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Home My WebLink AboutInvestment Reports - January 2009CITY OF PALM DESERT FINANCE DEPARTMENT INTEROFFICE MEMORANDUM TO: RACHELLE KLASSEN, CITY CLERK FROM: NIAMH ORTEGA, RECORDING SECRETARYO\O 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) CITY COUNCIL ACTION APPROVED RECEIVED tf MEETING DATE NOES: --- ABSENT: F'e 9k1'<'n ABSTAIN: n1V1 e VERIFIED BY- QptK (rA Original on File with City Clerk s Office BY PDA A6�elii) - -., KArc_ !. r.t. cs GARNANCE\NIAMH ORTEGA\INVESTMENT COMMITTEE\MEMOS\RKLASSENINVREPORT.WPD City of Palm Desert 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 financial 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. Pis Gdwiil c.c.s 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 Paper Gain (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% 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 Paper Gain (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% 1.51% 1.60% 3.18% 3.05% 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 < 2M - < 3M - < 6M 2,067 < 1 YR 20,574 < 2YR 47,063 < 3YR 9,971 < 4YR - < 5YR - > 5YR - Total: $ 156,749 General Fund Ageing 100 80 - 0 c 60 49 40 30 a 20 13 0 0 1 I --I 6 0 0 0 <1M <2M <3M <6M < 1YR < 2YR < 3YR < 4YR < 5YR > 5YR .F Ratings * Market Value Credit Quality AAA $ 180,335 Unr5%d AAA AA 13,246 A 86% A 5,189 3% AA Unrated " 10,089 6% Total: $ 208,859 i Sector Market Value Asset Allocation MTNs MMF $ 34,019 29% Agencies 25,970 MTNs 59,707 CAMP 56,419 Agencies g� CAMP 12% ..�p�� # RDA Loan 22,655 ° 23/° GMRA 10,075 MMF LAIF 14 16% CP - GMRA RDA Loan Total: $ 208,859 5% 11 % Month Citv Yield LAIF Yield Feb08 4.31 4.16 Mar 4.05 3.78 Apr 3.98 3.40 May 3.88 3.07 Jun 3.75 2.89 Jul 3.69 2.88 Aug 3.65 2.78 Sep 3.70 2.77 Oct 3.27 2.71 Nov 3.04 2.57 Dec 2.87 2.35 Jan09 2.55 2.05 Variance Performance 0.15 0.27 0.58 4.2 0.81 3.6 0.86 0.82 m 3.0 0.87 } 0.93 2.4 0.56 1.8 0.47 Feb08 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan09 0.52 0.51 Standard and Poors " LAIF, and City Loan to RDA Page 2 IPar Value Medium -Term Notes $ 2,920,000 $ 3,795,000 $ 3,000,000 $ 15,270,000 $ 2,035,000 $ 1,000,000 $ 4,000,000 $ 2,035,000 $ 1,891,000 $ 2,000,000 $ 3,965,000 $ 3,080,000 $ 2,000,000 $ 2,000,000 $ 3,000,000 $ 4,000,000 $ 2,000,000 $ 2,020,000 1 $ 60,011,000 City of Palm Desert Portfolio Holdings January 31, 2009 Market Issuer lCouponj Maturity I Cost I YTM I Price I Value BANK OF AMERICA 5.88 2/15/09 $ 2,920,912 5.01 100.05 $ 2,921,399 BANK OF AMERICA 5.38 8/15/11 $ 3,912,978 4.05 100.53 $ 3,814,966 BANK OF AMERICA 4.25 10/1/10 $ 3,049,961 3.20 99.37 $ 2,981,031 CITIGROUP 4.13 2/22/10 $ 15,151,938 4.91 96.07 $ 14,669,568 CITIGROUP 4.13 2/22/10 $ 2,019,266 4.91 96.07 $ 1,954,982 CITIGROUP 4.63 8/3/10 $ 992,185 5.19 96.75 $ 967,545 CITIGROUP 4.63 8/3/10 $ 3,968,739 5.19 96.75 $ 3,870,180 GENERAL ELECTRIC 4.88 10/21/10 $ 2,011,708 5.63 101.09 $ 2,057,177 GENERAL ELECTRIC 6.88 11/15/10 $ 1,927,215 5.65 103.66 $ 1,960,177 GENERAL ELECTRIC 6.13 2/22/11 $ 2,016,390 5.67 103.38 $ 2,067,624 GENERAL ELECTRIC 4.88 10/21/10 $ 4,071,743 3.23 101.09 $ 4,008,211 WACHOVIA 3.63 2/17/09 $ 3,078,218 5.02 100.01 $ 3,080,209 WACHOVIA 7.80 8/18/10 $ 2,078,955 5.02 105.44 $ 2,108,752 WAL-MART 6.88 8/10/09 $ 2,018,549 4.93 102.67 $ 2,053,476 WAL-MART 6.88 8/10/09 $ 3,060,854 2.90 102.67 $ 3,080,214 WELLS FARGO BANK 6.38 8/1/11 $ 4,109,947 5.13 102.22 $ 4,088,852 WELLS FARGO BANK 4.63 8/9/10 $ 1,987,174 5.09 99.89 $ 1,997,760 WELLS FARGO BANK 4.20 1/15/10 $ 2,006,151 4.96 100.27 $ 2,025,375 Subtotal $ 60,382,882 4.69 $ 59,707,498 Federal Agencies -- Coupon $ 3,000,000 FED FARM CREDIT BANK $ 3,000,000 FED FARM CREDIT BANK $ 3,000,000 FED HOME LOAN BANK $ 2,000,000 FED HOME LOAN BANK $ 2,033,000 FED HOME LOAN MTG CORP $ 2,049,000 FED HOME LOAN MTG CORP $ 2,000,000 FED HOME LOAN MTG CORP $ 2,062,000 FED HOME LOAN MTG CORP $ 2,049,000 FED HOME LOAN MTG CORP $ 2,000,000 FED NATIONAL MTG ASSOC $ 2,000,000 FED NATIONAL MTG ASSOC 1 $ 25,193,000 Subtotal Local Agency Investment Pool $ 14,155 L.A.I.F. $ 14,155 Subtotal Local Agency Investment Pool $ 56,361,945 C.A.M.P. $ 57,074 C.A.M.P. (DESERT WILLOW) ' $ 56,419,019 Subtotal 4.78 5/3/10 4.78 5/3/10 4.38 9/11/09 3.50 11 /3/09 4.25 7/15/09 4.00 12/15/09 4.13 11/18/09 4.13 7/12/10 4.00 12/15/09 4.63 10/28/09 4.25 8/15/10 0.00 2/1/09 0.00 2/1/09 0.00 2/1/09 Ratings Moody'sl S&P Aa2 Aa2 Aa2 Aa1 Aa1 Aa1 Aa1 Aaa Aaa Aaa Aaa Aa3 Aa3 Aa2 Aa2 Aa 1 Aa 1 Aa 1 AA- AA- AA - AA AA AA AA AAA AAA AAA AAA A+ A+ AA AA AA- AA- AA- $ 3,005,865 4.61 104.41 $ 3,132,189 Aaa AAA $ 3,005,865 4.61 104.41 $ 3,132,189 Aaa AAA $ 2,991,736 5.59 102.19 $ 3,065,625 Aaa AAA $ 1,965,505 5.96 101.91 $ 2,038,126 Aaa AAA $ 2,027,771 4.87 101.69 $ 2,067,307 Aaa AAA $ 2,035,011 4.87 102.66 $ 2,103,428 Aaa AAA $ 1,989,098 4.88 102.52 $ 2,050,414 Aaa AAA $ 2,024,648 5.47 103.50 $ 2,134,170 Aaa AAA $ 2,023,974 5.50 102.66 $ 2,103,428 Aaa AAA $ 1,996,549 4.88 102.69 $ 2,053,750 Aaa AAA $ 1,965,148 5.47 104.47 $ 2,089,376 Aaa AAA $ 25,031,171 5.13 $ 25,970,001 $ 14,155 2.05 100.00 $ 14,155 U U $ 14,155 2.05 $ 14,155 $ 56,361,945 1.24 100.00 $ 56,361,945 U AAA $ 57,074 1.24 100.00 $ 57,074 U AAA $ 56,419,019 1.24 $ 56,419,019 "U" = Unrated Page 3 City of Palm Desert Portfolio Holdings January 31, 2009 I Par Value I Issuer I Coupon] Maturity Money Market Fund $ 34,018,140 WF TREASURY PLUS 0.00 $ 34,018,140 Subtotal Government Managed Rate Account $ 10,074,933 UNION BANK 0.00 $ 10,074,933 Subtotal City of Palm Desert $ 22,655,000 CITY OF PALM DESERT 0.00 $ 22,655,000 Subtotal Total Investments $ 208,385,247 Cash $ 3,201,586 CITY MAIN CHECKING 0.00 $ 742,790 DESERT WILLOW CHKG 0.00 $ 198,552 RECREATIONAL FAC CHKG 0.00 $ - ART, FOOD & WINE CHKG 0.00 MONTEREY 170 CHKG 0.00 $ 4,142,928 Subtotal Total Investments and Cash $ 212,528,174 Corporate Issuers BANK OF AMERICA CITIGROUP GENERAL ELECTRIC WACHOVIA WAL-MART WELLS FARGO BANK Market Ratings Cost YTM I Price I Value I Moody'si S&P 2/1/09 $ 34,018,140 0.06 100.00 $ 34,018,140 Aaa AAA $ 34,018,140 0.06 $ 34,018,140 2/1/09 $ 10,074,933 0.29 100.00 $ 10,074,933 U U $ 10,074,933 0.29 $ 10,074,933 2/1/39 $ 22,655,000 2.05 100.00 $ 22,655,000 U U $ 22,655,000 2.05 $ 22,655,000 $ 208,595,300 2.55 $ 208,858,745 2/1/09 $ 3,201,586 0.00 100.00 $ 3,201,586 U U 2/1/09 $ 742,790 0.00 100.00 $ 742,790 U U 2/1/09 $ 198,552 0.00 100.00 $ 198,552 U U 2/1/09 $ - 0.00 100.00 $ - U U 2/1/09 $ - 0.00 100.00 $ - U U $ 4,142,928 $ 4,142,928 $ 212,738,227 % of Portfolio (Market Value) 4.56% 10.08% 4.74% 2.44% 2.41 % 3.81 % $ 213,001,673 "U" = Unrated Page 4 Par Value Issuer Agency Issuers City of Palm Desert Portfolio Holdings January 31, 2009 Coupon] Maturity FED FARM CREDIT BANK FED HOME LOAN BANK FED HOME LOAN MTG CORP FED NATIONAL MTG ASSOC Cost % of Portfolio (Market Value) 2.94% 2.40% 4.91 % 1.95% Market Ratings YTM I Price I Value Moody'si S&P "U" = Unrated Page 5 Dollars in Thousands Aaeina Interval < 1 M < 2M < 3M < 6M < 1YR < 2YR < 3YR < 4YR < 5YR > 5YR Total: Quality AAA AA A Unrated "* Total: Sector MMF Agencies MTNs CAMP GMRA LAIF CP Treasuries Total: Palm Desert Redevelopment Agern;y -- Portfolio Characteristics January 31 2009 Market Value $ 60,911 11,133 2,036 29,760 14,484 4,265 $ 122,589 Market Value $ 240,346 23,844 7,131 10,095 $ 281,416 Market Value $ 156,679 30,702 30,975 52,964 10,064 32 $ 281,416 / Portfclio Ageing w/o SLGSs ` ' 00 90 80 70 0 60 50 0 50 40 24 o 30 a- 20 9 n 12 10 I -I 0 2 I I I --I 3 0 0 0 0, < 1 M < 2M < 3M < 6M < 1 YR < 2YR < 3YR < 4YR < 5YR > 5YR it Credit, Quality' AAA 0 88% A 3% AA 9% Month RDA Yield LAIF Yield Variance I Feb08 3.78 4.16 -0.38 Mar 3.36 3.78 -0.42 Apr 3.35 3.40 -0.05 May 3.14 3.07 0.06 Jun 3.09 2.89 0.20 Jul 3.08 2.79 0.29 Aug 3.05 2.78 0.27 Sep 3.18 2.77 0.41 Oct 1.60 2.71 -1.11 Nov 1.51 2.57 -1.06 Dec 1.40 2.35 -0.95 Jan09 1.26 2.05 -0.79 Asset. k1location MMF 56% GMR 3% Agencies 11% ITNs 11% CAMP 19% 4.2' 3.41 ohm am 2.6'I - 1.8 1.0 - Feb08 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan09 ®LAIF Yield ®RDA Yield G Standard and Poors "" LAIF Page 6 Palm Desert Redevelopment Agency Portfolio Holdings January 31, 2009 Market Ratings Par Value Issuer CouponMaturity Cost YTM I Price Value Moody'sI 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 $ 156,679,310 Subtotal 0.00 2/1/09 $ 156,679,310 0.06 100.00 $ 156,679,310 Aaa AAA $ 156,679,310 0.06 $ 156,679,310 i "U" = Unrated Page 7 Palm Desert Redevelopment Agency Portfolio Holdings January 31, 2009 Par Value I Issuer Total Investments $ 279,782,864 Cash $ 757,146 HOUSING AUTH CHKG $ 392,618 HOUSING AUTH TRUST $ 1,149,764 Subtotal Total Investments and Cash $ 280,932,627 Market Ratings �CouponI Maturity Cost YTM I Price I Value Moody'sI S&P Corporate Issuers CITIGROUP JP MORGAN CHASE WAL-MART WELLS FARGO BANK $ 280,535,910 1.26 $ 281,416,137 0.00 2/1 /09 $ 757,146 0.00 100.00 $ 757,146 0.00 211/09 $ 392,618 0.00 100.00 $ 392,618 $ 1,149,764 $ 1,149,764 Agency Issuers FED FARM CREDIT BANK FED HOME LOAN BANK FED HOME LOAN MTG CORP FED NATIONAL MTG ASSOC $ 281,685,673 % of Portfolio (Market Value) 1.42% 2.52% 2.19% 4.83% % of Portfolio (Market Value) 3.29% 3.86% 2.20% 1.52% $ 282,565,901 U U U U "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 all 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, Pa ilS. ridV&m, C. C. R. r City Treasurer SUMMARY OF AUTHORIZED INVESTMENTS I California Government Code I 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 Portfolio Portfolio 53601(a) Palm Desert Bonds 5 Years No Limit Not Authorized (1) 53601(b) U.S. Treasuries 5 Years No Limit 5 Years No Limit I 1 0.0% 0.0% 53601(c) CA State Debt 5 Years No Limit Not Authorized 53601(d) CA Local Agency Debt 5 Years No Limit Not Authorized 53601(e) Federal Agencies 5 Years No Limit 5 Years 30% 6% 12.0% 10.6% 53601(f) 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% Not Authorized 536016) Medium -Term Notes 5 Years 30% A 5 Years 30% A 29.0% 11.1 % 53601(k) Mutual Funds 90 Days 20% AAA & Aaa 90 Days 20% (2) AAA & Aaa I 21.1 % 59.4% 53601(I) Trust Indenture Debt Not Authorized 53601(m) l Secured Bank Deposits 5 Years No Limit Not Authorized 53601(k) I Local Government AAA & Aaa I I AAA & AaaI Investment Pools 90 Days 20% or Advisor 90 Days 20% (2) or Advisor 1 27.1 % 18.9% 53601(n) Mortgage -Backed 5 Years 20% A (Issuer) & Not Authorized Securities AA (Security LAW No Limit I I No Limit I(1) The City loan to RDA, which is not a bond, has been approved by the Palm Desert City Council. (2) Maximum limit for mutual funds and local government investment pools, excluding bond proceeds. 0.0% 0.0% 89.2% 100.0% * Certified California Municipal Treasurer Page 9