HomeMy WebLinkAboutInvstmnt Rprt - May 2010 ,,._..._ City af P,alrn Desert ,.-,--
� � City and Redevelopment Ar�gency Pc�rkfolios � �
CCIMPLIANCE AIVALYStS ANp 1�iVESTRAENT REPt)RT
May 2010
Paul S. Gibson, C.C.M.T., Treasurer
Thomas W. Jeffrey, J.D., M.B.A., Deputy City Treasurer
Treasurer's Commentary
The Federal Open Market Committee(FOMC)will meet next on June 22-23. Many economists have reversed their position
of a month ago, and now believe that there is little likelihood that the FOMC will raise short-term interest rates anytime
soon. This reassessment was prompted by the European debt crisis, low inflation, and meager job growth.
The European debt crisis continued to widen. On June 4, Hungary announced that it was in danger of defaulting on its debt.
Runs began on Hungary's currency and debt; the Euro fell below$1.20 for the first time; and the Dow Jones Industrial
Average closed below 10,000. Bond investors reacted by demanding higher yields on public debt issued by Greece, Italy,
Spain, Portugal, France, Belgium, and Austria. Nervous investors purchased U.S. Treasuries, pushing yields down near the
bottom for this year.
Robert Reich, former Secretary of Labor for the Clinton Administration, has argued that the U.S. is falling into a double-dip
recession. He cited a deteriorating labor market; the rising average length of unemployment; falling median wages; and
weak consumer spending, as factors. Reich stated that four temporary boosts have so far kept the U.S. economy out of a
: double dip: (1)the federa� stimulus (75% of which has been spent); (2) near-zero interest rates; (3)capital replacements
(e.g., cars and appliances); and (4)the hiring of Census workers. When these boosts end, Reich believes that the U.S. will
' be in a dip unless the Federal Government provides more stimulus.
��s ���ori, c.c.�r.
City Treasurer
PORTFOLIO STATISTICS
Dollars in Thousands
MAY-10 APR-10 MAR-10 FEB-10 JAN-10 DEC-09
CITY
Month-End Book Value*'"' $ 206,132 $ 203,292 $ 197,952 $ 200,124 $ 218,094 $ 202,229
Month-End MarketValue"""' $ 206,723 $ 203,969 $ 198,665 $ 201,136 $ 219,068 $ 203,250
PaperGain(Loss) $ 591 $ 677 $ 713 $ 1,012 $ 974 $ 1,021
Prior Year Book Variance $ (18,157) $ (14,671) $ (18,722) $ (19,345) $ 5,356 $ 3,176
Interest Earnings 222 246 227 $ 227 $ 221 $ 314
Yield-To-Maturity 1.25% 1.41% 1.43% 1.41% 1.31% 1.82%
Weighted Maturity(Days) 604 655 465 455 419 230
Effective Duration 0.57 0.63 0.35 0.35 0.35 0.15
RDA
Month-End Book Value"�* $ 299,721 $ 285,335 $ 295,407 $ 304,221 $ 287,243 $ 256,271
Month-End Market Value"*'" $ 299,998 $ 285,685 $ 295,786 $ 304,733 $ 287,788 $ 256,897
Paper Gain(Loss) $ 277 $ 350 $ 379 $ 512 $ 545 $ 626
Prior Year Book Variance $ 6,001 $ 32,808 $ 27,030 $ 33,805 $ 5,970 $ 4,419
Interest Earnings 171 175 174 $ 168 $ 183 $ 262
Yield-To-Maturity 0.69% 0.74% 0.70% 0.69% 0.72% 1.21%
Weighted Maturity(Days) 226 237 229 223 236 188
Effective Duration 0.31 0.34 0.35 0.34 0.38 0.16
"** Omits SLGSs.
City of Palm Desert-- Portfolio Characteristics
May 31, 2010
Dollars in Thousands
A�eina Interval Market Value - ---
--...-- -----
_------ -- -_..�,
< 1 M $ 60,327 General Fund Ageing �
`2M 2,071 �
<3M 6,056 �
�6M 100 �__.,_...... ._._..__._, _�..�..___
_..____ �._____
14,055 , .._ _...
< 1 YR � gp �
14,256 0
<2YR 20,276 0 60
<3YR 31,063 0 41 ;'
<4YR o 40 �
<5YR _ I a 20 � 4 9 10 14 21 �
>5YR _ � � 0 0 ; �
� 3
Total. $ 148,104 � < < < < < < < < < > ?
1 M 2M 3M 6M 1 YR 2YR 3YR 4YR 5YR 5YR �
J
-.-_ �.�_
---- --
_- __- ---
Ratinas'` Market Value Credit Quality � �
� $ 98,076 48%
'�` 21,354 �
A 6,982 Unrated"" 11%
Unrated"" 76,603 � 3g��o A
Total: $ 203,015 � 3%
__
Sector Market Value Asset Allocation
MMF � 29 g�9 MTNs
Agencies 59 2�6 14%CAMP
MTNs 27,g09 Agencies „ �� 5%
CAMP g 408 290�0 ���„n�� RDA Loan
RDA Loan ��%
22,655 MMF Energy Loan
Energy Loan 4,349 15% �AIF 2% I
LAIF 49,599 24%
Total: $ 203,015
------- /
-_ - _ --.-
_ - __-
-- _ _ __
Month Citv Yield LAIF Yield Variance Performance
Jun09 2.03 1.38 0.65
Jul 1.90 1.04 0.86 2.4 ..._...__._..._._____.�_._____.__.
Aug 1.79 0.93 0.87 ��W���Yu����_�
Sep 1 J4 0.76 0.98 (
e 1.6
Oct 1.69 0.65 1.05
Nov 1.93 0.61 1.32 m �
Dec 1.82 0.57 �.26 } 0.8 I
Jan10 1.31 0.56 p.7g !
Feb 1.41 p.5g 0 83 � 0.0
Mar 1.43 0.55 Jun09Jul Aug�epOctNovDedan1�ebMarAprMay
0.88
APr 1.41 0.59 0.83 m o
May 1.25 0.56 0.69
" Standard and Poors
"* LAIF,and City Loan to RDA Page 2
City of Palm Desert
Portfolio Holdings
May 31, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Medium-Term Notes
$ 3,795,000 BANK OF AMERICA 5.38 8/15/11 $ 3,851,020 4.05 104.09 $ 3,950,269 A2 A
$ 3,000,000 BANK OF AMERICA 4.25 10/1/10 $ 3,009,992 3.20 101.05 $ 3,031,572 A2 A
$ 2,035,000 GENERAL ELECTRIC 4.88 10/21/10 $ 2,029,740 5.63 101.39 $ 2,063,201 Aa2 AA+
$ 1,891,000 GENERAL ELECTRIC 6.88 11/15/10 $ 1,900,222 5.65 102.49 $ 1,938,078 Aa2 AA+
$ 2,000,000 GENERAL ELECTRIC 6.13 2/22/11 $ 2,005,773 5.67 103.61 $ 2,072,100 Aa2 AA+
$ 3,965,000 GENERAL ELECTRIC 4.88 10/21/10 $ 3,989,103 3.23 101.39 $ 4,019,947 Aa2 AA+
$ 3,000,000 TOYOTA 4.35 12/15/10 $ 3,063,006 0.44 101.70 $ 3,050,913 Aa1 AA
$ 2,000,000 WACHOVIA 7.80 8l18/10 $ 2,010,915 5.02 101.33 $ 2,026,516 A1 AA
$ 4,000,000 WELLS FARGO BANK 6.38 8/1/11 $ 4,051,308 5.13 104.25 $ 4,169,956 A1 AA
$ 2,000,000 WELLS FARGO BANK 4.63 8/9/10 $ 1,998,408 5.09 100.67 $ 2,013,386 A1 AA
$ 27,686,000 Subtotal $ 27,909,490 4.09 $ 28,335,938
Agencies--Coupon
$ 3,000,000 FED FARM CREDIT BANK 3.50 10J3/11 $ 3,100,503 0.97 103.66 $ 3,109,688 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.63 7/27/11 $ 3,027,323 1.18 101.09 $ 3,032,813 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 0.44 10/7/10 $ 3,001,251 0.32 100.06 $ 3,001,875 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.63 3/16/11 $ 3,026,829 0.41 100.91 $ 3,027,188 Aaa AAA
$ 2,062,000 FED HOME LOAN MTG CORP 4.13 7/12/10 $ 2,071,965 5.47 100.44 $ 2,071,021 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 1.63 4/26/11 $ 3,026,517 0.60 100.97 $ 3,029,063 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 4.13 2/24/11 $ 3,078,706 0.52 102.56 $ 3,076,875 Aaa AAA
$ 2,000,000 FED NAT MTG ASSOC 4.25 8/15/10 $ 1,995,345 5.47 100.81 $ 2,016,250 Aaa AAA
$ 3,000,000 FED NAT MTG ASSOC 1.75 12/28/12 $ 2,996,079 1.91 100.50 $ 3,015,000 Aaa AAA
$ 25,062,000 Subtotal $ 25,324,518 1.59 $ 25,379,771
Agencies--Callable
$ 3,000,000 FED HOME LOAN BANK 1.00 10/28/11 $ 3,000,000 1.00 100.19 $ 3,005,625 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.38 6/11/12 $ 998,316 1.46 100.00 $ 1,000,000 Aaa AAA
$ 15,000,000 FED HOME LOAN BANK 1.38 6/28/12 $ 14,974,649 1.82 100.06 $ 15,009,375 Aaa AAA
$ 2,980,000 FED HOME LOAN BANK 1.88 11/19/12 $ 2,985,647 1.61 100.59 $ 2,997,694 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.85 12/21/12 $ 3,000,815 1.82 100.38 $ 3,011,250 Aaa AAA
$ 3,000,000 FED HOME LOAN MTG CORP 1.25 1/26/12 $ 3,000,000 1.25 100.25 $ 3,007,443 Aaa AAA
$ 6,000,000 FED NATIONAL MTG ASSOC 1.75 12/28/12 $ 5,992,480 1.90 100.50 $ 6,030,000 Aaa AAA
$ 35,980,000 Subtotal $ 33,951,908 1.68 $ 34,061,387
Local Agency Investment Fund
$ 49,598,636 L.A.I.F. 0.00 6/1/10 $ 49,598,636 0.56 100.00 $ 49,598,636 U U
$ 49,598,636 Subtotal $ 49,558,636 0.56 $ 49,598,636
"U"= Unrated
Page 3
City of Palm Desert
Portfotio Holdings
May 31, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Local Agency Investment Fund
$ 8,800,216 C.A.M.P. 0.00 6/1/10 $ 8,800,216 0.20 100.00 $ 8,800,216 U AAq
$ 607,392 C.A.M.P.(DESERT WILLOW) 0.00 6/1/10 $ 607,392 0.20 100.00 $ 607,392 U AAA
$ 9,407,609 Subtotal $ 9,407,609 0.20 $ 9,407,609
Money Market Fund
$ 29,818,942 WF ADVANTAGE GOVT MMF 0.00 6/1/10 $ 29,818,942 0.00 100.00 $ 29,818,942 Aaa AAA
$ 29,818,942 Subtotal $ 29,818,942 0.00 $ 29,818,942
City Loan to RDA
$ 22,655,000 CITY OF PALM DESERT 0.00 6/1/40 $ 22,655,000 0.56 100.00 $ 22,655,000 U U
$ 22,655,000 Subtotal $ 22,655,000 0.56 $ 22,655,000
City Loan to Energy Program
$ 4,349,000 CiTY OF PAIM DESERT 0.00 6/30/35 $ 4,349,000 4.00 100.00 $ 4,349,000 U U
$ 4,349,000 Subtotal $ 4,349,000 4.00 $ 4,349,000
Total Investments
$ 204,557,187 $ 203,015,102 1.25 $ 203,606,283
Cash
$ 1,928,198 CITY MAIN CHKG 0.00 6/1/10 $ 1,928,198 0.00 100.00 $ 1,928,198 U U
$ 962,243 DESERT WILLOW CHKG 0.00 6/1/10 $ 962,243 0.00 100.00 $ 962,243 U U
$ 226,759 RECREATIONAL FAC CHKG 0.00 6l1/10 $ 226,759 0.00 100.00 $ 226,759 U U
$ 3,117,201 Subtotal $ 3,117,201 $ 3,117,201
Total Investments and Cash
$ 207,674,388 $ 206,132,303 $ 206,723,484
"U"= Unrated
Page 4
City of Palm Desert
Portfotio Holdings
May 31, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S8�P
%of Portfolio
Corporate Issuers (Market Value)
BANK OF AMERICA 3.38%
GENERAL ELECTRIC 4 ggo/a
TOYOTA 1.48%
WACHOVIA p.ggo/a
WELLS FARGO BANK 2,99o�a
%of Portfolio
Agency Issuers (Market Value)
FED FARM CREDIT BANK 1.50%
FED HOME LOAN BANK 16.49%
FED HOME LOAN MTG CORP 5.41%
FED NAT MTG ASSOC 5.35%
"U"= Unrated
Page 5
Palm Desert Redevelopment Agency-- Portfolio Characteristics
May 31, 2010
Dollars in Thousands
Aaeina Interval Market Value ------- -- ---- ------
_
< 1 M $ gq 837 Portfolio Ageing w/o SLGSs �����
`2M 3,007 �
<3M 1
- � 100 .._._�.._. ..___.___.__._�.. . __.._._ . _..___.
__..�,._....._.. �
<6M 10,817 s i
< 1YR 16,116 = 80 63 ' 1
<2YR 18,264 i o 60 � �
<3YR 3,789 � � 40
<4YR � ° '
<5YR � 20 � 7 11 12 i 1
0 3 � � 2 i
>5YR 3,151 � �
Total: � < < < < < < < < < > �
$ 149,981 1M 2M 3M 6M 1YR 2YR 3YR 4YR 5YR 5YR �
�...�_ _� ,._____ _ __ _-__-- --.�
-_-.
__
-- -- --
ualit * Market Value Credit Quality �
� $ 152,630 �
AAA 2%
�` 6,075 51% o
A 10,004 3/o
Unrated"` 130,560
Total: $ 299,269 Unrated`* i
44% �
�
Sector Market Value Asset Allocation
MMF MTNs
$ 66,380 Agencies 5% CAMP
Agencies 35,914 12% 16°/a
MTNs 16,079
CAMP 47,185 MMF
LAIF 49 78� 22% LAfF
EIP 17%
3,151 EIP I
LAIF/Bond Proceeds 80,773 LAIF/Bond 1%
Total: $ 299,269 Proceeds
27%
---- .
-- - -.
Month RDA Yield LAIF Yield Variance Performance
Jun09 1.30 1.38 -0.08
Jui 1.31 1.04 p.27
1.5 -�......_.___.___�.___._._ __..__,__.._________--_.____._�
Aug 1.19 0.93 0.26
Sep 0.95 0.76 0.19
Oct 0.96 0.65 0.32 = 1.0 �
Nov 1.21 0.61 0.59 a �
Dec 1.21 0.57 0.64 } 0.5
Jan10 0.72 0.56 0.16 !
Feb 0.69 0.58 0.12 0.0 !
Mar 0.70 0.55 p.�� Jun09Ju1 Aug Sep Oct Nov DecJan1�eb Mar Apr May
AP►' 0.74 0.59 0.15
■LAIF Yieid O RDA Yield
May 0.69 0.56 0.13
* Standard and Poors
" LAIF
Page 6
Palm Desert Redevelopment Agency
Portfolio Holdings
May 31, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S�P
Medium-Term Notes
$ 3,000,000 ABBOTT LABS 3.75 3/15/11 $ 3,074,165 0.60 102.28 $ 3,068,484 A1 AA
$ 3,450,000 BEAR STEARNS(JPM) 6.95 8/10/12 $ 3,826,476 1.83 109.82 $ 3,788,959 Aa3 A+
$ 3,000,000 JP MORGAN CHASE 3.13 12/1/11 $ 3,099,501 0.69 104.15 $ 3,099,501 Aa3 A+
$ 3,000,000 JP MORGAN CHASE 5.60 6/1/11 $ 3,141,336 0.85 103.85 $ 3,115,548 Aa3 A+
$ 3,000,000 WAL-MART 4.13 7/1/10 $ 3,002,913 2.91 100.22 $ 3,006,549 Aa2 AA
$ 15,450,000 Subtotal $ 16,144,391 1.39 $ 16,079,041
Agencies--Coupon
$ 4,900,000 FED FARM CREDIT BANK 4.90 9/22/10 $ 4,903,617 4.65 101.44 $ 4,970,438 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3/11/11 $ 1,991,021 5.49 103.38 $ 2,067,500 Aaa AAA
$ 2,000,000 FED HOME LOAN BANK 4.88 3l11/11 $ 1,990,902 5.50 103.38 $ 2,067,500 Aaa AAA
$ 2,890,000 FED HOME LOAN BANK 2.88 3/11/11 $ 2,943,295 0.49 101.78 $ 2,941,478 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 0.50 11/29/10 $ 3,003,092 0.36 100.09 $ 3,002,813 Aaa AAA
$ 3,000,000 FED HOME LOAN BANK 1.13 12/9/11 $ 3,008,795 0.96 100.50 $ 3,015,000 Aaa AAA
$ 2,000,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 2,006,790 5.54 101.97 $ 2,039,375 Aaa AAA
$ 3,734,000 FED HOME LOAN MTG CORP 6.88 9/15/10 $ 3,746,701 5.54 101.97 $ 3,807,513 Aaa AAA
� $ 2,940,000 FED NAT MTG ASSOC 1.75 3/23/11 $ 2,969,827 0.43 100.97 $ 2,968,481 Aaa AAA
$ 9,000,000 FED NAT MTG ASSOC 1.00 11/23/11 $ 9,007,876 1.00 100.38 $ 9,033,750 Aaa AAA
$ 35,464,000 Subtotal $ 35,571,917 2.59 $ 35,913,848
Local Government Investment Pool
$ 49,764,629 L.A.I.F. 0.00 6/1/10 $ 49,764,629 0.56 100.00 $ 49,764,629 U U
$ 22,090 L.A.I.F.(HOUSING) 0.00 6/1/10 $ 22,090 0.56 100.00 $ 22,090 U U
$ 49,786,719 Subtotal $ 49,786,719 0.56 $ 49,786,779
Local Government Investment Pool
$ 17,469,371 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 17,469,371 0.56 100.00 $ 17,469,371 U AA
$ 4,804,427 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 4,804,427 0.56 100.00 $ 4,804,427 U AA
$ 25,153,920 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 25,153,920 0.56 100.00 $ 25,153,920 U AA
$ 1,700,760 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 1,700,760 0.56 100.00 $ 1,700,760 U AA
$ 15,133,500 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 15,133,500 0.56 100.00 $ 15,133,500 U AA
$ 16,511,283 L.A.I.F./WELLS FARGO 0.00 6/1/10 $ 16,511,283 0.56 100.00 $ 16,511,283 U AA
$ 80,773,262 Subtotal $ 80,773,262 0.56 $ 80,773,262
Local Government Investment Pool
$ 45,072,709 C.A.M.P. 0.00 6/1l10 $ 45,072,709 0.20 100.00 $ 45,072,709 U AAA
$ 2,112,408 C.A.M.P. (HOUSING) 0.00 6/1I10 $ 2,112,408 0.20 100.00 $ 2,112,408 U AAA
$ 47,185,117 Subtotal $ 47,185,117 0.20 $ 47,185,117
"U"=Unrated
Page 7
Palm Desert Redevelopment Agency
Portfolio Holdings
May 31, 2010
Market Ratings
Par Value Issuer Coupon Maturity Cost YTM Price Value Moody's S&P
Money Market Fund
$ 66,379,641 WF ADVANTAGE GOVT MMF 0.00 6/1/10 $ 66,379,641 0.00 100.00 $ 66,379,641 Aaa AAA
$ 66,379,641 Subtotal $ 66,379,641 0.00 $ 66,379,641
Municipal Bonds
$ 3,151,000 CITY OF PALM DESERT 3.00 9/2/29 $ 3,151,000 3.00 100.00 $ 3,151,000 U AA
$ 3,151,000 Subtotal $ 3,151,000 3.00 $ 3,151,000
Total Investments
$ 298,189,739 $ 298,992,046 0.69 $ 299,268,627
Cash
$ 323,777 HOUSING AUTH CHKG 0.00 6/1/10 $ 323,777 0.00 100.00 $ 323,777 U U
- $ 405,238 HOUSING AUTH TRUST 0.00 6/1/10 $ 405,238 0.00 100.00 $ 405,238 U U
$ 729,015 Subtotal $ 729,015 $ 729,015
Total Investments and Cash
$ 298,918,754 $ 299,721,061 $ 299,997,642
%of Portfolio
Corporate issuers (Market Value)
ABBOTT LABS 1.02%
BEAR STEARNS(JPM) 1.26%
JP MORGAN CHASE 2.07%
WAL-MART 1.00%
� "U"= Unrated
Page 8
Palm Desert Redevelopment Agency
Portfolio Holdings
May 31, 2010
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 1.66%
- FED HOME LOAN BANK 4.36%
FED HOME LOAN MTG CORP �.95%
FED NAT MTG ASSOC 2,26%
� "U"= Unrated
Page 9
' STATEMENT OF COMPUANCE
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 Paim Desert Audit, Investment, and Finance Committee and the Palm Desert City
Council review the Statement of Investment Policy annually.
For the month ended May 31,2010,the City and the RDA investment portfolios were in compliance with ail applicable
federai,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.
Interactive Data Corporation provided the data that was used to calculate the market value of all securities in the City and the
RDA investment portfolios. State and Local Government Series securities are heid in escrow accounts,and are therefore
not included in this report as assets. All balances are bank balances.
Respectfully Submitted on June 22,2010,
��s ���, c.c.�t,r �
City Treasurer
SUMMARY OF AUTHORIZED INVESTMENTS
California Government Code City�nvestment Policy
CA Govt Maximum Maximum Quality Maximum Maximum Quality %of City %of RDA
Code Investment Cate o Maturit Limit S&P/Md Maturit Limit S&P/Md s Portfolio Portfolio
53601 a Palm Desert Bonds 5 Years No Limit 0.0% 1.1%
53632 c Savin s Accounts No Limit No Limit No Limit No Limit
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 NotAuthorized
53601 d CA Local A ency Debt 5 Years No Limit Nof Authorized
53601 e Federal A encies 5 Years No Limit 5 Years 30% 6% 29.2% 11.9°/a
53601 Bankers's Acceptances 180 Da s 40% 180 Da s 40% A-1 8�P-1
53601 Commercial Paper 270 Da s 25% A-1+or P-1 270 Da s 25% A-1+or P-1 0.0% 0.0%
53601 h Ne otiable CDs 5 Years 30% 5 Years 30% AA-or Aa3
53601 i Re os 1 Year No Limit 30 Da s 20% AAA&Aaa
53601 i Reverse Repos 92 Da s 20% Not Authorized
53601 ' Medium-Term Notes 5 Years 30% A 5 Years 30% A 13.8% 5.4%
53601 k Mutual Funds 90 Days 20% AAA 8�Aaa 90 Days 20%(2) AAA&Aaa 14.7% 22.2°!0
53601 I Trust Indenture Debt Nof Authorized
53601(m Secured Bank Deposits 5 Years No Limit NotAuthorized
53601(k) Local Government AAA&Aaa AAA&Aaa
Investment Pools 90 Da s 20% or Advisor 90 Da s 20%(2) or Advisor 4.6% 15.8%
53601(n) Mortgage-Backed 5 Years 20% A(Issuer)& NotAuthorized
Securities AA(Security)
16429.1 b LAIF No Limit No Limit 24.4% 43.7%
(1) The City loan to RDA,which is not a bond, has been approved by the Palm Desert City Council. 86.7% 100.0%
(2) The City Energy Independence Program has been approved by the Palm Desert City Council.
(3 Maximum limit for mutual funds and local overnment investment pools, excluding bond proceeds.
' Certified California Municipal Treasurer Page 10