About The Program

Since 1989, CAMP has helped served the investment and arbitrage compliance needs of California public agencies. Investment options offered to public agencies through CAMP are the Pool, Term and individual portfolios. Arbitrage rebate compliance services are available for bond proceeds invested through the Program.

CAMP Pool

The Pool is a short-term cash reserve portfolio and cash management vehicle. The Pool aims to provide public agencies with:

• Same-day liquidity (11:00 a.m. Pacific Time cut-off for transactions)
• Opportunity to earn a competitive yield
• Interest paid monthly
• Zero out of pocket expenses
• Unlimited transactions via wire, ACH, or check
• Online account management
• Sub-accounting
• Sweep capability

The Pool is managed to maintain a dollar-weighted average portfolio maturity of 60 days or less and seeks to maintain a constant net asset value (NAV) per share of $1.00. The Pool invests in obligations of the United States Government and its agencies, high-quality, short-term debt obligations of U.S. companies and financial institutions. The Pool is a permitted investment for all local agencies under California Government Code Section 53601(p).

CAMP is rated AAAm¹ by S&P Global. To see the CAMP Pool’s S&P Global report, click here.

CAMP Term

Term is a fixed-rate, fixed-term investment that allows CAMP Shareholders to seek to maximize interest earnings on excess funds. Benefits include:

• Opportunity to secure competitive interest rates
• Laddering maturities to meet known cash flow needs
• Selecting from a wide range of maturity dates
• Planning around interest income streams
• Diversifying your portfolio’s maturity structure
• AAAf rated by Fitch Ratings²

Term allows Shareholders the opportunity to lock in a competitive fixed rate of return for a specified timeframe. Term investments are based on a pool of open-market securities similar to those in the Pool. They are matched to the amount invested and maturities selected by the Shareholder.

Funds can be transferred directly from a Pool account to purchase Term investments and vice versa. Upon maturity, funds flow back into the associated Pool account to help ensure they remain invested.

Individually Managed Portfolios

CAMP also offers public agencies the option to have an individually managed portfolio to meet the agency’s specific investment objectives. An individually managed portfolio provides a public agency with:

• Access to the resources of PFM Asset Management³ (PFMAM), which has more than four decades of experience serving the public sector
• Investments tailored to meet the agency’s specific liquidity needs or draw schedule
• Portfolio management services focused on managing risk and enhancing earnings
• Investments designed to comply with the agency’s investment policy or bond documents
• Competitive shopping for every security that seeks to identify the most favorable price and execution
• Third-party custody of all assets
• Reasonable cost

Individually managed portfolios are automatically linked to the Shareholder’s Pool account so that maturities and coupon payments are invested at all times. Individually managed investment portfolios, which are not a part of the Program, are available under a separate agreement with the Program’s investment adviser.

Arbitrage Rebate Compliance Services

For bond proceeds invested with CAMP, PFMAM tracks the proceeds for arbitrage rebate compliance purposes. Shareholders can receive the following correspondence/reports:

• Spending exception compliance report; including notification of an upcoming expenditure test date
• Yield restriction compliance notification
• Annual estimates of accrued arbitrage rebate and yield restriction liabilities
• Notification of Installment Calculation Date sent 60 days in advance of the required calculation date
• Retention of arbitrage related documents and investment records
• Rebate calculation reports at a nominal charge

Investors/Participants can check the arbitrage status of any of their bond issues invested with CAMP by contacting CAMP at 800.729.7665.

1  S&P Global AAAm Rating: S&P evaluates a number of factors, including credit quality, market price, exposure, and management. Please visit SPGlobal.com/Ratings for more information and ratings methodology.

2  Fitch AAAf Rating: portfolios with this rating indicate having the highest underlying credit quality. Please visit fitchratings.com for more information and ratings methodology.

3  PFM Asset Management is a division of U.S. Bancorp Asset Management Inc., CAMP’s investment adviser and administrator, that services public sector clients.