About The Program

Background

MOSIP was established in 1991 under the authority of Article VI, Section 16 of the Constitution of Missouri and Sections 70.210 to 70.320, Revised Statutes of Missouri, as amended. These statutory provisions provide authority for Missouri’s political subdivisions to pool their funds together for a common service, provided such municipalities and political subdivisions are authorized to do so.

Investment options and services

MOSIP’s Intergovernmental Agreement provides for the creation of multiple specialized investment series within the Program. Currently, MOSIP offers two investment options 1) MOSIP Liquid Series and 2) MOSIP Term Series. MOSIP also offers additional services authorized by the MOSIP Board of Directors and provided by PFM Asset Management LLC (“PFM”), MOSIP’s Investment Advisor.

Investment Options
	MOSIP Term Series	MOSIP Liquid Series
Investment Period	60 Day Minimum 1 Year Maximum	One Day Minimum
Balance Requirements	$1,000,000 Minimum	$1.00 Minimum
Additional Deposits	$1,000,000 Minimum	No Minimum
Statements	Daily Confirmation Monthly Statement	Daily Confirmation Monthly Statement
Withdrawals	Planned Redemption	Unlimited
Transaction Charges & Fees	None	None
Accounts	Unlimited	Unlimited
Rate	Fixed Rate	Variable Rate/ Calculated Daily
Interest Earnings	Planned Redemption or Premature Redemption*	Calculated Daily Paid Monthly
Credit Rating	AAAf - Fitch*	AAAm - S&P**

* Requires 7-day notification

*The AAAf rating reflects Fitch Ratings’ (“Fitch”) review of the Term program’s investment and credit guidelines, the portfolio’s credit quality and diversification, as well as the capabilities of PFM Asset Management LLC as investment adviser. It indicates the highest underlying credit quality (or lowest vulnerability to default). However, it should be understood that this rating is a not “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology visit www.fitchratings.com.

**Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor's rating criteria, 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).

Additional Products (Authorized by MOSIP Board of Directors)

The following products and services are authorized by the MOSIP Board of Directors. These services are provided by PFM. MOSIP’s Investment Advisor:

Certificates of Deposit (CDs)

Investors receive advice on the purchase of CDs to meet their specific needs

Investment of Bond Proceeds

Investment Options:

Bond Account Management (BAM): PFM manages bond proceeds and performs arbitrage rebate calculations
Laddered Portfolio: Matches maturities to meet expected cash flow needs and arbitrage rebate requirements

Individual Portfolio Management (IP)

PFM creates a comprehensive investment strategy and portfolio for your entity. This process includes:

Asset/Liability review
Cash flow review and analysis
Investment policy review
Establishment of acceptable benchmarks
Development of an optimal investment portfolio
Third-party safekeeping
Ongoing active management of investments

To learn more about these services, contact a MOSIP Program Representative.

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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 Missouri Securities Investment Program's portfolios. This and other information about the Program's portfolios is available in the Program's current Information Statement, which should be read carefully before investing. A copy of the Information Statement may be obtained by calling 1-877-MY-MOSIP or is available on the Program's website at www.mosip.org. While the MOSIP Liquid Series seeks to maintain a stable net asset value of $1.00 per share and the MOSIP Term portfolio seeks to achieve a net asset value of $1.00 per share at the stated maturity, it is possible to lose money investing in the Program. An investment in the Program is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Program's portfolios are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC.

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