Instructions and Explanations of Asset Classes
Fair Market Value is based on GASB 31.
Equity Securities are stocks.
U.S. Common Stocks include only publicly traded stocks.
Equity Mutual Funds invest in stocks.  Also include balanced funds which include a mix of stocks+bonds
Other Equity Securities include preferred stocks, foreign stocks, and non-publicly traded stocks.
Real Estate held for investment, directly or through investment vehicles such as limited partnerships.
Private Equity includes venture capital, hedge funds, leveraged buyout, mezzanine, strategically traded
securities, etc. held directly or through investment vehicles such as limited partnerships.
Annuities are a type of investment sold by insurance companies.  Include fixed+variable annuities.
Collective Endowment Funds are long term endowment funds managed by a third party which combine
investments from multiple investors (e.g. Common Fund, or Permanent Higher Education Fund)
Commodities include oil&gas, timberland, precious metals, etc.
Collectables include art, stamps, coins, historic documents and memorabilia, etc.
U.S. Government includes Treasuries and any other investment with an affirmative full faith and credit
guarantee of the U.S. Government.
U.S. Government Agency are securities issued by U.S. Government sponsored agencies or corporations
such as FNMA, FHLB, etc. which do not have full faith and credit guarantees from the U.S.
Mortgage Pass Throughs are residential mortgage securities pooled together and marketed by such
governmental agency issuers as GNMA, FNMA, FrMac.  Include private issues with CMOs.
C.M.O. (Collateralized Mortgage Obligations) List prohibited C.M.O.s as non-compliant.  (Entities may
hold non-compliant C.M.O.s that were purchased prior to Sept. 1, 1995)
Other Asset Backed Bonds These are securities backed by pools of assets such as credit card loans,
commercial real estate loans, and auto loans.
Foreign Issued Obligations  These securities are issued outside of the U.S. by non-U.S. issuers (in U.S.
dollars or foreign currency).  Also include U.S. issued securities denominated in foreign currencies.
Municipal Obligations  Include all state, county, municipality, or public authority issues.
Corporate Obligations  Include all non-governmental debt issues classified by rating.  For issues with
split ratings, report the lower ratings.  Equivalent ratings from other rating agencies like Fitch may be used.
Highly Rated Corporate issues rated AAA or AA by S&P or AAA or Aa by Moody's.
Investment Grade  Corporate issues rated A or BBB by S&P or A or Baa by Moody's.
NR/High Yield  Include Non-Rated (NR) rated issues and those rated BB or lower by S&P and Ba or lower
by Moody's.
G.I.C. Guaranteed Investment Contracts issued by insurance companies.
Bond Mutual Funds  Funds that invest in debt securities with a Net Asset Value per share that varies.
Short Term Investments  Includes all debt investments with a maturity as of purchase date of less than
one year.  Also includes cash and bank deposits.
C.D.'s/B.A.'s  Certificates of Deposit with a maturity under one year and Banker's Acceptances.
A1/P1 Commercial Paper  Commercial paper rated A1, P1, or F1 (or higher) Lower rated paper should
be listed under "other" short term investments.
TexPool  Investments in TexPool.  Include other Texas pool investments with other money market funds.
Other Money Market Funds.  Money funds with a constant $1.00 per share net asset value objective.
Bank Deposits.  Money held in bank, savings bank, or credit union accounts.
Cash Held at State Treasury  Includes all balances held in the State Treasury or the Texas Treasury
Safekeeping Trust Company.