MILAF+ Portfolio This short-term portfolio is a cash-management vehicle created exclusively for Michigan public agencies. The portfolio is managed to maintain a dollar-weighted average portfolio maturity of 60 days or less and seeks to maintain a constant net asset value (NAV) per share of $1.00. The MILAF+ portfolio invests in obligations of the United States Government and its agencies, high-quality debt obligations of U.S. companies and obligations of financial institutions. MILAF+ is rated AAAm by Standard & Poor's. Click on the following link for more information regarding the AAAm rating.

MILAF+ Portfolio - Standard & Poor's "AAAm" Rating

The MILAF+ Portfolio offers three share classes:

Cash Management Class

• Designed for flexibility and daily liquidity;
• Competitive returns;
• Minimum balance requirement of $1.00, no minimum investment deposit or redemption requirements;
• Check-writing privileges upon request;
• Same day deposits/withdrawals until 2:00 p.m. Eastern Time;
• Unlimited number of deposits and withdrawals;
• Transactions by wire, ACH and check;
• Sub-accounting to track multiple funds/accounts; and
• Manage account online with Easy Online Network (EON)
• Rated AAAm by Standard & Poor's*.

MAX Class

• Competitive returns;
• Redemptions prior to 14 days may be subject to penalty;
• No minimum deposit or redemption requirements;
• Unlimited number of deposits and withdrawals;
• Transactions by wire and ACH; and
• Manage account online with Easy Online Network (EON).

GovMIC Class

• No sponsorship fees;
• Designed specifically for governmental entities (counties, municipalities, townships/villages);
• Competitive returns;
• High-quality investments in compliance with Public Act 20;
• No minimum deposit or redemption requirements;
• Unlimited number of deposits and withdrawals;
• Transactions by wire and ACH; and
• Manage account online with Easy Online Network (EON).

Michigan Term This fixed rate investment is defined to match the cash flow requirements of Investors with the cash flows from the portfolio.

• Minimum maturity of 60 days;
• Maximum maturity of one year;
• Minimum investment of $100,000;
• Projected dividend rate provided upon purchase and paid upon redemption date;
• Early withdrawal may result in substantial early redemption penalty; and
• Rated AAAkf by Kroll**.

Individually Managed Portfolios 

MILAF+ offers public agencies the option to contract with PFMAM to have an individual portfolio managed to meet the agency's specific investment objectives. An individually managed portfolio provides a public agency with:

• The investment advisory resources of PFM Asset Management LLC, a leading investment advisory firm serving the public sector;
• Investments tailored to meet the agency's liquidity needs or specific draw schedule;
• Professional portfolio management focused on enhancing earnings and managing risk;
• Investment purchases determined by the agency's investment policy or bond documents;
• Competitive shopping for every security to seek the most favorable price and execution;
• Third-party custody of all assets; and
• Investment management and custody services at a reasonable cost.

Individually managed portfolios are automatically linked to the Investor's MILAF+ accounts so that maturities and coupon payments are invested at all times. Individually managed investment portfolios are not a part of the Trust.

Arbitrage Rebate Compliance Services 

For bond proceeds invested with MILAF+, PFMAM tracks the proceeds for arbitrage rebate compliance purposes. Investors can receive the following correspondence/reports:

• Spending exception compliance reports; including notification of an upcoming benchmark;
• Yield restriction compliance notification;
• Annual estimates of accrued arbitrage rebate and yield restriction liabilities;
• Notification of Installment Calculation Date sent 60 days in advance of the required calculation date;
• Retention of arbitrage related documents and investment records; and
• Rebate Calculation Reports that are available at a nominal charge.

Investors can check the arbitrage status of any of their bond issues invested with MILAF+ by contacting MILAF+ 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 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 & Poor's website (http://www.standardandpoors.com/en_US/web/guest/home).

**The Term portfolio has received a rating of AAAkf from Kroll Bond Rating Agency ("Kroll"). The rating reflects Kroll's review of the Term program's investment and credit guidelines, the porfolio's credit quality and diversification, as well as the capabilities of PFM Asset Management LLC as investment adviser. The Kroll AAAkf rating 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 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 www.krollratings.com/ratings/methodologies/rating-scales.