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Special Announcement
WELCOME TO THE VIRGINIA STATE NON-ARBITRAGE PROGRAM.

Background

The Tax Reform Act of 1986 placed arbitrage restrictions and reporting requirements on issuers of tax-exempt municipal bonds. Certain local governments, agencies, institutions and authorities of the Commonwealth of Virginia have issued bonds and plan to issue bonds in the future that are required to comply with these requirements.

Sections 2.2-4700 through 2.2-4705 of the Code of Virginia, the Government Non-Arbitrage Investment Act, authorizes the Virginia Treasury Board to provide assistance to the Commonwealth of Virginia, counties, cities, and towns in the Commonwealth, and to their agencies, institutions and authorities of any combination of the foregoing (“Virginia governments”) in the management of and accounting for their bond funds, including, without limitation, bond proceeds, reserves, and sinking funds, and the investment thereof.

Virginia SNAP®

Following the passage of the Tax Reform Act of 1986, a group of local finance officials working together with the Virginia Department of the Treasury introduced legislation authorizing the Treasury Board of Virginia to implement the State Non-Arbitrage Program® (SNAP).

Since 1989, the Treasury Board has sponsored the SNAP Program to provide comprehensive investment management, accounting and arbitrage rebate calculation service for proceeds of tax-exempt financing of Virginia issuers through the hiring of a program/investment manager, rebate calculation agent, central depository and legal counsel. The Commonwealth of Virginia was awarded the prestigious Award for Excellence by the Government Finance Officers Association for innovations in the debt management area.

Participation, initially limited to general-obligation bonds issued by Virginia's localities, has been expanded to allow for the participation of the Commonwealth of Virginia itself as well as its boards and authorities and those of local governments. Today, the Program accepts proceeds of G.O. and revenue bonds issued by entities ranging from the state to water and sewage authorities.

For More Information

To find out more about how the SNAP Program can meet your needs, please call Nelson Bush at 1-800-570-SNAP (1-800-570-7627) or one of the other Program Representatives.



The information herein is not an offer to sell, or to solicit an offer to purchase, any securities by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which PFM Asset Management LLC or the person making such offer is not qualified to do so, or to anyone to whom it is unlawful to make such an offer or solicitation, or to anyone in any jurisdiction outside the United States. Investors should consider the 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 Prospectus, which should be read carefully before investing. Investments in SNAP Fund are offered only by means of the current Prospectus, copies of which are available online at www.vasnap.com or by sending a request to the Fund's Distributor at: Virginia SNAP c/o PFM Fund Distributors, Inc., Distributor. One Keystone Plaza, Suite 300, North Front & Market Streets, Harrisburg, PA 17101

The SNAP Fund is a series of the Commonwealth Cash Reserve Fund, Inc. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of investments at $1.00 per share, it is possible to lose money by investing in the Fund. PFM Fund Distributors, Inc., member of the Financial Industry Regulatory Authority (FINRA) (www.finra.org), serves as the Fund's Distributor. PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.

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