Funds in North Carolina CLASS will be invested exclusively in the investments authorized under N.C.G.S. 159-30(c). 

The North Carolina CLASS Client Service Team is available Monday through Friday from 8:00 a.m. until 5:00 p.m. E.T. Please consult the Client Services page for North Carolina CLASS office closures.   

There is no minimum investment amount for North Carolina CLASS. 

North Carolina 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@ncclass.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. 

1. Safety of Principal  
   • To minimize risk by managing portfolio investments aiming to preserve principal and only invest in securities that are permitted pursuant to the laws of the State of North Carolina.
2. Liquidity of Funds 
   • To manage portfolio investments in a way that permits cash to be available to Participants on a daily basis.
3. Yield 
   • To strive to maximize current investment income to the degree consistent with legality, safety, and liquidity.

North Carolina 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. 

Per an agreement with the Board, Public Trust Advisors, LLC (the North Carolina CLASS Administrator), charges a fee of up to 15 basis points. From its fee, the Administrator pays all expenses including but not limited to: custody fees, marketing expenses, auditor expenses, and legal expenses.

Participation in North Carolina CLASS is available to any unit of local government pursuant to N.C.G.S. 160A-460 through N.C.G.S. 160A-464. 

Enrolling in North Carolina CLASS is simple. After reading the Indenture of Trust, Interlocal Agreement, and Information Statement, follow these steps:  

1. Contact North Carolina CLASS to obtain a resolution and Joinder Agreement specific to your entity. Note, the resolution and official Joinder Agreement for your entity will be drafted by North Carolina CLASS counsel upon request.
2. Pass a resolution authorizing participation in North Carolina CLASS.
3. Complete the North Carolina CLASS Participation Packet.

   Scanned copies of your local government’s authorizing resolution (item 2) and your completed North Carolina CLASS Participation Packet (item 3) are to be sent to the North Carolina CLASS Client Service team by email at  clientservices@ncclass.com or by fax at (866) 200-3537.

   An original copy of the signature pages for your entity’s Joinder Agreement are to be sent to counsel for North Carolina CLASS at McGuireWoods, LLP, 201 North Tryon Street, Suite 3000, Charlotte, NC 28202, Attention: Lisa Williams.

North Carolina CLASS is supervised by a Board of Trustees comprised of eligible Participants of the North Carolina CLASS program. The Board of Trustees supervises North Carolina CLASS and its affairs and acts as the liaison between the Participants, the Custodian, and the Program Administrator. The Board administers the affairs of North Carolina CLASS and enters into contracts and agreements on behalf of the Program. It also selects the Program Administrator, Investment Advisor, and the Custodian subject to the terms of the Interlocal Agreement and Indenture of Trust. 

Investing involves risks including the possible loss of principal. The investment decisions made by North Carolina CLASS are subject to certain risks and such decisions may not always be profitable. North Carolina CLASS 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 fixed-income securities. 

Interest Rate Risks:  The prices of the fixed-income securities in North Carolina CLASS 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 Risks:  Credit risk is the possibility that an issuer of a fixed-income security held in North Carolina CLASS will default on the security by failing to pay interest or principal when due. If an issuer defaults, Participants in North Carolina CLASS 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 Risks:  Although North Carolina CLASS 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:  An investment in North Carolina CLASS is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 

Liquidity Risk:  Liquidity risk is the degree to which an investment can be sold at or near its fair value. The size of a bond’s market, the frequency of trades, the ease of valuation, and/or issue size can possibly impact liquidity risk. 

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.