Item 17 - Annual Statement of Investment Policy

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Source Sectfons 19340, 16429.1.27133,53601, Retowrserepurchase agreements or securities lending 53601.6.53601.8, 53630 ed seq.,53635, 53635.8, agreements may exceed the 92-day term tt the agree- and 57803_ merit includas a written codicil guaranteeing a mini- s mum earning or spread for the entire period between Arfunrcipaf Utilities Uistficts ha ve the authority finder the Public Utrfitiez Code Section 12871 to investin the sale Of a secuFity using a reverse repurchase certain secGrib-ev not addressed here. agreement or sec7urrtios fending agreement and the final Faturity dates Of the same security. Section S3601 provides drat the rnaximum term of Reverse repurchase agreements must be made with anyinkestment auth rizad under this section,unless primary dealers of the Federal Reserve Bank of New Otherwise stated,is five years from the settlement dacte.Flowerer,the legisfatikve body may grant ergpress YcAs or with a nationally or statechartered hank that has a significant relationship with the locarag'&ncy authontyto make investments either specificaNy or The local agency must have held the securities used as a part of arr inve-stment program approved by the for the agreements for at Least 30 days- legisLAkie body that exceeds this€rve year remain- ing maturitylimit.Such approval must be issued no a Wedium-tsrm nodes"are defined in S&ctimn 53601 as less than throe months prior to the purchase of any "all corporate and depository insl&rton debt zecurrboz security exceeding the five-year maturity Nmrt_ with a n a wnum remarnrng maturity at five years or Percentages apply to all poFt€olio investments regard- Aess.Rssuod by corporations organized and operating wdthin the United States or by depozdory insti iihons less O€SOur[?e O€funds.For fn£tar7Ce,Cash from a � ��ttAe tlnrdedStatos of anyst�and Operat- reverse repurchase agreement would be sufyect to the restriction& ing wrtWrr the United States_' a No more than 10%invested in any one mutual fund. No more than3a96 Of the ag'el'7G*'£.money may be in bankers'accaoianoes ofany one commercial bank. This lrmitztrorr does not apply to rnonay mankat mutual funds_ Applies to local agencies,other than counties or a o A mutual fund must reserve the highest ranking by not city and county,with less than$l00 mrlffon offrrvest- merrt assets finder management lrrclGdes agencies ' than two nationally r000gnrrod rating agencies or the fund must retain an rnveetment advisor who is defined as a city:a distinct,or other focal agency that registered with the SEC(or exenWt from registrabon), do not pool money in deposits or mveztmerrt with has assets under management in excess ofm500mif other focal agencies,other than local agencies that lion,and has at least tyke years`exparronce irrvesiirrq in have the same goveming body. instruments aGthanized by Sections 53601 and 53635_ ° Local agencies,other than counties or a city and " A money market mutual fund must receive the highest county;may purchase no more than 10%of the out- ranking by not less than two nabonallyrecognmed standing commercial paper and rrfediurrrterm notes statistical rating orgaraizatrons or retain an rmrastrrrent Of arty single issuer. advisor registered with the SEC or exempt from reg " tsswng corporation must be organized and operating istratron and who has not lass than five years'experr- wrfihin the US-have arse&in excess of$500rnNLon. once investing in money market instruments with and debt other than commercial papermuat be m a assets under management in excess of$500 million. rating category of A"orrts equivalent or higher byana nz honaatly recognized stabsticaf rating organization,or the J investments n notes bonds,i r other ol0ate al b under Section 536ai fn)Fequrre that sollateraf be Issuing corporation must be organized mthin the US_ as a speckd purpose corporation,tru.,or LLC have Placed into the custody of a trust company of the bust ode bank that rs not afMaie€iFfraded with the program wade credit enhancements,and have cornmer- cialpaperthatisrated"A-Y"orhigher,ortheegeuwalent. issuer of the secured obfrgation,among other specific by a naticurarfy recognized ztahsLicaati rating orgarNMdon_ collateral requirements_ ' Applies to counties or a city and county,and the City Security type.:authorized under Section 5360I(pJ that are issued or guaranteed by an issuer icien&Yed rnuerstmentassets under management..o€Los Angeles that have mina million more of in subdivisions(bJ Or(0,are net subject to trho limita- Lions placed an privately issued securites authorized lrncludes agencies defined as a county,a city and in Section 5360JfoJ(2)(AJfB). county,or other locat agency that pools money rn asf- deposits or investments with other local agencies, A joint powers whauto iz regizte d must retain an rnvr merit advisor who is registered with the SEC 1'ar rnciudirrg kwat agencies that have the same governing exempt from registration),has assets urtdermanage- body.Local agencies that pool exclusively with MGM in excess of m5f]O rnNliarr,and has at least free Other focal agencies flout have the same govemfng years'experionoefrwesling in instruments authorized body must adhere to the limits set forth in Section by Section 53601,subdivisions(a)to(o). 5360 YthJf2J(CJ- a Local entities can deposit between$200million and r1rr9 Ali FIYJ�1.3h�rSRr.hf'Ff]Fi 7/fAIV!V C R}AAfW.Blau r]a'i J�1