The Michigan Liquid Asset Fund Plus ("MILAF+" or the "Trust") is a comprehensive 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 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.

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.

*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 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 (

** 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.


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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 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 seek 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's portfolios are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA)( and Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC. 



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