HomeMy WebLinkAboutInvestment Reports - January 2009 �-��---�
CITY OF PALM DESERT
� �
-� FINANCE DEPARTMENT
INTEROFFICE MEMORANDUM
TO: RACHELLE KLASSEN, CITY CLERK
FROM: NIAMH ORTEGA, RECORDING SECRETARY��
DATE: MARCH 2, 2009
SUBJECT: COMPLIANCE ANALYSIS AND INVESTMENT REPORTS
Please find attached the Compliance Analysis and Investment Reports for were presented
and approved at the January meeting of the Audit, Investment and Finance Committee for
the month of January 2009. Please include the report on the upcoming agenda for review
and acceptance by City Council.
Please feel free to contact me at Ext. 382 if you have any questions. Thank you.
nmo
Attachment (as noted)
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City and Redevelopment Agency Portfolios � �
COMPLIANCE ANALYSIS AND INVESTMENT REPORT
January 2009
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The next Federal Open Market Committee meeting is scheduled for March 17-18. No action is expected.
A$787 billion stimulus program was signed into law. Japan has enacted a series of similar measures over the last 18
years, but to little effect. Treasury Secretary Geithner announced a bank bail-out program that would consist of"stress
tests"for financiai institutions that receive TARP funds, and a$500 billion-to-$1 trillion public-private partnership to remove
toxic assets from bank balance sheets.
There has been some talk of nationalizing key U.S. banks. It would take an estimated $1.2 trillion to recapitalize the banks
after the subprime debacle. Another$7 trillion (commercial real estate loans, credit card debt, high-yield bonds, and
leveraged loans) is at risk of losing much of its value. Then there are trillions more in high-grade corporate bonds and jumbo
prime mortgages that will be at risk as the recession deepens.
California local agency and CaIPERS investment losses are currently estimated at$1 billion. This includes a
$155 million loss by the San Mateo County Investment Pool, and a$20 million loss by the City of Long Beach, due to
' Lehman Brothers; and a $10 million loss by the Sacramento County Investment Pool due to securities lending.
��zs G�� c.c.�r
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
JAN-09 DEC-08 NOV-08 OCT-08 SEP-08 AUG-08
CITY
Month-End Book Value""" $ 212,738 $ 199,053 $ 213,607 $ 217,630 $ 211,223 $ 220,438
Month-End Market Value""* $ 213,002 $ 199,922 $ 213,168 $ 216,626 $ 224,865 $ 221,338
PaperGain(Loss) $ 264 $ 869 $ (439) $ (1,004) $ 13,642 $ 900
Prior Year Book Variance $ (18,677) $ (38,071) $ (27,138) $ (26,483) $ (23,021) $ (25,412)
Interest Earnings $ 430 $ 471 $ 529 $ 575 $ 647 $ 665
Yield-To-Maturity 2.55% 2.87% 3.04% 3.27°/a 3.70% 3.65%
Weighted Maturity(Days) 454 490 463 470 489 490
Effective Duration 0.47 0.54 0.53 0.55 0.58 0.63
RDA
Month-End Book Value"""' $ 281,686 $ 251,852 $ 244,674 $ 245,100 $ 257,385 $ 284,134
Month-End Market Value"" $ 282,566 $ 253,288 $ 245,564 $ 245,429 $ 257,654 $ 284,962
PaperGain(Loss) $ 880 $ 1,436 $ 890 $ 329 $ 269 $ 828
Prior Year Book Variance $ (4,261) $ 877 $ (5,516) $ (5,663) $ (16,289) $ (5,730)
Interest Earnings $ 219 $ 287 $ 304 $ 325 $ 718 $ 727
Yield-To-Maturity 1.26% 1.40°/a 1.51% 1.60°/a 3.18% 3.05°/a
Weighted Maturity(Days) 227 256 272 272 259 275
Effective Duration 0.19 0.24 0.26 0.28 0.29 0.28
.
"`*" Omits SLGSs.
- City of Palm Desert-- Portfolio Characteristics
January 31, 2009
Dollars in Thousands
Aqeinq Interval Market Value
< 1 M $ 77,074 General Fund Ageing
<2M _
<3M - 100 _____....V......__
<6M 2,067 ^ $�
< 1 YR 20,574 0
<2YR 47,063 0 60 49
<3YR 9,971 � 40 30
<4YR - a 20 13
<5YR - � � � 6 0 0 0
>5YR - �
Total: $ 156,749 <1 M <2M <3M <6M <1 YR<2YR<3YR<4YR<5YR>5YR
Ratinqs* Market Value Credit Quality
AAA $ 180,335 UnrS�d��
AAA
AA 13,246 A gg%
A 5,189 3%
AA
Unrated"` 10,089 go�o
Total: $ 208,859
Sector Market Value Asset Allocation MTNs
'MMF $ 34,019 29%
Agencies 25,970
MTNs 59,707
Agencies CAM P
CAM P 56,419 �2% 23%
RDA Loan 22,655
GMRA 10,075 MMF
LAIF 14 16%
CP - GMRA RDA Loan
Total: $ 208,859 5% 11%
Month Citv Yield LAIF Yield Variance Performance
Feb08 4.31 4.16 0.15
Mar 4.05 3.78 0.27 ..._.�.. �....�.V.�..__�._.�_..._..
Apr 3.98 3.40 0.58 4'2
May 3.88 3.07 0.81 ,,,, 3.6
Jun 3.75 2.89 0.86 =
Jul 3.69 2.88 0.82 � 3.0
Aug 3.65 2.78 0.87 }
Sep 3.70 2.77 0.93 2'4
Oct 3.27 2.71 0.56 �.g
Nov 3.04 2.57 0.47 Feb08 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan09
Dec 2.87 2.35 0.52
Jan09 2.55 2.05 0.51 ■ :E �.<-:. 0�_��., r �
" Standard and Poors
"` LAIF, and City Loan to RDA Page 2
City of Palm Desert
Portfolio Holdings
January 31, 2009
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 2,920,000 BANK OF AMERICA 5.88 2/15/09 $ 2,920,912 5.01 100.05 $ 2,921,399 Aa2 AA-
$ 3,795,000 BANK OF AMERICA 5.38 8/15/11 $ 3,912,978 4.05 100.53 $ 3,814,966 Aa2 AA-
$ 3,000,000 BANK OF AMERICA 4.25 10/1/10 $ 3,049,961 3.20 99.37 $ 2,981,031 Aa2 AA-
$ 15,270,000 CITIGROUP 4.13 2/22/10 $ 15,151,938 4.91 96.07 $ 14,669,568 Aa1 AA
$ 2,035,000 CITIGROUP 4.13 2/22/10 $ 2,019,266 4.91 96.07 $ 1,954,982 Aa1 AA
$ 1,000,000 CITIGROUP 4.63 8/3/10 $ 992,185 5.19 96.75 $ 967,545 Aa1 AA
$ 4,000,000 CITIGROUP 4.63 8/3/10 $ 3,968,739 5.19 96.75 $ 3,870,180 Aa1 AA
$ 2,035,000 GENERAL ELECTRIC 4.88 10/21/10 $ 2,011,708 5.63 101.09 $ 2,057,177 Aaa AAA
$ 1,891,000 GENERAL ELECTRIC 6.88 11/15/10 $ 1,927,215 5.65 103.66 $ 1,960,177 Aaa AAA
$ 2,000,000 GENERAL ELECTRIC 6.13 2/22/11 $ 2,016,390 5.67 103.38 $ 2,067,624 Aaa AAA
$ 3,965,000 GENERAL ELECTRIC 4.88 10/21/10 $ 4,071,743 3.23 101.09 $ 4,008,211 Aaa AAA
$ 3,080,000 WACHOVIA 3.63 2/17/09 $ 3,078,218 5.02 100.01 $ 3,080,209 Aa3 A+
$ 2,000,000 WACHOVIA 7.80 8/18/10 $ 2,078,955 5.02 105.44 $ 2,108,752 Aa3 A+
$ 2,000,000 WAL-MART 6.88 8/10/09 $ 2,018,549 4.93 102.67 $ 2,053,476 Aa2 AA
$ 3,000,000 WAL-MART 6.88 8/10/09 $ 3,060,854 2.90 102.67 $ 3,080,214 Aa2 AA
$ 4,000,000 WELLS FARGO BANK 6.38 8/1/11 $ 4,109,947 5.13 102.22 $ 4,088,852 Aa1 AA-
$ 2,000,000 WELLS FARGO BANK 4.63 8/9/10 $ 1,987,174 5.09 99.89 $ 1,997,760 Aa1 AA-
$ 2,020,000 WELLS FARGO BANK 4.20 1/15/10 $ 2,006,151 4.96 100.27 $ 2,025,375 Aa1 AA-
$ 60,011,000 Subtotal $ 60,382,882 4.69 $ 59,707,498
Federal Agencies--Coupon
$ 3,000,000 FED FARM CREDIT BANK 4.78 5/3/10 $ 3,005,865 4.61 104.41 $ 3,132,189 Aaa AAA
$ 3,000,000 FED FARM CREDIT BANK 4.78 5/3/10 $ 3,005,865 4.61 104.41 $ 3,132,189 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 4.38 9/11/09 $ 2,991,736 5.59 102.19 $ 3,065,625 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 3.50 11/3/09 $ 1,965,505 5.96 101.91 $ 2,038,126 Aaa AAA
$ 2,033,000 FED HOME LOAN MTG CORP 4.25 7/15/09 $ 2,027,771 4.87 101.69 $ 2,067,307 Aaa AAA
$ 2,049,000 FED HOME LOAN MTG CORP 4.00 12/15/09 $ 2,035,011 4.87 102.66 $ 2,103,428 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 4.13 11/18/09 $ 1,989,098 4.88 102.52 $ 2,050,414 Aaa AAA
$ 2,062,000 FED HOME LOAN MTG CORP 4.13 7/12/10 $ 2,024,648 5.47 103.50 $ 2,134,170 Aaa AAA
$ 2,049,000 FED HOME LOAN MTG CORP 4.00 12/15/09 $ 2,023,974 5.50 102.66 $ 2,103,428 Aaa AAA
$ 2,000,000 FED NATIONAL MTG ASSOC 4.63 10/28/09 $ 1,996,549 4.88 102.69 $ 2,053,750 Aaa AAA
$ 2,000,000 FED NATIONAL MTG ASSOC 4.25 8/15/10 $ 1,965,148 5.47 104.47 $ 2,089,376 Aaa AAA
$ 25,193,000 Subtotal $ 25,031,171 5.13 $ 25,970,001
Local Agency Investment Pool
$ 14,155 L.A.I.F. 0.00 2/1/09 $ 14,155 2.05 100.00 $ 14,155 U U
$ 14,155 Subtotal $ 14,155 2.05 $ 14,755
Local Agency Investment Pool
$ 56,361,945 C.A.M.P. 0.00 2/1/09 $ 56,361,945 1.24 100.00 $ 56,361,945 U AAA
$ 57,074 C.A.M.P. (DESERT WILLOW) 0.00 2/1/09 $ 57,074 1.24 100.00 $ 57,074 U AAA
$ 56,419,019 Subtotal $ 56,419,019 1.24 $ 56,419,019
"U"= Unrated Page 3
City of Palm Desert
Portfolio Holdings
January 31, 2009
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Money Market Fund
$ 34,018,140 WF TREASURY PLUS 0.00 2/1/09 $ 34,018,140 0.06 100.00 $ 34,018,140 Aaa AAA
$ 34,018,140 Subtotal $ 34,018,140 0.06 $ 34,018,140
Government Managed Rate Account
$ 10,074,933 UNION BANK 0.00 2/1/09 $ 10,074,933 0.29 100.00 $ 10,074,933 U U
$ 10,074,933 Subtotal $ 10,074,933 0.29 $ 10,074,933
City of Palm Desert
$ 22,655,000 CITY OF PALM DESERT 0.00 2/1/39 $ 22,655,000 2.05 100.00 $ 22,655,000 U U
$ 22,655,000 Subtotal $ 22,655,000 2.05 $ 22,655,000
Total Investments
$ 208,385,247 $ 208,595,300 2.55 $ 208,858,745
Cash
' $ 3,201,586 CITY MAIN CHECKING 0.00 2/1/09 $ 3,201,586 0.00 100.00 $ 3,201,586 U U
$ 742,790 DESERT WILLOW CHKG 0.00 2/1/09 $ 742,790 0.00 100.00 $ 742,790 U U
$ 198,552 RECREATIONAL FAC CHKG 0.00 2/1/09 $ 198,552 0.00 100.00 $ 198,552 U U
$ - ART, FOOD&WINE CHKG 0.00 2/1/09 $ - 0.00 100.00 $ - U U
MONTEREY 170 CHKG 0.00 2/1/09 $ - 0.00 100.00 $ - U U
$ 4,142,928 Subtotal $ 4,142,928 $ 4,142,928
Total Investments and Cash
$ 212,528,174 $ 212,738,227 $ 213,001,673
%of Portfolio
Corporate Issuers (Market Value)
BANK OF AMERICA 4.56°/a
CITIGROUP 10.08%
GENERAL ELECTRIC 4.74%
WACHOVIA 2.44%
WAL-MART 2.41%
WELLS FARGO BANK 3.81%
"U"= Unrated Page 4
City of Palm Desert
Portfolio Holdings
January 31, 2009
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
%of Portfolio
Agency Issuers (Market Value)
FED FARM CREDIT BANK 2.94%
FED HOME LOAN BANK 2.40%
FED HOME LOAN MTG CORP 4.91%
FED NATIONAL MTG ASSOC 1.95%
"U"= Unrated Page 5
� Palm Desert Redevelopment Agern�y-- Portfolio Characteristics
January 31 2009
Dollars in Thousands
Aaeinp Interval Market Value portfa io Ageing w/o SLGSs
< 1 M $ 60,911
<2M 11,133
<3M - '00 -�--__WW_W..____�.. __ �
<6M 2,036 90
80
< 1YR 29,760 0 70
p 60 50
<2YR 14,484 '0 50
<3YR 4,265 0 30 24
<4YR - a 20 9 12
<5YR _ �10 0 2 3 0 0 0
�, 0
>5YR - <1 M <2M <3M <6M <1 YR<2YR<3YR<4YR<5YR>5YR
Total: $ 122,589
Qualitv" Market Value Credi I Quality
AAA $ 240,346
AA 23,844 '�
88%
A 7,131
Unrated"* 10,095 3 0 �
Total: $ 281,416 9%
Sector Market Value Asset. Ilocation
` MMF $ 156,679 MMF
Agencies 30,702 56%
MTNs 30,975 Agencies
CAMP 52,964 11%
GMRA 10,064
LAIF 32 GMRA MTNs
CP 3% CAMP 11%
Treasuries - �90�0
Total: $ 281,416
Month RDA Yield LAIF Yield Variance Perfor I ance
Feb08 3.78 4.16 -0.38
Mar 3.36 3.78 -0.42 __� _ .��.._
Apr 3.35 3.40 -0.05 4.2�'
May 3.14 3.07 0.06 ^ 3 4!�
Jun 3.09 2.89 0.20 e
Jul 3.08 2.79 0.29 � 2.6'I
Aug 3.05 2.78 0.27 r I
Sep 3.18 2.77 0.41 �'$
Oct 1.60 2.71 -1.11 1.0
Nov 1.51 2.57 -1.06 Feb08 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan09
Dec 1.40 2.35 -0.95
Jan09 1.26 2.05 -0.79 �LAIF Yield ■RDA Yield
� * Standard and Poors
"" LAIF Page 6
. ;
� �,
Palm Desert Redevelopment Agency
Portfolio Holdings
January 31, 2009
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 4,000,000 CITIGROUP 6.20 3/15/09 $ 4,083,600 5.13 100.05 $ 4,002,048 Aa1 AA-
$ 4,070,000 JP MORGAN CHASE 3.50 3/15/09 $ 3,939,979 5.12 100.08 $ 4,073,256 Aa3 A+
$ 3,055,000 JP MORGAN CHASE 3.50 3/15/09 $ 2,957,404 5.12 100.08 $ 3,057,444 Aa3 A+
$ 3,000,000 WAL-MART 6.88 8/10/09 $ 3,117,360 4.76 102.67 $ 3,080,214 Aa2 AA
$ 3,000,000 WAL-MART 4.13 7/1/10 $ 3,081,270 2.91 103.36 $ 3,100,926 Aa2 AA
$ 13,625,000 WELLS FARGO BANK 4.20 1/15/10 $ 13,918,820 3.00 100.27 $ 13,661,256 Aa1 AA-
$ 30,750,000 Subtotal $ 31,098,433 3.92 $ 30,975,144
Federal Agencies--Coupon
$ 2,000,000 FED FARM CREDIT BANK 6.45 10/7/09 $ 2,104,000 4.88 103.82 $ 2,076,442 Aaa AAA
$ 2,000,000 FED FARM CREDIT BANK 4.75 8/3/09 $ 1,992,360 4.87 102.09 $ 2,041,876 Aaa AAA
$ 4,900,000 FED FARM CREDIT BANK 4.90 9/22/10 $ 4,936,173 4.65 105.59 $ 5,174,096 Aaa AAA
$ 4,500,000 FED HOME LOAN BANK 4.38 9/11/09 $ 4,427,145 5.59 102.19 $ 4,598,438 Aaa AAA
. $ 2,005,000 FED HOME LOAN BANK 3.88 7/24/09 $ 1,940,940 4.89 101.53 $ 2,035,703 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,946,000 5.49 106.63 $ 2,132,500 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,945,280 5.50 106.63 $ 2,132,500 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 2,098,460 5.54 108.28 $ 2,165,626 Aaa AAA
$ 3,734,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 3,918,161 5.54 108.28 $ 4,043,224 Aaa AAA
$ 4,155,000 FED NATIONAL MTG ASSOC 6.63 9/15/09 $ 4,390,094 4.89 103.53 $ 4,301,726 Aaa AAA
$ 29,294,000 Subtotal $ 29,698,613 5.16 $ 30,702,130
Local Government Investment Pool
$ 21,653 L.A.I.F. 0.00 2/1/09 $ 21,653 2.05 100.00 $ 21,653 U U
$ 9,893 L.A.I.F. (HOUSING) 0.00 2/1/09 $ 9,893 2.05 100.00 $ 9,893 U U
$ 31,546 Subtotal $ 31,546 2.05 $ 31,546
Local Government Investment Pool
$ 50,863,776 C.A.M.P. 0.00 2/1/09 $ 50,863,776 1.24 100.00 $ 50,863,776 U U
$ 2,100,540 C.A.M.P. (HOUSING) 0.00 2/1/09 $ 2,100,540 1.24 100.00 $ 2,100,540 U AAA
$ 52,964,316 Subtotal $ 52,964,316 1.24 $ 52,964,316
Government Managed Rate Account
$ 10,063,692 UNION BANK 0.00 2!1/09 $ 10,063,692 0.29 100.00 $ 10,063,692 U U
$ 10,063,692 Subtotal $ 10,063,692 0.29 $ 10,063,692
Money Market Fund
$ 156,679,310 WF TREASURY PLUS 0.00 2/1/09 $ 156,679,310 0.06 100.00 $ 156,679,310 Aaa AAA
$ 156,679,310 Subtotal $ 156,679,310 0.06 $ 156,679,310
"U"= Unrated Page 7
Palm Desert Redevelopment Agency
Portfolio Holdings
January 31, 2009
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Total Investments
$ 279,782,864 $ 280,535,910 1.26 $ 281,416,137
Cash
$ 757,146 HOUSING AUTH CHKG 0.00 2/1/09 $ 757,146 0.00 100.00 $ 757,146 U U
$ 392,618 HOUSING AUTH TRUST 0.00 2/1/09 $ 392,618 0.00 100.00 $ 392,618 U U
$ 1,149,764 Subtotal $ 1,149,764 $ 1,149,764
Total Investments and Cash
$ 280,932,627 $ 281,685,673 $ 282,565,901
%of Portfolio
Corporate Issuers (Market Value)
CITIGROUP 1.42%
JP MORGAN CHASE 2.52%
WAL-MART 2.19%
WELLS FARGO BANK 4.83%
%of Portfolio
Agency Issuers (Market Value)
FED FARM CREDIT BANK 3.29%
FED HOME LOAN BANK 3.86%
FED HOME LOAN MTG CORP 2.20%
FED NATIONAL MTG ASSOC 1.52%
"U"= Unrated Page 8
STATEMENT OF COMPLIANCE
The investment portfolios of the City of Palm Desert("City")and the Palm Desert Redevelopment Agency("RDA")are
governed by federal,state, and local law. The City Treasurer's"Statement of Investment Policy"is more restrictive than the
California Government Code. The Palm Desert Audit, Investment, and Finance Committee and the Palm Desert City
Council review the Statement of Investment Policy annually.
For the month ended January 31,2009,the City and the RDA investment portfolios were in compliance with alt applicable
federal, state, and local laws and regulations. The City Treasury continued to pursue conservative and prudent investment
strategies, based upon the stated objectives of safety, liquidity, and yield (in order of priority).
Barring unforeseen events,the City Treasury should have sufficient cash to finance the operations of the City of Palm Desert
and the Palm Desert Redevelopment Agency over the next six months. In addition, portions of either the City or the RDA
portFolio could be liquidated in order to meet any significant, unexpected cash requirements.
Bloomberg L.P. and Interactive Data Corporation provided the data and the analytical tools that were used to calculate the
market value of all securities in the City and the RDA investment portfolios. State and Local Government Series securities
are held in escrow accounts, and are therefore not included in this report as assets. All balances are bank balances.
Respectfully Submitted on February 24,2009,
,�'atcLS. .�iclr�o� C.C.�1,r �
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City Investment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA
Code Investment Category Maturity Limit S&P/Mdys Maturity Limit S&P/Mdys Porlfolio Portfolio
53601(a) Palm Desert Bonds 5 Years No Limit NotAuthorized(1)
53601(b) U.S.Treasuries 5 Years No Limit 5 Years No Limit 0.0% 0.0%
53601(c) CA State Debt 5 Years No Limit Nof Authorized
53601(d) CA Local Agency Debt 5 Years No Limit Nof Aufhorized
53601(e Federal Agencies 5 Years No Limit 5 Years 30% 6% 12.0% 10.6%
53601(fl Bankers's Acceptances 180 Days 40% 180 Days 40% A-1 &P-1 - -
53601(g) Commercial Paper 270 Days 25% A-1+or P-1 270 Days 25% A-1+or P-1 0.0% 0.0%
53601(h) Negotiable CDs 5 Years 30% 5 Years 30% AA-or Aa3 - -
53601(i) Repos 1 Year No Limit 30 Days 20% AAA&Aaa - -
53601(i) Reverse Repos 92 Days 20% NofAuthorized
53601(j) Medium-Term Notes 5 Years 30°/a A 5 Years 30% A 29.0% 11.1%
53601(k) Mutual Funds 90 Days 20% AAA&Aaa 90 Days 20% (2) AAA&Aaa 21.1% 59.4%
53601(I) Trust Indenture Debt NotAuthorized
53601(m) Secured Bank Deposits 5 Years No Limit Not Authorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) or Advisor 27.1% 18.9%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& NotAuthorized
Securities AA(Security
LAIF No Limit No Limit 0.0% 0.0%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 89.2% 100.0%
(2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds.
" Certified California Municipal Treasurer Page 9