diff --git a/TODO.md b/TODO.md
index 189e989..7561fc1 100644
--- a/TODO.md
+++ b/TODO.md
@@ -631,28 +631,6 @@ malformed flag" behavior (above) means
 `zfin interactive --default-keys --bogus-flag` is accepted; the
 bogus flag is silently dropped. Same fix as above.
 
-### `projections --vs <date>` crashes with `FileNotFound` when as-of resolves to imported source — priority MEDIUM
-
-Repro: `zfin projections --vs 2025-01-01` (any date that resolves
-to imported_values rather than a real snapshot) →
-`error: FileNotFound` panic with stack trace.
-
-Root cause: `loadAsOfContext` in `src/commands/projections.zig:760-762`
-calls `history.loadSnapshotAt` unconditionally, but the resolution
-returned by `resolveAsOfSnapshot` can have `source == .imported`
-when the only available data point at that date is from
-imported_values, not a real snapshot file. `loadSnapshotAt` then
-fails to open a file that doesn't exist.
-
-`runBands` at line 369 has the same setup but correctly branches:
-`if (resolution.?.source == .snapshot) { loadSnapshotAt(...) } else { loadProjectionContextFromImported(...) }`.
-`loadAsOfContext` should mirror that branching.
-
-Pre-existing bug from before the framework refactor. Surfaced
-during the sanity check because the new dispatcher correctly
-identifies `FileNotFound` as not a user-level error and propagates
-with stack trace. Pre-fix the same crash happened, just hidden.
-
 ### `etf <SYMBOL>` warns `failed to serialize ETF profile: WriteFailed` — priority LOW
 
 Every `zfin etf VTI` invocation prints
diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index 1d0151b..8ed75cd 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -742,9 +742,18 @@ fn extractKeyMetrics(ctx: view.ProjectionContext) KeyMetrics {
 
 /// Build a `ProjectionContext` against a historical snapshot date.
 ///
-/// Caller owns `snap_bundle_out.*` on success — it must outlive the
+/// Caller owns `snap_bundle_out.*` on success - it must outlive the
 /// returned context because allocations borrow symbol strings from
 /// the snapshot's backing buffer.
+///
+/// Imported-only resolutions (where the requested date predates any
+/// real snapshot but is covered by `imported_values.srf`) are NOT
+/// supported here: the imported-only path needs live-portfolio
+/// composition plumbed through additional outparams that this helper
+/// doesn't expose. Callers that hit this case get `error.NoSnapshot`
+/// after a clear stderr message, mirroring the user-visible behavior
+/// of "no snapshot at that date." See the `--vs` follow-up TODO for
+/// the parity work that would make this branch fully supported.
 fn loadAsOfContext(
     io: std.Io,
     allocator: std.mem.Allocator,
@@ -758,6 +767,13 @@ fn loadAsOfContext(
     snap_bundle_out: *history.LoadedSnapshot,
 ) !view.ProjectionContext {
     resolution_out.* = resolveAsOfSnapshot(io, va, file_path, requested_date) catch |err| return err;
+    if (resolution_out.source != .snapshot) {
+        // Imported-only resolution: no snapshot file exists at the
+        // resolved date, so `loadSnapshotAt` would crash with
+        // FileNotFound. Bail with a clear message instead.
+        try cli.stderrPrint(io, "Error: --vs does not yet support back-dating to imported-only periods (no snapshot at that date).\n");
+        return error.NoSnapshot;
+    }
     const hist_dir = try history.deriveHistoryDir(va, file_path);
     snap_bundle_out.* = try history.loadSnapshotAt(io, allocator, hist_dir, resolution_out.actual);
     return try view.loadProjectionContextAsOf(