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<br />Investment Program Overview <br />& Portfolio Manager Performance <br /> <br />Page 2 of 2 <br />June 15, 2007 <br /> <br />Page 5. Medium-Term Corporate Notes - Changing the 10% maximum to the 30% allowed <br />by State Code. <br /> <br />Although other changes were recommended, Staff believes that implementation would <br />undesirably (1) grant more discretion to the Portfolio Manager to buy and sell investment <br />securities without consultation with City Staff, (2) allow more focus on return on investment and <br />less regard to yield and applicable performance benchmarks, and (3) apply more emphasis on <br />performance over long-term economic cycles and less on short-term performance <br /> <br />Attachments <br />· Recommendations by Chandler Asset Management <br />· Draft Investment Policy <br />