Investment Options & Programs
Investment Options & Programs
Please read this important announcement from our investment manager. There are no holdings or exposure to Silicon Valley Bank or its parent company, as well as Signature Bank, New York, within the Program.
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PLGITSM is a portfolio of the Trust that operates like a money market fund and stresses safety of principal as its primary objective - a fact underscored by its AAAm* rating from Standard & Poor's. This professionally managed portfolio offers two classes of shares:
- PLGIT-Class SharesSM, a flexible option which requires no minimum balance, no minimum initial investment, and a one day minimum investment period. Dividends are paid monthly.
- PLGIT/Reserve-Class SharesSM, an option which requires a minimum investment of $50,000, a one day minimum investment period, and limits redemptions or exchanges to two per calendar month. However, there is no minimum investment period and dividends are paid monthly.
PLGIT/PRIMESM is a variable rate investment portfolio rated AAAm* by Standard & Poor's. This option requires no minimum balance and no minimum initial investment. This option limits redemptions or exchanges to two per calendar month.
PLGIT/TERMSM is a fixed term investment portfolio of the Trust with maturity of up to one year, depending upon the termination date of any particular series within the PLGIT/TERM portfolio. This option requires a minimum initial investment of $100,000, a minimum investment period of sixty (60) days, and has a premature withdrawal penalty.
Specialized Service Options
PLGIT Investors also have access to a range of additional services authorized by the Board of Trustees and administered by the Trust's Investment Adviser, PFM Asset Management LLC ("PFMAM"). These programs include:
- PLGIT-CDSM Purchase Program, an option that enables Investors to purchase directly Certificates of Deposit ("CDs") which are intended to be fully insured by the Federal Deposit Insurance Corporation ("FDIC"). Investments in the PLGIT-CD Purchase Program are direct investments of the Investor, not assets of the Trust or under control of the Board of Trustees.
- PLGIT/ARM Program provides comprehensive investment management, accounting and arbitrage rebate calculation services for proceeds of tax advantaged borrowings.
- PLGIT-CAP (Cash Allocation Program) is a specialized service to suitable Participants wishing to optimize investments between liquid and fixed-term investment products offered by the Trust based on their cash flow needs.
The Trust offers five (5) distinct investment options. Working together, these programs give PLGIT Investors the flexibility to manage cash flow and optimize earnings. (To see a full-screen view of the table below, click here.)
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- PLGIT is a portfolio of the Trust with two classes of shares: PLGIT-Class, PLGIT/Reserve-Class.
- PLGIT/TERM is a portfolio of the Trust with separate series.
- PLGIT-CD Purchase Program is a program designed to assist Investors to directly purchase CDs. Investments in the PLGIT-CD Purchase Program are direct investments of the Investor, not assets of the Trust or under the control of the Board of Trustees.
- PLGIT/PRIME is a portfolio of the Trust with one share class.
- Or a larger amount such that the total value of the CD (including interest) would not exceed applicable FDIC insurance limits.
- No more than two redemptions or exchanges per calendar month may be made without incurring a penalty with respect to PLGIT/Reserve-Class Shares and PLGIT/PRIME.
*Standard & Poor's fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor'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 Standard & Poor's website (http://www.standardandpoors.com/en_US/web/guest/home).
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 is 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 portfolios are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM Asset Management LLC.
A description of the PLGIT CD Purchase Program is contained in the PLGIT Information Statement. The Information Statement contains important information and should be read carefully before investing. Investors may purchase Certificates of Deposit through the PLGIT CD Purchase Program only by executing an investment advisory agreement with the Trust’s Investment Adviser, PFM Asset Management LLC.
SMPLGIT, PLGIT-Class Shares, PLGIT/Reserve-Class Shares, PLGIT/TERM, PLGIT-CD, PLGIT/PRIME, and PLGIT-CAP are service marks of the Pennsylvania Local Government Investment Trust.