Welcome to the Virginia State Non‐Arbitrage Program®



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® ("Virginia SNAP", "SNAP Program", "SNAP", or the "Program"). The Commonwealth of Virginia, counties, cities, and towns in the Commonwealth, and their agencies, institutions and authorities (“Virginia Issuers” or "Issuers") are all eligible to invest in the Program.

Virginia SNAP® 

The Virginia Treasury Board sponsors the Program to provide comprehensive investment management, accounting and arbitrage rebate calculation services for the proceeds of tax-exempt borrowings and other financings of Virginia Issuers subject to Section 148 (and related sections) of the Internal Revenue Code.  The Investment Manager will not accept for investment in the SNAP Program other funds of Issuers.  The SNAP Program currently provides a short-term investment portfolio (the "Portfolio") and separately managed Individual Portfolios as a means for Issuers to invest these proceeds.  It also provides record keeping, depository and arbitrage calculation services.  Issuers that invest in the Portfolio purchase units of beneficial interest in the Portfolio known as shares. 

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.

For More Information

To find out more about how the SNAP Program can meet your needs, please contact a Relationship Manager at 1-800-570-SNAP (1-800-570-7627).

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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 Virginia §2.24500 et seq. and may hold deposits subject to Code of Virginia § 2.24400 et seq. Additional information on the Fund’s investment policies can be found in the SNAP. 

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 NonArbitrage 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 1800570SNAP (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 an affiliate of PFM Asset Management LLC.