About The Program

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

The CAMP Pool (The "Pool") is a short-term cash reserve portfolio and cash management vehicle. The Pool provides public agencies with:

  •  Same-day liquidity (11:00 a.m. Pacific Time cut-off for transactions)
  •  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 AAAm by Standard & Poor's. 
To see the CAMP Pool’s Standard & Poor’s report click here

Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. 

Individually Managed Portfolios
In addition to the Pool, CAMP 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:

  • The investment advisory resources of PFM Asset Management LLC ("PFMAM"), a leading investment advisory firm serving the public sector
  • Investments tailored to meet the agency’s specific liquidity needs or draw schedule
  • Professional portfolio management to manage risk and enhance earnings
  • Investments in compliance with the agency’s investment policy or bond documents
  • Competitive shopping for every security to identify the most favorable price and execution
  • Third-party custody of all assets
  • Reasonable cost

Individually managed portfolios are automatically linked to the Investor's/Participant's CAMP 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 PFMAM, the Program's Investment Adviser. 

Arbitrage Rebate Compliance Services
For bond proceeds invested with CAMP, PFMAM tracks the proceeds for arbitrage rebate compliance purposes. Investors/Participants 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.

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CAMP® is a registered trademark and the CAMP logos and designs are trademarks owned by the California Asset Management Trust (Trust).

This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Trust's investment objectives, risks, charges, and expenses before investing in the Trust. This and other information about the Trust is available in the Trust's current Information Sheet, which should be read carefully before investing. A copy of the Trust's information Statement may be available by calling 1-800-729-7665 or is available on the Trust's website at While the Trust seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) ( and Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. 

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