Mohsin Dada

Mohsin Dada header image 3

2006 Chairman’s Letter

November 9, 2006

To Our Participants,

This has been a banner year for Illinois School District Liquid Asset Fund Plus (ISDLAF+). Our deposits are at an all-time high, and we continue to add more Fund participants. The total assets for the Multi-Class Series and Fixed Income Investment Program as of September 30, 2006 were $5.6 billion. That is quite an achievement for the Fund, which started with $400.00 on March 26, 1984 with four school districts as Participants!

During the last twelve months, the Federal Reserve Board delivered a string of short-term rate hikes. Due to these rate hikes, prudent financial management, and record-breaking investments, our investment income for the period ending September 30, 2006 grew to $30 million. The ISDLAF+ gross rate for September 30, 2006 was 5.39%, which was a significant improvement from last year’s 3.81% for the same period.

Fund participants throughout the state have also greatly benefited from many value-added services in the area of financial planning, cash flow management, and bond proceeds management. These services have not only enhanced interest earnings for participants, but also improved their financial planning and reporting. Additionally, all participating school districts have an account in the Multi-Class Series, which continues to earn an AAAm rating through Standard & Poor’s, the highest rating available for money market funds.

The Fund Trustees and three sponsoring associations – the Illinois Association of School Administrators (IASA), the Illinois Association of School Business Officials (IASBO), and the Illinois Association of School Boards (IASB), along with our service providers, Harris Bank N.A., PMA, Vedder, Price, Kaufman & Kammholz, P.C., and Voyageur Asset Management, Inc., have worked effectively to provide high-quality service in fulfilling the needs of our Participants.

I have enjoyed serving as Chairman of the Fund’s Board of Trustees for the past two years. I hope that your financial needs are being met, and that you and your district have both found benefits from the services being offered. From all of us, we value your participation and appreciate your trust.


M. Mohsin Dada