MSDLAF+ Portfolio: This short-term money market portfolio is a cash-management vehicle created exclusively for Minnesota school districts. The Portfolio is managed to maintain a dollar-weighted average portfolio maturity of no greater than 60 days. It seeks to maintain a constant net asset value (NAV) per share of $1.00. The MSDLAF+ Portfolio is rated AAAm by S&P Global¹ and offers two share classes:

Liquid Class  

• Designed for flexibility and daily liquidity 
• Minimum balance requirement of $1.00, no minimum investment deposit or redemption requirements
• Check writing privileges upon request
• 2 p.m. Eastern Time transaction deadline
• Unlimited number of deposits and withdrawals
• Transactions by wire, ACH and check
• Sub-accounting to track multiple funds/accounts 
• Manage account online with Connect

 MAX Class  

• Competitive money market returns
• No minimum investment deposit or redemption requirements
• Investments may not be redeemed for at least 14 calendar days with the exception of direct investments of funds distributed by the State of Minnesota
• 24-hour hold on all requests for redemptions
• Redemptions prior to 14 days may be subject to penalty
• Unlimited number of deposits and withdrawals
• Transactions by wire and ACH
• Manage account online with Connect

MSDLAF+ Term: A fixed-rate investment portfolio designed 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
• Early withdrawal may result in substantial early redemption penalty
• Rated AAAf by Fitch Ratings²

Individually Managed Portfolios

In addition to the Fund, MSDLAF+ offers investors the option to contract with its investment adviser to have an individual portfolio managed to meet specific investment objectives. An individually managed portfolio provides an investor with:

• The resources of PFM Asset Management³ (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 MSDLAF+ account so that maturities and coupon payments are invested at all times. Individually managed investment portfolios are not a part of the Fund. They are available under a separate agreement with the investment adviser.

Arbitrage Rebate Compliance Services  

For bond proceeds invested with MSDLAF+, PFMAM tracks the proceeds for arbitrage rebate compliance purposes. Investors can receive the following correspondence/reports:

• Spending exception compliance; 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
• Rebate Calculation Reports that are available at a nominal charge 

Investors can check the arbitrage status of any of their bond issues invested with MSDLAF+ by calling 888.4.MSDLAF.

1  S&P Global AAAm Rating: S&P evaluates a number of factors, including credit quality, market price, exposure, and management. Please visit SPGlobal.com/Ratings for more information and ratings methodology.

2  Fitch AAAf Rating: portfolios with this rating indicate having the highest underlying credit quality. Please visit fitchratings.com for more information and ratings methodology.

3  PFM Asset Management is a division of U.S. Bancorp Asset Management Inc., the MSDLAF+’s investment adviser and administrator, that services public sector clients.