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County of Ventura <br />March 25, 2014 <br />Page 2 of 2 <br />was increased practically without comment, and what appear to be major political events <br />world-wide have had no significant impact on our market. All of the purchases by the <br />Investment Work Group in February were of the short variety to maintain appropriate <br />liquidity reserves. February's comparatively high annualized yield of .507% is historically <br />likely to fall back into the .43%-.48% range in the longer month of March. While we <br />continue to be alert for longer-term, higher -yield instruments, I would not expect many <br />such purchases before April. <br />Accordingly, it is my intent to continue to manage the portfolio based on the cautious <br />assumption that the rise in interest rates within our horizon will rise gradually. Although <br />we will continue to use commercial paper to manage the anticipated cash flow needs of <br />the pool participants, we will seek out higher -yielding instruments in the 12 to 18 -month <br />period, as appropriate. It is reasonable to expect that the reported yield will remain in <br />the 43 to 48 basis point range for the next few months. <br />This letter has been reviewed and approved as to form by the County Executive Office, <br />the Auditor -Controllers Office, and County Counsel. <br />Please call me at 654-3726 if you have any questions regarding this item <br />Steven Hintz <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 />