Michigan School District Liquid Asset Fund Plus

The Michigan School District Liquid Asset Fund Plus (“MILAF+” or the “Fund”) is a comprehensive cash management program created in 1987 by the Michigan Association of School Boards. The Fund was established for the purpose of allowing Michigan public agencies to pool their investment funds to seek the highest possible investment yield, while maintaining liquidity and preserving capital.

Investments designed for Michigan public agencies

MILAF+ provides investments tailored to the specific needs of Michigan public agencies, investing only in instruments permitted under Michigan statutes. Investors benefit from the following options:

MILAF+ Portfolio This investment stresses “safety of principal” as its #1 objective – a fact underscored by its AAAm* rating from Standard & Poor’s. This professionally managed portfolio offers two share classes:

  • Cash Management Class, designed for flexibility and liquidity, provides unlimited check writing privileges; and
  • MAX Class, which offers a competitive money market rate but comes with some restrictions

MILAF+ Term This fixed rate investment offers terms from 60 days to one year and is designed to match the cash flow requirements of Investors with the cash flows from the portfolio.

Specialized service options

MILAF+ Investors also have access to a range of additional products authorized by the Board of Trustees and administered by PFM Asset Management LLC, the Investment Adviser of the Fund.

MILAF+’s structure differs from that of its competitors, enabling the Fund to offer services exclusively to Michigan public agencies. These attributes set MILAF+ apart:

  • MILAF+ is the only investment program sponsored by the MSBO, Michigan Association of School Boards (MASB),  and the Michigan Association of School Administrators (MASA).
  • MILAF+ is owned and operated by the Fund’s Investors, ensuring that the Fund remains focused on the particular needs of Michigan’s public agency investors.
  • The Fund’s Investors elect members of the Board of Trustees to govern MILAF+ – a Board that represents Investors of the Fund and representatives of MASB, MSBO and MASA.
  • The Board of Trustees is responsible for overall management of the Fund, including formulation and implementation of investment and operating policies.

The MILAF+ Board selects various professional organizations to provide services to the Fund.

For more information

To find out more about how MILAF+ can meet your needs, please call a Fund representative at 1-877-GO-MILAF or 1-717-724-4999.


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