16851_Authority_Aug_2023

municipalauthorities.org | 53 (SEC) rules governing money market mutual funds, GFOA and GASB stand- ards, and marketing communication standards for funds governed by the Municipal Securities Rulemaking Board (MSRB), among others. PLGIT is assessed regularly by S&P Global Ratings: Investment and credit-rating company S&P Global Ratings reviews the PLGIT and PLGIT/ PRIME portfolio each week to ensure each portfolio complies with the strict standards set forth by the agency to maintain an “AAAm”* rating. When assigning a principal stability rating to a fund, S&P’s analysis focuses on the creditworthiness of the fund's investments and counterparties, the market price exposure of its invest- ments, the sufficiency of the fund's portfolio liquidity, and management's ability and policies to maintain the fund's stable net asset value by limit- ing exposure to potential loss. *S&P Global Ratings’ fund ratings are based on analysis of credit quality, market price exposure and man- agement. According to S&P'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 S&P website (www.spglobal.com/ratings/en/) . Expert guidance in PFMAM PLGIT is guided by PFMAM’s experi- enced investment professionals, who have a 40+ year track record of safety in investing public agency funds across a range of interest rate cycles and financial turbulence. PFMAM buys and sells investments that focus exclu- sively on meeting the needs of PLGIT investors and finding opportunities to maximize returns in the market ― only after consideration of the strong level of safety of principal sought by the Trust. As an investment adviser, PFMAM falls under the purview of several Securi- ties and Exchange Commission (SEC) rules, relating to: • Fiduciary responsibilities. A regis- tered investment adviser is subject to the Investment Advisers Act of 1940 (“the Act”). Under judicial interpretation of the Act, advis- ers owe fiduciary duties to their clients. This means that an adviser will act with a duty of good faith and independence in putting its clients’ interests above its own. • Formal policies and procedures. Rule 206(4)-7 requires registered advisers to adopt and implement written policies and procedures designed to prevent violations of SEC rules. It also requires review, at least annually, of the adequacy of policies and procedures and the effectiveness of their imple- mentation. Finally, it requires the Continued on page 66.