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Michigan CLASS

Prime-style local government investment pool 

Michigan CLASS EDGE

Enhanced cash local government investment pool 

Yields

Current and historical rate information

Overview

A comprehensive introduction to the different Michigan CLASS portfolios 

Portfolio Characteristics

A monthly breakdown of the Michigan CLASS portfolio

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 Michigan CLASS

Join Michigan CLASS

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

Relationship Team

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

Client Services

Assistance with your accounts and answers to your Michigan CLASS questions

LCSA Partnership

Local Community Stabilization Authority and Michigan CLASS Partnership 

Questions & Answers

General Questions

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

  • Please email your audit confirmation to clientservices@michiganclass.org and provide either a fax number or email for receipt. Michigan CLASS is also accessible on www.confirmation.com and will receive notification of your audit confirmation on the platform.

    Due to the ongoing COVID-19 pandemic, audit confirmations sent via USPS will have a significant delay, so we strongly encourage email confirmations.

  • How can Participants obtain a copy of the Michigan CLASS investment holdings report?

  • The Michigan CLASS investment holdings report is available to Participants online via the Michigan CLASS Transaction Portal.

  • How can you participate in Michigan CLASS?

  • Enrolling in Michigan CLASS is simple. Any of the entity types listed in the answer above may join Michigan CLASS as a Participant and take advantage of the investment program.

    To join Michigan CLASS, please take the following steps:

    1. Submit your investment policy to the Program Administrator for review.
    2. Adopt the Michigan CLASS Participation Agreement by passing a board resolution authorizing participation in Michigan CLASS.
    3. Complete the Trust Registration Form.
    4. Submit the above documents via fax to (855) 381-0496 or email to clientservices@michiganclass.org.

  • Is Michigan CLASS rated?

  • Michigan CLASS 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 Michigan CLASS charge?

  • Michigan 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 Michigan CLASS?

  • The Michigan CLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for Michigan CLASS office closures.

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

  • There is no minimum investment amount for Michigan CLASS.

  • What are the investment objectives of Michigan CLASS?

    1. Safety: minimizing risk by managing portfolio investments so as to preserve principal and maintain a stable net asset value and to maintain the highest rating for the pool from a nationally recognized statistical rating organization for so long as such rating is required by Michigan law.
    2. Liquidity: managing portfolio investments to ensure that cash will be available as required to finance Participants’ operations.
    3. Yield: maximizing current income to the degree consistent with legality, safety, and liquidity.

  • Who oversees Michigan CLASS?

  • The Michigan CLASS Board of Trustees (the Board) oversees the investments made on behalf of the Participants. The Board consists of thirteen active members of the pool who are elected by the Participants for staggered terms. The Board approves the program’s investment parameters which must additionally fall within the investment stipulations mandated under Michigan statute for the investment of surplus funds of the Participants. Currently, the Board retains the services of Public Trust Advisors, LLC (Public Trust) located in Denver, CO. Public Trust serves as the Administrator and Investment Advisor.

  • Who is eligible to use Michigan CLASS?

  • Participation in Michigan CLASS is available to any county, city, village, township, school district, authority, the state of Michigan, or any other political subdivision organized under the laws of the state of Michigan. To join, such public agencies need to execute an authorizing resolution joining the Participation Agreement and provide a certified copy of such resolution to the Administrator.  Pursuant to applicable state law, Public Trust Advisors, LLC will review each entity’s investment policy and return the appropriate acknowledgment.

  • What types of securities does Michigan CLASS invest in?

  • Michigan CLASS invests solely in securities that are both permitted by Michigan law and adhere to the Michigan CLASS Investment Policy.

    Pursuant to direction by the Board and in conformance with applicable Michigan laws governing investment options for Participants, funds of the Participants are invested in high quality, short-term, fixed-income instruments selected to provide for program safety, liquidity, and competitive rates of return. A complete list of eligible investments is available in the Michigan CLASS Investment Policy located in the Document Center.

Managing My Account

  • 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 3:00 p.m. ET; distribution times are subject to change as needed by the Michigan CLASS Administrator.

  • What are the deposit instructions for Michigan CLASS?

  • Please visit the FAQs in the Help Section of the Michigan CLASS Online Transaction Portal to view the deposit instructions to send funds into your Michigan CLASS account. Please note, you will need to send the fund from your bank.

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

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

  • How are the Michigan CLASS monthly statements delivered?

  • To download your Michigan 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 Michigan CLASS Participants’ account information.

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

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

  • What are the limits on the number of transactions?

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

  • How do I update individuals who have access to my Michigan 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.

  • 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.

  • 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 Michigan CLASS Client Services with the appropriate account information. The instructions to send money into Michigan CLASS can be found in the Michigan CLASS Transaction Portal.

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

  • Next-day ACH requests must be received by 3:00 p.m. ET (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 3:00 p.m. ET 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 3:00 p.m. ET for same-day processing.

  • What are the fees associated with wires/ACHs?

  • Michigan 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.

Michigan CLASS Online Transaction Portal

  • 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.

  • How does an existing Michigan 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.

  • How quickly can I expect to receive login credentials?

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

  • How does a new Michigan 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 your online credentials, please reach out to Client Services at (855) 382-0496 or email clientservices@michiganclass.org.

  • What about reporting features?

  • Reporting features available in the Michigan CLASS Online Transaction Portal include access to monthly statements, transaction confirmations, and details highlighting past, present, and future dated transactions

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

  • The Michigan CLASS Online Transaction Portal allows Participants to make contributions, withdrawals, and transfers between subaccounts as well as to other approved Michigan 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 Michigan CLASS Online Transaction Portal?

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

Michigan CLASS EDGE Fund

  • I need to add information regarding Michigan CLASS EDGE 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 EDGE WAM and WAL for your specific reporting date on the Yields page.

    “Michigan CLASS EDGE is a variable net asset value (NAV) local government investment pool that offers weekly liquidity to Participants. EDGE 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. Michigan CLASS EDGE measures its investments at fair value so investments in EDGE are not required to be categorized within the fair value hierarchy. EDGE is rated ‘AAAf/S1’ by FitchRatings. As of DATE, Michigan CLASS EDGE 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 Michigan CLASS Client Service team.

  • How can I become a Michigan CLASS EDGE Participant?

  • Current Participants simply need to complete the EDGE Registration Form and submit their current investment policy to Michigan CLASS prior to investing.

    New public agencies looking to invest in either of the Michigan CLASS portfolios will first need to submit their investment policy for review. Then adopt the Michigan CLASS Participation Agreement by passing a board resolution authorizing Participation in Michigan CLASS and then complete the Registration Packet.

    For more information or assistance becoming a Michigan CLASS Participant, please contact the Michigan CLASS Relationship Team to get started.

  • Is there a maximum number of transactions?

  • No, there is no limit to the number of transactions a Participant may execute with Michigan CLASS EDGE.

  • How do I make transactions?

  • To invest in EDGE, Michigan 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 Michigan CLASS EDGE account when I log in to the online portal?

  • Yes, you will see your Michigan CLASS EDGE account alongside your Michigan CLASS accounts (if applicable). You may also view any reports, such as monthly statements, that are associated with your Michigan CLASS EDGE account in the Documents section under the Accounts tab.

  • Is there a minimum dollar amount required for a Michigan CLASS EDGE investment?

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

  • Does Board oversight differ between Michigan CLASS and Michigan CLASS EDGE?

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

  • Does Michigan CLASS EDGE seek to maintain a stable $1.00 net asset value (NAV)?

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

  • Is Michigan CLASS EDGE rated?

  • Yes, the Michigan CLASS EDGE 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.

  • Which of my funds are best suited for investment with Michigan CLASS EDGE?

  • Michigan CLASS EDGE offers next-day liquidity and is best suited for funds not needed on a fully liquid or near-term basis. Michigan CLASS EDGE is designed to complement the daily liquidity offered by the Michigan CLASS portfolio.

  • What types of securities are purchased for Michigan CLASS EDGE?

  • All investments made on behalf of Michigan CLASS EDGE are in full compliance with Public Act 20 of 1943, Public Act 451 of 1976, Public Act 331 of 1966, and Public Act 94 of 1933, each as amended. For a complete list of eligible investments, please read the Michigan CLASS EDGE Investment Policy.

  • What are the investment objectives of Michigan CLASS EDGE?

  • The key objective of Michigan CLASS EDGE is to generate a higher return than traditionally provided by a stable NAV LGIP while seeking to protect Participant funds. This is achieved by investing in only the highest-quality securities that are legally authorized by Michigan Investment Laws.

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