Prime-style local government investment pool 

Enhanced cash local government investment pool 

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A comprehensive introduction to the different California CLASS portfolios 
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Our administrator, auditor, custodian, and legal counsel
Enrollment documents, prospectuses, and financials 
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Answers to commonly asked questions about California CLASS

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Questions & Answers

California CLASS Enhanced Cash

  • Is there a maximum number of transactions?

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

  • How can I become a California CLASS Enhanced Cash Participant?

  • Current California CLASS Participants simply need to complete the Enhanced Cash Registration Form in order to begin investing.

    Public agencies looking to invest in any of the California CLASS portfolios will first need to read the California CLASS Joint Exercise of Powers Agreement and complete the California CLASS Registration Packet. For more information, please contact the California CLASS Relationship Team to receive the necessary paperwork to get started.

  • How do I make transactions?

  • To invest in Enhanced Cash, California CLASS Participants must enter contributions through the Online Participant Portal. Withdrawn funds are available the business day after the transaction date that is entered in the online portal.

  • 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 account alongside your Californa CLASS Prime account. You may also view any reports, such as monthly statements, that are associated with your California CLASS Enhanced Cash account in the Documents section under the Accounts tab.

  • Is there a minimum dollar amount required for a California CLASS Enhanced Cash investment?

  • No, there is no minimum initial investment or ongoing minimum account balance to participate.

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

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

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

  • Enhanced Cash will be a variable NAV fund managed to approximate a $10.00 transactional share price, calculating and publishing 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. While $0.50 and $2.00 are examples of other variable NAV strike prices, a $10.00 per share NAV is one of the most commonly used strike prices for variable NAV funds.

  • Which of my funds are best suited for investment with California CLASS Enhanced Cash?

  • The Enhanced Cash fund offers next-day liquidity and is suitable for non-operating dollars and strategic reserves that a public agency would not anticipate withdrawing for 12 to 18 months.

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

  • All investments made on behalf of California CLASS Enhanced Cash will comply 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 California CLASS Enhanced Cash 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.

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

  • The general objective of the Enhanced Cash Fund is to generate additional investment income for the Participants while maintaining safety and liquidity. The Enhanced Cash Fund seeks to outperform the yields generated by the Prime Fund by taking modest interest rate and liquidity risk and maintaining similar credit risk while preserving capital by investing only in securities that comply with the requirements of California law, specifically California Government Code Section 53601.

Online Transaction Portal

  • 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.

  • 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?

  • Once logged in, Participants can update their phone number by selecting My Account in the upper right-hand corner of the portal.

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

  • Participants can change their passwords by visiting the California CLASS Online Transaction Portal and following the instructions for resetting your password. Once logged in, Participants can also update their password by selecting My Account in the upper right-hand corner. Usernames cannot be changed. Should you run into difficulties, the Client Service team is happy to assist.

  • How quickly can I expect to receive login credentials?

  • In most cases, login credentials will be distributed on the same day as requested; otherwise, credentials will be available on the following business day.

  • 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.

  • What about reporting features?

  • 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.

  • What 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 as well as to other approved California CLASS Participants. Users can pre-date important transactions, ensuring that they are handled reliably and avoiding unfortunate timing issues or cash access emergencies. The portal also allows for dual approval of transactions.

  • 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 investments. The portal is available 24/7, 365 days a year.

  • How are the California CLASS monthly statements delivered?

  • To download your California CLASS statements, please go to the Accounts Menu in the portal. From there, please navigate to the Documents Section. Statements are not emailed for the security of the California CLASS Participants’ account information.

General Questions

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

  • Please email your audit confirmation to clientservices@californiaclass.com and provide either a fax number or email for receipt.

    California CLASS is also accessible on www.confirmation.com and will receive notification of your audit confirmation on the platform. When looking to send a balance confirmation request, please enter “Public Trust Advisors” as the responder.

    Audit confirmations sent via USPS may experience a significant delay, so we strongly encourage email confirmations.

  • Does California CLASS have a policy against providing a copy of the daily investment holdings report?

  • No, California CLASS does not have a policy against providing a copy of the daily investment holdings. If a Participant requests a copy of the investment holdings report, we will provide a copy. The investment holdings report shows the investment positions for that day.

  • How can an eligible entity Participate in California CLASS?

  • Enrolling in  California CLASS is simple. Under 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, Participants may join the program by:

    1. Read the applicable Information Statements (California CLASS Prime and/or California CLASS Enhanced Cash)
    2. Complete and submit 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!

  • Is California CLASS Prime rated?

  • California CLASS Prime is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.

    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 transaction fees does California CLASS charge?

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

  • What are the business hours at California CLASS?

  • The California CLASS offices are open Monday through Friday from 8:00 a.m. until 4:00 p.m. PT. Please consult the Client Services Page for California CLASS closures.

  • What is the minimum requirement for investing in California CLASS?

  • There is no minimum investment amount for California CLASS.

  • What are the investment objectives of California CLASS Prime?

    1. Safety of Principal
      • Safety of principal is the foremost objective of the investment program. Investments are undertaken in a manner that strives to ensure the preservation of capital
      • To maintain the highest rating for California CLASS from a nationally recognized statistical rating organization
    2. Liquidity of Funds 
      • Portfolios are managed to remain sufficiently liquid to enable Participants to meet cash flow needs which might be reasonably anticipated
    3. Investment Return 
      • Portfolios are designed to generate 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
  • 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.

  • What types of securities does California CLASS invest in?

  • California CLASS 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. Furthermore, investments are made in accordance with the program’s investment policy that is structured to achieve the highest attainable rating for local government pools from a nationally recognized statistical ratings organization.

Managing My Account

  • What are the limits on the number of transactions?

  • California CLASS does not limit the number of transactions Participants can do.

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

  • Once logged in, Participants can update their contact information and notification preferences by selecting My Account in the upper right-hand corner of the portal. From there, changes can be made under the Contacts section at the bottom of the page.

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

  • Please visit the FAQs in the Help Section of the California CLASS Online Transaction Portal to download and fill out the Signatory Amendment Form.

     

  • 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 amend those individuals who receive account correspondence such as monthly statements or transaction confirmations?

  • These changes can be made in writing to clientservices@californiaclass.com.

  • How do I add or remove bank instructions on my California CLASS account?

  • Please visit the FAQs in the Help Section of the California CLASS Online Transaction Portal to download and fill out the Bank Amendment Form. 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.

  • 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.

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

  • Next-day ACH requests must be received by 11:00 a.m. PT (24 hours in advance).

  • 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.

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

  • Transactions (withdrawals, contributions, transfers) conducted via the portal, telephone, or fax must be submitted by 11:00 a.m. PT for same-day processing.

  • What are the fees associated with wires/ACHs?

  • California CLASS does not charge any banking fees to its Participants. However, your 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.