The California JPIA’s assets are conservatively invested within the constraints of an investment policy, which is reviewed and adopted annually by the Executive Committee. Investment practices take into consideration the Authority’s unique investment needs including preservation of capital, maintaining appropriate levels of liquidity, compliance with State law, and earning a reasonable market rate of return. Protection of the portfolio’s principal value is the primary investment objective. At present, the Authority’s investment program is administered by PFM Asset Management with oversight provided by the Executive Committee and Finance Officers Committee. All investment activities are reported to all members monthly.