Texas CLASS Portfolio Characteristics

The following information is provided in accordance with Texas State Statute 2256.0016.

As of July 31, 2017:

Texas CLASS
Participant Asset Distribution

Texas CLASS
Participant Distribution

S&P AAA/AA GIP*
(30-Day Yields)

Texas CLASS
Portfolio Breakdown

Texas CLASS Government
Portfolio Breakdown

Weighted Average Maturity
(In Days)

Texas CLASS Prior Month Comparison

Month
End
Average
Yield
Month Ending
Assets
Share
Balance
Market
Value
Amortized
Cost
NAV WAM
(Reset)
WAM
(Final)
May-17 1.09% $6,364,154,089 $6,363,263,938 $6,363,729,361 $6,362,839,209 1.00 51 64
June-17 1.13% $6,018,091,995     $6,018,144,785 $6,017,892,799 $6,017,945,590 1.00 47 60
July-17 1.18% $5,796,412,095      $5,796,403,753      $5,796,176,855  $5,796,168,513 1.00 42 61

 

Texas CLASS Government Prior Month Comparison

Month
End
Average
Yield
Month Ending
Assets
Share
Balance
Market
Value
Amortized
Cost
NAV WAM
(Reset)
WAM
(Final)
May-17 0.74% $117,055,295 $117,074,689 $117,000,273  $117,019,666 1.00 33 63
June-17 0.80% $117,139,274 $117,150,879 $117,061,551 $117,073,156 1.00 19 45
July-17 0.91% $112,235,007 $112,239,380 $112,173,356 $112,177,729 1.00 21 40

 

Fund Highlights as of July 31, 2017 (Unaudited)

For the month of July 2017, the Program Administrator accrued fees of $502,416.60 and had average shares outstanding of $5,906,167,131.49 for Texas CLASS. For Texas CLASS Government, the Program Administrator accrued fees of $0.00 and had average shares outstanding of $114,130,497.04. The fees for both Texas CLASS and Texas CLASS Government are accrued on a daily basis by multiplying the investment property value by the applicable fee rate and divided by 365 or 366 days in the event of a leap year. The investment property value shall be based on the current day’s shares outstanding. For weekend days and holidays, the shares outstanding for the previous business day will be utilized for the calculation of fees. The applicable fee rate is located in Exhibit F of the Seventh Amended and Restated Trust Agreement. The Program Administrator reserves the right to abate fees listed in the Seventh Amended and Restated Trust Agreement. The monthly fee is the sum of all daily fee accruals for the month of July. The fees are paid monthly upon notification to the custodian bank. As of July 31, 2017, the fee for Texas CLASS was 10.0 basis points and the fee for Texas CLASS Government was 0.0 basis points.

  • Both funds are rated ‘AAAm’ by S&P Global Ratings.
  • Net Asset Value for both funds from July 1 to July 31, 2017 is equal to $1.00.
  • The final maturity dates of all securities were less than one year.
  • The custodian bank for Texas CLASS is Wells Fargo Bank, N.A.
  • Total Number of Participants is 601.
  • There are currently no investments that have a stated maturity greater than one year.
  • The portfolio manager for Texas CLASS is Randy Palomba, CFA.
  • All sources of payment are the underlying assets of the local government investment pool at market value.
  • The Seventh Amended and Restated Trust Agreement was adopted by the Board of Trustees on August 5, 2016. You can access your copy of the Seventh Amended and Restated Trust Agreement by clicking here.

 

Texas CLASS Board of Trustees as of July 31, 2017

Monika Arris
Collin County
Term 2018
Cindy Brown
Denton County
Term 2017
Mike Hagar
Alamo Heights ISD
Term 2018
Amy Perez
Harris County
Term 2017
Roger Roecker 
City of Friendswood
Term 2017
Steve Williams
City of Conroe
Term 2017

 

Texas CLASS Advisory Board as of July 31, 2017

Mark Burton
Burton Accounting, PLLC
Term 2019
Art Martin
Slaton ISD
Term 2018
Rodney Rhoades
Qualified Non-Participant
Term 2018
Data Unaudited. All comments and discussion presented are purely based on opinion and assumptions, not fact. These assumptions may or may not be correct based on foreseen and unforeseen events. The information above is not a recommendation to buy, sell, implement, or change any securities or investment strategy, function, or process. Any financial and/or investment decision should be made only after considerable research, consideration, and involvement with an experienced professional engaged for the specific purpose. Additionally, past performance is not an indication of future performance. Any financial and/or investment decision may incur losses.
*The benchmark, the S&P US AAA & AA Rated GIP All 30 Day Net Yield (LGIP30D) is a performance indicator of rated GIPs that maintain a stable net asset value of $1.00 per share and is an unmanaged market index representative of the LGIP universe. The S&P benchmark utilized in this comparison is a composite of all rated stable net asset value pools. GIPs in the index include only those rated based on S&P’s money market criteria. Pools rated ‘AAAm’ provide excellent safety and a superior capacity to maintain principal value while those rated ‘AAm’ offer very good safety and a strong capacity to maintain principal value (Source: S&P Global Ratings’ website). The comparison between this index and the portfolio may differ in holdings, duration, fees, and percentage composition of each holding. Such differences may account for variances in yield.
The benchmark, the S&P AAA & AA Rated GIP Govt 30 Day Net Yield (LGIPG30N) is a performance indicator of rated GIPs that maintain a stable net asset value of $1.00 per share and is an unmanaged market index representative of the LGIP universe. The S&P benchmark utilized in this comparison is comprised of pools that invest in U.S. Government securities, U.S. Treasury securities, Repurchase agreements collateralized by U.S. government and treasury securities or any combination of the above. GIPs in the index include only those rated based on S&P’s money market criteria. Pools rated ‘AAAm’ provide excellent safety and a superior capacity to maintain principal value while those rated ‘AAm’ offer very good safety and a strong capacity to maintain principal value (Source: S&P Global Ratings’ website). The comparison between this index and the portfolio may differ in holdings, duration, fees, and percentage composition of each holding. Such differences may account for variances in yield.