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 or 1-717-724-4999.

*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 (http://www.standardandpoors.com/en_US/web/guest/home).