MILAF+ Current Fund Yields

As of OCT 21, 2026

MILAF+ Cash Mgmt Class

3.75%¹

7 Day Yield

3.75%¹

Daily Yield

As of OCT 21, 2026

MILAF+ MAX Class

3.89%¹

7 Day Yield

3.88%¹

Daily Yield

Our investments

About The Trust

Since 1987, MILAF+ has been serving the investment and arbitrage compliance needs of Michigan public agencies. The investment options offered to public agencies through MILAF+ are the Pool and individual portfolios. Arbitrage rebate compliance services are available for bond proceeds invested through the Trust.

MILAF+ school entity investors must be members in good standing with the Michigan Association of School Boards. Public agencies eligible to participate in MILAF+ include: general-powers school districts as defined by the Revised School Code, school districts of the first class, local of special act school districts, intermediate school districts and other classification of schools. Michigan public agencies such as counties, cities, Charter townships, special districts, authorities and others are also eligible to participate; the GovMIC Class has been designed specifcally for these types of investors. For details, see our Information Statement or contact a Trust representative.

North Carolina Beach

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

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North Carolina Dock

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.

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Contact Us

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 seeks 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 are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Trust. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.