Texas CLASS Portfolio Characteristics

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

As of October 31, 2021

10.21 - Texas CLASS Participant Breakdown by Balance

Participant Breakdown
by Balance

10.21 - Texas CLASS Participant Breakdown by Entity Type

Participant Breakdown
by Entity Type

10.21 - Texas CLASSS S&P

Performance vs. Benchmark
S&P AAA/AA GIP*
(Average Monthly Yields)

10.21 - Texas CLASS Portfolio Breakdown

Texas CLASS
Portfolio Breakdown

10.21 - Texas CLASS Government Portfolio Breakdown

Texas CLASS Government
Portfolio Breakdown

10.21 - 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)***
Aug-21
0.05% $12,594,466,656 12,594,150,358 $12,955,420,828 $12,955,104,530 1.00 53 86
Sep-21 0.04% $12,182,861,731 12,182,571,069 $12,277,631,947 $12,277,341,285 1.00 53 90
Oct-21
0.04% $11,724,081,606 11,724,026,356 $11,853,115,803 $11,853,060,553 1.00 55 81

**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)***
Aug-21
0.02% $1,302,046,895 1,302,029,623 $1,288,018,056 $1,288,000,784 1.00 22 38
Sep-21 0.02% $1,328,964,641 1,328,953,708 $1,328,948,934 $1,328,938,002 1.00 27 41
Oct-21
0.03% $1,287,689,850 1,287,711,665 $1,312,657,291 $1,312,679,106 1.00 26 53

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

2020-2021 Texas CLASS Average Monthly Yields


                            Texas CLASS

Texas CLASS Government

November 2020 0.1486% | November  2020 0.1198%
December 2020 0.1398% | December  2020 0.0876%
January  2021 0.1316% | January 2021 0.0768%
February 2021 0.1090% | February 2021 0.0522%
March  2021 0.1051% | March  2021 0.0374%
April 2021 0.0840% | April  2021 0.0446%
May 2021 0.0784% | May 2021 0.0536%
June 2021 0.0611% | June 2021 0.0363%
July  2021 0.0615% | July  2021 0.0199%
August 2021 0.0506% | August 2021 0.0156%
September   2021 0.0442% | September  2021 0.0211%
October  2021 0.0435% | October  2021 0.0283%

Fund Highlights as of October 31, 2021 (Unaudited)

For the month of October 2021, the Program Administrator accrued fees of $959,622.08 and had average shares outstanding of 11,887,359,477.59 for Texas CLASS. For Texas CLASS Government, the Program Administrator accrued fees of $103,822.13 and had average shares outstanding of 1,322,635,990.46. The fees for both Texas CLASS and Texas CLASS Government are accrued on a daily basis. The applicable fee rate is calculated by taking the fee rate(s) divided by 365 days (366 days in the event of a leap year) and rounded to ten decimal places. The current day’s settled shares outstanding will be multiplied by the applicable fee rate(s) to equal the daily fee accrual. For weekend days and holidays, the settled shares outstanding for the previous business day will be utilized for the calculation of the fees. The applicable fee rate is located in Exhibit F of the Ninth Amended and Restated Trust Agreement. The Program Administrator reserves the right to abate fees listed in the Ninth Amended and Restated Trust Agreement. The monthly fee is the sum of all daily fee accruals for the month of October. The fees are paid monthly upon notification to the custodian bank. As of October 31, 2021 the fee for Texas CLASS was 10 basis points and the fee for Texas CLASS Government was 9 basis points.

  • Both funds are rated ‘AAAm’ by S&P Global Ratings.
  • Net Asset Value for both funds from October 1 to October 31, 2021 is equal to $1.00.
  • The final maturity dates of all securities were less than one year.
  • The custodian bank for Texas CLASS is UMB Bank.
  • Total number of Participants is 873.
  • There are currently no investments that have a stated maturity greater than one year.
  • The portfolio managers for Texas CLASS is Neil Waud, CFA and Randy Palomba, CFA.
  • All sources of payment are the underlying assets of the local government investment pool at market value.
  • The Ninth Amended and Restated Trust Agreement was adopted by the Board of Trustees on February 25, 2021. You can access your copy of the Ninth Amended and Restated Trust Agreement by visiting our website at www.texasclass.com.

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

Data unaudited. Charts may not equal 100% due to rounding. Performance results for both Texas CLASS and Texas CLASS Government 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 presented should not be used in making any investment decisions. This material 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 credit risk. Click here for more information.
*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.
Calculation methodology for the LGIP30D and LGIPG30N is the monthly average of the each week’s seven day average rate as provided by Bloomberg.