December 11, 2017                                                                                                                                                  Volume 13 - Number 11
In This Issue
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 CalTRUST Update
CalTRUST Market Update & Total Return Webinar Scheduled

The Federal Reserve is scheduled to meet on December 12-13.  CalTRUST will be holding a webinar on December 18th at 1:00pm PST to update our participants on the actions taken during the meeting as well as the implication.  The webinar will focus on the following:
  • Market Update post the Fed's December meeting and announcement;
  • Impact of a Fed rate hike on the portfolios; and
  • Discussion of total return investing strategy. 
Please CLICK HERE to register and join us on December 18th! 

Monthly Market Newsletter Feedback 

CalTRUST would like to know how you use the Monthly Market Update!  Please let us know what your priority is via this very short question survey so we know how to best provide you with the information you need!

As a reminder, your November statements are now available in the CalTRUST online portal
Please click here to view the Statement 101 and sample statement if you have any questions as to how to read your statement.  If you have any additional questions regarding statements please contact our CalTRUST Fund Accounting at 833-CalTRUST (225-8787) x1. For
more information on the CalTRUST funds, please contact
Laura Labanieh
(916) 650-8186;
Kyle Tanaka
Member Services Associate
(916) 650-8114;

Financial Markets Update
What the Flattening U.S. Yield Curve is Telling Us 

BlackRock's weekly commentary on the flattening U.S. Yield Curve offers the following key points:
  • The U.S. yield curve has flattened to decade lows, but the flatter curve is not a recessionary signal (in their view); 
  • Equity market leadership experienced an aggressive rotation. U.S. third quarter growth was revised up; and 
  • Solid November U.S. job market gains and wage inflation should allow the Federal Reserve to proceed with a rate increase later this month. 

Read their entire commentary here.

Performance (as of November 30, 2017)

1. CalTRUST Short-Term and Medium-Term and LAIF yields are net of fees.  Merrill 1-5 Year Indexes are unmanaged; and do not reflect any deduction for administrative fees or expenses.
2. CalTRUST and LAIF returns are net of all investment advisor, administrative and program fees.
3. Annualized.
4. The CalTRUST Short-Term and Medium-Term portfolios commenced operations on February 13, 2005.
2017 Calendar  
December 22, 2017
Christmas  Observed
Bond Market Early Closure - 11:00 am PST
December 25, 2017
Christmas Observed
Closed for Trading

December 29, 2017
New Year's Eve Observed
Bond Market Early Closure - 11:00 am PST

2018 Calendar  
January 1, 2018
New Year's Day Observed
Closed for Trading
The CalTRUST Monthly Market Update  is prepared monthly by the Investment Trust of California (CalTRUST) for participants in the CalTRUST Joint Powers Authority pooled investment program.  The Newsletter is prepared solely for informational purposes and is not to be construed as the solicitation of an offer to sell or of an offer to buy any security, nor is it intended to constitute a recommendation for the purchase or sale of any security.  The information contained herein is based upon data obtained from sources believed to be reliable, but is not guaranteed by us as being accurate and does not purport to be a complete summary of the available data.  Additional data will be provided upon request. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.  Information, opinions and estimates contained in the Monthly Market Update reflect a judgment at its preparation date by CalTRUST and are subject to change without notice.  The price, value of, and income from any securities or financial instruments issued by the entities mentioned in this Monthly Market Update may fall as well as rise.