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. 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 is rated AAAm* and 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 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; and
  • 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; and
  • 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.

  • 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;

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.


*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 (



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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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