Current Rate

Name	Date	Current Seven-Day Yield
MILAF+ Cash Management Class	11/20/2024	4.55%
MILAF+ MAX Class	11/20/2024	4.71%

A summary of the MILAF+ portfolio holdings as of the most recent month end is available upon request by calling MILAF+ at 877.GO.MILAF or 717.724.4999.

Connect users can find current Michigan Term rates on their account dashboard. Alternatively, please contact the Client Services Group at 877.GO.MILAF or CSGMWW@pfmam.com.

Current Seven Day Yield

The current seven-day yield, also referred to as the current annualized yield, represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a balance of one share (normally $1.00 per share) over a seven-day base period expressed as a percentage of the value of one share at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365 and dividing the result by 7. Past performance does not guarantee future results. The yields shown above may reflect fee waivers by the Trust's current or prior service providers. When such waivers occur, they reduce the total operating expenses of the Trust, and the Trust's yields would have been lower if there were no such waivers. Refer to the Trust's Information Statement for further information on the expenses of the Trust and fees of its service providers.

Updated Information Statement Available

An updated Information Statement, dated October 1, 2024, is now available for review. Please click here to access the document. If you have any questions, please email CSGMWW@pfmam.com.

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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 any of the Michigan Liquid Asset Fund Plus’ (“MILAF+” or the “Trust”) series. This and other information about the Trust’s series is available in the Trust’s current Information Statement, which should be read carefully before investing. A copy of the Trust’s Information Statement may be obtained by calling 1-877-GO-MILAF or is available on the Trust’s website at www.milaf.org. While the Cash Management Class, MAX Class and GovMIC Class seek to maintain a stable net asset value of $1.00 per share and the Michigan Term series seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Trust. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.