Texas CLASS Portfolio Characteristics

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

As of June 30, 2018:

06.18 - Texas CLASS Participant Breakdown by Balance

Participant Breakdown
by Balance

Participant Breakdown
by Entity Type

06.18 - Texas CLASS vs S&P

Performance vs. Benchmark
S&P AAA/AA GIP*
(30-Day Yields)

06.18 - Texas CLASS Portfolio Breakdown

Texas CLASS
Portfolio Breakdown

Texas CLASS Government
Portfolio Breakdown

06.18 - Texas CLASS WAM Comparison

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)***
Apr-18 1.94% $7,811,535,710 $7,811,226,658 $7,809,557,268 $7,809,248,216 1.00 42 64
May-18 2.06% $7,711,119,373 $7,709,991,202 $7,708,932,974 $7,707,804,802 1.00 38 56
Jun-18 2.16% $7,390,322,864 $7,389,416,066 $7,389,445,341 $7,388,538,543 1.00 50 68

**Average monthly yield   ***As of the end of the last day of the month

Texas CLASS Government Prior Month Comparison

Month
End
Average
Yield
**
Month Ending
Assets
Share
Balance
Market
Value
Amortized
Cost
NAV WAM
(Reset)
***
WAM
(Final)***
Apr-18 1.67% $160,673,416 $160,690,278 $160,554,125 $160,570,987 1.00 39 73
May-18 1.76% $310,724,572 $310,735,339 $310,636,840 $310,647,607 1.00 39 55
Jun-18 1.87% $207,005,198 $207,026,545 $206,918,856 $206,940,202 1.00 49 82

**Average monthly yield   ***As of the end of the last day of the month

 

Fund Highlights as of June 30, 2018 (Unaudited)

For the month of June 2018, the Program Administrator accrued fees of $611,212.45 and had average shares outstanding of $7,596,020,358.14 for Texas CLASS. For Texas CLASS Government, the Program Administrator accrued fees of $0.00 and had average shares outstanding of $298,612,934.09. 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 June. The fees are paid monthly upon notification to the custodian bank. As of June 30, 2018, the fee for Texas CLASS was 10 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 June 1 to June 30, 2018 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 656.
  • There are currently no investments that have a stated maturity greater than one year.
  • The portfolio managers for Texas CLASS are Randy Palomba, CFA and Neil Waud, 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.

 

To view the current members of the Texas CLASS Board of Trustees and Advisory Board, please click here.

Data Unaudited. Performance results are shown net of all fees and expenses and reflect the reinvestment of dividends and other earnings. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. Investment involves risk including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. 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. Past performance is not an indication of future performance. Any financial and/or investment decision may incur losses. A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors, including credit quality, market price exposure, and management. Ratings are subject to change and do not remove market risk.
*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.