Investment Management & Arbitrage Rebate Program
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The IFA Investment Management & Arbitrage Rebate Program’s objective is to help clients maximize retainable earnings while seeking to ensure the safety and liquidity of their funds.

Investment strategies are customized for all related funds of the bond issue whether short or long-term funds.

The Investment Manager offers unbiased evaluation of the IFA Investment Management Program's available investment options, taking into account the specifics of each client's bond issue and arbitrage rebate position along with current and expected market conditions.

The overall investment strategy is customized based upon:

  • Individual client’s investment objectives and preferences
  • Individual client’s liquidity needs and the expected expenditure schedule
  • Current and expected level of interest rates and shape of the yield curve
  • Bond yield
  • Application of the arbitrage rebate regulations and any exceptions to those regulations




IllinoisPrime Shares are a class of the Prime Portfolio of the Commonwealth Cash Reserve Fund, Inc. (the "Fund"). This information does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security in any jurisdiction, or for the benefit of any person. Investors should consider the investment objective, risks, charges, and expenses before investing in any of the Fund's portfolios. This and other information about the Fund is available in the Fund's current Prospectus, which should be read carefully before investing. A copy of the Fund's Prospectus may be obtained by calling 1-866-690-4432 or is available on the Fund's website at www.il-fa.com/bondproceeds. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Shares of the Fund are offered and distributed solely by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.

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