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A Division of U.S. Bancorp Asset Management, Inc.
For Institutional Investor or Investment Professional Use Only –This material is
not for inspection by, distribution to, or quotation to the general public
City of Seal Beach
Investment Policy Annual Review
May 27, 2025
Robert Montoya, Institutional Relationship Manager
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Investment Policy Review Process
and Considerations
Annually Ongoing
•Review and address
changes to Code
•Re-evaluate authorized list
of investments
•Re-evaluate maturity limits
and benchmark
•Discuss strategy
implementation
•Monitor and enforce
compliance
•Monitor changes to Code
and best practices
•Provide accurate and
timely information
Considerations
•Language that meets
current industry
standards and practices
•Language that conforms
to requirements set forth
in the applicable statutes
•Considers use of different
investment sectors
•Considers maturity limits
•Incorporates
diversifications and
maturity standards
California Code - Permitted Investment Universe
3Source: California Government Code Section 53601.
Securities 1 Day 180 Days 270 Days 1 Year 5 Years Over 5 Years
U.S. Treasuries ✓ Permitted
Requires ApprovalFederal Agencies ✓ Permitted
Municipal Securities ✓ Permitted
Negotiable Certificates of Deposit ✓ Permitted
Commercial Paper ✓ Permitted X Prohibited
Bankers’ Acceptances ✓ Permitted X Prohibited
Medium-Term Corporate Notes ✓ Permitted
X ProhibitedAsset-Backed Securities (ABS)✓ Permitted
Supranationals ✓ Permitted
Public Bank Debt ✓ Permitted Requires Approval
Repurchase Agreements ✓ Permitted X Prohibited
Money Market Funds/Bond Mutual Funds ✓ Permitted X ProhibitedLocal Government Investment Pools ✓ Permitted
Foreign Sovereign
X Prohibited
Fixed-Income ETFs
High-Yield Bonds
Private Placements
Convertibles
Non-U.S. Dollar Investment Grade
Emerging Markets Debt
Bank Loans
Domestic Equities (Large, Mid, Small Cap)
Int’l Equities (Large, Mid, Small Cap)
Emerging Markets
Preferred Stock
Equity Mutual Funds and ETFs
Commodities
Real Estate
Hedge Funds
Private Equity
Venture Capital
Tangible Assets
Complex Derivatives, Futures and Options
DisclaimerDisclosures
The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset
Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or
prediction of the market, the economy, economic trends, and equity or fixed-income markets are based
upon current opinion as of the date of issue and are also subject to change. Opinions and data presented
are not necessarily indicative of future events or expected performance. Information contained herein is
based on data obtained from recognized statistical services, issuer reports or communications, or other
sources, believed to be reliable. No representation is made as to its accuracy or completeness.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset
Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset
Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect
subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products,
services, or performance of U.S. Bancorp Asset Management, Inc.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
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