Board of Trustees

The MILAF+ Board of Trustees is composed of school board members, superintendents of schools and school business officials, all of whom are employees of Michigan public agencies that are Investors in the Trust and representatives of professional associations that sponsor MILAF+. The Trustees are responsible for the overall management of the Trust, including formulation of its investment and operating policies. In addition, they select and oversee the activities of the Investment Adviser, the Custodian, and other agents of the Trust and monitor the investment performance of the Trust.

Board of Trustees
CHAIRPERSON JEFFREY CROUSE Superintendent Charlevoix-Emmet Intermediate School District	VICE CHAIR JENNIFER KAMINSKI Assistant Superintendent for Business Services Farmington Public Schools
TREASURER STEVE EZIKIAN Deputy Superintendent Wayne County RESA	SECRETARY DON WOTRUBA Executive Director Michigan Association of School Boards
DR. TINA KERR Executive Director Michigan Association of Superintendents and Administrators	JILL MINNICK Assistant Superintendent for Finance and Operations Ann Arbor Public Schools
BRIAN MARCEL, CPA Assistant Superintendent for Administrative and Support Services Washtenaw Intermediate School District	SCOTT THOMAS Assistant Superintendent for Business Services Kalamazoo RESA
ROBERT DWAN Deputy Executive Director Michigan School Business Officials (Ex-Officio)	DAVID R. MARTELL, CPA Executive Director Michigan School Business Officials
LISA FREIBURGER Vice President for Finance and Administration Grand Rapids Community College	MICHAEL CUNEO Assistant Superintendent of Finance Rockford Public Schools
JOHN D. FITZGERALD Assistant Superintendent of Business & Finance Lake Orion Community Schools	LISA TRUSCOTT Chief Administrative Officer Great Lakes Engineering Group

The Board of Trustees is committed to managing the Trust in a manner that meets the investment and associated recordkeeping and cash management needs of Michigan public agencies.

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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 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)(www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC.