The Michigan Liquid Asset Fund Plus (MILAF+ or the Trust) is a cash management program created in 1987 by the Michigan Association of School Boards. The Trust was established for the purpose of allowing Michigan public agencies to pool their investment funds to seek the highest possible investment yield, while maintaining liquidity and preserving capital.

Investments designed for Michigan public agencies 

MILAF+ provides investments tailored to the specific needs of Michigan public agencies, investing only in instruments permitted under Michigan statutes. Investors benefit from the following options:

MILAF+ Portfolio: An investment portfolio that stresses safety of principal as its No. 1 objective, which is underscored by its AAAm rating from S&P Global¹. This professionally managed portfolio offers three share classes:

• Cash Management Class: Designed for flexibility and liquidity, and provides unlimited check writing privileges
• MAX Class: Offers a competitive rate but comes with some restrictions
• GovMIC Class²: Designed exclusively for governmental entities, including counties, municipalities, and townships/villages

Michigan Term: A fixed-rate investment portfolio that offers terms from 60 days to one year and is designed to match the cash flow requirements of investors with the cash flows from the portfolio.

Specialized service options 

MILAF+ investors also have access to a range of additional products authorized by the Board of Trustees and administered by PFM Asset Management².

Owned and operated by Michigan public agencies

MILAF+'s structure enables it to offer services exclusively to Michigan public agencies. These attributes set MILAF+ apart:

• The MILAF+ Cash Management and MAX Classes are sponsored by the Michigan Association of School Boards (MASB), Michigan School Business Officials (MSBO), and the Michigan Association of School Administrators (MASA). The GovMIC Class has no sponsors.
• MILAF+ is owned and operated by the Trust's investors, ensuring that the Trust remains focused on the particular needs of Michigan's public agency investors.
• The Trust's investors elect members of the Board of Trustees to govern MILAF+ - a Board that represents Investors of the Trust and representatives of MASB, MSBO, and MASA.
• The Board of Trustees is responsible for overall management of the Trust, including formulation and implementation of investment and operating policies.

The MILAF+ Board selects various professional organizations to provide services to the Trust.

For more information 

To find out more about how MILAF+ can help meet your needs, please call a Trust representative at 877.GO.MILAF.

1  S&P Global AAAm Rating: S&P evaluates a number of factors, including credit quality, market price, exposure, and management. Please visit SPGlobal.com/Ratings for more information and ratings methodology.

2  PFM Asset Management is a division of U.S. Bancorp Asset Management Inc., MILAF+’s investment adviser and administrator, that services public sector clients.

3  Governments of Michigan Investing Cooperatively (GovMIC) is the marketing name used to describe the GovMIC Class of shares of the MILAF+ Portfolio, a series of the Trust.