Investment Options

Updated Information Statement Available

An updated Information Statement, dated October 1, 2024, is now available for review. Please click here to access the document. If you have any questions, please email CSGEast@pfmam.com.

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The NJ/ARM Program offers multiple investment options, allowing investors to customize an investment strategy to meet their particular needs.

Joint Account: Maximum liquidity for bond proceeds and general funds

A professionally managed investment fund with diversified asset classes and maturities that seeks to maintain a constant net asset value of $1.00 per share and limits its average maturity to 60 days
Separate accounting and sub-accounting for a clear audit trail and simplified arbitrage rebate compliance
Unlimited accounts may be opened at no additional cost so that investors may keep funds segregated
Rated AAAm by S&P Global¹
Daily liquidity and no-fee redemptions either by Federal Reserve wire, Automated Clearing House (ACH) funds, or check
Competitive overnight rates

Individual Portfolio: Fixed rates for short/long-term investment of bond proceeds or operating reserves

NJ/TERM

Fixed-rate, fixed-term investments with maturities ranging from 60 days to one year
Rated AAAf by Fitch Ratings²

Open-Market Securities

Individual securities consisting of U.S. Treasury or short-term Federal Agency securities or other permitted securities
Individual portfolios are linked to an Investors NJ/ARM Joint Account subaccount(s) for timely reinvestment of all maturities and coupon payments
Procured through competitive bidding process (three-bid minimum) to achieve competitive pricing
All securities are held in the Investor's name, by the Program Custodian, for a GASB Category 1 designation

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.

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* 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 this 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.

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 units of the NJ/ARM Joint Account, NJ/TERM or any other security. Investors should consider the investment objectives, risks, charges and expenses before investing in the NJ/ARM Joint Account and NJ/TERM. This and other information about the NJ/ARM Joint Account and NJ/TERM are available in the NJ/ARM Information Statement, which contains important information and should be read carefully before investing. A copy of the NJ/ARM Information Statement may be obtained by calling 1-800-535-7829 or is available on the NJ/ARM website at www.njarm.com. While the NJ/ARM Joint Account seeks to maintain a stable net asset value of $1.00 per unit and NJ/TERM investments seek to achieve a net asset value of $1.00 per unit at their stated maturity, it is possible to lose money investing in the NJ/ARM Joint Account and NJ/TERM. An investment in the NJ/ARM Joint Account or NJ/TERM is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Units of NJ/ARM are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to NJ/ARM. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.