,000,000.00 50,000,000.00 CANADIAN IMP BK COMM NY 13606BNM4 1.71% 02/13/2018 04/13/2018 04/13/2018 25,000,000.00 25,000,000.00 CANADIAN IMP BK COMM NY 13606BHS8 1.60% 03/01/2018 06/01/2018 06/01/2018 21,000,000.00 21,000,000.00 CANADIAN IMP BK COMM NY 13606BQV1 1.71% 02/12/2018 07/12/2018 07/12/2018 40,000,000.00 40,000,000.00 CANADIAN IMP BK COMM NY 13606BSL1 1.75% 02/26/2018 08/24/2018 08/24/2018 25,000,000.00 25,000,000.00 CITIBANK NA 17305TTS1 1.66% 04/02/2018 04/02/2018 04/02/2018 45,000,000.00 45,000,000.00 CITIBANK NA 17305TVZ2 1.86% 07/02/2018 07/02/2018 07/02/2018 65,000,000.00 65,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMN6 1.39% 04/09/2018 04/09/2018 04/09/2018 5,000,000.00 5,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMP1 1.72% 02/08/2018 06/08/2018 06/08/2018 37,000,000.00 37,000,000.00 COMMONWEALTH BANK OF AUSTRALIA NY 20271EMX4 1.77% 02/12/2018 12/11/2018 12/11/2018 50,000,000.00 50,000,000.00 Page 2

Final Category of Investment / Issuer CUSIP WAM WAL Date CREDIT AGRICOLE CIB NY 22532XHA9 1.75% 02/05/2018 07/03/2018 07/03/2018 55,000,000.00 55,000,000.00 CREDIT SUISSE NEW YORK 22549LAX3 1.82% 02/20/2018 05/18/2018 05/18/2018 10,000,000.00 10,000,000.00 CREDIT SUISSE NEW YORK 22549LAH8 1.75% 02/01/2018 06/01/2018 06/01/2018 25,000,000.00 25,000,000.00 CREDIT SUISSE NEW YORK 22549LGB5 1.64% 06/22/2018 06/22/2018 06/22/2018 25,000,000.00 25,000,000.00 CREDIT SUISSE NEW YORK 22549LEF8 1.82% 02/20/2018 07/18/2018 07/18/2018 25,000,000.00 25,003,519.29 CREDIT SUISSE NEW YORK 22549LJS5 1.96% 08/15/2018 08/15/2018 08/15/2018 25,000,000.00 25,000,000.00 DNB NOR BANK ASA NY 23341VDB4 1.42% 02/06/2018 02/06/2018 02/06/2018 110,000,000.00 110,000,000.00 HSBC BANK USA NA 40428A6A0 1.70% 02/05/2018 06/04/2018 06/04/2018 26,000,000.00 26,000,000.00 HSBC BANK USA NA 40428A5P8 1.73% 02/02/2018 07/02/2018 07/02/2018 25,000,000.00 25,000,000.00 MITSUBISHI UFJ FIN GRP 06538NL21 1.53% 04/11/2018 04/11/2018 04/11/2018 40,000,000.00 40,013,616.88 MIZUHO BANK LTD/NY 60700AEX8 1.74% 02/15/2018 02/15/2018 02/15/2018 10,000,000.00 10,000,000.00 MIZUHO BANK LTD/NY 60700AJC9 1.75% 02/09/2018 04/09/2018 04/09/2018 30,000,000.00 30,000,000.00 MIZUHO BANK LTD/NY 60700ALZ5 1.76% 02/21/2018 05/21/2018 05/21/2018 50,000,000.00 50,000,000.00 MIZUHO BANK LTD/NY 60700AML5 1.77% 02/28/2018 05/29/2018 05/29/2018 20,000,000.00 20,000,000.00 NORINCHUKIN BANK NY 65602UUE6 1.74% 02/20/2018 02/20/2018 02/20/2018 10,000,000.00 10,000,059.87 NORINCHUKIN BANK NY 65602UWX2 1.50% 04/09/2018 04/09/2018 04/09/2018 25,000,000.00 25,000,000.00 NORINCHUKIN BANK NY 65602UXJ2 1.73% 02/26/2018 04/25/2018 04/25/2018 25,000,000.00 25,000,000.00 NORINCHUKIN BANK NY 65602UYD4 1.60% 05/08/2018 05/08/2018 05/08/2018 50,000,000.00 50,000,000.00 ROYAL BANK OF CANADA NY 78009NW36 1.71% 02/05/2018 04/05/2018 04/05/2018 40,000,000.00 40,000,000.00 ROYAL BANK OF CANADA NY 78009N2R6 1.73% 02/12/2018 07/10/2018 07/10/2018 50,000,000.00 50,000,000.00 ROYAL BANK OF CANADA NY 78009N7A8 1.73% 02/26/2018 07/24/2018 07/24/2018 20,000,000.00 20,000,000.00 SKANDINAVISKA ENSKILDA BANKEN AB 83050FF55 1.70% 02/09/2018 07/09/2018 07/09/2018 50,000,000.00 50,000,000.00 SOCIETE GENERALE NY 83369YYC4 1.75% 02/28/2018 05/31/2018 05/31/2018 22,000,000.00 22,000,000.00 SOCIETE GENERALE NY 83369YZA7 1.85% 05/31/2018 05/31/2018 05/31/2018 18,000,000.00 17,999,966.26 SOCIETE GENERALE NY 83369YYL4 1.76% 02/05/2018 07/05/2018 07/05/2018 70,000,000.00 70,000,000.00 SUMITOMO MITSUI BANK NY 86563YZK2 1.76% 02/05/2018 02/05/2018 02/05/2018 25,000,000.00 25,000,000.00 SUMITOMO MITSUI BANK NY 86563YS46 1.74% 02/12/2018 04/11/2018 04/11/2018 10,000,000.00 10,000,000.00 SUMITOMO MITSUI BANK NY 86563YW90 1.77% 02/16/2018 05/16/2018 05/16/2018 25,000,000.00 25,000,000.00 SUMITOMO MITSUI BANK NY 86563Y4G5 1.77% 02/02/2018 07/02/2018 07/02/2018 50,000,000.00 50,000,000.00 SVENSKA HANDELSBANKEN NY 86958JSY6 1.69% 02/05/2018 04/03/2018 04/03/2018 50,000,000.00 50,000,000.00 Page 3

Final Category of Investment / Issuer CUSIP WAM WAL Date SVENSKA HANDELSBANKEN NY 86958JSE0 1.72% 02/02/2018 05/02/2018 05/02/2018 35,000,000.00 35,000,000.00 SVENSKA HANDELSBANKEN NY 86958JYN3 1.73% 02/28/2018 07/30/2018 07/30/2018 25,000,000.00 25,000,000.00 SWEDBANK NY 87019VCN5 1.42% 02/06/2018 02/06/2018 02/06/2018 110,000,000.00 110,000,000.00 TORONTO DOMINION BANK NY 89113XKS2 1.55% 04/24/2018 04/24/2018 04/24/2018 50,000,000.00 50,000,000.00 TORONTO DOMINION BANK NY 89113XVA9 1.78% 05/09/2018 05/09/2018 05/09/2018 45,000,000.00 45,000,000.00 UBS AG STAMFORD CT 90275DGR5 1.81% 02/21/2018 05/21/2018 05/21/2018 20,000,000.00 20,005,845.14 US BANK NA CINCINNATI 90333VUQ1 1.49% 03/20/2018 03/20/2018 03/20/2018 12,000,000.00 11,998,571.74 WELLS FARGO BANK NA 94989RGL6 1.67% 02/06/2018 02/06/2018 02/06/2018 10,000,000.00 10,000,000.00 WELLS FARGO BANK NA 94989RJC3 1.84% 03/29/2018 03/29/2018 03/29/2018 20,000,000.00 20,000,000.00 WELLS FARGO BANK NA 94989RTS7 1.72% 02/28/2018 06/11/2018 06/11/2018 40,000,000.00 40,000,000.00 WELLS FARGO BANK NA 94989RYJ1 2.00% 08/02/2018 08/02/2018 08/02/2018 20,000,000.00 20,000,000.00 WELLS FARGO BANK NA 94989RUU0 1.76% 02/07/2018 09/07/2018 09/07/2018 30,000,000.00 30,000,000.00 WESTPAC BANKING CORP NY 96121T3G1 1.84% 04/12/2018 04/12/2018 04/12/2018 50,000,000.00 50,000,000.00 2,169,575,000.00 2,169,593,859.73 Portfolio Totals 3,499,775,000.00 3,498,145,112.20 Page 4

The Fund's Weighted Average and Weighted Average Life as of the reporting date are 34 and 86 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