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California CLASS Prime

Prime-style local government investment pool 

California CLASS Enhanced Cash

Enhanced cash local government investment pool 

Yields

Current and historical rate information

Investment Calculator

How much could you have earned with California CLASS Prime? 

Overview

A comprehensive introduction to the different California CLASS portfolios 

Board of Trustees

Get to know our diverse and experienced public finance officials who oversee the program

Service Providers

Our administrator, auditor, custodian, and legal counsel

Document Center

Enrollment documents, prospectuses, and financials 

Insights for Investors

Updates, newsletters, and special reports

Events

Upcoming Board meetings, holidays, events, and conferences

FAQs

Answers to commonly asked questions about California CLASS

Client Services

Assistance with your accounts and answers to your California CLASS questions

Relationship Team

Contact our investment professionals who can provide you with information about the program 

Join California CLASS

Getting started is easy; join today and start earning tomorrow!

CSDA

California Special Districts Association 

Cal Cities

League of California Cities 

Questions & Answers

General Questions

  • Who oversees California CLASS?

  • Pursuant to the JPA Agreement, the management of California CLASS is governed by a Board of Trustees comprised of eligible Participants of California CLASS. The Board supervises the California CLASS and its affairs and acts as the liaison between the Participants, the Custodian, the Administrator, the Investment Advisor, and all service providers.  

  • Who is eligible to use California CLASS?

  • California CLASS is open to all public agencies as defined in California Government Code Section 6509.7. California CLASS is a joint powers entity and public agency that is managed by a Board of Trustees comprised of eligible Participants of the program.

  • How can an eligible entity Participate in California CLASS?

  • Enrolling in California CLASS is simple. Under the applicable California Government Code, California public agencies may invest in shares of beneficial interest issued by a joint powers authority. After reading the California CLASS Joint Exercise of Powers Agreement and the relevant Information Statements and Investment Policies, public agencies may join the program by:

    1. Reading the applicable Information Statements (California CLASS Prime and/or California CLASS Enhanced Cash)
    2. Completing and submitting the California CLASS Registration Packet to the California CLASS Client Service Team via email or fax at (877) 930-5214.
    3. After the approval of the above documents, your public agency will receive confirmation that your account has been accepted as a California CLASS Participant.

    Keep the original forms for your records; all of these forms can be found in the Document Center. If you have any questions, please contact us; we would love to hear from you!

  • Does Board oversight differ between the California CLASS Prime Fund and the California CLASS Enhanced Cash Fund?

  • No, the California CLASS Board of Trustees administers and oversees all investment portfolios offered by California CLASS now and in the future.  

  • What are the business hours at California CLASS?

  • The California CLASS Client Service Team is available Monday through Friday from 8:00 a.m. until 4:00 p.m. PT. Please consult the Client Services Page for California CLASS closures.

  • Is there a maximum or minimum investment requirement for the California CLASS Prime Fund or the California CLASS Enhanced Cash Fund? 

  • No, there is no maximum or minimum investment requirement for the California CLASS Prime Fund or the California CLASS Enhanced Cash Fund. 

  • Is there a maximum or minimum number of transactions for the California CLASS Prime Fund or the California CLASS Enhanced Cash Fund? 

  • No, there is no limit to the number of transactions a Participant may execute with the California CLASS Prime Fund or the California CLASS Enhanced Cash Fund. 

  • What are the fees associated with wires/ACHs?

  • California CLASS does not charge any banking fees to its Participants. However, your sending/receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend always checking with a representative at your bank to discuss the potential costs. 

  • How can I submit an audit confirmation to California CLASS?

  • California CLASS is accessible on www.confirmation.com – select the name “Public Trust Advisors” when entering your request. Client Services will receive notification and process your audit confirmation on the platform.

    Alternatively, you may email your audit confirmation to clientservices@californiaclass.com and provide either a fax number or email for receipt.

    Audit confirmations sent via USPS may experience a significant delay, so we strongly encourage the first two methods.

Managing My Account

  • Does California CLASS limit the number of subaccounts a Participant can have?

  • California CLASS does not limit the number of subaccounts Participants can have.

  • How do I make transactions?

  • To invest in or redeem from either the California CLASS Prime Fund or the California CLASS Enhanced Cash Fund, Participants must enter their orders through the Online Transaction Portal. 

  • What are the daily cut-off times for transactions?

  • Transactions (withdrawals, contributions, transfers) must be submitted by 11:00 a.m. PT for same-day processing. 

  • When are wires sent from my account when I request a withdrawal?

  • Wires are sent every hour with the final distribution taking place shortly after the close of the fund at 11:00 a.m. PT; distribution times are subject to change as needed by the California CLASS Administrator. 

  • For a next-day ACH, what is the cut-off time?

  • Next-day ACH requests must be received by 11:00 a.m. PT. 

  • What is the difference between a wire and an ACH?

  • Wires are funds transferred via the Federal Reserve Wire System and can be processed and received by your beneficiary bank on the same day if the transaction is requested prior to the 11:00 a.m. PT cut-off. ACHs (Automated Clearing House) are processed overnight and are generally available to the beneficiary bank one business day after the transaction request has been made. 

  • Are the banking instructions different for a wire or an ACH?

  • Many banking institutions have separate ABA/routing numbers depending on whether the transactions are being processed via wire or ACH. Please contact your local banking representative to ensure that you are providing California CLASS Client Services with the appropriate account information. The instructions to send money into California CLASS can be found in the California CLASS Transaction Portal. 

  • What are the deposit instructions for the California CLASS Prime Fund and California CLASS Enhanced Cash? 

  • Please go to the Documents Section of the California CLASS Online Transaction Portal and click on Forms in the lefthand menu to view the Deposit Instructions. Please note, you will need to initiate the wire with your bank. California CLASS must receive the wire by 2:00 p.m. PT. 

  • How do I add or delete authorized banks?

  • Please navigate to the Administration menu to make changes to your Authorized Banks. Please refer to the User Guide available in the Forms menu for further instructions.

  • How do I update my contact information and notification preferences?

  • Once logged in to the California CLASS Online Transaction Portal, Participants can update their contact information and notification preferences by navigating to the Administration menu then choosing My Info.

  • How do I update individuals who have access to my California CLASS account?

  • Please navigate to the Administration menu to make changes to your Authorized Contacts. Please refer to the User Guide available in the Forms menu for further instructions.

California CLASS Online Transaction Portal

  • What is the California CLASS Online Transaction Portal?

  • The California CLASS Online Transaction Portal is a secure, Internet-based transaction system that allows registered California CLASS Participants to self-manage their California CLASS accounts. The portal is available 24/7, 365 days a year.

  • What transaction functions can the California CLASS Online Transaction Portal perform?

  • The California CLASS Online Transaction Portal allows Participants to make contributions, withdrawals, and transfers between subaccounts; Participants may also transfer funds to other California CLASS Participants. Users can take advantage of the ability to request transactions up to one year in advance. The portal also allows for dual approval of transactions for those who have submitted the Dual Authorization Form.

  • What reporting features does the California CLASS Transaction Portal offer?

  • Reporting features available in the California CLASS Online Transaction Portal include access to monthly statements, transaction confirmations, and details highlighting past, present, and future-dated transactions. It is also possible to run on-demand reports for custom time frames and download the monthly holdings reports.

  • How are the California CLASS monthly statements delivered?

  • You will receive an email notification of the availability of your monthly comprehensive statement. To download your California CLASS statement, please go to the Documents Section of the California CLASS Online Transaction Portal and click on Statements/Transaction Confirmations.

  • How does a new California CLASS Participant receive login credentials?

  • All Participants will receive login credentials upon the establishment of their account via email. If you do not currently have online credentials, please reach out to Client Services at (877) 930-5213 or email clientservices@californiaclass.com.

  • How quickly can I expect to receive login credentials?

  • Login credentials will be distributed once a user is added to an account.

  • How does an existing California CLASS Participant change or update their login credentials?

  • Once logged in, Participants can update their password by selecting the Administration menu then choosing My Info.

  • Can I share my online account with another person at my entity?

  • No; for your security, everyone will be required to have their own online user account that is tied to a unique email address. We do not allow multiple contacts to use the same email address.

  • How do I update the phone number used for two-factor authentication via text message?

  • Participants can update their phone number by selecting the Administration menu, then choosing My Info.

California CLASS Prime Fund

  • What are the investment objectives of the California CLASS Prime Fund?

    1. Safety of Principal
      • Safety of principal is the foremost objective of the investment program. Investments are undertaken in a manner that prioritizes the preservation of capital.
      • To maintain the highest rating for the California CLASS Prime Fund from a nationally recognized statistical rating organization.
    2. Liquidity of Funds
      • Portfolios are managed to remain sufficiently liquid to help Participants meet cash flow needs that might be reasonably anticipated.
    3. Investment Return
      • Portfolios are designed with the goal of generating a competitive rate of return without undue compromise of the safety and liquidity objectives.
    4. Transparency
      • Portfolios are operationally enabled to allow Participants to readily obtain portfolio and account information via an easy-to-use technology platform.

  • Is the California CLASS Prime Fund rated?

  • The California CLASS Prime Fund is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools.

    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.

  • What types of securities does the California CLASS Prime Fund invest in?

  • The California CLASS Prime Fund may only invest in a manner that is permitted pursuant to the laws of the State of California and California Government Code Section 6509.7 and adhere to the California CLASS Investment Policy.

  • What are the risks of investing in a product like the California CLASS Prime Fund?

  • Investing involves risks including the possible loss of principal. The investment decisions made by the California CLASS Prime Fund are subject to certain risks and such decisions may not always be profitable. The California CLASS Prime Fund does not guarantee returns or performance against stated benchmarks. Past performance is not a guarantee of future results. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. The following is a summary of common risks associated with investing in a product like the California CLASS Prime Fund.

    Interest Rate Risk

    The prices of the fixed-income securities in the California CLASS Prime Fund will rise and fall in response to changes in the interest rates paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the price of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. The Investment Advisor will seek to manage this risk by purchasing short-term securities.

    Credit Risk

    Credit risk is the possibility that an issuer of a fixed-income security held in the California CLASS Prime Fund will default on the security by failing to pay interest or principal when due. If an issuer defaults, Participants in the California CLASS Prime Fund may incur losses. The Investment Advisor will seek to manage this risk by purchasing high quality securities as determined by one or more Nationally Recognized Statistical Ratings Organizations and/or the Investment Advisor’s credit research team.

    Stable Net Asset Value (NAV) Risk

    Although the California CLASS Prime Fund is managed to maintain a stable NAV of $1.00 per Share, there is no guarantee that it will be able to do so.

    Investment Not Insured or Guaranteed Risk

    An investment in the California CLASS Prime Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

    Liquidity Risk

    The California CLASS Prime Fund is subject to certain liquidity risks in which the size of a bond’s market, the frequency of trades, the ease of valuation, and/or issue size may impact the Investment Advisor’s ability to sell investments in a timely fashion or at or near fair value in order to fulfill a Participant’s redemption request.

    Market Risk

    Market risk is the risk that the value of securities owned goes up or down, sometimes rapidly and/or unpredictably, due to factors affecting securities markets generally or within particular industries.

    Issuer Risk

    The risk that the value of a security declines for a reason directly related to the issuer such as management performance, financial leverage, and reduced demand for the issuer’s goods or services.

    Default Risk

    The risk that a bond issuer (or counterparty) will default by failing to repay principal and interest in a timely manner.

California CLASS Enhanced Cash Fund

  • What are the investment objectives of the California CLASS Enhanced Cash Fund?

  • The California CLASS Enhanced Cash Fund is designed to complement the California CLASS Prime Fund for California public agencies. The general objective of the California Enhanced Cash Fund is to seek to generate a higher level of income for Participants while preserving capital by investing only in securities that comply with the requirements of California law (specifically California Government Code Section 53601) and the California CLASS Enhanced Cash Investment Policy. The California Enhanced Cash Fund offers longer-dated, fixed-income investments seeking to enhance returns while providing next-day liquidity to its participants. 

  • Which of my funds are better suited for investment with the California CLASS Enhanced Cash Fund?

  • The California Enhanced Cash Fund offers next-day liquidity and is best suited for funds not needed on a frequent or near-term basis. The California CLASS Enhanced Cash Fund is designed for investors with slightly longer investment horizons and the ability to tolerate a higher risk profile.

  • Does the California CLASS Enhanced Cash Fund seek to maintain a stable $1.00 net asset value (NAV)?

  • No, the California CLASS Enhanced Cash Fund is designed as a variable NAV fund that is calculated and published as a fair value NAV on a daily basis. The California CLASS Enhanced Cash portfolio has designated a $10.00 transactional share price in order to clearly differentiate the portfolio from a traditional $1.00 stable NAV fund.

  • What types of securities are purchased for the California CLASS Enhanced Cash Fund?

  • All investments made on behalf of the the California CLASS Enhanced Cash Fund are in compliance with the provisions of the California CLASS Enhanced Cash Investment Policy and California Government Code relating to the investment of public funds; investment funds may only be invested in a manner that is permitted pursuant to California Government Code Section 53601. For a complete list of eligible investments for California CLASS Enhanced Cash, please contact the California CLASS Relationship Team.

  • Is the California CLASS Enhanced Cash Fund rated?

  • Yes, the California CLASS Enhanced Cash portfolio is rated ‘AAAf/S1’ by FitchRatings. The ‘AAAf’ rating is Fitch’s opinion on the overall credit profile within a fixed-income fund/portfolio and indicates the highest underlying credit quality of the pool’s investments. The ‘S1’ volatility rating is Fitch’s opinion on the relative sensitivity of a portfolio’s total return and/or net asset value to assumed changes in credit spreads and interest rates. The ‘S1’ volatility rating indicates that the fund possesses a low sensitivity to market risks. For a full description of rating methodology, please visit www.fitchratings.com. Ratings are subject to change and do not remove credit risk.

  • Will I see my California CLASS Enhanced Cash account when I log in to the online portal?

  • Yes, you will see your California CLASS Enhanced Cash Fund account alongside your California CLASS Prime Fund account (as applicable). You may also view any reports, such as monthly statements, that are associated with your California CLASS Enhanced Cash Fund account in the Documents section by clicking on Statements/Transaction Confirmations. 

  • I need to add information regarding the California CLASS Enhanced Cash Fund to my CAFR notes in our financial statements; can you provide suggested language to include? 

  • Yes; below please find our recommended language that you can customize to meet your specific reporting requirements and period. You can find the California CLASS Enhanced Cash Fund WAM and WAL for your specific reporting date on the Historical Yields page. 

    “California CLASS Enhanced Cash is a variable net asset value (NAV) local government investment pool that offers next-day liquidity to Participants. The California CLASS Enhanced Cash Fund is suitable for a local government’s strategic reserves/non-operating funds and has a NAV that is managed to approximate a $10.00 transactional share price. The California CLASS Enhanced Cash Fund measures its investments at fair value so investments in California CLASS Enhanced Cash are not required to be categorized within the fair value hierarchy. The California CLASS Enhanced Cash Fund is rated ‘AAAf/S1’ by FitchRatings. As of DATE, the California CLASS Enhanced Cash Fund possessed a weighted average maturity of XXX days and a weighted average life of XXX days.” 

    If you need additional assistance or have further questions about this language, please contact the California CLASS Client Service Team. 

  • What are the risks of investing in a product like the California CLASS Enhanced Cash Fund?

  • Investing involves risks including the possible loss of principal. The investment decisions made by the California CLASS Enhanced Cash Fund are subject to certain risks and such decisions may not always be profitable. The California CLASS Enhanced Cash Fund does not guarantee returns or performance against stated benchmarks. Past performance is not a guarantee of future results. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. The following is a summary of common risks associated with investing in a product like the California CLASS Enhanced Cash Fund.

    Interest Rate Risk 

    The prices of the fixed-income securities in the California CLASS Enhanced Cash Fund will rise and fall in response to changes in the interest rates paid by similar securities. Generally, when interest rates rise, prices of fixed-income securities fall. However, market factors, such as demand for particular fixed-income securities, may cause the price of certain fixed-income securities to fall while the price of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. The Investment Advisor will seek to manage this risk by purchasing short-term securities.

    Credit Risk 

    Credit risk is the possibility that an issuer of a fixed-income security held in the California CLASS Enhanced Cash Fund will default on the security by failing to pay interest or principal when due. If an issuer defaults, Participants in the California CLASS Enhanced Cash Fund may incur losses. The Investment Advisor will seek to manage this risk by purchasing high-quality securities as determined by one or more Nationally Recognized Statistical Ratings Organizations and/or the Investment Advisor’s credit research team.

     Fluctuating Net Asset Value (NAV) Risk 

    Because the share price of a variable net asset value fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them.

     Investment Not Insured or Guaranteed Risk  

    An investment in the California CLASS Enhanced Cash Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

    Liquidity Risk 

    The California CLASS Enhanced Cash Fund is subject to certain liquidity risks in which the size of a bond’s market, the frequency of trades, the ease of valuation, and/or issue size may impact the Investment Advisor’s ability to sell investments in a timely fashion or at or near fair value in order to fulfill a Participant’s redemption request.

    Market Risk 

    Market risk is the risk that the value of securities owned goes up or down, sometimes rapidly and/or unpredictably, due to factors affecting securities markets generally or within particular industries. 

    Issuer Risk 

    The risk that the value of a security declines for a reason directly related to the issuer such as management performance, financial leverage, and reduced demand for the issuer’s goods or services. 

    Default Risk 

    The risk that a bond issuer (or counterparty) will default by failing to repay principal and interest in a timely manner. 

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