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�.garfp !i <br />m TREASURER!! 1 AX COLLECTOR <br />'VENTURA COUNTY <br />April 21, 2015 <br />Ventura County Board of Supervisors <br />County Government Center <br />800 South Vlctona Avenue <br />Ventura, CA 93009 <br />STEVEN HINTZ <br />". rAsl'PGA <br />TAX COLLrcMOR <br />Linda Caftnim Le, mppA <br />MAifitmt Treaevw-Tw. Colledor <br />SUBJECT: Receive and File Report of Investments, Including Market Values for <br />Investments for the Month Ending February 28, 2015. <br />RECOMMENDATION: Receive and File - <br />FISCALIMAN©ATES IMPACT: None <br />DISCUSSION: <br />The average daily portfolio balance for the month of February was $2.1 billion, The <br />annualized yield for the month of February was .427%. The weighted average days to <br />maturity decreased from 268 days to 257 days. The total net monthly earnings for February <br />were $674,000. The portfolio has been structured to satisfy the anticipated cash flow needs <br />of the participants and to accommodate the anticipated earnings apportionments. The <br />investment practices and portfolio holdings are in compliance with the investment policy <br />The portfolio has been managed with the stated objectives of safety, liquidity and earning <br />a competitive rate of return, outlined in. the Statement of Investment Policy. In striving to <br />maintain the primary objective. safety of principal, the County portfolio has received a rating <br />of aAAAf° by Standard & Poor's (S&P), the highest. possible ranking given by the agency. <br />Regarding the secondary objective, maintaining sufficient liquidity to meet cash flow needs, <br />the portfolio is rated "S1+," also the highest ranking given by S&P. In light of the first two <br />objectives, the portfolio has on balance outperformed its benchmarks. satisfying the final <br />objective, that of eaming a competitive rate of return. <br />The average daily portfolio balance is the highest February figure ever The portfolio <br />balance is likely to exceed historic March levels as well. The fund's annualized yield <br />improved again for February, to .427%, continuing tho upward trend that shows returns of <br />.306%, .334%, and .410% starting in November 2014.. The February return continues the <br />restoration of the long-term differential of 0.16+/ between our fund and LAIF, and closely <br />approached the annualized yield of CALTRUST, our most competitive benchmark. At the <br />time of the writing of this report (10 March) the estimated annualized yield for March will be <br />+1- 0.430, a level at which it is likely to stay until anticipated cash inflows in April allow the <br />fund to invest in longer -maturity instruments. <br />800 South Victoria Avenue, Ventura, CA 93009-1290 <br />www.ventu rap ropertytax, org <br />