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Notes to the Financial Statements <br />June 30, 2020 <br />NOTE 2 —CASH AND INVESTMENTS (continued) <br />D. Investment in Local Agency Investment Fund (continued) <br />As of June 30, 2020, the District had $2,909,562 invested in LAIF. The District valued its <br />investments in LAIF as of June 30, 2020 by multiplying the account balance by a fair value <br />factor determined by LAIF. LAIF determines fair value on its investment portfolio based on <br />market quotations for those securities where market quotations are readily available and <br />based on amortized cost or best estimate for those securities where market value is not readily <br />available. This fair value factor was determined by dividing all LAIF participants' total <br />aggregate amortized cost by total aggregate fair value resulting in a factor of 1.004912795. <br />LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five <br />members, in accordance with State statute. <br />E. Investment in Ventura County Investment Pool <br />As of June 30, 2020, the District had $31,369,021 invested in the Ventura County Investment <br />Pool (the County Pool) as a voluntary participant. The District valued its investments in the <br />County Pool as of June 30, 2020 at fair value as determined by the County Pool. The County <br />Pool determines fair value based on values provided by the County Pool's investment <br />custodians. <br />F. Risk disclosures <br />Interest rate risk <br />As a means of limiting its exposure to fair value losses arising from rising interest rates, the <br />District's investment policy ("Policy") limits investments to a maximum maturity of two years <br />from date of purchase. The weighted average days to maturity of the total portfolio shall not <br />exceed the District's anticipated liquidity needs for the next six (6) months. The District is in <br />compliance with this provision of the Policy. At June 30, 2020, the District had the following <br />investment maturities: <br />Investment Type <br />Local Agency Investment Fund <br />Moderate Highmark PLUS <br />Ventura County Investment Pool <br />Total <br />36 <br />Investment <br />Maturities <br />(in Years) <br />Fair Value Less than 1 <br />279091562 279093562 <br />812701720 <br />3113691021 <br />$ 4215491303 <br />872701720 <br />3113691021 <br />$ 4275493303 <br />