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Welcome to the Virginia State Non-Arbitrage Program

This is the Transition Website for the Virginia State Non-Arbitrage Program® (“Virginia SNAP®” or “SNAP”)  

To participate in Virginia SNAP and invest in the new SNAP Fund you must complete the following steps: 

  • Review the new SNAP Information Statement 
  • Review the new SNAP Contract 
  • If you are a current Participant please complete the following forms:  
  • If you would like to become a new Participant in Virginia SNAP please complete the following forms:   
  • Contact a Program Representative at 800-570-SNAP (7627) to submit these forms and to schedule a deposit.


The Tax Reform Act of 1986 placed arbitrage restrictions and reporting requirements on issuers of tax-exempt debt. Faced with these new requirements, a group of local finance officials worked with the Virginia Treasury Board to find a way to simplify compliance.

In response to this grass roots effort, the Virginia Legislature passed the Government Non-Arbitrage Investment Act in 1989 (Sections 2.2-4700 through 2.2-4705 of the Code of Virginia). The law authorized the Virginia Treasury Board to create the Virginia State Non-Arbitrage Program. The Commonwealth of Virginia, counties, cities, and towns in the Commonwealth, and their agencies, institutions and authorities (“Virginia governments”) are all eligible to invest in the Program.

Virginia SNAP® 

The Virginia Treasury Board sponsors the SNAP Program to provide comprehensive investment management, accounting and arbitrage calculation services for the proceeds of tax-exempt financings of Virginia governments. The Treasury Board has hired a program/investment manager, rebate calculation agent, central depository, custodian bank, and legal counsel to manage the program and provide services to Investors.

The Commonwealth of Virginia received the National Government Finance Officers Association prestigious Award for Excellence for Financial Management for its efforts in creating Virginia SNAP. The award recognized the Program for its originality, transferability, technical competence and practicality.

On October 27, 2016, the SNAP Fund (“SNAP Fund” or “Fund”) was established as a local government investment pool. The Fund invests in securities permitted by Code of Virginian §2.2-4500 et seq. and may hold deposits subject to Code of Virginia § 2.2-4400 et seq. Additional information on the Fund’s investment policies can be found in the SNAP Information Statement.

Information on Current Balances 

For information on investments held in PFM Funds Government Series-SNAP Fund Class that have not transitioned to the new SNAP Fund, including portfolio holdings, current yields, and other historical information please click here.

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).

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  While the SNAP® Fund Portfolio 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 SNAP® Fund Portfolio are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) ( and Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. 

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