PROGRAM
GUIDE
January 12, 2023
This Program Guide includes an Information Statement that contains important information on the California Asset Management Trust. Please read the Information Statement carefully before you invest in the Trust. © 2023 California Asset Management Program
CAMP®
Program Guide—January 12, 2023
CONTENTS
Part 1
Key Facts
Part 1 presents key facts about the Portfolios, including information on costs, minimums, policies, and how to
place transaction orders. Part 1 is descriptive, not
definitive, and is qualified by the information contained in Part 2.
Terms
Terms Used in This Document 1
Portfolio Summaries
Cash Reserve Portfolio (including the
Participant Shares and Investor Shares Series) 2
CAMP Term Portfolio 4
Investing
Opening an Account 6
Buying Shares—CAMP Cash Reserve Portfolio 6
Redeeming Shares—CAMP Cash Reserve Portfolio 8
Buying Shares—CAMP Term Portfolio 9
Redeeming Shares—CAMP Term Portfolio 9
Policies Concerning Withdrawals 10
Additional Account Features 10
Policies Specific to the CAMP Term Portfolios 11
Tax Information 12
Use of Amortized Cost 12
Financial Highlights 12
Part 2
Information Statement
Part 2 contains supplemental information to Parts 1 and 3.
Some of this information further defines or qualifies
information presented in Part 1. There is also information on additional topics, such as the history of the Trust and a list of the Trustees. Parts 1, 2, and 3 together constitute the offering document for the Pool, Term, and Individual
Portfolios.
General Information
The Trust 13
Overview of the Declaration of Trust 14
The Trustees 15
Participant and Trustee Liability 17
Service Providers 17
Expenses of the Trust 19
Tax Matters 19
Arbitrage Rebate Compliance 20
The Portfolios
Information Common to All Portfolios 22
Information Specific to the
CAMP Cash Reserve Portfolio 25
Information Specific to the CAMP Term Portfolio 27
Part 3
Individual Portfolios
Part 3 presents key facts about an Individual Portfolio investment and is qualified by the information contained in Part 2.
General Information
Purpose 29
Investment Policies 29
Opening an Individual Portfolio 29
Individual Portfolio Transactions 29
Arbitrage Rebate Compliance 30
Individual Portfolio Costs 30
Custodian 30
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Part 1
Terms Used in This Document
Account Application The form to open a CAMP
account.
ACH Automated clearing house is a secure payment
transfer system that connects all U.S. financial
institutions. The ACH network acts as the central
clearing facility for all Electronic Fund Transfer (EFT) transactions that occur nationwide.
Advisory Agreement Investment advisory agreement
between the Investment Adviser and the Trust.
Act California Joint Exercise of Powers Act (California Government Code Section 6500 et seq.).
Board The Trust’s Board of Trustees. These individuals
are employees of California Public Agencies which are
Participants in the Trust.
Business Day Any day on which both the bond market
(as determined by the Securities Industry and Financial Markets Association “SIFMA”) and the Custodian are
open for business. The Trust may close early on any
days when the bond market closes early. In light of
anticipated limited availability for money market
securities and fixed income settlement capacity
limitations, the Trust will not be open for business on Good Friday even if the primary trading markets are
open.
California Asset Management Program or CAMP or
Program The Program consisting of the Trust and
Individual Portfolios.
Cash Reserve Portfolio A short-term portfolio and cash
management vehicle (the “Pool”) designed to earn a high rate of return while preserving principal, providing
liquidity, and seeking a stable NAV of $1.00.
Custodian U.S. Bank National Association or the
designated bank, agent, or trust company responsible for safeguarding financial assets of the Trust and the
Individual Portfolios.
Connect The Investment Adviser’s web-based
information and transaction service.
FINRA Financial Industry Regulatory Authority.
Individual Portfolio Professionally managed
investment accounts which Shareholders may establish
by separate agreement with the Investment Adviser.
Internal Revenue Code The Internal Revenue Code of
1986, as amended.
Investment Adviser PFM Asset Management LLC, the
Trust’s investment adviser, administrator, and
transfer agent.
Investor Agreement The Agreement to become an
Investor and purchase shares of the Investor Shares
Series.
Investors Shareholders that invest in the Trust’s
Portfolios without joining the Trust.
JPA Joint Exercise of Powers Authority. The Trust is a
JPA.
MSRB Municipal Securities Rulemaking Board.
NAV Net asset value.
NRSRO Nationally recognized statistical-rating
organization.
Officers Executive officers of the Trust.
PFMAM PFM Asset Management LLC
Pacific Time The local West Coast time, either daylight or standard depending on time of year.
Participants Shareholders that invest in the Trust’s
Portfolios who have joined the Trust.
Pool The Trust’s Cash Reserve Portfolio.
Portfolios The Cash Reserve Portfolio and Term
Portfolio which are each professionally managed
investment portfolios.
Public Agency As defined in California Government
Code, Section 6500, and includes, but is not limited to, the federal government or any federal department or
agency, this state, another state or any state department or agency, a county, county board of education, county
superintendent of schools, city, public corporation, public district, regional transportation commission of this state or another state, a federally recognized Indian tribe, or any joint powers authority formed pursuant to this article by any of these agencies.
Shares Series Reference to the Participant Shares Series and the Investor Shares Series of the Cash Reserve
Portfolio, or series of the CAMP Term Portfolio when
applicable and, collectively, the “Shares Series,” where applicable.
Shares Units representing an equal proportionate share
of beneficial interest in the Portfolios of the Trust.
Shareholders Public agencies that invest in the Trust’s Portfolios.
Standard & Poor’s Standard & Poor’s Rating Agency.
Term The Trust’s CAMP Term Portfolio or individual
series thereof.
Trust California Asset Management Trust.
Trustees Members of the Board of Trustees of the Trust.
USBAM U.S. Bancorp Asset Management, Inc.
U.S. Bank U.S. Bank National Association
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Cash Reserve Portfolio Participant Shares and Investor Shares Investment Objective
The objective of the Cash Reserve Portfolio is to earn a high rate of return while preserving principal, providing liquidity, and seeking a stable NAV of $1.00.
For proceeds of debt issuances invested in the Pool, the objective of the Trust is to invest and account for such proceeds in compliance with the arbitrage rebate and
yield restriction requirements as set forth in the Internal Revenue Code and the related U.S. Treasury regulations.
Principal Investment Strategies
The Cash Reserve Portfolio invests exclusively in the
following types of investments, all of which are
authorized investments for Public Agencies pursuant to
California Government Code Section 53601:
• U.S. Government and agency obligations
• Repurchase agreements collateralized by U.S.
Government and agency obligations
• Bankers’ acceptances
• Negotiable certificates of deposit
• Commercial paper
• Corporate notes
• Supranationals
• Asset-Backed Securities
• Money Market Funds
The Investment Adviser may adjust exposure to interest
rate risk, typically seeking to protect against possible rises in interest rates and to preserve yield when interest rates appear likely to fall.
The Pool is managed to maintain a dollar-weighted
average maturity of no more than 60 days and a dollarweighted average life (final maturity, adjusted for demand features but not interest rate adjustments) of no more than 120 days. In addition, it only buys
investments that have a remaining maturity of three
hundred ninety-seven (397) days or less at the time of
purchase (except for variable-rate notes issued by the
U.S. Government or its agencies or instrumentalities,
which must have remaining maturities of 762 days or
less.
The Pool has received a rating of AAAm from Standard
& Poor’s.
For a more complete description of authorized
investments and investment restrictions for the
Portfolio, see the “Authorized Investments” section in
Section 2 of this document.
Main Risks
As with any similar pooled investment, there are several factors that could hurt the Pool’s performance, cause
Shareholders to lose money, or cause the Pool’s
performance to be less than that of other investments.
• Interest rate risk When short-term interest rates fall, the Pool’s yield is likely to fall. When interest rates rise, especially if the rise is sharp or unexpected, the Pool’s share price could fall.
• Credit risk The issuer of a security could fail to pay interest or principal in a timely manner. The credit
quality of the Pool’s holdings could change rapidly
in certain markets, and the default or decline in
credit quality of even a single investment could
cause the Pool’s share price to fall.
• Liquidity risk The Pool’s share price could fall
during times when there are abnormal levels of
redemption requests or markets are illiquid.
• Management risk Performance could be hurt by
decisions made by the Investment Adviser, such as
choice of investments or timing of buy/sell decisions.
An investment in the Pool is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any
other government agency. Although the Pool seeks to
preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Pool.
Portfolio Summary
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Management
Investment Adviser PFM Asset Management LLC.
The features of the Pool are summarized below.
Fees and Expenses
These are the fees and expenses Shareholders will pay
when they buy and hold Shares in this Pool. The figures shown here do not reflect the effects of any voluntary
expense reductions. Going forward, actual expenses may
be higher or lower. The Investment Adviser is obligated to reimburse the Pool for the amount by which annual
operating expenses, including investment management,
custodian, legal, and audit fees, exceed 0.22% of average daily net assets. There were no reimbursements to the
Pool for the year ended December 31, 2021.
Annual Pool Operating Expenses
(Fees and expenses shown are based on the prior year’s
audited financial statements and may be subject to certain fee waivers or recoupment thereof.)
Management and administrative fees 0.10%
Other operating expenses 0.01%
Total annual operating expenses 0.11%
For a more complete description of the fees and
expenses for this Portfolio, see the Expenses of the
Trust section in Part 2 of this document.
Past Performance
All performance figures shown here assume that
dividends were reinvested. Figures shown are for the
five most recent audited calendar years. For current
yield information, call (800) 729-7665. Past
performance may not indicate future results.
Calendar Year Total Returns (%)
Cash Reserve Portfolio
Purchase and Sale of Pool Shares
Minimum Initial Investment No minimum.
Minimum Account Balance No minimum.
Minimum Holding Period 1 day.
You can place orders to buy or sell Shares by wire, ACH transfer, check or via the Internet using Connect.
Placing Orders
To place orders, contact us at:
Online www.camponline.com
Phone (800) 729-7665
Wire transfer orders can be processed the same Business Day if they are received and accepted by the Investment Adviser by 11:00 a.m. Pacific Time and if the Pool’s
Custodian receives federal funds by wire prior to the
close of business. Wire orders received after 11:00 a.m.
Pacific Time are processed on the next Business Day.
ACH transfer orders are processed on the next Business
Day if requested by 1:00 p.m. Pacific Time. ACH orders
received after 1:00 p.m. Pacific Time are processed on
the second Business Day after the Business Day on
which they are received.
For more complete information on buying and selling
Shares, see “Buying Shares” and “Redeeming Shares.”
For information on the potential tax consequences of
investing in the Pool, see “Tax Information.”
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2017 2018 2019 2020 2021
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CAMP Term Portfolio
Investment Objective
To provide an investment subject to pre-set redemptions occurring from 60 days to one year from the date of
investment, and that will produce the highest earnings
consistent with maintaining safety of principal at
maturity and meeting the redemption schedule. The
CAMP Term Portfolio seeks to assure the return of
principal on the planned maturity date, although principal value may fluctuate prior to that date, and therefore may be greater or less than $1.00 a share. There may be a
penalty for early withdrawal, and the NAV prior to a preset redemption may be more or less than $1.00 a share.
The securities will be valued using market values to
determine fair value of the Portfolio. The CAMP Term
Portfolio does not offer daily liquidity and therefore does not qualify under GASB Statement No. 79 to utilize
amortized cost for external GAAP financial reporting.
Rather, it utilizes market prices to determine fair value for external GAAP financial reporting in accordance with GASB Statement No. 31. Annual financial statements
issued for the Portfolio will include a statement of net position and statement of changes in net position.
The Portfolio may also maintain a rating from a NRSRO
and implement corresponding policies and procedures
designed to comply with additional rating guidelines to achieve the Portfolio’s investment objective.
Principal Investment Strategies
The Term Portfolio invests exclusively in the following types of investments, all of which are authorized
investments for Public Agencies pursuant to California
Government Code Section 53601:
• U.S. Government and agency obligations
• Repurchase agreements collateralized by U.S.
Government and agency obligations
• Bankers’ acceptances
• Negotiable certificates of deposit
• Commercial paper
• Corporate notes
• Supranationals
• Asset-Backed Securities
• Money Market Funds
For a more complete description of authorized
investments and investment restrictions for the
Portfolio, see the “Authorized Investments” section in
Section 2 of this document.
Main Risks
As with any similar pooled investment, there are several factors that could hurt the Portfolio’s performance, cause you to lose money, or cause the Portfolio’s performance to trail that of other investments.
• Credit risk The issuer of a security could fail to pay interest or principal in a timely manner. The credit
quality of the Portfolio’s holdings could change
rapidly in certain markets, and the default or decline
in credit quality of even a single holding could cause
the Portfolio’s share price to fall.
• Early redemption risk Early redemption penalties
charged to a Shareholder by the Portfolio could
reduce or eliminate investment gains and could mean
that the amount that Investor receives back is less
than the initial investment.
• Management risk Performance could be hurt by
decisions made by the Investment Adviser, such as
choice of investments or investment maturities or
timing of buy/sell decisions.
An investment in the Portfolio is not insured or
guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although
the Portfolio seeks to preserve the value of your
investment on the planned redemption date at $1.00 per
share, it is possible to lose money by investing in the Portfolio.
Past Performance
The performance of each individual series of the
Portfolio and of each Shareholder’s individual
investment therein may vary. Past performance may not
indicate future results.
Management
Investment Adviser PFM Asset Management LLC
Fees and Expenses
These are the fees and expenses you will pay when you
buy and hold shares in this Portfolio. The figures shown on the following page do not reflect the effects of any voluntary expense reductions which would lower
expenses.
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Annual Portfolio Operating Expenses
(Fees and expenses shown may be subject to certain fee
waivers)
Management and administrative fees 0.15%
Other operating expenses 0.07%
Maximum total annual operating expenses 0.22%
The Portfolio may charge significant fees/penalties for any redemptions prior to the agreed upon redemption
date. As these charges are based on protecting the
interests of other Portfolio Shareholders, the actual
amount of the fees cannot be stated in advance.
For a more complete description of the fees and
expenses for this Portfolio, see the Expenses of the
Trust section in Part 2 of this document.
Purchase and Sale of CAMP Term Portfolio
Shares
Minimum Investment $1,000,000.
Minimum Term 60 days. Premature withdrawal may
result in a fee/penalty.
Maximum Term 1 year.
Placing Orders
Prior to placing any order, call CAMP’s toll-free number to discuss the amount and term of your investment and to get information on the projected yield. Once your
investment has been approved, you can place orders to
buy Term shares by redeeming available Pool shares.
Any additional funds needed to cover the purchase of
shares may be sent to the Shareholder’s Pool account via separate wire, or automated clearing house (ACH)
transfer.
All transactions for purchases in a CAMP Term series are dependent upon funds being available in the
Shareholder’s Pool account from which the transaction
originated.
To arrange or place orders, contact us at:
Phone 800-729-7665
Orders can be processed the same day if funds are
available in the Shareholder’s Pool account by 10:00 am Pacific Time. Otherwise, they are processed on the next business day so long as funds are made available in the Shareholder’s Pool account.
For more complete information on buying and redeeming
shares, see “Buying Shares—CAMP Term Portfolio” and
“Redeeming Shares—CAMP Term Portfolio.” For
information on the potential tax consequences of investing in the Portfolio, see “Tax Information.”
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Opening an Account
Eligible Shareholders
The Trust is a JPA and a California common law trust. The Trust will not accept funds for investment from sources other than California Public Agencies.
Account Opening Process
• Complete the appropriate Account Application. To
obtain additional forms, call (800) 729-7665 or visit
www.camponline.com to download them.
• If Participant Shares are being purchased for the
initial account, provide a copy of an ordinance or
resolution authorizing participation in the Trust, and
execute a conformed copy of the Declaration of Trust.
• If Investor Shares are being purchased, execute a
copy of the Investor Agreement. To obtain a copy of
the Investor Agreement, call (800) 729-7665 or visit
www.camponline.com. Complete a separate Account
Application, signed by an authorized person, for each
account.
• Provide a completed IRS W-9 form.
Send the above documents via U.S. mail to:
CAMP Client Services Group
P. O. Box 11760
Harrisburg, PA 17108-1760
Please note: UPS and Federal Express will not deliver
packages to a P.O. Box. If using one of these shipping
methods, please contact CAMP at (800) 729-7665 for an
alternative delivery address.
Or send by fax to:
(888) 535-0120
Buying Shares—CAMP Cash Reserve Portfolio
Once a Shareholder’s application has been accepted, an
investment in the Pool can be made using one of the
methods in the table on the following page. Funds used to purchase investments must be in U.S. dollars and must be drawn on a U.S. Bank or a U.S. branch of a foreign bank.
All investments must meet the terms described in the
Portfolio Summary.
Special Requirements for the Proceeds of Debt Issues.
Shareholders are advised to invest proceeds of tax-exempt borrowings by same-day wire transfer as any other method could result in delays in investing funds and, for rebate calculation purposes, may limit the Investment Adviser’s ability to track the investment of all the proceeds of a debt issue through a single account from the time of actual
settlement on the debt issue.
Unless all proceeds from a particular debt issue are
invested through the Trust immediately upon receipt by the Shareholder, and unless the recommended withdrawal
procedures are followed, the Investment Adviser may
decline to provide arbitrage compliance assistance or may require additional information from the Shareholder,
otherwise, the Investment Adviser may not be able to
complete a rebate calculation report or may have to qualify the rebate calculation report. The Trust may accept the proceeds of debt issues which previously have been
deposited or invested outside of the Trust, subject to the preparation of a rebate calculation report for the period prior to deposit with the Trust. The Investment Adviser will provide instructions and assistance in arranging for preparation of this report (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).
Investing
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Method Instructions Additional information
Wire (same-day
settlement)
• Initiate the transaction on the Internet at
www.camponline.com or by calling the Investment
Adviser at (800) 729-7665 before 11:00 a.m.
Pacific Time.
• Provide the following information:
− Shareholder’s account name and account
number
− Amount being wired
− Whether the transfer is by Federal funds
wire (preferred) or bank wire
− Name of bank sending wire
• Instruct your bank to initiate the wire on the
same day to U.S. Bank National Association.
Detailed instructions can be obtained on the
Internet at www.camponline.com or by calling
the Investment Adviser at (800) 729-7665.
• The Pool does not charge fees for receiving
wires. However, the sending bank may
charge for wiring funds. To reduce potential
charges, use ACH transfers as described
below.
• Important—A Shareholder must initiate an
Internet transaction or notify the Investment
Adviser by telephone of a deposit before
11:00 a.m., Pacific Time, and a Federal
Reserve wire or bank wire convertible to
Federal Funds on a same-day basis must be
received that day by the Custodian if the
investment is to begin earning income that
day.
ACH transfer (settles
next Business Day)
• Before making your first transfer, call the
Investment Adviser at (800) 729-7665 and
register for ACH transfers.
• A Shareholder may initiate an Internet
transaction at www.camponline.com or call the
Investment Adviser at (800) 729-7665 prior to
1:00 p.m., Pacific Time, and give instructions
for the movement of funds from its financial
institution to its Pool account.
• Funds will transfer overnight and begin
earning income the next Business Day.
• Funds may be transferred to the Trust by
ACH according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in writing
of any changes to the specified banking
instructions.
Check (settles two or
more Business Days
after the order arrives)
• Instructions for depositing checks by mail are
available by contacting the Investment Adviser
at (800) 729-7665.
• Checks will be deposited when received by the
Custodian, and proceeds will be invested when
they are converted to Federal Funds. This
procedure may take two or more Business
Days.
• It is not advisable to use checks for
investment of proceeds of tax-exempt
borrowings.
Online • Before making your first online transaction,
submit a Contact Record Form, which may be
obtained either by calling the Investment
Adviser at (800) 729-7665 or by visiting
www.camponline.com.
• Use Connect to place wire or ACH orders with
the Investment Adviser.
• Instruct your bank to initiate the wire on the
same day to U.S. Bank National Association.
Detailed instructions can be obtained on the
Internet at www.camponline.com or by calling
the Investment Adviser at (800) 729-7665.
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Redeeming Shares—CAMP Cash Reserve Portfolio
A Shareholder may withdraw all or any portion of the funds in its Pool account at any time by redeeming Shares.
Shares will be redeemed at the NAV per share next
determined after receipt of a request for withdrawal in proper form. The NAV determination is made at the
conclusion of each Business Day. Funds may be
withdrawn in any of the ways shown below.
Method Instructions Additional information
Wire (same-day
settlement)
• Initiate the transaction on the Internet at
www.camponline.com or call the Investment
Adviser at (800) 729-7665 on any Business
Day to request a withdrawal and the transfer of
proceeds. Funds will be transferred to the Trust
according to the written banking instructions
provided by an authorized person.
• If your request is received before 11:00 a.m.
Pacific Time, funds will be wired on that same
day.
• Requests received after 11:00 a.m. Pacific
Time will be processed on the following
Business Day.
• Funds may be transferred to the Trust by
wire according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in
writing of any changes to the specified
banking instructions.
ACH transfer (settles
next Business Day)
• Before making your first transfer, call the
Investment Adviser at (800) 729-7665 and
register for ACH transfers.
• Initiate the transaction on the Internet at
www.camponline.com or by calling the
Investment Adviser at (800) 729-7665 before
1:00 p.m. Pacific Time.
• Funds will transfer overnight and be
available the next Business Day.
• Funds will remain invested in the
Shareholder’s Pool account until the day
they are transferred.
• Funds may be transferred from the Trust by
ACH according to the written banking
instructions provided by an authorized
person.
• A Shareholder must notify the Trust in
writing of any changes to the specified
banking instructions.
Check • Upon request, the Investment Adviser will
provide a Shareholder with a supply of checks
imprinted with the Shareholder’s name and
account number for each Pool account.
• Checks may be made payable to anyone and
deposited by the payee as with any other
check.
• When these checks are presented to the
Custodian for payment, the Trust will redeem
the appropriate number of full or fractional
Shares from the Shareholder’s Pool account to
cover the amount of the check.
• There is currently no charge for
checkwriting.
• Funds will continue to earn income until the
check clears.
• If you use checks, you will receive images of
checks paid with monthly statements.
• Do not use a check to withdraw all available
funds or to close your account. Please
contact the Investment Adviser for
instructions on how to fully redeem your
shares.
• You may be charged a fee for writing a
check that is returned for insufficient funds.
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Buying Shares—CAMP Term Portfolio
Once your application to open a CAMP Term Portfolio
account has been accepted, you may invest in the CAMP
Term Portfolio by authorizing the Investment Adviser to invest funds in a CAMP Term Portfolio account.
Prior to placing any order, call us to discuss the amount and term of your investment and to get information on the
projected yield. Each investment will be given its own
projected yield. Yields may vary according to the term of the investment and the interest rates available at the time of investment.
The Investment Adviser may refuse any investment or
limit the size of an investment.
Redeeming Shares—CAMP Term Portfolio
Funds may be withdrawn only as described in the table
below. Be sure that one or more bank accounts have been pre-authorized to receive redemptions proceeds. If there is more than one pre-authorized bank account, call 800 729- 7665 in advance to let the Trust know which account is to receive redemption proceeds.
Type of
Redemption
Instructions Additional information
Maturity • No action required. Proceeds will be
automatically transferred to the Pool
account from which funds for the
original purchase were withdrawn.
• Redemption value per share will equal the
purchase price plus dividends (at the
projected yield) minus any losses incurred
by the series (not counting those resulting
from premature redemptions).
Premature
Redemption
Redemption prior to
maturity date
• Send a letter to the Investment Adviser
requesting redemption prior to the
maturity date. Alternatively, you can
notify the Investment Adviser by calling
(800) 729-7665 and following up with
written confirmation of your instructions.
• 7 days after we receive your request,
redemption proceeds will be transferred
to your Pool account from which funds
for the original purchase were
withdrawn.
• Premature redemption amounts must be for
the entire investment or, for partial
redemptions, must be in increments of
$100,000.
• Redemption value per share will equal the
purchase price plus dividends earned to
date minus any losses incurred by the
Term series and any premature
redemption penalty.
Planned Early
Redemption
Redemption prior to
maturity date
• At the time an order for shares is
placed, Shareholders may submit a
request for redemption on a Planned
Early Redemption Date prior to the
termination date for the Term series
without the imposition of a penalty.
• No action necessarily required.
Proceeds will be automatically
transferred to the Pool account from
which funds for the original purchase
were withdrawn.
• The redemption value per share for shares
being redeemed on a Planned Early
Redemption Date is equal to the original
purchase price for such shares plus
dividends thereon, less such shares’
allocation of any losses incurred by the
Term series (other than losses resulting
from Premature Redemption of shares of
the series).
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Special Withdrawal Procedures for Proceeds of
Tax-Exempt Obligations
It is recommended that checks payable to the Shareholder and wire transfers to the Shareholder’s account be used only to reimburse the Shareholder for project costs already incurred and that appropriate documentation of such
reimbursement be retained by the Shareholder to maintain a clear audit trail of the expenditure of funds for rebate calculation purposes. Failure to follow this procedure
could result in additional rebate calculation costs and/or issuance of a qualified rebate calculation report or a rebate exceptions compliance report.
If, at the time the debt instruments are issued, a Shareholder expects to make rebate payments and designates this on
Schedule A - Bond Issue Information of the Account
Application, the Investment Adviser will track withdrawals and will notify the Shareholder when cumulative
withdrawals from an account total the amount of the
original proceeds of a debt issue deposited in that account.
Within five days of such notice, the Investment Adviser will provide an estimate of the Shareholder’s rebate
obligation, if any, with respect to the account. To the extent the Shareholder has rebate liability, it is
recommended that the Shareholder open a separate account and fund it in an amount at least equal to the estimated rebate liability or reserve an amount equal to the estimated rebate liability in its project funds.
Upon receiving the above-described notification, the
Shareholder should promptly request preparation of a
rebate calculation report by calling the Investment Adviser at (800) 729-7665 (see Part 3 - Rebate Calculation Services for the Proceeds of Debt Issues).
Upon completion of the rebate calculation report, the
Investment Adviser will provide the Shareholder with
copies of the rebate calculation report. The Investment Adviser recommends that the Shareholder open a separate account to deposit the rebate amount identified in the rebate calculation report. It is further recommended that the
Shareholder withdraw the balance in the separate account and make the required rebate payment within sixty (60)
days of the installment computation date (as defined in the applicable U.S. Treasury regulations).
A Shareholder could be liable for rebate payments in
addition to the amount identified in the rebate calculation report if, among other things, the date of the rebate
calculation report does not correspond with an installment computation date, if payment of the amount is not made
within sixty (60) days of the installment computation date, or if some future action by the Shareholder changes the yield of the related tax-exempt obligations.
It is advisable that a Shareholder not withdraw all of its funds prior to completion of rebate estimates and a rebate calculation report in order to track all earnings accurately and to fulfill its rebate obligation. Failure by the
Shareholder to follow these guidelines may result in the Shareholder having to fulfill its rebate obligation from other sources of funds and may make it impossible for the Investment Adviser to prepare an unqualified rebate
calculation report.
If a Shareholder withdraws funds from the Program prior to the end of a rebate calculation period and reinvests them elsewhere, the Investment Adviser will be unable to issue an unqualified rebate calculation report.
Emergencies: Right to Suspend Withdrawals
The Declaration of Trust permits the Trustees to suspend the right of withdrawal from the Trust or to postpone the date of payment of redemption proceeds if the New York
Stock Exchange is closed other than for customary
weekend and holiday closings, if trading on the New York Stock Exchange is restricted, or if, in the opinion of the Trustees, an emergency exists such that disposal of the Trust’s securities or determination of its net asset value is not reasonably practicable.
If the right of withdrawal is suspended, a Shareholder may either withdraw its request for that withdrawal or receive payment based on the net asset value of the Trust next
determined after termination of the suspension of the right of withdrawal.
Other Redemption Policies
The Trust may redeem Shares owned by a Shareholder to
reimburse the Trust for any failure by that Shareholder to make full payment for Shares purchased by the
Shareholder.
Redemption payments may be made in whole or in part in
securities or other property of the Trust. Shareholders receiving any such securities or other property on
redemption will bear any costs of sale.
Additional Account Features
The Trust offers certain additional account features at no extra charge, including:
• Statements Confirmations of each investment in and
withdrawal from a Trust account will be made
available online at www.camponline.com within two
days of the transaction. A statement of each account
will be mailed (or obtained online at
www.camponline.com) each month to each
Shareholder. This statement will show the dividend
paid and the account balance as of the statement date.
The statement will also show total income earned
during the year. Any checks the Shareholder has
written against a Trust account which have been paid
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by the Trust and canceled during the month will be
returned to the writer by U.S. Bank National
Association.
• Information Services Toll-free telephone service
((800) 729-7665) is available to provide Shareholders
with information including current yield, up-to-date
account information and transaction history, and to
receive instructions for the investment or withdrawal
of funds.
• Technical Assistance Technical and operational
assistance ((800) 729-7665) is available to
Shareholders and Public Agency officials who are
considering the Trust for investment purposes.
• Estimated Earnings on the Proceeds of Debt Issue
and Projected Draws Upon request, the Investment
Adviser will provide estimates of future earnings on
the proceeds of a debt issue for Shareholders. This
estimate will be based on the projected drawdown
schedule provided by the Shareholder. The Investment
Adviser may request estimates of project drawdown
schedules from Shareholders from time to time to
facilitate efficient investment of funds.
• Website Account information and information
regarding the Trust can be found at
www.camponline.com. A password and user
identification is required to initiate a transaction or access account information. The system can be
accessed through the Trust’s website by selecting
“Access Your Account.” Instructions on how to obtain
a password and user identification can be received by
contacting investor services at (800) 729-7665.
• Information on Portfolio Holdings The Trust
discloses a summary of each Portfolio’s holdings
online monthly and a full description of holdings in the annual audited financial reports.
For our policy on the disclosure of Portfolio holdings, see Part 2.
Rights the Trust reserves
The Trust reserves the right to do any of the following:
• Add, change, or remove account minimums at any
time without advance notice.
• Reject any investment or limit the size of any
Shareholder’s account.
• Limit the frequency of purchases for any reason.
• Establish a minimum check amount, or terminate,
suspend, or alter check writing privileges.
Policies Specific to the CAMP Term Portfolio
Dividends and Distributions
A projected dividend rate is determined when shares are purchased, and the dividend is declared and paid on the maturity or on the planned redemption date.
Dividends on shares in the series constituting the CAMP Term Portfolio shall be paid on the termination date of the series, except for dividends on shares redeemed pursuant to a planned early redemption or a premature redemption
before the termination date, which will be paid when such dividends on shares in the series are redeemed.
The yield for any CAMP Term Portfolio investment is
determined by dividing the expected net income per share for the period from the settlement date to the termination date by the purchase price per share, dividing this result by the actual number of days between the settlement date and termination date, and then multiplying the result by
365/366.
For more detail about Dividends and Distributions,
see Part 2.
Premature Redemption Penalty
Shareholders may be charged a premature redemption
penalty equal to (i) all penalty charges, losses, banking fees and other costs (including, without limitation, interest paid on funds borrowed to pay the redemption) associated with amending, terminating, selling or otherwise affecting any of the investments in the series and (ii) an amount sufficient to maintain the projected yield on the remaining shares to the stated termination date for the series or to the planned early redemption dates, as the case may be, less any losses affecting projected yield attributable to such shares.
Allocation of Losses
Any losses incurred by a CAMP Term Portfolio series
(other than losses resulting from Premature Redemptions of shares of the series or in the normal course of portfolio management) will be allocated among all shares of the
series outstanding at the time such loss is incurred. Such a loss may result from a default on an investment or from a sale of an investment. If such a loss occurs, the redemption value per share could be lower than that on which the
projected yield was quoted at the time of issuance of the share.
Calculating Share Price
Any losses incurred by a CAMP Term Portfolio series
(other than the redemption value per share for any series of the Portfolio will be determined on any day when
redemption is made and on termination of the series. It is the intent of the Trust to manage each series in the Portfolio CAMP®
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in a manner that produces a share price of at least $1.00 on the termination date.
The Investment Adviser, on behalf of CAMP, determines
the net asset value of the shares of the Portfolio at the close of each Business Day for the purpose of computing
expenses and fees. The net asset value per share for each series of the Portfolio is calculated by dividing the total value of investments and other assets less any liabilities by the total outstanding shares of the series as of the day the calculation is made.
Tax Information
We suggest that you check with your tax advisor before
investing in the Trust or an Individual Portfolio. Relevant considerations include:
• Section 115(1) of the Internal Revenue Code, which
provides that the gross income of a state or political
subdivision does not include income derived from the
exercise of any essential government function.
• Section 148 of the Internal Revenue Code (and related regulations) covering rebate requirements, which may
apply to anyone investing tax-exempt or tax-credit bond proceeds.
• Section 148 of the Internal Revenue Code (and related regulations) covering arbitrage limitations or rebate
requirements under which states and municipalities
may be required to pay the U.S. Treasury a portion of
earnings they derive from the investment of certain
funds.
Use of Amortized Cost
The Board of Trustees has determined, in consultation with the Investment Adviser, that it will manage the Trust’s Cash Reserve Portfolio in accordance with GASB 79 requirements, as applicable, for continued use of amortized cost.
Financial Highlights
The Trust’s financial statements are audited by Ernst & Young LLP and are included in the CAMP Annual Report for the
Trust’s most recent fiscal year end. The Annual Report is available upon request or on the Trust’s website
(www.camponline.com).
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Part 2 – Information Statement
General Information
The Trust
History
The California Asset Management Trust was established in 1989 as a California JPA and as a California common law trust to meet local government investments needs. The Trust is responsible for the management of the Cash Reserve and Term Portfolios. The Trust’s activities are directed by the Board. Because the Trust is accountable only to its Public Agency Shareholders, it has adapted over time to meet their changing needs. Initially, the Trust was formed to assist California public agencies with investing proceeds of tax-exempt debt issues and complying with the arbitrage regulations.
Responding to needs of its Shareholders, the Trust was later expanded to include investment of operating funds and capital reserves.
In 2005, in response to changes in the law and the needs of California Public Agencies for a more flexible investment option, the Trust was amended to create two new Shares Series: Investor Shares and Participant Shares. Participant Shares are available to California Public Agencies that have joined the JPA as members. Shares of the Investor Shares are available to California Public Agencies that have not joined the JPA as a member. Shares of both Series are invested in the same portfolios. As such, the Participant and Investor Shares will realize the same investment results. Please review Parts 1 and 2 of the Program Guide carefully for a more detailed description of the respective rights, privileges, preferences, and restrictions of investment in any Portfolios of the Trust.
Additionally, in 2005, in response to a change in the law, the Trust was amended to expand the definition of Public Agency to include certain California nonprofit corporations, membership of which is limited to California Public Agencies or public officials, and again in 2021 to include federally recognized Indian tribes. These changes allow California nonprofit corporations and federally recognized Indian Tribes that meet the expanded definition of Public Agency to either join or invest in the JPA.
Organization and Purpose
The Trust is a JPA and Public Agency created by the Declaration of Trust and established under the provisions of the Act for the purpose of exercising the common power of its Participants to invest funds. The Trust cannot accept funds for investment from other sources.
The Trust provides Shareholders a Cash Reserve and a Term portfolio for comprehensive investment management and accounting services. For proceeds of tax-exempt debt issues, the Trust also offers Arbitrage Rebate calculations. Public Agencies invest in the Pool by contributing assets to the Trust, which are used to purchase Shares in the Pool.
Shares of the Pool and Term are currently divided into two Shares Series: “Participant Shares” and “Investor Shares.” Public Agencies may invest in the Pool and Term by formally joining the Trust or by not joining the Trust and only purchasing shares of the Investor Shares Series which have no voting rights. Participants must become parties to the Declaration of Trust, dated as of December 15, 1989, as amended and restated as of October 25, 2022.
Public Agencies that own Participant Shares have voting rights on matters affecting the operation of the Trust. Public Agencies may also invest in the Pool and Term without joining the Trust. Public Agencies that own Investor Shares have rights similar to the Participant Shares except that voting rights are reserved for owners of the Participant Shares.
The Trust seeks to provide Shareholders with the following features through the Portfolios:
Preservation of Principal Investments in the Portfolios are made only in high-quality investments in which Public Agencies are permitted by California statute to invest their funds and in accordance with other investment policies of the Trust designed to preserve capital. While the Pool seeks to maintain a stable NAV of $1.00 per Share and Term seeks to maintain $1.00 upon planned maturity date, it is possible to lose money investing in either the Pool or Term. An investment in the Portfolios is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
Liquidity Investments in the Pool may be made at any time, and Shareholders may withdraw funds from the Pool on any Business Day. Term Portfolio investments are structured to provide liquidity on the predetermined maturity date.
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Income The Pool seeks to earn a high rate of income consistent with preserving principal and maintaining liquidity. Term seeks to produce the highest earnings consistent with maintaining safety of principal at maturity and meeting the redemption schedule of Shareholders.
Arbitrage Rebate Compliance For the proceeds of tax-exempt debt issues, the Trust is designed to assist Shareholders in complying with certain arbitrage rebate requirements of the Internal Revenue Code. Investments are purchased and investment documentation is maintained in accordance with requirements of the Internal Revenue Code, and rebate calculation reports are prepared by the Investment Adviser upon request in a manner and at such times as to enable Shareholders to comply with these requirements. The Trust is also designed to assist Shareholders in determining whether they have satisfied the expenditure test for any available exceptions to the arbitrage rebate requirements and to provide calculations of penalties due in lieu of rebate payments.
Convenience The Trust offers the option of investing by electronic funds transfer or check. Shareholders that invest the proceeds of debt issues in the Pool do not have to schedule investment maturities to meet project draw schedules.
Shareholders can use the Internet to check account balances and activity and to initiate transactions.
Professional Management Investments in the Portfolios are managed by investment professionals who are experienced in managing local government investment pools like the Trust and who follow both general economic and current market conditions affecting interest rates.
Diversification The Shares of the Pool and Term represent beneficial interests in diversified portfolios of certain highquality instruments authorized for investment by Public Agencies by the California Government Code Section 53601 (a) through (q).
Accounting, Safekeeping and Separate Accounts The Trust does all of the bookkeeping and safekeeping associated with the ownership of securities accounts for each Shareholder’s funds to facilitate Shareholder’s compliance with governmental accounting and auditing requirements.
A Public Agency can also enter into a separate agreement with the Investment Adviser to manage a separate portfolio that is not part of the Trust. These Individual Portfolios allow a Public Agency to invest its funds in a segregated account (not within the Trust) for a term that is longer than the average maturity of the Pool or Term.
The Trust also provides record keeping and custodial and arbitrage rebate calculation services for the proceeds of debt issues.
For further information or assistance, call toll free (800) 729-7665.
The Declaration of Trust
The Trust is a JPA and a separate Public Agency established as a common law trust under the laws of the State of California by execution of a Declaration of Trust by two California Public Agencies as the initial Participants in the Trust. Additional Public Agencies have become Participants in the Trust by enacting an ordinance or passing a resolution to adopt the Declaration of Trust and by signing a conformed copy of the Declaration of Trust. As of the date of these materials, January 12, 2023, 120 Public Agencies were Participants in the Trust. Additional Public Agencies may become Participants by following the same procedure as outlined above in this paragraph.
Copies of the Declaration of Trust and the By-Laws of the Trust may be obtained from the Investment Adviser or online at www.camponline.com and should be read carefully before joining the Trust. All descriptions contained in this Information Statement are subject to and limited by provisions set forth in the Declaration of Trust and the By-Laws.
The Declaration of Trust permits the Trustees to issue an unlimited number of Shares. The Trustees, in their discretion, may authorize the division of Shares into one or more Shares Series. The Trust consists of one class known as the Cash Reserve Portfolio and one class known as Term. Each Portfolio consists of two Shares Series known as Participant Shares and Investor Shares. Participant Shares are issued to Public Agencies that have joined the Trust, and, as Participants in the Trust, they have certain voting rights provided by the Declaration of Trust. Investor Shares are issued to Public Agencies that invest in the Trust but have not become a party to the Declaration of Trust. Investor Shares are similar to Participant Shares but lack voting rights. Both the Participant Shares and the Investor Shares represent an equal proportionate interest in the respective Portfolio.
The Shares of each Shares Series are only payable from that portion of the Trust’s assets held by the Trust. Each Share represents an equal proportionate interest in the Trust with each other outstanding Share. Upon redeeming Shares, a CAMP®
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Shareholder receives the current net asset value per Share. If liquidation should occur, Shareholders will be entitled to receive their proportionate share of the assets of the applicable Portfolio less any liabilities of the that Portfolio including, but not limited to, all expenses, costs, charges, and reserves attributable to that Portfolio, as well as their proportionate share of any general assets and liabilities of the Trust. The Shares of each Shares Series are fully paid and non-assessable, except as set forth in Part 2 under “Participant and Trustee Liability,” and have no preemptive or conversion rights.
Shareholders can sell shares or purchase additional Shares in accordance with the procedures outlined in Part 1 of this Program Guide. The Trust also permits transfers of Shares directly between eligible California Public Agencies; however, the Trust reserves the right to require Shareholders to provide proof of authorization, evidence of the genuineness of such authorization, and such other matters as may reasonably be required in order to effect such purchases and sales. Upon such delivery, the transaction will be recorded on the register of the Trust. Until such record is made, the Shareholder of record will be deemed to be the holder of such Shares for all purposes, and neither the Trustees nor any transfer agent officer, employee, or agent of the Trust will be affected by any notice of the proposed transfer. No Shares may be transferred to a transferee other than a Public Agency, or to the Trust itself.
For all matters requiring action by the Shareholders, such action will be taken by a vote of the Participant Shares Series Shareholders, who will be entitled to that number of votes equal to the number of full and fractional Participant Shares held by each Participant Shares Series Shareholder.
The Trust may be terminated by the vote of a majority of its Trustees with the approval of the holders of two-thirds of the Shares of the Participant Shares Series. Upon the termination of the Trust, and after paying or adequately providing for the payment of all liabilities and upon receipt of such releases, indemnities, and refunding agreements as they may deem necessary for their protection, the Trustees may distribute the remaining Trust assets, in cash or in kind or partly in cash and partly in kind, among the Shareholders according to their respective beneficial interests.
The Declaration of Trust may be amended by the vote of the Trustees, with the approval of the holders of a majority of the Shares of the Participant Shares Series. The Trustees may also amend the Declaration of Trust without the approval of Participants for the following reasons: to change the name of the Trust or any Series; to establish additional Series or classes of Shares; to supply omissions or correct or supplement ambiguous, defective, or inconsistent provisions; or, if they deem it necessary, to conform the Declaration of Trust to the requirements of applicable laws and regulations or to eliminate or reduce any taxes which may be payable by the Trust or the Participants, but the Trustees will not be liable for failing to do so. No amendment may be made which would change any rights of any Shares by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any approval rights pertaining thereto except with the vote of a majority of the Trustees and the approval of the holders of two-thirds of the Shares of the Participant Shares Series.
The Trustees
The Trust is currently governed by a Board of seven Trustees, all of whom are officials or employees of Public Agencies that are Participants in the Trust. The Trustees are appointed pursuant to, and are provided authority under, the Declaration of Trust. The Trustees are responsible for setting overall policies and procedures for the Trust and for hiring and supervising the activities of the Investment Adviser, the Custodian, and other agents of the Trust and monitoring the investment performance of the Portfolios and the method of valuing Shares. The names and business addresses of the current Trustees and Officers of the Trust and their principal occupations and other affiliations during the past five years are as follows:
Karen D. Adams, CPA—Ms. Adams has served as a Trustee since February 2010 and is the Treasurer of the Trust.
Since October 2002, Ms. Adams has served as the Treasurer-Tax Collector, Merced County, 2222 M Street, Merced, California 95340. Ms. Adams was Assistant Treasurer-Tax Collector, Merced County, October 1996 – October 2002.
Past President, California Association of County Treasurers and Tax Collectors (CACTTC); Member of the Government Finance Officers Association (GFOA), Government Investment Officers Association (GIOA), California Municipal Treasurers Association (CMTA), California Revenue Officers Association (CROA); Finance Committee Member, Merced County Community Foundation; Past President of Kiwanis Club of Greater Merced; and Past Treasurer of Business & Professional Women (BPW).
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Steve Dial—Mr. Dial has served as a Trustee since August 2002 and is the President of the Trust. Since February 2006, Mr. Dial has served as the Deputy Executive Director and Chief Financial Officer, San Joaquin Council of Governments (SJCOG), 555 East Weber Avenue, Stockton, California 95202, and SJCOG’s subsidiaries: SJCOG, Inc., Commute Connection, Inc., and the San Joaquin County Transportation Authority. In 2009, Mr. Dial was designated Treasurer and Controller for SJCOG. From 1985 to February 2006, he was Director of Administration and Chief Financial Officer for SJCOG.
Former Chair, Financial Affairs Committee, National Association of Regional Councils; Board Member of the Child Abuse Prevention Council of San Joaquin County; Past Treasurer of the Leadership Stockton Alumni Association; Past President of the Board of Directors for United Cerebral Palsy of San Joaquin County; Past Vice President of the United Way of San Joaquin County; and Member of the Government Finance Officers Association (GFOA) and California Society of Municipal Finance Officers (CSMFO).
André Douzdjian—Mr. Douzdjian has served as a Trustee since May 2014. Since October 2019, Mr. Douzdjian has served as the Chief Financial Officer, San Diego Association of Governments (SANDAG), 401 B Street, Suite 800, San Diego, California 92101. Mr. Douzdjian served as the Director of Finance for SANDAG from June 2012 – October 2019. Prior to June 2012, he worked in the private sector, and from 1991 – 2000 was the Financial Services Manager for SANDAG.
Member of the Government Finance Officers Association (GFOA), American Institute of Certified Public Accountants (AICPA); CFO, Roundtable of San Diego; and Former Treasurer of the Entrepreneurs Organization, San Diego Chapter.
Jordan Kaufman—Mr. Kaufman has served as a Trustee since January 2022. Since January 2015, Mr. Kaufman has served as the elected Treasurer-Tax Collector, Kern County, 1115 Truxtum Avenue, Bakersfield, California 93301. Mr.
Kaufman was the Assistant Treasurer-Tax Collector 2006 – 2015 and the Deputy County Administrative Officer 1995 – 2006.
President, California Association of County Treasurers and Tax Collectors (CACTTC); Treasurer and past President, Kern County Management Council; Treasurer and past President United Way of Kern County; Treasurer Boy Scouts of America Southern Sierra Council; Commissioner, California Statewide Communities Development Authority (CSCDA); Statutory Trustee, past elected Trustee, past Chairman, Kern County Employees Retirement Association (KCERA); Member, Rotary Club of Bakersfield, Downtown; and Adjunct Professor, California State University Bakersfield.
David Persselin—Mr. Persselin has served as a Trustee since January 2022. Since January 2014, Mr. Persselin has served as the Finance Director/Treasurer, City of Fremont, 3300 Capitol Avenue, Fremont, California 94537. January 2012 – May 2016, Mr. Persselin was an Adjunct Faculty/Lecturer at San Jose State University. He was the Assistant Finance Director, City of Pleasanton, 2011 – 2013, and from 2001 – 2011 worked for the City of San Jose.
Member of the Government Finance Officers Association (GFOA), California Society of Municipal Finance Officers (CSMFO), and International City/County Management Association (ICMA).
Lauren Warrem—Ms. Warrem has served as a Trustee since January 2022. Prior to January 2022, Ms. Warrem served as a Trustee from 2017 – 2019. Since March 2019, Ms. Warrem has served as the Chief Deputy Treasurer, San Diego County, 1600 Pacific Highway, Room 152, San Diego, California 92101. Ms. Warrem worked as the Finance Director/City Treasurer, City of Vista, from April 2015 – February 2019. Prior to April 2015, Ms. Warrem worked in the private sector, and from 2001 – 2012 she worked at the San Diego Association of Governments (SANDAG), Finance Manager 2001 – 2009 and Director of Finance 2009 – 2012.
Member of the Government Finance Officers Association (GFOA), California Society of Municipal Finance Officers (CSMFO), and California Municipal Treasurers Association (CMTA).
Duane Wolterstorff, CPA—Mr. Wolterstorff has served as a Trustee since May 2014. Since November 2000, Mr.
Wolterstorff has served as the Senior Director, Planning and Facilities, Modesto City Schools, 426 Locust Street, Modesto, California, 95351.
Secretary and Administrative Executive of Salida Area Public Facilities Financing Agency (SAPFFA) and Schools Infrastructure Financing Agency (SIFA); Treasurer of the Youth Committee and member of the Finance Committee, Pacific Association, USA Track and Field; Member of California Society of Certified Public Accountants (CalCPA) and American Institute of Certified Public Accountants (AICPA).
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The Trustees are appointed by the Board of Trustees and each must be a member of the governing body, officer, or fulltime employee of a Public Agency that is a Participant in the Trust, and the appointment must be approved annually by the Participants. Except in the case of resignation or removal, each Trustee holds office until such person’s successor is appointed. In order to assure representation on the Board of the several classes of Public Agencies participating in the Trust, at least one of the Trustees must be either a member of the governing body, an officer, or a full-time employee of each of the following: a California county, a city, and a public district (including a JPA), as long as there is at least one Public Agency from that class that is a Participant of the Trust. The Officers of the Trust serve at the discretion of the Board. No Trustee or Officer has an immediate family member serving as a Trustee or Officer of the Trust.
The present Trustees and Officers, or other persons on CAMP official business upon approval of the Trustees, serve without compensation but all are reimbursed by the Trust for reasonable travel and other out-of-pocket expenses incurred in connection with their duties as Trustees and Officers.
Participant and Trustee Liability
Under California law, members of a common law trust may be held personally liable for the obligations of the trust if they are deemed to control the management of the trust. Because the Board has ultimate control over all matters relating to the Trust, the Trust does not believe that Participants would be deemed to have such control. The Declaration of Trust contains an express disclaimer of Participant liability for acts or obligations of the Trust. The Declaration of Trust also provides that the Trust will indemnify each Participant against all claims and liabilities out of the assets of the Series of the Trust in respect of which such claim or liability arose.
The Declaration of Trust provides that no Trustee, officer, employee, or agent of the Trust will be liable for any action or failure to act that does not involve bad faith, willful misfeasance, gross negligence, or reckless disregard of duty. Each Trustee, officer, employee, and agent of the Trust will be indemnified by the Trust against claims and liabilities as provided in the By-Laws and to the fullest extent provided by California law. The Trustees may also purchase, and pay out of Trust assets, insurance policies insuring the Trustees, Officers, Agents, Participants, employees, investment advisers, distributors, or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such person in such capacity.
The Act provides that all immunities from liability which apply to the activity of officers, agents or employees of Participants when performing their functions within the territorial limits of their respective Public Agencies will apply to them to the same extent while engaged in the performance of any of their functions associated with the Trust.
Under the Declaration of Trust, the Trustees may obtain insurance or establish self-insurance funds to cover certain liabilities. This may be done on a joint basis with other similar entities, and the Trust may contribute more than its pro rata share of such insurance premiums or self-insurance funds.
Services Providers
Investment Adviser and Administrator PFMAM, an investment advisory firm with offices at One California Street, Suite 1000, San Francisco, California 94111 and 213 Market Street, Harrisburg, Pennsylvania 17101, is the Trust’s investment adviser and administrator. The daily management of the investment affairs and research relating to the Portfolios is conducted by or under the supervision of the Investment Adviser. PFMAM is an investment adviser registered with the U.S. Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and a subsidiary of USBAM. USBAM is a subsidiary of U.S. Bank. U.S. Bank is a separate entity and subsidiary of U.S. Bancorp Shares of the Portfolios are distributed by the Investment Adviser’s affiliate, PFM Fund Distributors, Inc., a member of FINRA and subject to the rules of the MSRB. The Investment Adviser is also the investment manager and/or program administrator for 17 other local government investment pool programs, which provide services similar to those provided by the Trust.
Advisory Services. The Investment Adviser manages the investment of the assets of the Trust’s Portfolios, including the placement of orders for the purchase and sale of investments, pursuant to an Advisory Agreement. The Investment Adviser obtains and evaluates such information and advice relating to the economy and the securities markets as it considers necessary or useful to manage continuously the assets of the Trust in a manner consistent with the Trust’s investment objectives and policies. The Investment Adviser also administers and maintains the Trust’s website which provides access to Connect. The Investment Adviser also serves as the rebate calculation agent for the Program, which requires, among other duties, collecting relevant information from, and sending notices to, Shareholders, and making calculations and CAMP®
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preparing rebate reports. Rebate calculation services are subject to a separate agreement, and separate fee schedule, between each Shareholder and the Investment Adviser. The Advisory Agreement will remain in effect until the specified termination date, unless terminated sooner, and may not be assigned by the Investment Adviser without the consent of the Trustees. The Advisory Agreement may be terminated by either party, at any time and without penalty, upon at least one hundred eighty (180) days prior written notice to the other party.
Investment Transactions. The Investment Adviser is responsible for decisions to buy and sell securities for the Trust and arranges for the execution of security transactions on behalf of the Trust. Purchases of securities are made from broker/ dealers, underwriters, and issuers. Sales prior to maturity are made to dealers and other persons. Money market securities bought from dealers are generally traded on a “net” basis, with dealers acting as principal for their own accounts without a stated commission, although the price of the instrument usually includes a profit to the dealer. Thus, the Trust does not normally incur any brokerage commission expense on such transactions. Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter’s commission or discount. When securities are purchased or sold directly from or to an issuer, no commissions or discounts are paid.
The policy of the Trust regarding purchases and sales of securities is that primary consideration will be given to obtaining the most favorable price and efficient execution of transactions. In seeking to implement this policy, the Investment Adviser will effect transactions with those dealers whom the Investment Adviser believes provide the most favorable price and efficient execution. If the Investment Adviser believes such price and execution can be obtained from more than one dealer, it may give consideration to placing portfolio transactions with those dealers who also furnish research and other services to the Trust. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments; wire services; and appraisals or evaluations of portfolio securities. The services received by the Investment Adviser from dealers may be of benefit in the management of accounts of some or all of its other clients and may not in all cases benefit the Trust directly. While such services are useful and important in supplementing its own research and facilities, the Investment Adviser believes the value of such services is not determinable and does not significantly reduce its expenses.
The Trust does not reduce the management fee paid to the Investment Adviser by any amount that may be attributable to the value of such services.
Administrative Services. The Investment Adviser also provides the following administrative services to the Trust in accordance with the Advisory Agreement:
• Customer Service. Operation of an Internet website and a toll-free telephone facility to be used exclusively by Shareholders or by Public Agencies interested in investing in the Trust. • Administration and Marketing. Maintenance of the books and records of the Portfolios, including Shareholder account records; supervision, under the general direction of the Trustees, of all administrative aspects of operations; periodic updating and preparation of the Information Statement; preparation of tax returns, financial statements, and reports for all Portfolios; supervision and coordination of the activities of the Custodian; determination of dividends and net asset value of each Portfolio in accordance with the policies of the Trust; provision of office space, equipment, and personnel to administer the Trust; distribution to Public Agencies of the Program Guide; preparation and distribution of other explanatory and promotional materials; and provision of technical assistance and guidance to Public Agencies considering use of the Trust as an investment vehicle.
• Shareholder Account Reports. Preparation and provision to Shareholders of confirmation of each Shareholder investment and redemption transaction and of monthly statements summarizing transactions, earnings, and assets of each Shareholder account.
• Rebate Calculation Services. Preparation and provision to Shareholders, upon request, of interim rebate calculation estimates and of rebate calculation reports and rebate exceptions compliance reports to Shareholders in the Trust. If applicable, provision of notice to Shareholders prior to any expenditure test date related to any exception from rebate requirements and preparation of an exception compliance report.
Custodian U.S. Bank National Association, Minneapolis, Minnesota, is the custodian for the Trust. The Custodian holds cash and securities of the Portfolios and also acts as the check clearing and disbursing agent for the Pool and Term. In addition to internal governance, numerous federal agencies, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB), supervise and inspect U.S. Bank and its parent company, U.S. Bancorp, to ensure sound banking practices and to protect clients. Appropriate information barriers relating to activities and data exist to facilitate fully independent and segregated oversight of client assets as custodian. The Custodian does not participate in determining the investment policies of the Trust or in investment decisions. The CAMP®
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Investment Adviser may not invest funds of the Portfolios with, nor buy or sell any securities through, any affiliated service provider. Securities purchased under certain repurchase agreements may be held by other custodians agreed to by the Trust and the other parties to the repurchase agreements.
Trust Counsel Nossaman LLP, with an office at 50 California Street, 34th Floor, San Francisco, California 94111, is legal counsel to the Trust for certain matters.
Auditor The financial statements of the Trust are audited annually by Ernst & Young LLP with an office at 560 Mission Street, Suite 1600, San Francisco, California 94105. The fiscal year for the Trust ends December 31.
Expenses of the Trust
The Trust has entered into arrangements for the Pool and Term for investment management, custodial, legal, accounting, audit, and rebate calculation services. The Trust also pays for organizational expenses, insurance premiums, Trustees’ expenses, and other expenses not expressly assumed by the Investment Adviser. All expenses related to operation of the Portfolios are paid from the income of the Portfolios (see “Dividends”).
For the services provided to the Pool by the Investment Adviser, effective January 1, 2023, the Investment Adviser is paid a monthly fee based on the following percentages of the average daily net assets of the Pool:
Average Cash Reserve Portfolio Daily Net Assets Annual Rate First $1 billion 0.145%
Next $1 billion 0.110%
Next $2 billion 0.100%
Next $2 billion 0.095%
Next $4 billion 0.085%
Next $5 billon 0.80%
In excess of $15 billion 0.075%
The Investment Adviser may, from time to time, waive some or all of its fees. Such waiver will have the effect of increasing the yield of the Pool during the period the fees are waived.
For the services provided to Term by the Investment Adviser, the Investment Adviser is paid a monthly fee based on the following percentages of the average daily net assets of Term:
Average Term Portfolio Daily Net Assets Annual Rate
All Assets 0.150%
Under the Advisory Agreement, the Investment Adviser has agreed to reimburse the Pool and Term for the amount by which the “annual operating expenses” of the Pool exceed 0.22% of its average daily net assets. “Annual operating expenses” generally include all expenses of the Pool (including investment management, administration, marketing, custodial, legal, accounting, and audit fees), other than any reserves established by the Trustees to pay for extraordinary costs.
As of December 31, 2022, the Pool had reserved $156,855 to pay for extraordinary costs that it may incur from time to time, such as special legal, audit, and consulting fees. The Trustees may determine to reserve additional amounts, not expected to exceed, on an annual basis, 0.02% of the average daily net assets of the Pool, for those and other similar purposes in the future.
Tax Matters
Pursuant to Section 115(1) of the Internal Revenue Code, federal gross income does not include income derived from the exercise of any essential governmental function that accrues to a state or any political subdivision of a state. In the opinion of Counsel to the Trust, the Trust is not subject to Federal or California income tax upon the income realized by it.
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Arbitrage Rebate: General The Internal Revenue Code generally requires issuers of tax-exempt obligations to rebate to the federal government their arbitrage profits derived from investment of gross proceeds in non-purpose obligations.
Various exceptions from the rebate requirements are available, and each Shareholder should consult with its bond counsel to determine whether and to what extent appropriate exceptions might be available. The investment by Shareholders of gross proceeds of debt issues in the Trust will be an investment in a non-purpose obligation and will be taken into account in determining any rebate liability.
Treatment of Administrative Costs of the Portfolios U.S. Treasury Regulations Title 26 Section 1.148-5 limits the ability for the expenses of an external commingled fund, like the Pool, to be treated as qualified administrative costs within the arbitrage rebate and yield restriction liability calculations. The limitations apply to an external commingled fund in which an individual Shareholder owns more than 10% of the beneficial interest of the fund. From time to time, the Pool may contain one or more Shareholders that individually own more than 10% of the beneficial interest of the fund.
Therefore, Shareholders should consider the use of the gross yields of the Pool in all arbitrage rebate and yield restriction liability calculations.
The limitations regarding an external commingled fund in which an individual Shareholder owns more than 10% of the beneficial interest of the fund applies only to the Pool and not the Term Portfolio. The 10% rule in U.S. Treasury Regulations Title 26 Section 1.148-5 is not followed by Term.
The foregoing summary of federal income tax matters affecting Shareholders in the Portfolios does not purport to be complete. Shareholders should consult their bond counsel for advice as to the application of federal income tax law to their particular investment in the Portfolios.
Arbitrage Rebate Compliance
To further the objective of providing Shareholders with simplified arbitrage rebate compliance for proceeds of tax-exempt borrowings, the Trust has adopted the following recommended set of practices. The Trust strongly recommends that they be followed to minimize the Shareholder’s rebate compliance costs.
1. A Shareholder should deposit all the proceeds of a debt issue subject to arbitrage rebate in the Trust on the same day as they are received by the Shareholder. This will enable the Investment Adviser to track the investment and expenditure of these funds.
2. A Shareholder should identify all the proceeds of a debt issue subject to the same yield at the time of initial investment. A separate account should be established for each fund or group of funds having a different yield by completing an Account Application. The Investment Adviser will provide advice on the number and type of accounts that will be needed to provide a clear audit trail.
3. Federal tax law requires issuers of tax-exempt obligations either to make certain rebate payments to the Federal government or to meet certain expenditure guidelines. If the Shareholder expects to meet one of the expenditure exceptions, it should notify the Investment Adviser when making its initial investment so the Investment Adviser can provide information regarding the expenditure of the proceeds of an issue.
4. If the Shareholder expects to make rebate payments, it should note that Federal tax law requires issuers of taxexempt obligations to meet certain rebate payment requirements at least every five years. However, a Shareholder may need to account for its rebate liability on an annual basis. The Investment Adviser will provide estimates of rebate amounts at any time for a Shareholder, and the Investment Adviser will provide a rebate calculation report more frequently than every five years if requested. There will be a separate charge for each rebate calculation report (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).
5. If the Shareholder is eligible and has elected to pay a penalty in lieu of making rebate payments, it should notify the Investment Adviser by designating this on Schedule A - Bond Issue Information when making its initial investment.
6. It is recommended that Shareholders not draw down the entire proceeds of a debt issue account before providing for any rebate requirement or penalty payment.
If any Shareholder and any parties related to the Shareholder own more than ten percent (10%) of the Shares of the Pool, such ownership may adversely affect the rebate liability of all Shareholders (see “Tax Matters”).
Documentation of Market Price The Investment Adviser will follow certain procedures to document that investments are purchased at a “market price” in accordance with requirements of the Internal Revenue Code and related rulings and CAMP®
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regulations. These procedures include obtaining three bids or offers for all securities transactions on the secondary market, documenting transaction prices using independent pricing services, and following practices to avoid making “prohibited payments” or receiving “imputed receipts” (as these terms are used in the applicable U.S. Treasury regulations) that improperly reduce the yield on investments.
Rebate Exception Services for the Proceeds of Debt Issues Upon initial investment of the proceeds of a debt issue, a Shareholder should inform the Investment Adviser, by designating on Schedule A - Bond Issue Information, if it expects to qualify for an expenditure exception to the Federal rebate requirements or if it has elected to pay a penalty in lieu of rebate. If the Investment Adviser has been so informed thirty (30) days before any expenditure test date related to such an exception from the rebate requirements, the Investment Adviser will provide a notice to the Shareholder that tracks the cumulative percentage of proceeds of a debt issue drawn from funds invested in the Trust from any debt issue whose proceeds are then invested in the Trust and compares the cumulative percentage of funds drawn to the requirements of the exception to assist the Shareholder in determining its eligibility for such exception. Thirty (30) days after any expenditure test date, the Investment Adviser will provide a report (a “rebate exceptions compliance report”) to such Shareholder showing the cumulative percentage of the proceeds of a debt issue (including investment income) actually drawn and calculating the penalty, if any, due to the Internal Revenue Service if actual amounts drawn do not meet the expenditure test.
Rebate Calculation Services for the Proceeds of Debt Issues With respect to proceeds of tax-exempt borrowings invested in the Trust, including funds whose cash flows are tracked through Shareholder accounts in the Trust, the Investment Adviser will, upon request, provide interim rebate calculation estimates to enable Shareholders to estimate rebate liabilities for financial reporting purposes. There is no charge for these estimates.
The Investment Adviser will provide each Shareholder who so requests with a rebate calculation report for any given report period that summarizes calculations of
• the allowable investment yield,
• investment activities for the Report Period, and
• a calculation of the rebate liability at the end of the Report Period using the methodology prescribed by the applicable U.S. Treasury regulations.
When an account for the proceeds of a debt issue is opened, the Investment Adviser will request certain information from a Shareholder, including information necessary to permit scheduling of the rebate calculation report or Rebate Exceptions Compliance Report. The Investment Adviser will require additional information from a Shareholder, including copies of the official statement, non-arbitrage or tax certificate, debt issue resolution, and similar documents, before the first such rebate calculation report or Rebate Exceptions Compliance Report can be prepared.
Normally, the rebate calculation report will be completed and furnished to the Shareholder for each debt issue no later than thirty (30) days after the Installment Computation Date, provided that the Shareholder has authorized its preparation and provided the necessary information to the Investment Adviser, but a Shareholder may request that a rebate calculation report be completed at shorter intervals. Every effort will be made to honor such requests, although no assurance can be given that reports can be completed in a shorter time period.
If an account is opened for the proceeds of a debt issue that have been invested outside of the Trust, the Investment Adviser will require a rebate calculation report from the date of debt issuance to the date of investment in the Trust.
There will be a separate charge for each rebate calculation report. The fee for a rebate calculation report prepared by the Investment Adviser will be billed separately to the Shareholder at the following rates for debt issues, the proceeds of which are invested exclusively through the Trust from their date of issuance until the date of calculation of the rebate calculation report:
One-time set-up fee, per debt issue:................. $ 250 Each rebate calculation report, per debt issue:..$3,000 There will be additional charges for refundings requiring allocations of transferred proceeds and for other calculations involving more extensive services. For proceeds of tax-exempt debt issues invested outside the Trust, due to differences of elapsed time since the issuance of the debt, types of investments, volume and type of transactions, number of funds, and CAMP®
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condition and availability of records, the Investment Adviser cannot charge a standard fee. However, at the request of the Shareholder, the Investment Adviser will provide an estimated cost based on the Shareholder’s specific circumstances.
In addition to the rebate calculation services offered by the Investment Adviser, Shareholders also have the option of contracting directly with another service provider for rebate calculation services. If another service provider is used, the scope of the services provided and the fees charged are entirely the responsibility of the Shareholder and its service provider.
Information Common to All Portfolios
Authorized Investments
The Investment Adviser will invest available cash in the Cash Reserve Portfolio and Term Portfolio exclusively in the following investments, which are authorized investments under the California Government Code Section 53601. It is noted that certain other investment types, although authorized by the applicable sections of the California Government Code, may not be approved for inclusion in this investment policy. Except as otherwise provided in sub-paragraph (1) under “Investment Restrictions” below, a change in authorized investments requires approval of the Trustees and the Participants holding a majority of the outstanding Participant Shares of the Trust. (1) United States Treasury notes, bonds, bills, or certificates of indebtedness or other obligations for which the full faith and credit of the United States are pledged for the payment of principal and interest. (2) Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises.
(3) Repurchase agreements with respect to securities described in paragraphs (1) and (2) above, provided that the term of any such repurchase agreement shall be one year or less at the time of purchase. (4) Bills of exchange or time drafts drawn on and accepted by a commercial bank (otherwise known as bankers’ acceptances) which are eligible for purchase by the Federal Reserve System, provided that such bankers’ acceptances may not exceed one hundred eighty (180) days maturity or forty percent (40%) of the assets of the Portfolio and no more than ten percent (10%) of the Portfolio’s assets are invested in the bankers’ acceptances of any one commercial bank and further provided that the accepting bank has the highest short-term letter and numerical rating as provided by at least one NRSRO.
(5) Negotiable certificates of deposit issued by a nationally or state-chartered bank or by a savings association or a federal association (as defined in Section 5102 of the California Financial Code), a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign bank, provided that no more than thirty percent (30%) of the assets of the Portfolio may be invested in certificates of deposit and further provided that the deposits in any one institution shall not exceed the shareholders’ equity of such institution. (6) Commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by at least one NRSRO, provided that its maturity may not exceed two hundred seventy (270) days. No more than forty percent (40%) of the assets of the Portfolio may be invested in eligible commercial paper; if assets of the Portfolio fall below $100,000,000, no more than twenty-five percent (25%) of assets may be invested in eligible commercial paper; and no more than ten percent (10%) of the Portfolio’s total investment assets may be invested in the commercial paper and the medium-term notes of any single corporate issuer. The entity that issues the commercial paper shall meet all of the following conditions either in (a) or (b) as follows: (a) the entity is organized and operating in the United States as a general corporation, has total assets in excess of five hundred million dollars ($500,000,000), and has debt other than commercial paper, if any, that is rated in a rating category of “A” or its equivalent or higher by at least one NRSRO or (b) the entity is organized within the United States as a special purpose corporation, trust, or limited liability company, has program wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond, and has commercial paper that is rated “A-1” or higher, or the equivalent, by at least one NRSRO. (7) United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank, with a maximum remaining maturity of 397 days or less, and eligible for purchase and sale within CAMP®
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the United States. Investments shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO and shall not exceed 30 percent of the assets of the Portfolio. (8) Medium-term notes, defined as all corporate and depository institution debt securities, with a maximum remaining maturity of 397 days or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Investments shall be rated in a rating category of “A” or its equivalent or better by an NRSRO and shall not exceed 30 percent of the assets of the Portfolio. No more than 10 percent (10%) of the Portfolio’s total investment assets may be invested in the commercial paper and the medium-term notes of any single issuer. (9) A mortgage passthrough security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable passthrough certificate, or consumer receivable-backed bond.
Investments shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO, have a maximum remaining maturity of 397 days or less, and shall not exceed 20 percent of the assets of the Portfolio. (10) Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.). The company shall have met either of the following criteria: (a) attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs or (b) retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000).
The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include commission that the companies may charge and shall not exceed 20 percent of the assets of the Portfolio.
Obligations of Agencies or Instrumentalities of the United States Government Certain short-term obligations of agencies or instrumentalities of the United States Government purchased for the Portfolios may be backed only by the issuing agency or instrumentality and may not be backed by the full faith and credit of the United States Government. For example, Fannie Mae and Freddie Mac have agreements with the U.S. Treasury to provide them with capital in exchange for senior preferred stock. Securities issued by the Federal Home Loan Banks are supported only by the credit of the agency and not by the United States Government, and securities issued by the Federal Farm Credit System are supported by the agency’s right to borrow money from the U.S. Treasury under certain circumstances.
Repurchase Agreements A repurchase agreement involves the sale of securities to the Portfolio and the concurrent agreement by the seller to repurchase the securities within a specified period of time at an agreed upon price, thereby establishing the yield during the buyer’s holding period. The yield established for the repurchase agreement is determined by current short-term rates and may be more or less than the interest rate on the underlying securities. The securities underlying a repurchase agreement are, in effect, collateral under the agreement. Securities purchased by the Portfolio and subject to repurchase agreements are limited to the obligations of the United States Government and agencies of the United States but may have maturities longer than one year. At the time a repurchase agreement is made, the underlying securities will have a market value at least equal to one hundred and two percent (102%) of the price plus the price differential. If an agreement is in effect for more than one day, the Investment Adviser is responsible for monitoring the value of the underlying securities, and, in the event their value drops below one hundred and two percent (102%) of the price plus price differential, the counterparty to the repurchase transaction is required to provide additional securities or money within one Business Day so that the value of the collateral is not less than one hundred and two percent (102%) of the price plus price differential. All securities underlying repurchase agreements are required to be delivered to the Custodian or to another custodian agreed to by the Trust and the counterparty. At the expiration of each agreement, the Custodian receives payment of the price plus price differential as a condition for the transfer of the underlying securities to the counterparty. If the counterparty fails to pay the agreed upon price plus price differential on the repurchase date, the risks to the Portfolio would include any difference between the liquidation value of the underlying securities and the price plus price differential, any costs of disposing of such securities, any costs related to foreclosure, and any loss resulting from a delay in foreclosing on such securities.
Funds placed by the Trust into the Portfolios will be invested in accordance with the prudent investor standard set forth in Section 53600.3 of the California Government Code. The Portfolios will not invest in any inverse floaters, range notes or mortgage derived, interest-only strips, or in any security that could result in a zero-interest accrual if held to maturity.
The Trust is not registered as an investment company under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) and, accordingly, is not subject to the provisions of the Investment Company Act of 1940 and the rules and regulations promulgated thereunder including rules relating to registered money market mutual funds.
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The authorizing statute, charter, or bylaws of a Public Agency or the trust indenture or ordinance or resolution under which the debt obligations of a Public Agency are issued or its funds are invested may contain investment restrictions which prohibit or otherwise limit investment in one or more of the above-described investments. Accordingly, Public Agencies should consult with their legal counsel or financial adviser regarding the legality of investing bond proceeds under the Trust prior to participating in the Trust or investing in the Shares issued by the Trust.
Investment Restrictions
The Trustees have adopted the following investment restrictions and fundamental policies, which, except as otherwise provided in (1) below, may be changed only by approval of the Trustees and the Shareholders holding a majority of the outstanding Participant Shares of the Portfolios. The Trust will not:
(1) Purchase any securities other than those described under “Investment Objectives and Policies” unless California law at some future date redefines the types of securities which are legal investments for some or all classes of Shareholders, in which case the permitted investments for the Portfolios may be changed by the Trustees to conform to California law, provided that prior written notification is given to Shareholders of the Trust. (2) Invest in securities of any issuer in which a Trustee, Officer, employee, agent, or adviser of the Trust is an officer, director, or ten percent (10%) shareholder unless such investment is periodically authorized by resolutions adopted by a majority of the Trustees who are not officers, directors, or ten percent (10%) shareholders of such issuer. (3) Make loans, except that the Portfolios may enter into repurchase agreements. (4) Borrow money or pledge, hypothecate, or mortgage its assets to an extent greater than twenty percent (20%) of the market value of the total assets of the Portfolios, and then only as a temporary measure for extraordinary or emergency purposes to facilitate withdrawal requests which might otherwise require untimely dispositions of portfolio securities.
All such borrowings may be secured only by the assets of the Portfolios and must be repaid before the Portfolios make any additional investments. Interest paid on such borrowings will reduce net income of the Portfolios. (5) Purchase any security or enter into a repurchase agreement if, as a result, more than ten percent (10%) of the Portfolios’ total assets would be invested in securities subject to restrictions on resale, securities for which there is no readily available market, and repurchase agreements with maturities exceeding seven (7) days and not terminable at approximately the carrying value before that time.
(6) Purchase the securities of any single issuer (other than obligations issued and guaranteed as to principal and interest by the government of the United States, its agencies, or instrumentalities) if, as a result, more than ten percent (10%) of the Portfolios’ total assets would be invested in the securities of any one issuer. (7) Invest more than 5% of net assets in illiquid investments. Illiquid investments are securities that cannot be sold or disposed of in the ordinary course of business at approximately the value ascribed to it by the Trust. Illiquid investments include:
• Restricted investments (those that, for legal reasons, cannot be freely sold). • Fixed time deposits with a maturity of more than seven days that are subject to early withdrawal penalties. • Any repurchase agreement maturing in more than seven days and not terminable at approximately the carrying value in the Trust before that time.
• Other investments that are not readily marketable at approximately the carrying value in the Trust.
If the 5% limitation on investing in illiquid securities is adhered to at the time of investment but later increases beyond 5%, resulting from a change in the values of the Trust’s portfolio securities or total assets, the Trust shall then bring the percentage of illiquid investments back into conformity as soon as practicably possible. The Trust believes that these liquidity requirements are reasonable and appropriate to assure that the securities in which the Trust invests are sufficiently liquid to meet reasonably foreseeable redemptions of Shares.
Any percentage limitation or rating requirement described under “Authorized Investments” will be applied at the time of purchase.
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Procedures for Investment in the Trust
Public Agencies have two options for investing in the Trust. One option is for a Public Agency to become a Participant in the Trust by adopting an ordinance/resolution thereby becoming a member of the JPA. A copy of a sample ordinance/resolution can be obtained by contacting the Investment Adviser and is available on the Trust’s website (www.camponline.com). Participation in the Trust requires the formal approval of the governing body of the Public Agency by ordinance/resolution, as appropriate, and execution of the Declaration of Trust. In addition to the rights provided to all Shareholders, Participants are provided approval rights on certain matters as provided in the Declaration of Trust. Public Agencies should consult with their legal counsel regarding the required form of action (ordinance/resolution) and the procedures for enactment or adoption of the ordinance/resolution. No representation is made as to the legal sufficiency of the model form for any given Public Agency. Only members of the governing body, officers, or full-time employees of a Public Agency that is a Participant in the Trust may serve as a Trustee of the Trust.
Alternatively, a Public Agency may purchase Investor Shares of any of the Trust’s Portfolios without joining the Trust.
Such purchase requires authorization by the Public Agency and execution of the Investor Agreement. A copy of the Investor Agreement can be obtained by contacting the Investment Adviser and is available on the Trust’s website (www.camponline.com). Public Agencies owning Investor Shares are provided certain rights with regard to their Shares; however, Investors do not have the approval rights provided to Participants under the Declaration of Trust.
For the proceeds of debt issues, to provide for the investment in the Trust, the Public Agency should either list the Trust in the permitted investments section of the trust indenture or state that bond proceeds can be invested in a permitted investment under Section 53601 of the California Government Code. Sample language is available on the online at www.camponline.com.
Every prospective Shareholder in the Trust (or the applicable trustee of a debt issue) must complete an Account Application (available online at www.camponline.com or by calling the Investment Adviser at (800) 729-7665) and an appropriate Checkwriting Authorization if check writing is desired and forward them along with, if a Participant, (i) a certified copy of the ordinance/resolution as adopted and (ii) an executed copy of the Declaration of Trust, or if an Investor, a completed and executed Investor Agreement, to the Program Administrator via U.S. mail at the following address:
California Asset Management Program
P. O. Box 11760
Harrisburg, Pennsylvania 17101
Please note: UPS and Federal Express will not deliver packages to a P.O. Box. If using one of these shipping methods, please contact CAMP at (800) 729-7665 for an alternative delivery address.
There is no limit to the number of accounts that can be opened by a Shareholder. Additional Account Applications are provided for this purpose. The Investment Adviser will notify the Public Agency of its approval of the application(s) and the account number(s) assigned. The Trust and the Investment Adviser each reserve the right to reject any application in their sole discretion.
Instructions provided by the Shareholder in the Account Application will remain in effect until the Investment Adviser receives written notification from the Shareholder to change them. Any changes to addresses, account applications, names or signatures of authorized officials, or other critical information will require appropriate documentation. Instructions or forms may be obtained by calling the Investment Adviser at (800) 729-7665 or online at www.camponline.com.
Information Specific to the CAMP Cash Reserve Portfolio Investment Restrictions
The Trust’s investment policies and objectives require that all Pool investments have a remaining maturity of three hundred ninety-seven (397) days or less at the time of purchase (except for variable rate notes issued by the U.S. Government or its agencies or instrumentalities, which must have remaining maturities of 762 days or less), and that the dollar-weighted average maturity of Pool investments will not exceed sixty (60) days, and that the dollar-weighted average life (portfolio maturity computed to final maturity without regard to interest rate adjustments on investments) will not exceed one hundred CAMP®
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twenty (120) days. The repurchase date of a repurchase agreement is used to determine its maturity. Debt obligations purchased by the Pool may have interest rates that are periodically adjusted at specified intervals or whenever a reference rate or index changes. These adjustable-rate securities may have demand features which give the Pool the right to demand repayment of principal on specified dates or after giving a specified notice. Adjustable-rate securities and securities with demand features that meet the definition of “Adjustable Rate Government Securities” in Rule 2a-7 of the Investment Company Act of 1940 Rules and Regulations may be deemed to have maturities shorter than their stated maturity dates.
Dividends
Net income of the Pool shall be determined on the accrual basis as of the conclusion of each Business Day and declared as dividends to each Shareholder at the time of such determination in proportion to the number of shares in the Pool then held by each Shareholder.
Net income of the Pool shall consist of interest earned, plus any discount ratably amortized to the date of maturity plus or minus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses of the Pool including the fees payable to the Investment Advisor/ Administrator, and others who provide services to the Pool. Dividends declared by the Pool are paid to Shareholders as of the last Business Day of each calendar month in the form of additional shares which are credited to each Shareholder’s account. If the net income of the Pool at the time of such determination is a negative amount, the Trust shall have the power and authority (i) to allocate such negative amount among such Shareholders in proportion to the number of shares held at the time of such determination and to offset the allocable share of each Shareholder of such negative amount against any income accrued to such Shareholder, and/or (ii) reduce the number of outstanding shares of the Pool by reducing the number of shares of each Shareholder by that number of shares which represents the amount of its allocable share of such negative amount which is not offset against income accrued to such Shareholder.
Valuation of Shares
The Investment Adviser, on behalf of the Pool, determines the NAV of Shares of the Pool as of 11:00 a.m. Pacific Time on each Business Day. The NAV per Share of the Pool is computed by dividing the total value of the securities and other assets of the Pool, less any liabilities, by the total number of outstanding Shares of the Pool. Liabilities include all accrued expenses and fees of the Pool, including fees of the Investment Adviser, Custodian, and others who provide services to the Pool, which are accrued daily (see “Expenses of the Trust”).
For the purposes of calculating the NAV per Share of the Pool, the By-Laws of the Trust provide that investments held by the Pool be valued at original cost, plus or minus any amortized discount or premium.
The result of this calculation will be a per Share value which is rounded to the nearest penny. Accordingly, the price at which Pool Shares are sold or redeemed will not reflect unrealized gains or losses on Pool securities which amount to less than $.005 per Share. The Pool will endeavor to minimize the amount of such gains or losses. However, if unrealized gains or losses were to exceed $.005 per Share, the amortized cost method of verification would not be used, and the NAV per Share of the Pool would change from $1.00.
It is a fundamental policy of the Pool to maintain a NAV of $1.00 per Share, but for the reasons discussed here, there can be no assurance that the NAV of the Pool’s Shares will not vary from $1.00 per Share. The market value basis NAV per Share for a Pool may be affected by general changes in interest rates resulting in increases or decreases in the value of securities held by the Pool. The market value of such securities will tend to vary inversely to changes in prevailing interest rates.
Thus, if interest rates rise after a security is purchased, such a security, if sold, might be sold at a price less than its amortized cost. Similarly, if interest rates decline, such a security, if sold, might be sold at a price greater than its amortized cost. If a security is held to maturity, no loss or gain is normally realized as a result of these price fluctuations; however, withdrawals by Investors could require the sale of Pool securities prior to maturity.
The Investment Adviser and the Trustees will periodically monitor, as they deem appropriate and at such intervals as are reasonable in light of current market conditions, the relationship between the amortized cost value per Share and a NAV per Share based upon available indications of market value. In the event that the difference between the amortized cost basis NAV per Share and market value basis NAV per Share exceeds 1/2 of 1 percent, the Investment Adviser and the Trustees will consider what, if any, corrective action should be taken to minimize any material dilution or other unfair results which might arise from differences between the two. This action may include the reduction of the number of outstanding Shares by having each Shareholder proportionately contribute Shares to the Pool’s capital, suspension or rescission of dividends, declaration of a special capital distribution, sales of Pool securities prior to maturity to reduce the average maturity or to CAMP®
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realize capital gains or losses, transfers of Pool securities to a separate account, or redemptions of Shares in kind in an effort to maintain the net asset value at $1.00 per Share. If the number of outstanding Shares is reduced in order to maintain a constant NAV of $1.00 per Share, Shareholders will contribute proportionately to the Pool’s capital the number of Shares that represents the difference between the amortized cost valuation and market valuation of the Pool. Each Shareholder will be deemed to have agreed to such contribution by its investment in the Pool.
To minimize the possible adverse effects of changes in interest rates and to help maintain a stable NAV of $1.00 per Share, the Pool will maintain a dollar-weighted average portfolio maturity of not more than sixty (60) days and a dollar-weighted average life of not more than one hundred twenty (120) days and will not purchase any security with a remaining maturity of more than three hundred ninety-seven (397) days and will only invest in securities determined by the Investment Adviser to be of high-quality with minimal credit risk.
Yield
Current yield information for the Pool may, from time to time, be quoted in reports, literature, and advertisements published by the Trust. The current yield of the Pool, which is also known as the current annualized yield or the current seven-day yield, represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a value of one Share (normally $1.00 per share) over a seven-day base period expressed as a percentage of the value of one Share at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365/7.
The Trust may also quote a current effective yield of the Pool from time to time. The current effective yield represents the current yield compounded to assume reinvestment of dividends. The current effective yield is computed by adding 1 to the net change in account value (exclusive of capital changes and income other than investment income) over a seven-day base period, raising the sum to a power of 365/7, and subtracting 1 from the result. The current effective yield will normally be slightly higher than the current yield because of the compounding effect of the assumed reinvestment.
The Trust also may publish a “monthly distribution yield” on each Shareholder’s month-end account statement or provide it to Shareholders upon request. The monthly distribution yield represents the net change in the value of a hypothetical account with a value of one Share (normally $1.00 per Share) resulting from all dividends declared during a month by the Pool expressed as a percentage of the value of one Share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.
At the request of the Trustees or Shareholders, the Trust may also quote the current yield of the Pool from time to time on bases other than seven days for the information of its Shareholders.
The yields quoted by the Trust or any of its representatives should not be considered a representation of the yield of the Pool in the future since the yield is not fixed. Actual yields will depend on the type, quality, yield, and maturities of securities held by the Pool, changes in interest rates, market conditions, and other factors.
Since the yield on the Pool may fluctuate daily, Shareholders should consult with their counsel or financial adviser as to the appropriateness of investing proceeds of tax-exempt bonds in the Pool in the event that covenants with bondholders or provisions of the Internal Revenue Code restrict the yield on investment of the bond proceeds.
Information Specific to the CAMP Term Portfolio
Maturity
The CAMP Term Portfolio is a fixed-term investment portfolio of the California Asset Management Program with a maturity of up to one year, depending on the termination date of any particular series within the Portfolio.
Dividends
Dividends on shares in the series constituting the CAMP Term Portfolio shall be paid on the termination date of the series, except for dividends on shares redeemed pursuant to a planned early redemption or a premature redemption before the termination date, which will be paid when such dividends on shares in the series are redeemed. For the purpose of calculating dividends for any series, net income shall consist of interest earned, plus any discount ratably amortized to the date of maturity, plus or minus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses of that series.
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Dividends on shares of the series of the CAMP Term Portfolio which are declared and paid are equal to the projected yield for such shares to the redemption date, less any losses affecting projected yield attributable to such shares (other than losses resulting from premature redemptions of shares of the series). Dividends on shares of the series of the CAMP Term Portfolio declared and paid on a premature redemption date are equal to the projected yield for such shares to the premature redemption date, less any losses affecting projected yield attributable to such shares and less a premature redemption penalty, if any. Investors may be charged a premature redemption penalty equal to (i) all penalty charges, losses, banking fees and other costs (including, without limitation, interest paid on funds borrowed to pay the redemption) associated with amending, terminating, selling or otherwise affecting any of the investments in the series and (ii) an amount sufficient to maintain the projected yield on the remaining shares to the stated termination date for the series or to the planned early redemption dates, as the case may be, less any losses affecting projected yield attributable to such shares.
Any excess net income of a series of a CAMP Term Portfolio on the termination date will be distributed as an additional dividend to the shares of the series that were issued over the life of the series and the excess net income will be allocated on a pro rata basis based on the average shares outstanding during that time period. Investments may be distributed to Shareholders in any series in lieu of cash whenever the Trust determines that such distribution would be in the best interest of Shareholders of the CAMP Term Portfolio.
Valuation of Shares
For the purpose of calculating the net asset value per share of the series constituting the CAMP Term Portfolio each Business Day, investments held therein shall be valued using the amortized cost method. The amortized cost method of valuation shall mean the acquisition cost of the investment as adjusted for the amortization of premiums or accretion of discounts, regardless of the impact of fluctuating interest rates on the market value of the investment. Amortized cost valuation provides certainty in valuation but may result in periods during which the value of an investment, as determined by amortized cost, is higher or lower than the price that would be received if the investment were sold. For external periodend reporting, all assets will be valued at fair value determined in good faith by the Trust or adviser acting under contract with the Program as required under statutory and applicable accounting standards. Such fair value-based determinations will only be used to satisfy applicable external reporting standards unless the Trust or adviser has determined that use of the fair value method instead of the amortized cost method would be in the best interest of the holders of outstanding shares of a series of the CAMP Term Portfolio.
The redemption value per share will be determined on any day when redemption is made and on the termination date of a series of the CAMP Term Portfolio. Except as otherwise provided below, the redemption value per share is equal to the original purchase price for such share, plus dividends thereon, less such share’s allocation of any losses incurred by the series (other than losses resulting from premature redemptions of shares of the series). The redemption value per share for shares redeemed on a premature redemption date is equal to the original purchase price for such share, plus dividends thereon, less such share’s allocation of any losses incurred by the series, less a premature redemption penalty, if any, determined as described in the “Dividends” section above.
Each CAMP Term Series provides for a fixed-rate, fixed-term investment by Shareholders, but the market value of the underlying assets will, prior to their maturity, tend to fluctuate inversely with the direction of interest rates. It is the intent of the CAMP Term Portfolio to manage each of its series in a manner that produces a share price of at least $1.00 on the termination date for the Shareholder that redeems on said date.
Yield
The projected yield quoted for any investment in the CAMP Term Portfolio is determined by dividing the expected net income per share for the period from the settlement date to the termination date by the purchase price per share, dividing this result by the actual number of days between the settlement date and the termination date, and multiplying the result by 365.
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Part 3 – Individual Portfolios
Purpose
Individual Portfolios are designed to offer California Public Agencies a comprehensive program to meet their investment needs. Shareholders may invest in longer-term investments in a manner that the Investment Adviser will coordinate with the Public Agency. Created pursuant to separate agreements between the Shareholder, the Investment Adviser, and the Custodian, these Individual Portfolios will be managed solely by the Investment Adviser in accordance with specific instructions from the Shareholder. Individual Portfolios are designed to complement investment in the Pool by providing specific investments for surplus funds or for a portion of the proceeds of a debt issue where liquidity is not needed or where specific expenditures are to be funded. For proceeds of debt issues, an Individual Portfolio may be appropriate for Shareholders with relatively lengthy project drawdown schedules, or for Shareholders that wish to match expected construction draws more closely with investment maturities to fix earnings on some or all of their funds. Individual Portfolios may also be appropriate for the investment of debt service reserve funds and certain funds subject to investment yield restrictions. The Investment Adviser will assist each Shareholder in evaluating the possible use of an Individual Portfolio. For further information, call the Investment Adviser at (800) 729-7665. In order to establish an Individual Portfolio, the Shareholder must first establish an account with the Trust either as a Participant or an Investor. The Custodian will hold assets in an Individual Portfolio in a separate account in the Shareholder’s name. However, Individual Portfolios are not assets of the Trust and are not under the management or supervision of the Board of Trustees.
Investment Policies
Assets in an Individual Portfolio may be invested in those investments that are legal investments for the Shareholder under the California Government Code and the Shareholder’s investment policy or are permitted under the terms of related debt issue documents, if any. Individual Portfolios are not governed by the investment policy of the Trust. The Investment Adviser will invest assets in the Individual Portfolios in accordance with the prudent investor standard of the California Government Code. A Shareholder should discuss the characteristics of specific investments in an Individual Portfolio with the Investment Adviser.
Opening an Individual Portfolio
The Investment Adviser offers advice on Individual Portfolio investments to Shareholders in order to provide Shareholders with the benefits of coordinating the investments in an Individual Portfolio with investing in the Pool and the economies achieved by using the Trust’s Custodian. Accordingly, before Public Agency funds are invested in an Individual Portfolio, the Public Agency must first join the Trust or become an Investor (See Part 1 - Investing). A Shareholder may then open an Individual Portfolio by signing a separate agreement with PFM Asset Management LLC and U.S. Bank National Association, Minneapolis, Minnesota. Shareholders should contact the Investment Adviser directly at (800) 729-7665 regarding investments in an Individual Portfolio.
Individual Portfolio Transactions
The Investment Adviser will arrange for the execution of all security transactions in an Individual Portfolio on behalf of the Shareholder. Individual Portfolio transactions are normally conducted through the Shareholder’s pre-designated Pool account using the Pool’s convenient and economic cash management tools. In arranging for security transactions, the Investment Adviser will give primary consideration to obtaining the most favorable price and efficient execution of transactions. Investment transactions can only be executed on Business Days during normal operating hours.
Individual Portfolio Investments The Investment Adviser will purchase investments for an Individual Portfolio based upon specific instructions received from the Shareholder. When investing the proceeds of debt issues, the Investment Adviser will request a schedule of expected withdrawals, which will be used in managing investments to help assure adequate liquidity. Investment purchases for an Individual Portfolio are settled by the Custodian using funds made available from the Shareholder’s pre-designated Pool account (see Part 1 - Investing).
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Individual Portfolio Withdrawals Shareholders may arrange for the sale of investments in an Individual Portfolio by contacting the Investment Adviser directly at (800) 729-7665. Sales made prior to maturity will be made at the current market price which may be lower or higher than the investment’s book value. Proceeds and earnings from the maturity, sale, or coupon payment of any investment in a Shareholder’s Individual Portfolio will be deposited automatically into the Shareholder’s pre-designated Pool account where they may be withdrawn by the Shareholder in accordance with Pool withdrawal procedures (see Part 1 - Investing).
Arbitrage Rebate Compliance
The Investment Adviser has agreed to provide arbitrage rebate compliance services for proceeds of tax-exempt debt issues invested in the Trust and will provide similar services for funds invested in an Individual Portfolio.
The Investment Adviser has agreed to manage Individual Portfolios that the Shareholder designates for the proceeds of a debt issue in accordance with arbitrage rebate regulations. At the Shareholder’s request, the Investment Adviser will provide arbitrage rebate compliance services for the proceeds of tax-exempt debt issues to include funds in both the Shareholder’s Pool, Term, and Individual Portfolio accounts (see Part 2 - Rebate Calculation Services for the Proceeds of Debt Issues).
Since the yield on an Individual Portfolio may not be fixed, Shareholders should consult with their counsel or financial adviser as to the appropriateness of investing proceeds of tax-exempt bonds in an Individual Portfolio in the event that covenants with bondholders or provisions of the Internal Revenue Code restrict the yield on investment of the bond proceeds.
Individual Portfolio Costs
All costs associated with an Individual Portfolio will be charged separately to the Shareholder that has set up the Individual Portfolio. Unless an alternative fee schedule has been negotiated, for services provided to Individual Portfolios by the Investment Adviser, the Shareholder will be billed a fee, in monthly installments, based on the following percentages of the average daily net assets of each Individual Portfolio:
Average Daily Net Assets Annual Rate
First $25 million 0.10%
Over $25 million 0.08%
Individual Portfolios will also be charged an annual custody administration fee of $200, plus a portfolio market value-based fee of 1/3 basis point (0.00333%), plus applicable custody transaction fees. A detailed schedule of custody fees is available upon request.
All Individual Portfolios of a single Shareholder will be aggregated to determine the fee for that Shareholder.
Custodian
The Trust has arranged for its Custodian, U.S. Bank National Association, Minneapolis, Minnesota, to provide custody for assets of each Individual Portfolio.
The Custodian holds cash and securities of each Individual Portfolio in a separate account in the name of the appropriate Shareholder. The Custodian does not participate in determining investment decisions for the Individual Portfolios. The Investment Adviser may invest in the Custodian’s obligations and may buy or sell securities through the Custodian.
For further information or assistance regarding Individual Portfolios, please call the Investment Adviser at (800) 729- 7665.
ONE CALIFORNIA STREET
SUITE 1000
SAN FRANCISCO
CALIFORNIA 94111
213 MARKET STREET
HARRISBURG
PENNSYLVANIA 17101
PHONE (800) 729-7665
FAX (888) 535-0120
www.camponline.com
CAMP® is a registered trademark and the CAMP logos and designs are trademarks owned by the California Asset Management Trust (Trust).