They developed the concept for a new investment pool, created and governed by local officials. The idea led to the creation of the Investment Trust of California, commonly known as CalTRUST
A program such as CalTRUST was new territory in the public investment world but a few dedicated, professional and knowledgeable individuals decided to make it happen. In 2004, CalTRUST was up and running with $50 million pulled together from ten pioneering public agencies.
Nine years later, CalTRUST has more than 120 public agency participants and continues to reach new milestones. In April 2013, CalTRUST hit a historical high of $1.7 billion in assets. CalTRUST offers a short-term, medium-term, and money market fund whose growth and yields make it an easy, safe and reliable diversification tool for California cities and other public agencies.
CalTRUST has grown in the last year and has been able to begin addressing its other mission: to be an educational resource for public agencies. Last October, CalTRUST released a two-part white paper and held a free webinar on Net Asset Value. In April of this year, CalTRUST successfully hosted another free webinar providing California public agencies with an economic overview and discussion on the implications for bond markets.
The League of California Cities is a co-sponsor of CalTRUST with the California State Association of Counties and the California Special Districts Association. The three associations are proud of how this JPA has grown into a stable and successful investment option for local governments.
For questions please contact: Dan Harrison
with the League of California Cities or Lyle Defenbaugh