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ABOUT THE PROGRAM

Since 1989, the Virginia Treasury Board has sponsored the Virginia State Non-Arbitrage Program® ("SNAP" or "the Program") to provide comprehensive investment management, accounting and arbitrage rebate calculation services for proceeds of tax-exempt financings of Virginia issuers.

The investment options currently provided to Participants through the SNAP Program are a money market mutual fund ("SNAP Fund" or "the Fund") registered under the Investment Company Act of 1940, as amended, and individual portfolios managed by the Program's Investment Manager. Arbitrage rebate compliance services are provided for all investments managed through the Program.

SNAP® Fund

The SNAP Fund is a class of the Prime Series of the PFM Funds. The Prime Series is a money market mutual fund designed for the investment of proceeds from tax-exempt bonds issued by Virginia entities. The Fund provides:

  • Daily liquidity
  • Competitive money market returns
  • Unlimited number of deposits and withdrawals
  • Transactions by wire, ACH and check
  • Sub-accounting to track multiple funds/accounts

The Prime Series is managed to maintain a dollar-weighted average portfolio maturity of 90 days or less and seeks to maintain a constant net asset value (NAV) per share of $1.00.

The Prime Series invests in obligations of the United States Government and its agencies, high quality debt obligations of U.S. companies and obligations of financial institutions and is rated “AAAm” by Standard & Poor’s.

Individually Managed Portfolios

In addition to the Fund, the SNAP Program offers customized investment solutions using individual portfolios.

At the request of a SNAP participant, the Program's Investment Manager will purchase and manage a portfolio of securities consisting of U.S. Treasury, Federal agency securities, and/or high quality debt obligations of U.S. companies. Individual portfolios can also hold flexible repurchase agreements, forward delivery agreements, or guaranteed investment contracts, if appropriate, for the investor.

Individual investment portfolios are automatically linked to a SNAP Fund account to provide that maturities and coupon payments are invested at all times.

 



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 class of the Prime Series of PFM Funds. 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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