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. The MILAF+ Portfolio is rated AAAm by S&P Global¹.

Cash Management Class

• Designed for flexibility and daily liquidity
• 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
• Manage account online with Connect

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
• Manage account online with Connect

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
• Manage account online with Connect

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

• Maturities ranging from 60 days to one year
• Minimum investment of $100,000
• Projected dividend rate provided upon purchase and paid upon redemption date
• Opportunity to plan around interest income
• Early withdrawal may result in substantial early redemption penalty

Individually Managed Portfolios 

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

• The resources of PFM Asset Management² (PFMAM), a firm with more than 40 years of experience 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
• 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
• 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 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.