The Michigan Liquid Asset Fund

What The Michigan Liquid Asset Fund does

The Michigan Liquid Asset Fund Plus (MILAF+) is a pooled investment trust established in 1987 by the Michigan Association of School Boards to enable Michigan public agencies to invest operating funds and bond proceeds on a pooled basis while maintaining liquidity and preserving capital. The Trust operates exclusively for Michigan public agencies — including school districts, intermediate school districts, counties, municipalities, charter townships, special districts, and authorities — and may invest only in instruments permitted under Michigan statutes. Core technology is a short-term cash management portfolio targeting a dollar-weighted average maturity of 60 days or less and a stable $1.00 NAV per share, currently carrying the highest S&P Global AAAm money-market fund rating.

MILAF+ distributes two primary products. The MILAF+ Portfolio is a multi-class money market offering with three share classes: the Cash Management Class (daily liquidity, unlimited check writing, no minimum balance), the MAX Class (higher-yielding with redemption restrictions prior to 14 days), and the GovMIC Class (no sponsorship fees, designed for non-school governmental entities and compliant with Michigan Public Act 20). The second product, Michigan Term, is a fixed-rate investment portfolio with maturities from 60 days to one year and a $100,000 minimum. Add-on services include Individually Managed Portfolios for agencies with custom draw schedules or bond-document constraints, and Arbitrage Rebate Compliance Services for agencies investing bond proceeds. Distribution is direct-to-agency, supported by a Connect online portal that now permits entirely online subaccount opening, and relationship management is handled by PFM Asset Management's institutional sales team.

The Trust is owned and operated by its investor-members, with a Board of Trustees elected by investors and including executive directors of the three flagship sponsor associations — MASB, MSBO, and MASA. PFM Asset Management (a division of U.S. Bancorp Asset Management) serves as investment adviser and administrator; U.S. Bancorp Investments, Inc. acts as the registered broker-dealer distributing shares; Fifth Third Bank provides custody; Ernst & Young audits the Trust; and Thrun Law Firm serves as trust counsel. Fees are described as "reasonable and at cost," consistent with the Trust's cooperative, member-owned structure. The operating entity itself is extremely lean (firmographic range 1-10 employees), reflecting that nearly all functional operations are outsourced to the institutional service-provider stack.

Name

The Michigan Liquid Asset Fund

Legal name

Michigan Liquid Asset Fund Plus

Website

https://milaf.org

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

The Michigan Liquid Asset Fund Plus (MILAF+) is a pooled, AAAm-rated cash management trust serving Michigan public agencies with money-market and fixed-term investment products, plus arbitrage compliance services, administered by PFM Asset Management and distributed exclusively within Michigan.

Ownership category

akta.pro rank

Product category

Public Sector Cash Management

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAAHAK

Money Market Funds & Ultra-Short Duration

Financial & Insurance/Asset & Wealth Management/Asset Management — Fixed Income & Credit

Keywords

• Public sector cash management
• Investment pool trust
• Money market portfolio
• Fixed-rate investment
• Government investment fund

Headquarters

HQ city

Harrisburg

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Investment Management and Administration Fees: MILAF+ operates as a pooled investment trust for Michigan public agencies. PFM Asset Management (a division of U.S. Bancorp Asset Management Inc.) serves as investment adviser and administrator. U.S. Bancorp Investments, Inc. serves as distributor. The Trust generates revenue through management fees and operating expenses charged to investors, as disclosed in the Information Statement. Fees are described as reasonable and at cost, as the Trust is owned and operated by its investor-public agencies.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

The Michigan Liquid Asset Fund Plus (MILAF+) is a pooled investment trust that provides cash management programs and fixed-rate investment options exclusively to Michigan public agencies. Its core offerings are the MILAF+ Portfolio (an AAAm-rated money market portfolio with Cash Management, MAX, and GovMIC share classes) and the Michigan Term fixed-rate portfolio (60 days to one year), supplemented by individually managed portfolios and arbitrage rebate compliance services for bond proceeds.

Product overview

The Michigan Liquid Asset Fund Plus (MILAF+) is a cash management program for Michigan public agencies established in 1987. The core offering consists of the MILAF+ Portfolio, an AAAm-rated short-term investment vehicle with three share classes (Cash Management Class for maximum flexibility, MAX Class for competitive returns, and GovMIC Class for governmental entities), and Michigan Term, a fixed-rate investment with 60-day to one-year maturities. Additional services include Individually Managed Portfolios tailored to specific agency needs and Arbitrage Rebate Compliance Services for bond proceeds invested through the Trust.

Differentiator

Problem solved

Functional benefit

Brands

• MILAF+ Cash Management Class: Investment class designed for flexibility and liquidity with unlimited check writing privileges
• MILAF+ MAX Class
• GovMIC Class

Products and services

• MILAF+ Portfolio Short-term cash-management investment portfolio for Michigan public agencies, rated AAAm by S&P Global. Invests in U.S. Government and agency obligations, high-quality U.S. corporate debt, and financial institution obligations, maintaining a dollar-weighted average portfolio maturity of 60 days or less and a constant $1.00 NAV per share.
• Cash Management Class Share class within the MILAF+ Portfolio designed for flexibility and daily liquidity, featuring unlimited check writing privileges, same-day deposits/withdrawals until 2:00 p.m. ET, and a $1.00 minimum balance. Sponsored by MASB, MSBO, and MASA.
• MAX Class Share class within the MILAF+ Portfolio offering competitive returns with some restrictions; redemptions prior to 14 days may be subject to penalty. Sponsored by MASB, MSBO, and MASA.
• GovMIC Class Share class within the MILAF+ Portfolio designed exclusively for Michigan governmental entities (counties, municipalities, charter townships, special districts, authorities), with no sponsorship fees and investments in compliance with Michigan Public Act 20.
• Michigan Term Fixed-rate investment portfolio with maturities ranging from 60 days to one year, designed to match investor cash flow requirements with portfolio cash flows. Requires a minimum investment of $100,000; early withdrawal may result in a substantial penalty.
• Individually Managed Portfolios Custom investment portfolios managed by PFM Asset Management under a separate agreement to meet specific agency liquidity needs or draw schedules, with investments determined by the agency's investment policy or bond documents.
• Arbitrage Rebate Compliance Services Services for tracking bond proceeds held in MILAF+ for arbitrage rebate compliance, including spending exception compliance reports, yield restriction notifications, annual estimates of accrued arbitrage rebate liabilities, and rebate calculation reports.

Quantifiable outcome

• AAAm rating from S&P Global - highest rating for money market funds
• +3 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• Michigan Association of School Boards (MASB)flagshipStrategic or Co-development Partner · 1 January 1987MASB co-founded MILAF+ in 1987 as the primary sponsor of the Cash Management and MAX Classes. MASB represents school board members across Michigan and requires member schools to be in good standing to participate in the Trust. An MASB Executive Director (Don Wotruba) serves on the Board of Trustees.
• Michigan School Business Officials (MSBO)flagshipStrategic or Co-development Partner · 1 January 1987MSBO co-sponsors the Cash Management and MAX Classes alongside MASB. MSBO represents school business officials in Michigan. An MSBO Executive Director (Robert Dwan) and Deputy Executive Director (Jason Helsen) serve on the Board of Trustees.
• Michigan Association of School Administrators (MASA)flagshipStrategic or Co-development Partner · 1 January 1987MASA co-sponsors the Cash Management and MAX Classes alongside MASB and MSBO. MASA represents school administrators in Michigan. An MASA Executive Director (Dr. Tina Kerr) serves on the Board of Trustees.
• PFM Asset ManagementcoreImplementation/ SI/ Consulting PartnerPFM Asset Management (division of U.S. Bancorp Asset Management Inc.) serves as the Trust's investment adviser and administrator. Provides program administration, portfolio management, arbitrage rebate compliance services, and investor support. Manages individually managed portfolios for public agencies with specific investment needs.
• U.S. Bancorp Investments, Inc.coreChannel Partner/ Reseller/ DistributorU.S. Bancorp Investments, Inc. (member FINRA and SIPC) serves as the registered broker-dealer distributing MILAF+ shares. Toll-free 877.GO.MILAF connects investors to fund sales. Subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.
• Fifth Third BankcoreOthersFifth Third Bank serves as custodian for the Trust's assets, providing third-party custody of all investments and assets held by MILAF+.
• Ernst & Young LLPcoreOthersErnst & Young LLP serves as independent auditor for the Trust, providing annual audit services. Annual Report dated September 30, 2025 was prepared by EY.
• Thrun Law Firm, P.C.coreOthersThrun Law Firm, P.C. serves as trust counsel for the Trust, providing legal guidance on trust governance, investment compliance, and regulatory matters.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Florida PRIME: Florida PRIME is a pooled investment fund exclusively for Florida public entities, providing S&P-rated liquidity and yield optimization. Directly comparable to MILAF+ in mission, structure (eligibility limited to a single state's public agencies), and product design.
• Pennsylvania PLGIT: Pennsylvania Local Government Investment Trust (PLGIT) is a pooled investment program for Pennsylvania municipal and school investors offering liquid and term portfolios. Comparable to MILAF+ as a state-restricted public-agency investment pool with similar cash-management and fixed-rate product offerings.
• Washington State Local Government Investment Pool: The Washington State LGIP is a pooled investment fund managed by the Washington State Treasurer for local governments, offering daily liquidity and competitive yields. Comparable to MILAF+ as a single-state public-sector investment pool with similar objectives, eligibility restrictions, and product structure.
• California Local Agency Investment Fund (LAIF): California LAIF is a state-administered investment pool allowing local agencies to participate in a diversified portfolio managed by the State Treasurer's Office. Comparable to MILAF+ in serving public-sector treasurers seeking liquid, short-duration investments under state-specific regulatory frameworks.
• CalTRUST: CalTRUST is a California joint powers authority offering pooled investment portfolios for California public agencies, including short-term and intermediate-term funds. Directly comparable to MILAF+ in providing multiple share-class options and serving a single state's public-sector investors.
• NYCLASS: New York Cooperative Liquid Assets Securities System (NYCLASS) is a New York-specific public-sector investment pool operated for municipalities, school districts, and authorities. Closely comparable to MILAF+ as a single-state public-agency pooled investment fund offering daily liquidity and competitive yields.
• Texas CLASS: Texas Cooperative Liquid Assets Securities System (Texas CLASS) is a public-sector pooled investment vehicle for Texas local governments offering liquid and term portfolios managed to AAAm-equivalent standards. Most directly comparable to MILAF+ as a state-specific government investment pool with similar investor eligibility, AAAm/S&P-rated portfolio, and PFM-style administration.

Broad incumbents

• Fidelity Institutional Government Cash Reserves: Fidelity's institutional government money market funds are widely held by public entities and corporate treasurers seeking S&P-rated liquidity. Comparable as a broad incumbent offering a substitute product set for the same public-agency cash-management use case.
• BlackRock Liquidity Funds: BlackRock Liquidity Funds is one of the largest institutional money market fund families globally, offering government, treasury, and prime MMFs used by public-sector treasurers. Comparable as a broad incumbent competing for the same institutional cash-management wallet with scale-driven yield advantages.
• PFM Asset Management: PFM Asset Management (a division of U.S. Bancorp Asset Management) is the investment adviser and administrator for MILAF+ and operates multiple similar public-sector pooled investment programs across other states. Comparable as a broader incumbent managing scaled versions of the same type of public-sector pooled fund product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/milaf

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Michigan Liquid Asset Fund