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T -TC IREASURER-TAx COLLECTOR <br />STEVEN HINTZ <br />VENTURA COUNTY <br />TREASURER <br />OF TAX COLLECTOR <br />Linda Catherine Le, MPPA <br />Assistant Treasurer -Tax Collector <br />March 25, 2014 <br />Ventura County Board of Supervisors <br />County Government Center <br />800 South Victoria Avenue <br />Ventura, CA 93009 <br />SUBJECT: Discuss and File Report of Investments, Including Market Values for <br />Investments for the Month Ending February 28, 2014. <br />RECOMMENDATION: Discuss and File <br />FISCAL/MANDATES IMPACT: None <br />DISCUSSION: <br />The average daily portfolio balance for the month of February amounted to $1,931 billion. <br />The annualized yield for the month of February was..507%. The weighted average days <br />to maturity decreased 5 days to 355 days, The total net monthly earnings were $752,000. <br />The portfolio has been structured to satisfy the anticipated cash flow needs of the <br />participants. The investment practices and portfolio holdings are in compliance with the <br />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 <br />rating of "AAAf' by Standard & Poor's (S&P), the highest possible ranking given by the <br />agency. Regarding the secondary objective, maintaining sufficient liquidity to meet cash <br />flow needs, the portfolio is rated "Sl+," also the highest ranking given by S&P. In light of <br />the first two objectives, the portfolio has on balance outperformed its benchmarks, <br />satisfying the final objective, that of earning a competitive rate of return. <br />The Ventura County investment fund is a fixed-income, interest -rate -sensitive portfolio <br />with no direct exposure to equities, commodities or global markets. Accordingly, this <br />report will more specifically focus on factors related to U.S. interest rates. <br />February 2014 marked a return to normalcy for the Investment Work Group. The interest <br />rate market has been quiet. Yields are slowly trending upward, with 1 % now being <br />regularly offered on 3 -year instruments and .50% on 2 -year instruments. 270 -day <br />commercial paper is still the place to invest for less than a year, yielding about .30% <br />compared to about .20% for state and federal debt instruments. The federal debt ceiling <br />800 South Victoria Avenue, Ventura, CA 93009-1290 <br />www. ve ntu rap rope rtytax. org <br />