IMPORTANT REQUIRED INFORMATION WHICH YOU SHOULD CONSIDER BEFORE INVESTING IN SNAP

Your use of this website is subject to the conditions and qualifications described below. By using this website, you agree to accept such conditions and qualifications.
PFM Asset Management LLC (“PFMAM”) created and maintains this website on behalf of the SNAP Program. Neither the Commonwealth of Virginia nor its Treasury Board are responsible for the information on this website.
This website is intended to provide general information on particular subjects and is not an exhaustive treatment of such subjects. Accordingly, the information on this website is not intended to constitute legal, accounting, tax, investment, or other professional advice or services. Before making any decisions or taking any action regarding the investment of bond proceeds or the payment of rebate, you should consult your bond counsel to determine the full scope of the tax laws as they apply to your bond issuance.

THE VIRGINIA SNAP PROGRAM IS AVAILABLE ONLY FOR INVESTMENT OF VIRGINIA-RELATED BOND PROCEEDS. It is the responsibility of each Investor or its bond counsel to determine whether an investment in SNAP is appropriate for such Investor.

Reservation of Rights. The Virginia State Non-Arbitrage Program, VA SNAP®, and the SNAP® logo are the property of the Commonwealth of Virginia. All other contents (including, without limitation, the graphics, icons, and overall appearance of the PFMAM website and the contents) are the property of PFMAM. PFMAM does not waive any of its proprietary rights therein including, but not limited to, copyrights, trademarks and other intellectual property rights. This website and the contents are intended only for the individual, non-commercial use of website users. No user of this website may resell, republish, print, download or copy any portion of this website or the contents for commercial use without the prior written consent of PFMAM, except that reasonable copying or printing of the contents for individual, non-commercial use is permissible where permitted by law. The availability of any contents through this website shall under no circumstance constitute a transfer of any copyrights, trademarks or other intellectual property rights of PFMAM to any website user or any third party. This website and the contents are protected by U.S. and international copyright laws, both as individual works and as a compilation. You may not delete any copyright or similar notice from any contents you obtain from this website.

Applicable Laws. This site is operated by PFMAM. PFMAM makes no representation that contents of the site are appropriate or available for use in other locations, and access to contents from jurisdictions where illegal or prohibited. Those who choose to access this site do so on their own initiative and are responsible for compliance with applicable laws of their jurisdictions. The conditions and qualifications contained herein will be construed in accordance with the laws of Commonwealth of Virginia, United States of America, without regard to its conflict of law provisions.

Standard and Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard and Poor’s rating criteria, the AAAm rating signifies excellent safety of investment principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard and Poor's website.

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 PFMAM 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 SNAP Fund. This and other information about the SNAP Fund is available in the SNAP 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 SNAP Fund's Distributor at:

Virginia SNAP
c/o PFM SNAP Fund Distributors, Inc., Distributor
213 Market Street
Harrisburg, PA 17101

An Investment in the Fund is not Insured or guaranteed by the Federal Deposit Insurance Corporation or any other government 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) and Securities Investor Protection Corporation (SIPC) (www.sipc.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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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 §2.2‐4500 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.

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 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) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC.