19366_Authority_August

municipalauthorities.org │ 43 management positions in Maryland, South Carolina, and Georgia. Having Board members who are elected officials or administrative members from the investors PLGIT serves places decision-making responsibility in the hands of individuals with first-hand knowledge of the issues that affect local governments. Ownership -- and stewardship -- on your behalf PLGIT’s Declaration of Trust is the governing document of the Trust. It was initially drafted in 1981 and has been amended over time. The Declaration of Trust grants the Trustees broad decision-making authority, stating that “the Trustees shall have exclusive and absolute control…over the affairs of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property.” This authority empowers the Trustees to guide PLGIT’s overall direction. While the PLGIT Board of Trustees is not directly responsible for making Trust investment decisions, it does have important policymaking and oversight responsibilities that have a direct bearing on the success of the Trust. These duties include: • Reviewing vendors who work for the Trust. The Board of Trustees reviews the performance of service providers, including the investment advisor/ administrator, legal counsel, auditors, and other vendors. The Board also reviews proposals and contracts for new services and vendors for the Trust. • Monitoring the performance of the PLGIT portfolio. PLGIT Trustees are responsible for staying informed about the performance of PLGIT investments and understanding how Board-approved policies may affect that performance. • Receiving and reviewing the annual audit. The Board of Trustees is responsible for selecting the firm that audits the Trust’s accounts each year, reviewing the completed audit, and communicating the results to PLGIT investors. • Provide input on products and services. Because PLGIT Trustees municipalities and schools of varying sizes and types, they offer valuable input on new programs and services designed to provide the greatest benefit to the widest range of Investors, such as the PLGIT-CD Purchase Program. PFMAM: The Investment Advisor The Trust was formed, in part, to place municipal funds under the stewardship of school district and municipal officials—the PLGIT Trustees—who best understand the goals and requirements of government investing. One of the Trustees’ most important responsibilities is the selection and ongoing oversight of those advisors. In 1981, the Board selected the firm that later became PFM Asset Management (PFMAM) to serve as investment advisor to PLGIT. The Trustees regularly review PFMAM’s performance and the quality of service its staff provides – once again placing PLGIT’s members in control. PLIGT’s long-standing partnership with PFMAM has enabled the firm to develop a seasoned investment and service staff that works exclusively with local governments and schools. These responsibilities fall under the Board’s duty to ensure that investments remain consistent with the policies of the Trust. Trustees serve as the eyes and ears of the municipalities and schools they About the Author Matt Conlin is an Institutional Sales & Relationship Manager at PFM Asset Management, Investment Administrator to PLGIT. He works primarily with investors in the central part of the Commonwealth. He can be reached at conlinm@pfmam.com. Important Disclosure Information Important Disclosure Information 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 any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Trust’s portfolios. This and other information about the Trust’s portfolios are available in the current Information Statement, which should be read carefully before investing. 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 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 Corporation or any other government agency. Shares of the Trust’s portfolio 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 the Trust. 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. represent and act as advocates for those entities, as well as for the Trust as a whole. For more information about the work of PLGIT’s Board of Trustees, contact your PLGIT representative, or visit www.plgit.com. S