The unprecedented financial market crisis of the past several weeks has created turmoil that has swept the markets.
- We have seen: The Federal government take on direct responsibility for Fannie Mae and Freddie Mac, the two housing giants that collectively under‐pin the U.S. housing market;
- Lehman Brothers file for bankruptcy after failing to find a buyer or to persuade the Federal government to intervene on its behalf;
- Bank of America agree to acquire Merrill Lynch after the nation’s largest brokerage firm was weakened by the crisis;
- AIG, a worldwide insurance company arrange an $85 billion bridge loan from the Federal Reserve and give up 80% of its ownership in return;
- The Federal Reserve inject cash into the money markets in the largest amounts since September 11, 2001 to maintain stability.
The purpose of this note is to assure you that your fund remains strong and stable in the face of these events. It has no investments in AIG, Lehman or Merrill. The conservative investment management approach of our advisor, PFM Asset Management, having successfully navigated through the crisis of the past year by putting safety and liquidity first, remains in place.
If you have any questions about your investment in the fund, please call the toll free number directly at 1-877-GO-MILAF.