Investment Options
Investment Options
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.
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