NLAF is a separate legal and administrative entity organized and existing pursuant to the Nebraska Interlocal Cooperation Act and other Nebraska laws.

Investment options and services  

The Fund’s portfolio consists solely of investments permitted Nebraska law. NLAF also offers additional services authorized by the NLAF Board of Trustees and provided by PFM Asset Management LLC (“PFMAM”), NLAF’s Investment Advisor. Details about NLAF's investment options:

Additional Products 

The following products and services are authorized by the NLAF Board of Trustees. These services are provided by PFMAM and are separate from the Fund:

Fixed-Income Investment Program 

This program enables NLAF Investors to individually invest in government securities, certificates of deposit ("CDs"), and other fixed income investments permitted by Nebraska law. Details:

• Participants select from CDs of varying maturities issued by a variety of financial institutions.
• The CDs available through this program are usually issued in denominations up to the maximum amount insured by the FDIC.
• CDs held in this program are not part of the Fund. Within the limits and to the extent of insurance provided by the FDIC, CDs in this program may be separately insured by the FDIC from any CDs which may be held by the Fund.
• In order to simplify recordkeeping requirements for Investors, all CD principal and interest is credited at maturity when received by the Custodian to an Investor’s Fund account.
• Because interest is credited as described, Investors will not have use of the interest earned on the CD, including the opportunity for reinvestment of interest earned, until maturity.

PFMAM offers investment advice on a non-discretionary basis and assists Investors in the purchase of these investments for an advisory fee.

Individually Managed Portfolios 

In addition to the Fund, NLAF offers Investors the option to have an individual portfolio managed to meet specific investment objectives. An individually managed portfolio provides a government unit with:

• The investment advisory resources of PFM Asset Management LLC, a leading investment advisory firm serving the public sector.
• Investments tailored to meet liquidity needs or a specific draw schedule.
• Professional portfolio management to enhance earnings and manage risk.
• Investment purchases determined by 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 linked to the Investor’s NLAF account so that maturities and coupon payments are invested at all times. Individually managed investment portfolios, which are not a part of the Fund, are available under a separate agreement with PFMAM.

Bond Account Management ("BAM") Program 

With the BAM Program, PFMAM provides an Investor with some or all of the following:

• Creation of a comprehensive investment strategy and portfolio for proceeds of tax-exempt and taxable financings.
• Disbursements for the bond financed project.
• Arbitrage rebate services for proceeds of tax exempt borrowings.
• Investment policy review and development, cash flow modeling, and cash management services.

Services for the BAM Program are arranged directly with PFMAM and determined after a review of various factors.

For more detail on the above programs, contact a Fund Representative.

*Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure, and management. According to the Standard & Poor's rating the AAAm rating signifies excellent safety of invested 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).