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County of Ventura <br />April 21, 2015 <br />Page 3of3 <br />them of the existence of a highly rated, very liquid, locally managed fund with a significantly <br />higher yield than the usual LAIF alternative. It would also be valuable to suggest to current <br />pool participants, especially the County of Ventura's agencies, that they might well consider <br />moving some of the cash that is sitting in the agency's bank account earning nothing into <br />their pool account where it earns something. I intend to bring that suggestion to the next <br />Executive Committee meeting. . <br />Accordingly, it is my intent to continue to manage the portfolio baser] on the cautious <br />assumption that interest rates within our horizon will rise gradually, if at all While we will <br />use commercial paper and Yankee certificates of deposit to manage the anticipated cash <br />flow needs of the fund participants, we will only seek out higher -yielding instruments with <br />maturities over one year on a very limited basis.. I do not expect the fund's yield to rise <br />above 44 basis points (o 44%) during the next four months, even if interest rates begin to <br />rise. For example, the purchase of a $20MM instrument earning 1% would only increase <br />our annualized yield by a tenth of one basis point. The rise in the fund's yield will be <br />gradual, but riot indiscernible, if the interest rate market follows its predicted course. <br />This leiter has been reviewed and approved as to form by the County Executive Office. the <br />Auditor -Controller's Office, and County Counsel. <br />This report is on the consent agenda on 21 April, I intend to be present for questions as <br />necessary. I have requested a ten-minute time certain on 19 May for presentation of the <br />March investment report and a more in-depth discussion of the County's investment pool. <br />I' se call �,t 654-3726 if you have any questions regarding this item <br />XVIX� <br />Steven Mintz :. <br />Treasurer -Tax Collector <br />Exhibit 1 — Market Values of Investments <br />Exhibit 2 — Monthly Transactions <br />Exhibit 3 Summary of Government Agency Securities <br />Exhibit 4 — Graphs <br />Exhibit 5 -- Portfolio Holdings <br />