The Program:

Organized as a Joint Powers Authority (“JPA”), the Investment Trust of California (CalTRUST) is a program established by public agencies in California for the purpose of pooling and investing local agency funds – operating reserves as well as bond proceeds.  A Board of Trustees supervises and administers the investment program of the Trust.  The Board is comprised of experienced investment officers and policy-makers of the public agency members.

CalTRUST offers the option of four accounts to provide participating agencies with a convenient method of pooling funds – a money market, a short-term, a medium-term, and soon-to-be opened long-term account.  Each account seeks to attain as high a level of current income as is consistent with the preservation of principal.

Any California local agency may participate in the Trust and invest its funds, and in the case of counties, the funds of other local agencies that have invested with the County Treasurer’s Office.

Money Market Account

For the CalTRUST-Wells Fargo Advantage Funds Heritage money market account (The CalTRUST-Heritage MMF), participants may invest through CalTRUST in the Heritage MMF at the most favorable expense ratio available to institutional investors.

Short-Term, Medium-Term, and Long-Term Accounts

For the CalTRUST Short-Term, Medium-Term, and Long-Term Accounts, funds from all participants are poled in each of the accounts.  Participants receive units in the Trust and designated shares for the particular accounts in which they invest.

CalTRUST invests in fixed income securities eligible for investment pursuant to California Government Code Sections 53601, et. seq. and 53635, et. seq.  Investment guidelines adopted by the board of Trustees may further restrict the types of investments help by the Trust.  Leveraging within the Trust’s portfolios is prohibited.