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 This investment stresses "safety of principal" as its #1 objective - a fact underscored by its AAAm* rating from Standard & Poor's. This professionally managed portfolio offers three share classes:
- Cash Management Class, designed for flexibility and liquidity, and provides unlimited check writing privileges;
- MAX Class, which offers a competitive rate but comes with some restrictions; and
- GovMIC Class**, which offers a competitive rate exclusively for governmental entities, including counties, municipalities, and townships/villages.
Michigan Term This fixed rate investment 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. ***Rated AAAkf by Kroll.
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 Management LLC, the Investment Adviser of the Trust.
Distinctive structure, specialized focus
MILAF+'s structure differs from that of its competitors, enabling the Trust 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 meet your needs, please call a Trust representative at 1-877-GO-MILAF or 1-717-724-4999.
*Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor's rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that these ratings are not "market" ratings nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor's website (http://www.standardandpoors.com/en_US/web/guest/home).
** 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.
*** The AAAkf rating reflects Kroll Bond Rating Agency's ("Kroll's") review of the Michigan Term program's investment and credit guidelines and is based on the credit quality of the underlying instruments that comprise the portfolio and is influenced by the results of a qualitative assessment of the investment adviser. However, it should be understood that this rating is not a "market" rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology visit Kroll Ratings.
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