About the Trust
About the Trust
Background
The Trust has been serving the investment and arbitrage compliance needs of Illinois park districts, conservation districts and joint recreational programs since 19861. The investment options offered to park entities through the Trust are the IPDLAF+ Class of the Illinois Portfolio, Illinois TERM and individual portfolios. Arbitrage rebate compliance services are available for bond proceeds invested through the Trust.
Investment options and services
The Trust’s Declaration of Trust provides for the creation of multiple specialized investment series within the Trust. Currently, the Trust offers two investment options. The Trust also offers additional services authorized by the Board of Trustees and provided by PFM Asset Management2 (PFMAM).
| Investment Options | ||
| IPDLAF+ Class - Illinois Portfolio | Illinois TERM | |
| Investment Period | One Day Minimum | 60 day Minimum 1 year Maximum |
| Balance Requirements | $1.00 | $100,000 Minimum |
| Additional Deposits | No Minimum | $100,000 Minimum |
| Statements | Monthly Statement | Monthly Statement |
| Withdrawals | No Minimum | At Maturity |
| Transaction Charges & Fees | None | None |
| Accounts | Unlimited | Unlimited |
| Interest Earnings | Calculated Daily/Paid Monthly | Paid at Maturity OR Early Redemption Early Redemption at any time other than on a Planned Early Redemption date may result in a substantial early redemption penalty. |
| Rating | AAAm by S&P Global3 | AAAf by Fitch Ratings4 |
Additional Products
The following products and services are authorized by the Board of Trustees and are available under a separate agreement with the investment adviser. These services are provided by PFMAM:
Individually Managed Portfolios
Separate Account Management (SAM) - PFMAM creates a comprehensive investment strategy and portfolio for your entity. This process includes:
- Asset/liability review
- Cash flow review and analysis
- Investment policy review
- Establishment of acceptable benchmarks
- Development of an optimal investment portfolio
- Third-party safekeeping
- Ongoing active management of investments
Bond Account Management (BAM)
Investment options:
- BAM: PFMAM manages bond proceeds and performs arbitrage rebate calculations
- Laddered Portfolio: Matches maturities to meet expected cash flow needs and arbitrage rebate requirements.
Individually managed portfolios are automatically linked to the investor’s account in the IPDLAF+ Class so that maturities and coupon payments are invested at all times. Individually managed portfolios, which are not a part of the Trust, are available under a separate agreement with the Trust’s investment adviser.
Certificates of Deposit (CD) Investment Program
- Investors can purchase FDIC-insured CDs to meet their specific cash flow needs.
- All CDs are quoted in both gross and net rates, in full disclosure of investment advisory fees.
1 The Trust was formed in 2002 as the Illinois Institutional Investors Trust. In February 2012, the Trust was renamed the Illinois Trust and merged with the Illinois Park District Liquid Asset Fund Plus, whose shareholders then became shareholders of the IPDLAF+ Class of the Illinois Portfolio. The Illinois Park District Liquid Asset Fund Plus was formed in 1986.
2 PFM Asset Management is a division of U.S. Bancorp Asset Management Inc., the Illinois Trust’s investment adviser and administrator, that services public sector clients.
3 S&P Global AAAm Rating: S&P evaluates a number of factors, including credit quality, market price, exposure, and management. Please visit SPGlobal.com/Ratings for more information and ratings methodology.
4 Fitch AAAf Rating: portfolios with this rating indicate having the highest underlying credit quality. Please visit fitchratings.com for more information and ratings methodology.
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Updated Information Statement Available
An updated Information Statement, dated October 1, 2024, is now available for review. Please click here to access the document. If you have any questions, please email CSGMWW@pfmam.com.
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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 Trust’s investment objectives, risks, charges and expenses before investing in the Trust. This and other information about the Trust is available in the Trust’s current Information Statement, which should be read carefully before investing. A copy of the Trust’s Information Statement may be obtained by calling 1-800-731-6870 for the IIIT Class and 1-800-731-6830 for the IPDLAF+ Class and is also available on the Trust’s websites at www.iiit.us and www.ipdlaf.org. While both the IIIT and IPDLAF+ Classes of the Illinois Portfolio seek to maintain a stable net asset value of $1.00 per share and the Illinois TERM series seek 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 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.