Lone Star Investment Pool is proud to offer Public Funds Investment Act training through its administrator, First Public. Generally, topics covered include investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with the Public Funds Investment Act (PFIA).
The Act requires the treasurer, the chief financial officer (if the treasurer is not the CFO), and the investment officer to comply with the following training requirements:
Cities, counties, municipalities, school districts, and public higher ed organizations:
Initial training: 10 hours within the first 12 monthsRenewal training: Eight hours every two yearsTwo-year training period: Based on entity's fiscal year
Other public entities (such as utility districts)
Initial training: 10 hours within the first 12 monthsRenewal training: 10 hours every two yearsTwo-year training period: Based on entity's fiscal year
For more information and to register, please email customer.service@lonestarinvestmentpool.com or call 800.558.8875 or 512.467.3655. Be sure to include course numbers and titles.
Once complete, we’ll verify your training with a certificate of completion delivered by email.
Course 12764, Introduction to Mutual Fund Investing – 20 minutes
This course is intended for investment professionals and/or institutional representatives (Investment Officers) as an introduction to learn fundamentals of mutual funds, authorized investments under Section 2256.014 of Chapter 2256 of the Texas Government Code (commonly known as the Public Funds Investment Act).
Course 11431, Mutual Funds 101 – 20 minutes
As authorized investments under Section 2256.014 Chapter 2256 of the Texas Government Code (commonly known as the Public Funds Investment Act), this course discusses fund volatility, the creation of a fund, features, and benefits of a fund and much more.
Course 10998, Advanced Look at Mutual Funds – 1 hour
This course is intended for investment professionals and/or institutional representatives (Investment Officers) who wish to learn more about mutual funds, authorized investments under Section 2256.014 of Chapter 2256 of the Texas Government Code (commonly known as the Public Funds Investment Act). This is an advanced level course. Those taking this course should already have an intermediate understanding of the securities markets. This course will cover the topic of mutual funds, beginning with basic features, characteristics, and benefits. The course will wrap-up by discussing tax considerations, breakpoint abuse and asset allocation.
Course 10215, How to Read a Prospectus – 40 minutes
If your local government issues bonds or invests in other local government’s bonds (i.e., school district bonds), this course is for you. The course is designed to help you better understand a prospectus (or a local government pool Information Statement). You will gain an understanding of the investment objective, and significant investment policies associated with investing in local government investment pools.
Course 11019, Brokered CDs – 20 minutes
This course is intended for Investment Professionals and/or Investment Officers who wish to learn more about Certificates of Deposit (CDs), an authorized investment under Section 2256.010. If an investor’s primary goals include principal preservation and income, CDs can serve as a sound portfolio foundation. They offer reliable income and, when issued by a bank or an insured credit union, a federally insured return of capital. This course provides an overview of investing in brokered CDs, including the associated risks, benefits, and investing guidelines.
Course 12017, Money Markets and CDs – 30 minutes
The course speaks to the terminology commonly used with these securities. Money market instruments provide a vehicle by which institutions may invest funds on a short-term basis. There are a number of securities and banking arrangements that serve these needs. This course will focus on three of those instruments: 1) commercial paper, 2) certificates of deposit, and 3) banker’s acceptances, all of which are authorized investments under Section 2256.009 of the Texas Government Code (commonly known as the Public Funds Investment Act).
Course 12263, Understanding the role of the SIPC – 25 minutes
As Investment Officers you may often hear mention of SIPC (Securities Investor Protection Corporation). This course is designed to provide Investment Officers with an extensive understanding of the SIPC, the history and purpose of the SIPC, and how it relates to investors.
Course 11065, Corporate and Government Bonds – 35 minutes
This is an intermediate level course for Investment Officers and Investment Professionals who invest in local government pools. This course provides an overview of corporate and governmental bonds, including those issued by government agencies, GSEs, and the US Treasury. The course discusses the risks of bond investing, and compliance considerations including suitability, know your customer communications with the public, and best execution obligations.
Course 12403, Corporate Bonds – 25 minutes
This course provides an in-depth overview for Investment Officers and Investment Professionals of the characteristics of Corporate Bonds, touching on topics from how they are priced, how they trade, and how they can be used to finance specific needs. Those taking this course should have a basic understanding of how bonds are issued, purchased, and sold.
Course 2005, Zero Coupon Bonds – 25 minutes
This course is intended for Investment Officers and other Financial Professionals who invest their local governments’ assets with brokers and other financial institutions. The objective of this training is to provide Investment Officers and Financial Professionals with a refresher on zero-coupon bonds, volatility, risk of default, and features and benefits. The course wraps up discussing call redemption provision, as well as bonds.
Course 11570, Floating-Rate Funds – 20 minutes
This course provides course-takers with an overview of floating-rate funds, funds and ETS, and highlights certain risks and rewards. Topics include Floating Rate Fund features and Typical Floating Rate Fund Investors.
Course 1988, Interest, Yield and Price Calculations – 25 minutes
This course is designed for Investment Officers and Financial Professionals who would like to learn more on the components that are utilized when calculating prices for bonds. Financial Professionals taking the course will be introduced to pricing, quotes of corporate bonds, and the three yields for a bond: nominal yield, current yield, and yield-to-maturity, often referred to as “basis.”
Course 10751, Structuring, Pricing, and Executing Municipal Debt Products – 25 minutes
This course is intended for Investment Professionals who wish to learn more about the municipal debt market, information on structuring and pricing municipal debt transactions, and how to execute municipal debt transactions. A case study is provided to understand how proceeds were raised for a school district to approve an increased property tax to fund a bond issuance needed to raise proceeds to expand the district.
Course 11015, An Overview of Fixed Income Securities – 30 minutes
This course will provide Investment Officers that invest in local government assets with broker dealers and other financial institutions an overview of fixed income securities—what they are, how they can be employed in a portfolio, and the risks and rewards involved in investing in fixed income securities.
Course 11423, Fixed Income Rising Interest Rates – 25 minutes
Investment Officers who invest in local government assets with broker dealers and other financial institutions will explore factors related to a rising rate market environment, effective ways to manage rising-rate risk factors, and investment options for fixed income during increasing rate market conditions. A review of the Federal Reserves’ rising rate environment, bond fundamentals, and the use of diversification will be provided.
Course 11337, Economic Indicators – 35 minutes
Investment Officers who invest in local government assets with broker dealers and other financial institutions will review the various economic indicators that aid in the analysis of economic performance and predictions of future performance. Although they do not have a perfect record, economic indicators and leading indices of the national economy have been helpful in foreshadowing turning points, especially economic downturns. As such this course covers the impact that these indicators have on the market. Those taking this course should have a well-rounded background in the issuance and distribution of conventional securities.
Course 9893, SEC Rule 15c2-12 – 25 minutes
As a financial professional, it is important to understand how the SEC Rule 15c2-12 and its subsequent amendments are designed to provide Investment Officers enhanced information to municipal securities and the regulatory requirements of individuals licensed to underwrite or sell municipal securities.
Course 11464, SEC Rule 15c2-12 - Municipalities Continuing Disclosure Cooperation Initiative – 1 hour
If your local government issues bonds or invests in other local governments' bonds (i.e., school district bonds), this course is for you. The course is designed to help you better understand disclosure requirements placed upon bond issuers and their underwriters. In detail, the course discusses the Securities and Exchange Commission (SEC) Rule 15c2-12 on municipal securities disclosure and its program to resolve outstanding disclosure violations: The Municipalities Continuing Disclosure Cooperation Initiative (MCDC).
Course 9835, Disclosure in Connection with Primary Offerings – 40 minutes
This course focuses on the MSRB Rule G-32 disclosures and transparency mandates for underwriters in connection with new issue municipal securities (i.e., school bonds) and issuers of local government investment pools. The course provides an understanding of the federal municipal securities laws of the Securities Investment Corporation (SEC) and the Municipal Securities Underwriting Board (MSRB).
Course 11158, US Government Agency Securities – 30 minutes
This is an advanced level course for investment professionals and/or institutional representatives (Investment Officers) that are familiar with U.S. Government Agency Securities, authorized investments under Section 2256.014 of Chapter 2256 of the Texas Government Code (commonly known as the Public Funds Investment Act). Individuals taking this course should have an intermediate understanding of U.S. Government Agency Securities. The course covers current yield, coupon yield, and yield to maturity.
Course 11758, Government-Sponsored Enterprises and Home Financing – 35 minutes
This is an introductory study course for investment professionals and/or qualified representatives (Investment Officers) that provides an overview of Government-Sponsored Enterprises, including changes in ownership, congressional requirements, and market factors that lead to crisis.
Course 12198, Understanding Mortgage-Backed Securities – 35 minutes
As an authorized investment of Chapter 2256.009 (a) of the Texas Government Code (commonly known as the Public Funds Investment Act), this course provides an intermediate overview of mortgage-backed securities (MBS), the government agencies that issue them, and an overview of MBS history, structure, benefits, and suitability information.
Course 11214, Collateralized Mortgage Obligations – 25 minutes
This course examines the risk associated with collateralized mortgage obligations (CMOs) and how the risks can be mitigated or controlled. The course begins with an examination of mortgage-backed securities directly issued by a federal agency or instrumentality of the United States. Those taking this course should have an intermediate understanding of the securities markets and the wide variety of security products being offered to investors. Because there is a wide range of CMOs designed to meet the needs of a wide range of investors, and they are not a one-size-fits-all investment, it’s vital to understand the basics of the CMO product and its many variations in today’s market.
Course 11320 Understanding Basic Economic Concepts – 25 minutes
This course introduces the methodology and analytical tools used by economists. As Investment Officers you will review the theories and institutions of the monetary credit system, and finally a look at the role of money and credit in the U.S. economy and their impact.
Course 10894, Anti-Fraud Programs and Controls – 45 minutes
This course is intended for investment professionals and/or institutional representatives (Investment Officers) interested in learning about anti-fraud programs, controls, and what they need to do to ensure Texas school districts and/or municipalities are not victims of fraud. The course speaks to political and legislative context, and internal controls. While the cost of fraud and penalties are in themselves important considerations, today’s zero-tolerance environment can have serious ramifications for Texas school districts and/or municipalities.
Course 9856, Cybersecurity – 35 minutes
This is a general studies course intended for Investment Officers who invest their local governments’ assets with brokers and other financial institutions and wish to learn more about the various types of cyber-attacks, their threat to the financial industry, disclosure requirements the brokers are subject to (most brokers are regulated by the Financial Industry Regulatory Authority – FINRA), and practical steps toward cybersecurity. It also discusses discuss recent FINRA guidance and Investor Alerts warning investors about cyber threats.
Course 10070, Identity Theft: It’s Everyone’s Business – 20 minutes
As Investment Officers it is important to review standards for protecting data security. This course serves as a review in mitigating risk and the necessary steps to recover from Identity Theft.
Course 10114, Phishing Awareness, The Human Factor of Security –25 minutes
This course is for Investment Officers, financial officers or any person holding a position with a school district or municipality who is authorized to act on behalf of the district/municipality as an Investment Officer. You will learn common phishing attacks and ways to educate your employees on the types of attacks that can happen and mitigate phishing attacks.
Course 11571, Preventing Personal Identity Theft – 35 minutes
This course is intended for any financial officer or investment representative as a reminder of the security measures you can take to prevent personal identity theft and what you need to do to ensure you are not a victim of this increasingly growing crime.
Course 10002, A Professional's Guide to Ethical Decision Making –45 minutes
Pursuant to Chapter 2256.006 of the Texas Government Code, Investment Officers and Financial Professionals shall exercise a standard of judgment, prudence, discretion, and care while overseeing investments. This course provides an overview of the characteristics of ethics, professionalism, and standards by which Investment Officers and Financial Professionals should adhere to. The course discusses standards of professional conduct, understanding ethics, compliance and professionalism, and making the case for good business ethics.
Course 11080, Understanding Municipal Finance – 35 minutes
As financial professionals, it is important to understand the management of a school district or municipality’s finances. This course examines those involved in the management of a school district or municipality’s finances, revenue, debt, revenue, budgeting, and reporting.
Public Funds Investment Act Video – 1 hour
The Public Funds Investment Act (PFIA), Texas Government Code, Section 2256.005 governs the investment of public funds in Texas and requires the treasurers, chief financial officers, and Investment Officers of government entities to complete training on topics pertinent to the act.
Lone Star Information Statement
The Lone Star Information Statement should be read carefully before investing. Investors should consider the investment objectives, risks, charges, and expenses associated with this or any security prior to investing. Investment in Lone Star Investment Pool is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, and although Lone Star seeks to preserve the value of the investment at a fixed share price, it is possible to lose money by investing in Lone Star. For further information or for an Information Statement, contact First Public at 800.558.8875. The return information is net of all current operating expenses. The return represents past performance and is no indication of future results.
