Authority_October_2020

36 October 2020 - The Authority As of May 31, 2020, the PLGIT P-Card program has been adopted by more than 325 entities as part of their daily expense transactions. Use of P-Cards has resulted in the distribu- tion of rebate checks totaling nearly $467,000 to participants over the past 15 years. PLGIT’s EON platform is regularly used by more than half of its investors and continues to offer increased efficiency, reporting options and security. In addition, PLGIT has increased its outreach into the community, conduct- ing dozens of educational programs each year, and attending more than 30 statewide conferences and more than 70 regional functions, such as PMAA’s regional meetings, each year. Moving forward, in an effort to keep pace with our investors’ needs, PLGIT will continue to tailor its products to help reduce costs and seek improved returns. As 2020 proceeds, we will be finalizing the creation of a new investment option called PLGIT/ Reserve-Class – a consolidation of the PLGIT/PLUS-Class, I-Class, and PLGIT/ARM portfolios into a single investment option. The goals of this consolidation are to: • Simplify investment options and reduce redundancy among investment choices; • Promote efficient management of PLGIT portfolios with economies of scale and reduction of fees. Of course, 1981 was a long time ago. And the difficult banking conditions that drove a handful of visionaries to create PLGIT may pale in comparison to some of the challenges local gov- ernments and schools have experi- enced in the last few years. But now, on the occasion of PLGIT’s 40th anni- versary, we should all take a moment to salute those forward-thinking local governments who created the Trust. Use of P-Cards has resulted in the distribution of rebate checks totaling nearly $467,000 to participants over the past 15 years. A copy of the Information Statement may be obtained by calling 1-800- 572-1472 or is available on the Trust’s website at www.plgit.com . While the PLGIT, PLGIT/ARM and PLGIT/ PRIME portfolios seek to maintain a stable net asset value of $1.00 per share and the PLGIT/TERM portfolio seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corpora- tion or any other government agency. Shares of the Trust’s portfolios are distributed by PFM Fund Distribu- tors, Inc., member Financial Industry Regulatory Authority (FINRA) (www. finra.org ) and Securities Investor Pro- tection Corporation (SIPC) (www.sipc. org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. SMPLGIT, PLGIT-Class Shares, PLG- IT/PLUS-Class Shares, PLGIT/I-Class Shares, PLGIT/TERM, PLGIT-CD, PLGIT/ARM, PLGIT/PRIME, PLGIT/ SAM, and PLGIT-CAP are service marks of the Pennsylvania Local Gov- ernment Investment Trust. Likewise, everyone on the PLGIT team would like to thank our spon- soring associations, including the PA Municipal League, current and past board members, and the thousands of municipal, school, and municipal au- thority members who are truly respon- sible for PLGIT’s success. We are all looking forward to the next 40 years. 1 Past performance is not a guaranty of future results. John Molloy, CFA, is the Program Manager for PLGIT, working in PFM’s Harrisburg office (though cur- rently remotely). He can be contacted at molloyj@pfm.com . This information is for institutional investor use only, not for further distri- bution to retail investors, and does not represent an offer to sell or a solicita- tion of an offer to buy or sell any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Trust’s portfoli- os. This and other information about the Trust’s portfolios is available in the current Information Statement, which should be read carefully before investing.