2013 11 13 IABU
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Investment Advisory Board agendas and
staff reports are now available on the
City's web page: www.la-guinta.o
INVESTMENT ADVISORY BOARD
AGENDA
CITY HALL CAUCUS ROOM
78-495 Calle Tampico, La Quinta
REGULAR MEETING on WEDNESDAY, NOVEMBER 13, 2013 AT 4:00 P.M.
CALL TO ORDER
1 . Pledge of Allegiance
2. Roll Call
PUBLIC COMMENT
At this time members of the public may address the Board on any matter not listed on the
agenda. Please complete a "Request to Speak" form and limit your comments to three
minutes. f
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
Approval of the Minutes of September 11, 2013 and October 9, 2013
CONSENT CALENDAR
1 Receive and File Treasurer's Reports for July 31, 2013, August 31, 2013 and
September 30, 2013
BUSINESS SESSION - None
CORRESPONDENCE AND WRITTEN MATERIALS
1 Month End Cash Reports for September 2013 and October 2013; and the Pooled
Money Investment Board Reports for August 2013 and September 2013
INVESTMENT ADVISORY BOARD AGENDA 1 November 13, 2013
BOARD MEMBER ITEMS - None
ADJOURNMENT
The next regular meeting of the Investment Advisory Board will be held on December 11,
2013, commencing at 4:00 p.m. in the Caucus Room, 78-495 Calle Tampico, La Quinta,
CA 92253.
DECLARATION OF POSTING
1, Vianka Orrantia, Senior Secretary, of the City of La Quinta, do hereby declare that the
foregoing Agenda for the La Quinta Investment Advisory Board meeting was posted on the
outside entry to the Council Chamber at 78-495 Calle Tampico, and the bulletin boards at
78-630 Highway 111, and the La Quinta Cove Post Office at 5 1 -321 Avenida Bermudas,
on November 7, 2013.
DATED: November 7, 2013
VIANKA ORRANTIA, Senior Secretary
City of La Quinta, California
Public Notices
The La Quinta Caucus Room is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City
Clerk's office at 777-7123, twenty-four (24) hours in advance of the meeting and accommodations will be made.
If special electronic equipment is needed to make presentations to the City Council, arrangements should be made in advance by
contacting the City Clerk's office at 777-7123. A one (1) week notice is required.
If background material is to be presented to the Investment Advisory Board during a Investment Advisory Board meeting, please be
advised that five (5) copies of all documents, exhibits, etc., must be supplied to the Senior Secretary for distribution. It is requested
that this take place prior to the beginning of the meeting.
Any writings or documents provided to a majority of the Investment Advisory Board regarding any item(s) on this agenda will be made
available for public inspection at the City Clerk's counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253,
during normal business hours.
INVESTMENT ADVISORY BOARD AGENDA 2 November 13, 2013
INVESTMENT ADVISORY BOARD
MINUTES
WEDNESDAY, SEPTEMBER 11, 2013
CALL TO ORDER
A regular meeting of the La Quinta Investment Advisory Board was called to order
at 4:10 p.m. by Vice -Chairperson Donais.
PRESENT: Board Members Donais, Spirtos and Park
ABSENT: Board Members Mortenson and Blum
STAFF PRESENT: Finance Director, Robbeyn Bird, and Senior Secretary, Vianka
Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of August 14, 2013
Motion - A motion was made by Board Members Spirtos/Park to approve the
Minutes of August 14, 2013. Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Transmittal of Treasury Report for June 30, 2013
Ms. Bird presented and reviewed the staff report for the month of June.
Motion - A motion was made by Board Members Spritos/Park to review, receive
and file the Treasurer's Report for June 30, 2013. Motion passed unanimously.
BUSINESS SESSION - None.
INVESTMENT ADVISORY MINUTES 1 September 11, 2013
CORRESPONDENCE AND WRITTEN MATERIAL
1. Month End Cash Report for July 2013 and the Pooled Money Investment Board
Reports for July 2013
Noted and Filed
BOARD MEMBER ITEMS
Board Member Spirtos advised the Board of the,Tram Challenge Walk to take place
on October 5, 2013; in addition she further advised of the candlelight vigil to take
place at the Civic Center Campus at 7:30 p.m. to commemorate the public safety
officers and victims of the September 11, 2001 attacks.
ADJOURNMENT
There being no further business, it was moved by Board Members Park/Spritos to
adjourn this meeting at 4:28 p.m. Motion passed unanimously.
Resp effully sub
Vianka rrantia, Senior S cretary
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 2 September 11, 2013
INVESTMENT ADVISORY BOARD
MINUTES
WEDNESDAY, OCTOBER 9, 2013
CALL TO ORDER
A regular meeting of the La Quinta Investment Advisory Board was called to order
at 4:00 p.m. by Chairperson Mortenson.
PRESENT: Board Members Mortenson and Spirtos
ABSENT: Board Members Park and Donais
STAFF PRESENT: Finance Director, Robbeyn Bird, and Senior Secretary, Vianka
Orrantia
Due to a lack of quorum, the meeting of October 9, 2013 was cancelled.
4R�pOect ull s ed,
Vianka Orrantia, Senior Secretary
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 1 October 9, 2013
INVESTMENT ADVISORY BOARD CONSENT CALENDAR
ITEM 1
Meeting Date: November 13, 2013
ITFM TITI F-
Transmittal of Treasury Reports
for July 31, 2013, August 31, 2013
and September 30, 2013
BACKGROUND:
Attached please find the Treasury Reports for July 31, 2013, August 31, 2013 and
September 30, 2013.
RECOMMENDATION:
Review, Receive and File the Treasury Reports for July 31, 2013, August 31, 2013
and September 30, 2013.
Robbeyn Bird, Finance Director
TIUT 4 4 a"
MEMORANDUM
TO: La Quinta City Council
FROM: Robbeyn Bird, Finance Director/Treasurer
SUBJECT: Treasurer's Report for July 31, 2013
DATE: August 31, 2013
Attached is the Treasurers Report for the month ending July 31, 2013. The report is submifted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Change
LAW
36,801,132
$ 23,405
$ (2,400,000)
0
$ 34,424,537
(2,376,595)
Interest bearing active bank deposit
39,955,556
7,008
0
39,962,564
7,008
Certificates of Deposit
1,440,000
1,440,000
0
US Treasuries
40,191,789
2,482
40,194,271
2,482
US Govt Sponsored Enterprises
42,942,099
1,327
42,943,426
1,327
Commercial Paper
0
0
0
Corporate Notes
-
0
0
Mutual Funds
3,215,081
35
0
3,215,116
35
Subtotal
$ 164,545.657
$ 30,448
1 $ (2r400,000)j
$ 3�809
1 $ 162,179.914
$ (2,365,7431
[Cash $ 72,776 $ 364,708 1 (1) & (3)1 $ 437,484 1 $ 364,708_
[Tow $ 164,618,433 $ 395,156 S (2.400.000)1 $ 3,809 1 S 162.617.398 1 $ (2,001,035)
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
10 - 2. - 2-40 13
Robbeyn Birco Date
Finance Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
Treasurer's Commentary
For the Month of July 2013
Cash Balances — The portfolio size decreased by approximately $2.0 million to end the month
at $162.62 million. The major reason for the decrease was due to the payment of the
Riverside County Sheriff's Department invoice in the amount of $1.2 million, and the annual
payment to the California Joint Powers Insurance Authority $167,000.
Investment Activity — The investment activity resulted in an average maturity increase of 124
days from the prior month to end the month of July at 336 days. The Treasurer follows a
buy and hold investment policy.
During the month of July, the LAIF account decreased by $2.4 million. The sweep account
earned $14 in interest income for the month of July and the bank fees for the month were
$1,589, which resulted in a net decrease of $1,575 in real savings.
Portfolio Performance — The overall portfolio performance increased (5) basis points from the
prior month and ended at .28%, with the pooled cash investments at .36%. The portfolio
yield should continue to stay at these levels for the near future. At this time last year, the
portfolio was yielding .41 %, which reflects the current interest rate environment.
Looking Ahead
In the short term, the Treasurer will be investing in negotiable certificates of deposit,
Government Sponsored Enterprises (GSE) paper and rolling over bond proceeds and reserves
into U.S. Treasury bills or notes.
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Comparative Rates of Interest
July 31, 2013
Cjtv of La Quinta
FY 09/10
FY 10/11
FY 11/12
FY 12/13
FY 13/14
Sept2009
Oct 2009
Nov 2009
Dec 2009
Jan 2010
Feb 2010
Mar20110
Apr2010
May 2010
June 2010
July 2010
Sept 2010
Oct 2010
Nov 2010
Dec 2010
Jan 2011
Feb 2011
Mar 2011
Apr 2011
May 2011
June 2011
July 2011
August 2011
Sept 2011
Oct 2011
Nov 2011
Dec 2011
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
June 2012
July 2012
August 2012
Sept 2012
Oct 2012
Nov 2012
Dec 2012
Jan 2013
Feb 2013
Mar 2013
Apr 2013
May 2013
June 2013
Annualized
Earnow
Average
ME[bAftv (days)
Trea
INoto
Commerciial Paper
Three Month
Non-Finandial
UJIF Ra
11.00�
Pooled Cash
Fiscal A4ant
Overali
Three Month
Sw Mordh
One Ye�ar
Two Year
0,59%
030%
0.65%
ill
0.19%
028%
0.47%
100%
0,28%
064%
0,30%
0.61%
92
0-16%
0.26%
0.46%
100%
0.24%
0,93%
056%
0.31%
053%
112
0-12%
0.19%
0-41%
100%
019%
0.75%
052%
0.31%
050%
90
0�08%
0.19%
038%
1 �00%
0.19%
065%
056%
0.31%
0,53%
152
0.04%
014%
0.32%
0-75%
0,15%
0,61%
056%
0.15%
0.51%
239
0.11%
0,20%
016%
1100%
0.16%
0.57%
046%
0.15%
0.43%
179
006%
0.14%
0-34%
0,88%
0-13%
0.56%
051%
0.16%
0.48%
162
Oj3%
0.19%
0.32%
0.88%
015%
0,58%
050%
0.16%
047%
172
015%
0.24%
038%
1-00%
0-20%
0.55%
0,52%
016%
0.48%
162
015%
024%
0,49%
1.00%
023%
0,59%
052%
0,16%
0-48%
116
0.17%
022%
037%
075%
028%
0,56%
OL35%
0,07%
0-28%
134
0,16%
0.22%
0.32%
OZ3%
0.32%
0,53%
050%
0.15%
0-47%
119
0�16%
0.20%
0,30%
063%
028%
0,53%
049%
015%
OL46%
108
0.15%
0,19%
0-26%
038%
025%
0-51%
&55%
0,15%
0.51%
107
0.16%
0.19%
0.27%
038%
024%
0,50%
0,55%
015%
0.51%
88
0-13%
0.17%
0.23%
038%
023%
OA8%
053%
015%
0.49%
84
0.18%
0-21%
0.28%
050%
023%
045%
0,57%
014%
0,52%
265
0.15%
0.19%
0-30%
063%
0.23%
0-46%
051%
0.14%
G43%
206
0.16%
0,18%
0.28%
0-63%
0-24%
0-54%
0.55%
0.17%
0.46%
210
&15%
017%
0-31%
0.63%
0-23%
0-51%
0,54%
0.17%
0,45%
218
O� 05%
0-13%
0.26%
0.75%
023%
0.50%
0.59%
0.17%
0.48%
192
0,05%
0.10%
0.28%
0.63%
O�20%
0.59%
048%
0,17%
0.41%
156
0.06%
0.12%
0,20%
0.50%
0,16%
041%
053%
0-00%
0.35%
126
0.03%
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O�20%
0.38%
0.15%
045%
0-53%
0.00%
0.35%
112
0,07%
0.12%
0.15%
0.20%
0.14%
0.38%
060%
0.00%
0.38%
102
0.02%
O�05%
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0,13%
0.16%
041%
0-58%
003%
O�39%
124
0.02%
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0.14%
0.38%
0-53%
0-03%
0.35%
117
OL01%
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0-12%
0.25%
0�15%
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0.52%
0.03%
O�37%
94
O�03%
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0.10%
0,25%
0.14%
0.40%
048%
0,03%
0.35%
86
0,02%
0,06%
0,11%
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0.39%
0-45%
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0.34%
74
0.05%
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0-11%
0.25%
0.14%
0-39%
0.49%
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72
0.12%
0-15%
0.17%
0,25%
0.17%
0.39%
0.44%
0-05%
0,34%
74
0.08%
0,14%
0,19%
0.25%
OA8%
0.38%
0.44%
009%
0.35%
61
0.10%
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0.19%
0.25%
O�20%
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0.43%
0�09%
0.34%
62
&09%
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0.19%
025%
0.19%
0-36%
038%
0.06%
0.29%
47
0.10%
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0.21%
0.25%
0-21%
0.36%
041%
008%
031%
112
OA11%
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0.22%
0-22%
0.36%
0.41%
0.08%
0,29%
31
0.11%
0,14%
Q20%
0.25%
OL20%
0.38%
O�43%
0.09%
0,33%
34
0.11%
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0,18% ,
U5%
O�20%
0,35%
0.47%
0110%
0.36%
22
0,13%
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0,18%
0.25%
0,19%
0.34%
OA8%
0A0%
036%
161
0,10%
0.15%
018%
0,25%
0.20%
032%
0.47%
010%
0-36%
137
008%
012%
0,16%
0.13%
0.20%
0.33%
0.44%
0-10%
0.34%
ill
0.08%
0.11%
0.14%
U5%
0.16%
030%
0.37%
0-10%
029%
105
0.13%
OA4%
0.15%
0.25%
0.17%
029%
0.39%
0,09%
0.30%
123
0.08%
OA11%
0.15%
025%
0.15%
0,29%
031%
008%
0.25%
186
0.05%
0.08%
0.14%
0.13%
0.12%
0.26%
O�30:
006%
0,23%
175
0,05%
0-08%
0.14%
025%
0.10%
025%
030%
007%
023%
212
0-05%
0-09%
0A6%
0.38%
0.10%
0.24%
10
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11
TdT 4 4 Q"
MEMORANDUM
TO: La Quinta City Council
FROM: Robbeyn Bird, Finance Director/Treasurer
SUBJECT: Treasurers Report for August 31, 2013
DATE: September 30, 2013
Attached is the Treasurer's Report for the month ending September 30, 2013. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
I SoldlMatured
Other
I Ending
i Change I
LAIF
34,424,537
$ (15,600.000)
0
$ 18,824,537
(15,600,000)
Interest bearing active bank deposit
39,962,564
2,340
(400)
39,964,504
1,940
Certificates of Deposit
1,440,000
480,000
(240,000)
1,680,000
240,000
US Treasuries
40194271
2,479
40,196,750
2,479
US Gov't Sponsored Enterprises
42:943:426
1,326
42,944,752
1,326
Commercial Paper
-
0
0
0
Corporate Notes
-
0
0
Mutual Funds
1 3,215,116
1 12,824,253
(368,058
0
15.671,311
12,456,195
Subtotal
S 162.179.914
$ 13,306.593
1 $ (16.208,058)
$ 3,405
$ 159.281.854
S (2,898.060
Cash $ 437.484 $ 210.975 1 (1) & (3)1 1 $ 648.459 S 210,975
Total $ J62.617.398 $ 13,517,568 1 1 $ (16.208,058)1 $ 3,405 S 159.930,313 $ (2.687.085
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
44b.�-- ls�" H -- 7 - i_;�
-Robbeyn Bird U Date
Finance Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
12
Treasurer's Commentary
For the Month of August 2013
Cash Balances — The portfolio size decreased by approximately $2.7 million to end the month
at $159.93 million. The major reason for the decrease was due to the payment of the
Riverside County Sheriff's Department invoice in the amount of $1.9 million and the payment
for the work performed on the Adams Street Bridge project in the amount of $471,000.
Investment Activity — The investment activity resulted in an average maturity decrease of 33
days from the prior month to end the month of August at 303 days. The Treasurer follows a
buy and hold investment policy.
During the month of August, the LAIF account decreased by $15.6 million. The sweep
account earned $6 in interest income for the month of August and the bank fees for the
month were $1,734, which resulted in a net decrease of $1,728 in real savings.
Portfolio Performance — The overall portfolio performance decreased from the prior month and
ended at .21 %, with the pooled cash investments at .28%. The portfolio yield should
continue to stay at these levels for the near future. At this time last year, the portfolio was
yielding .41 %, which reflects the current interest rate environment.
Looking Ahead
In the short term, the Treasurer will be investing in negotiable certificates of deposit,
Government Sponsored Enterprises (GSE) paper and rolling over bond proceeds and resenies
into U.S. Treasury bills or notes.
13
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20
City of La Quinta
Comparative Rates of Interest
August 31, 2013
Citv of La Quinta
Year
Month
Annualized
Earnings
Average
Maturitv (days)
Treasury Bills/Note
Three Month
NDn-Financial
[LAIF R.
104%
Pooled Cash
Fiscal Aqent
I Overall
Three Month
Six Month
One Year
Two Year
FY 09110
July 2009
OB9%
030%
065%
ill
019%
0.28%
0.47%
1.00%
0.28%
August 2WEI
0.64%
0.30%
0.61%
92
0,16%
0-26%
0.46%
100%
0-24%
0.93%
Sept2009
056%
0.31%
0.53%
112
0,12%
0,19%
0.41%
1.00%
0.19%
0.75%
Oct2OO9
0.52%
031%
0.50%
90
0,08%
0.19%
0-38%
1.00%
0.19%
0.65%
Nov 2009
0.56%
0.31%
053%
152
0.04%
0-14%
0.32%
0.75%
0.15%
061%
Dec 2009
0.56%
015%
0-51%
239
0.11%
020%
OA6%
1.00%
016%
0,57%
Jan 2010
0.46%
0.15%
0;43%
179
006%
0.14%
034%
0.88%
013%
056%
Feb 2010
0.51%
0.16%
0,48%
162
013%
0.19%
0.32%
0.88%
0.15%
058%
Mar2010
0.50%
016%
0-47%
172
0.15%
024%
0,38%
1.00%
020%
0.55%
Apr 2010
0.52%
016%
0.48%
162
015%
0.24%
0.49%
1.00%
023%
059%
May 2010
0.52%
016%
0.48%
116
017%
0.22%
0.37%
0,75%
028%
056%
June 2010
0.28%
006%
021%
134
0.16%
022%
0.32%
0,63%
032%
053%
FY 10/11
July 2010
0,50%
015%
0.47%
119
016%
0.20%
0.30%
0.63%
0.28%
053%
August 2010
0.49%
015%
0.46%
108
015%
0.19%
0.26%
0.38%
0.25%
0.51%
Sept 2010
0.55%
015%
0.51%
107
016%
0.19%
0.27%
0.38%
0.24%
0.50%
Oct 2010
0,55%
0,15%
051%
88
013%
0.17%
023%
0,38%
0,23%
048%
Nov 2010
0.53%
0,15%
049%
84
018%
021%
0,28%
0.50%
023%
045%
Dec 2010
0.57%
0.14%
0.52%
265
0,15%
0.19%
0.30%
0.63%
0.23%
0.46%
Jan 2011
051%
0-14%
0.43%
206
016%
0.18%
028%
0.63%
0.24%
0.54%
Feb 2011
0.55%
0.17%
0-46%
210
0.15%
0.17%
0.31%
0-63%
023%
O�51 %
Mar 2011
Q.54%
0.17%
0.45%
218
005%
0.13%
0.26%
0,75%
0.23%
0.50%
Apr 2011
059%
017%
0,48%
192
0.05%
0.10%
0.28%
0.63%
0,20%
0.59%
May 2011
0.48%
0.17%
OAl %
156
0.06%
0.12%
0.20%
050%
016%
0.41%
June 2011
0.53%
0.00%
0.35%
126
0.03%
0-10%
0.20%
0.38%
0.15%
0.45%
FY 11112
July 2011
0.53%
000%
0,35%
112
0.07%
0.12%
0.15%
020%
014%
038%
Au,jusl 2011
0.60%
000%
038%
102
002%
O�05%
0.10%
0.13%
016%
041%
Sept 2011
0.58%
003%
039%
124
0.02%
0.06%
0.09%
0.13%
014%
038%
Oct 2011
0.53%
003%
035%
117
0.01%
006%
0.12%
0.25%
015%
0.39%
Nov 2011
0,52%
003%
037%
94
0.03%
0.07%
0.10%
025%
014%
0.40%
Dec 2011
048%
003%
0.35%
86
002%
0.06%
OA1%
0.13%
014%
039%
Jan 2012
045%
0.03%
034%
74
005%
008%
0,11%
0.25%
014%
039%
Feb 2012
049%
005%
036%
72
012%
0.15%
0.17%
025%
0-17%
0.39%
Mar2012
0.44%
005%
0.34%
74
008%
0.14%
0.19%
0-25%
0.18%
0.38%
Apr2012
0.44%
0.09%
0.35%
61
0.10%
0.15%
019%
0-25%
0.20%
0.37%
May 2012
0.43%
0,09%
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June 2012
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FY 12/13
July 2012
041%
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112
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August 2012
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Sept2012
0.43%
0,09%
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Oct 2012
0.47%
0-10%
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Nov 2012
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Dec 2012
0.47%
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Jan 2013
044%
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ill
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Feb 2013
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Mar 2013
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May 2013
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June 2013
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FY 13/14
July 2013
0.28%
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22
MEMORANDUM
TO: La Quinta City Council
FROM: Robbeyn Bird, Finance Director/Treasurer
SUBJECT: Treasurer's Report for September 30, 2013
DATE: October 31, 2013
Attached is the Treasurer's Report for the month ending September 30, 2013. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
linvestment
Beglnn�ng
Purchased
Notes
Sold/Matured
Other
Ending
Change
LAIF
1 8,824,537
$ (1,200,000)
0
$ 17,624,537
(1,200,000)
Interest bearing active bank deposit
39,96A,504
2,340
0
39,966,844
2,340
Certificates of Deposit
1,680,000
1,680,000
0
US Treasuries
40,196,750
2,402
40,199,152
2,402
US Gov't Sponsored Enterprises
42,944,752
1,284
42,946,036
1,284
Commercial Paper
-
0
0
0
Corporate Notes
-
0
0
Mutual Funds
15.671.311
(12.235,265)1
0
3.436.046
1 12.235.265)
Subtotal
$ 159,281,854
S 2,340
j
1 $ (13,435,265)1
$ 3.686
S 145, 52�615
$ (13,429.23
Cash $ 648,459 S 49,490 1 (1) & (3)1 1 $ 697.949 $ 49A90
Total $ ..159.930,313 1 S 51.830 1 _LL_(j_3.435.265)j $ 3,686 1 $ 146,550,564 S (13-379-749)
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
Robbeyn BirdY Date
Finance Director/Treasurer
Footnote
(1) The amount reported represents4he net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
23
Treasurer's Commentary
For the Month of September 2013
Cash Balances — The portfolio size decreased by approximately $13.4 million to end the
month at $146.55 million. The major reason for the decrease was due to interest and
principal payments for the outstanding bonds of the Successor Agency.
Investment Activity The investment activity resulted in an average maturity increase of 35
days from the prior month to end the month of September at 338 days. The Treasurer
follows a buy and ho i Id investment policy.
During the month of September, the LAIF account decreased by $1.2 million. The sweep
account earned $6 in interest income for the month of September and the bank fees for the
month were $1518, which resulted in a net decrease of $1,512 in real savings.
Portfolio Performance — The overall portfolio performance increased from the prior month and
ended at .23%, with the pooled cash investments at .30%. The portfolio yield should
continue to stay at these levels for the near future. At this time last year, the portfolio was
yielding .33%, which reflects the current interest rate environment.
Looking Ahead
In the short term, the, Treasurer will be investing in negotiable certificates of deposit,
Government Sponsored Enterprises (GSE) paper and rolling over bond proceeds and reserves
into U.S. Treasury bills or notes.
24
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30
City of La Quinta
Comparative Rates of Interest
September 30, 2013
Citv of La Quinta
Year
Month
Annualized
EF1rFLnq5
Average
Matunty (days)
Three Montill
TwsurV Billill
ote
Three.Month
Non -Financial
LAW Rai
%
Podeci Cash
Fiscal Agent
Ovormail
Six Month
One Year
Two Year
FYOWIC
July 2DM
1069%
0.306/o
OAS%
ill
019%
0,28%
0 4T-/.
100%
0.28%
August 2W9
�0,64%
0.30%
0.61%
92
0.16%
0.26%
0-46%
1 �00%
024%
0.93%
Sept2009
0_55%
0-31%
0.53%
112
012%
019%
0.41%
1.00%
0,19%
O�75%
Oct 2009
10.52%
0-31%
O�50%
90
0�08%
0.19%
0.38%
1,00%
019%
O�65%
Nov 2009
iO.56%
O�31 %
0.53%
152
0.04%
014%
0,32%
0-75%
015%
0.61%
Dec 2009
10�56%
0-15%
0,51%
239
0,11%
0.20%
016%
1.00%
016%
057%
Jan 2010
0A6%
015%
0.43%
179
0.06%
0.14%
0.34%
0,88%
013%
056%
Feb 2010
10.51%
0.16%
0.48%
162
0.13%
019%
032%
0.88%
015%
0.58%
Mar 2010
0.50%
0-16%
0-47%
172
0.15%
0.24%
038%
1.00%
020%
0.55%
Apr2010
10�52%
016%
OA8%
162
015%
024%
OA9%
1100%
023%
0-59%
May 2010
!0.52%
016%
0.48%
116
017%
022%
0,37%
0,75%
028%
0,56%
June 2010
007%
0.23%
134
OA6%
0,22%
0-32%
0.63%
0.32%
0.53%
IFY 10/11
July 2010
0.50%
OA5%
047%
119
OA6%
U0%
0.30%
0,63%
028%
0,53%
August 2010
10 , 49%
0-15%
046%
108
0.15%
&19%
026%
0.38%
025%
O�51 %
Sept 2010
10.55%
0.15%
051%
107
0,16%
019%
027%
0.38%
0,24%
050%
Oct 2010
1055%
0.15%
0.51%
88
0.13%
017%
0.23%
0-38%
0.23%
048%
Nov 2010
10'53%
0,15%
OA9%
84
018%
021%
0.28%
0-50%
0.23%
0,45%
Dec 2010
0 .57%
OA4%
0-52%
265
0-15%
0.19%
0-30%
0.63%
0.23%
0.46%
Jan 2011
0_51%
0.14%
0.43%
206
0A6%
018%
0.28%
063%
0.24%
054%
Feb 2011
�0.55%
017%
0.46%
210
015%
0.17%
0,31%
0.63%
0.23%
051%
Mar2011
110.54%
017%
0.45%
218
0,05%
013%
0.26%
0.75%
023%
050%
Apr2011
110�59%
0-17%
0.48%
192
005%
010%
028%
0.63%
U0%
0.59%
May 2011
1048%
0.17%
0.41%
156
0.06%
0.12%
020%
0.50%
0.16%
0.41%
June 2011
0.00%
0.35%
126
0-03%
010%
0.20%
038%
0.15%
0,45%
FY 11112
July 2011
1053%
0.00%
0.35%
112
0.07%
012%
0.15%
0-20%
0.14%
0.38%
August 2011
1
10.60%
0.00%
0,38%
102
0.02%
005%
010%
013%
0.16%
0-41%
Sept 2011
�0.58%
0.03%
0.39%
124
0.02%
006%
0.09%
0.13%
0.14%
0,38%
Oct 2011
�0.53%
003%
0.35%
117
0.01%
006%
0,12%
0.25%
OA5%
0.39%
Nov 2011
�O�52%
O�03%
0.37%
94
0-03%
007%
010%
0,25%
0.14%
0A0%
Dec 2011
�0.48%
0.03%
0.35%
86
O�02%
0.06%
0-11%
0-13%
0-14%
0.39%
Jan 2012
�0.45%
0.03%
0,34%
74
0-05%
008%
0.11%
025%
0-14%
0.39%
Feb 2012
&49%
005%
O�36%
72
0.12%
015%
0.17%
025%
017%
0,39%
Mar2012
0_44%
0-05%
0.34%
74
0.08%
014%
0.19%
0,25%
0.18%
038%
Apr2012
�0.44%
009%
0.35%
61
0110%
015%
0.19%
0,25%
0,20%
037%
May 2012
10.43%
009%
034%
62
0�09%
0.14%
0,19%
0.25%
0.19%
0.36%
June 2012
10.38%
0�08%
029%
47
010%
0.15%
0.21%
0.25%
0.21%
036%
FY 12113
July 2012
�0.41%
008%
0.31%
112
0.11%
015%
0,18%
0.22%
0.22%
0.36%
August 2012
0.4100
008%
0.29%
31
0.11%
0.14%
020%
0.25%
020%
038%
Sept2012
0.43%
�0.47%
0.09%
0.33%
34
0.11%
0.14%
0.181/.
025%
020%
035%
Oct 2012
010%
0.36%
22
0.13%
0.16%
0.18%
0.25%
019%
0.34%
Nov 2012
�0.48%
010%
0,36%
161
0.10%
0-15%
0.18%
0.25%
020%
032%
Dec 2012
�0.47%
010%
0,36%
137
U8%
012%
0,16%
013%
0,20%
0.33%
Jan 2013
0440/,
010%
034%
Ill
008%
011%
0,14%
0.25%
0.16%
0.30%
Feb ' 2013
0170�
0.10%
0.29%
105
0,13%
OA4%
0,15%
0.25%
0-17%
0.29%
Mar 2013
�0.39%
009%
030%
123
0.08%
0,11%
0.15%
0.25%
0.15%
0.29%
Api2013
10.31%
008%
0.25%
186
0.05%
0.08%
014%
0.13%
0-12%
0.26%
May 2013
�0.30%
0-06%
0-23%
175
0"05%
0,011%
014%
0*25%
0-10%
0,25%
June 2013
0.30%
0..07%
0.23%
212
0.05%
0.09%
0,16%
0.38%
0110%
0.24%
FY 13114
July 2013
028%
0-07%
0.21%
336
0,03%
0,07%
0,12%
0.25%
0.11%
0.27%
Auaust2013
0.28%
0.06%
0-21%
303
0.03%
0,06%
007%
014%
0.09%
027%
31
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32
INVESTMENT ADVISORY BOARD
Meeting Date: November 13, 2013
TITLE:
CORRESPONDENCE AND
WRITTEN MATERIAL ITEM 1
Month End Cash Reports for September 30, 2013 and October 31, 2013; and the
Pooled Investment Board Reports for August 2013 and September 2013
BACKGROUND:
The September 30, 2013 and October 31, 2013 Month End Cash Reports are
hereby submitted for your review. This cash reports are not a complete Treasury
Report and excludes petty cash, deferred compensation and fiscal agent balances.
Selected cash balances are reported to provide current cash balances to the Board.
In addition, the Pooled Money Investment Board Report for August 2013 and
September 2013, summary pages have been attached for the Board's review. A
complete copy is available for review upon request.
RECOMMENDATION:
Receive & File
& L4� 6W4
RobbeyH Bird, Finance Director
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Bill Lockyer, State Treasurer 14
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
LAIF CONFERENCE INFORMATION
PMIA Performance Report
Date
Daily
Yield*
Quarter to
Date Yield
Average
Maturity
jin days)
9/12/2013
0.26
0.27
264
9/13/2013
0.26
0.27
264
9/14/2013
0.26
0.27
264
9/15/2013
0.26
0.27
264
9/16/2013
0.26
0.27
257
9/17/2013
0.26
0.27
252
9/18/2013
0.25
0.27
249
9/19/2013
0.25
0.27
251
9/20/2013
0.25
0.27
250
9/21/2013
0.25
0.27
250
9/22/2013
0.25
0.27
250
9/23/2013
0.25
0.27
245
9/24/2013
1 0.25
0.27
246
9/25/2013
1 0.25
0.271
*Daily yield does not reflect capital gains or losses
LAIF Performance Report
Quarter ending 06/30/2013
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Daily:
Quarter To Date:
Average Life:
0.24%
.00000667321954799
1.000273207
0.25%
0.25%
278
PMIA Average Monthly Effective Yields
AUG 2013 0.271%
JULY 2013 0.267%
JUNE 2013 0.244%
Pooled Money Investment Account
Portfolio Composition
$52.5 Billion
08/31/13
Commercial Paper Loans
4.91% 1.21%
I ime Depc
8.33%
CDs/BNs
11.19%
Agencies
10.49%
I
Treasuries
63.55%
3
Recent Bill Auction Results
Page I of 1
TreasuryDirect
Home , JQ�Llti!ILQ" , AntiouncempritS,
pat�i
& ResulL.2 , Latest
AuCtIonka W
-tion
Recent Bill AuL
Results
Recent Bill Auction Results
S.-Ity
r-U.
Maturity
Dismurpt
Iny-t"'.nit
Prim
CUSIP
r
Dirt.
D.t.
Rate N.
Rate 0%
Per $100
13-WEEK
10-03-2013
01-02-2014
0010
0.010
99.997472
912796BF7
26-WEEK
10-03-2013
04-03-2014
0.040
0.041
99.979778
912796[LA6
4-WEEK
ng '26,2('13
10- 24-2013
0.015
D.015
99.998633
912796DG3
13-WEEK
09.26 201 3
1 2' 26-201 3
0.020
0.020
99994944
912796BR9
26-WEEK
09-26-2013
03-27-2014
0.050
0,051
99974722
912796CE7
4-WEEK
09-19-2()13
10- 17'201 3
0.000
0.000
100.000000
91279SZ87
13-WFF.K
09-19-2013
12-19-201 3
0.010
0,010
99 9974 7 2
912796BQi
26-WEEK
09_19_ ?.013
03-20 '2014
0.030
0.030
99.984833
912796CD9
52-WEEK
09 19-2013
09-is-2014
0.120
0.122
99878667
912796CB3
S-DAY
09-12-2()13
09-17-2013
0.040
0.041
919.999444
912796FIV16
4-WEEK
09-12 2013
10-10-201 3
0010
0010
99.999222
912796BF5
13-WEEK
09 12-2013
12-12-20 13
01020
0.020
99.994944
912796AK5
26-WEEK
09-12-2013
03-13-2014
0.035
0,035
99.982306
912796CC1
11-DAY
09-05-20 13
09-16-2.013
0.030
0.030
99999083
912796FLO
4-WEEK
09-05-2o 13
10-03-2013
0.020
0.020
". . 998444
912796000
13-WEEK
09-05-2013
12-05 _2013
0.030
0.03o
99.99241 7
9 1 2796BNB
26-WEEK
09-C15-20 13
03-06-2014
0.055
0.056
99.972194
912796AW9
14-DAY
06 29 20 13
09-12-20 1 3
0.035
0.035
99.998639
91279613134
4-WEEK
08-29-2o 13
09 26-200
0.040
0.041
" 996889
912796BC2
13-WEEK
06-29-20 13
11-29-201 3
0.040
0.04 1
99 . 989778
9 1 2796BMO
26-WEEK
08-29-2o 13
02-27-20i'l
0.06.5
0.066
99.967139
912796CA5
4-WEEK
08-22-20 13
09-19-20, 3
0.045
0.046
9%996500
9127957KI
13-WEEK
06-22-20 13
11-21-201 3
0.050
0,051
99.987361
91279601.2
26-WEEK
08-22-20 13
02-20-2014
0.075
0.076
99.962083
912796BZI
52 WEEK
OB-22 20 13
08-21-2014
0.135
0.137
99.863500
912796BX6
21 DAY
08-15-20 13
OIJ-05-201 3
O.DGO
0.061
99.996500
912796AZZ
4-WEEK
08-15-ZO13
09-12-201 3
0.055
0.056
99.995722
912796B84
13-WEEK
08-15- 2013
11-14-2013
0.055
0.056
99,98GO97
912796AE9
26-WEEK
OB-15-2013
02-13-2014
0.075
0.076
99.962083
912796BY4
4-WEEK
08-08-201 3
09-05-2013
0.045
0 ' 046
99.996500
912796AZ2
13-WEEK
08-08-2c) 13
11-07-2013
O.D40
0.041
99.989889
912796BK4
26-WEEK
08-08-20 13
02-06-2014
0.075
0,076
99.962083
912796ARO
4-WEEK
DS-01 20 13
08-29 20 1 3
0.030
0.030
99.997667
912796AY5
13-WEEK
08-01-2013
10-31-2013
0 030
0.030
99 992417
912796BHI
26-WEEK
08-ot. 2013
01-30-2014
0 065
(). GGG
99 , 967139
912796OW8
4-WEEK
07-25. 2() 13
08-22-20 13
0,020
0. 02U
99 .'J98444
9127957E5
13-WFF.K
07-25-20 13
10-24-2013
0.035
0035
99991153
912796BG3
26-WEEK
07-25. 2o 13
01-23-20, 4
0.070
0.071
99.96461 1
91 27968VO
52 WEEK
07-25-2013
07-24 -2014
0.1 1 5
0.117
99,883722
9 1 2796BTS
4-WEEK
07-19-2013
08.15.201 3
0,020
0.020
99-998444
912796AX7
EffectIve with the 11/2/96 auction, all bills are auctioned using the single -priced method.
Freedom 9f. In(prmation AC I LaW, I lIUAQL_kI9fldLNO= I I AccessibillLy I
U.S. EX-partment of the giblIC, Dqjd
4
http://www.treasurydirect.gov/RI/OFBills 10/1/2013
Recent Note, Bond, and TIPS Auction Results
Page 1 of I
'treasuryDirect
L=% , InskIllitMial � Announcprnent�, Data K ResulLl l j�3_LQ:LAjwLltirL2d�a , Recent Note, Bond, and Tills Auction R�sult-."
Recent Note, Bond, and TIPS Auction Results
se,curity
To-
TVp.
I....
maturity
Interest
YWId
Prim
CUSIP
Dot.
Date
Rat. %
%
Pa. *10 .
2-YEAR
NOTE
09-30-2013
09-30-20.15
0.250
0.346
99.804850
91282OVY3
5.YEAR
NOTE
09-30-2013
09-30-2016
1.375
1.436
99.706706
912828RH5
MEAR
NOTE
09-30-2013
09-30-2020
2.000
2.056
99,623686
912829VZO
9-YEAR
10-MONTH
TIPS
09-30-2013
07 15-2023
0.375
0.500
99.178464
912828VM9
3-YEAR
NOTE
09- 16-2013
09-15-2016
0.675
0.913
99,887890
912826VW7
9-YEAR
11-MONTH
NOTE
09. 16 _20 1 3
08- 15-2023
2. 500
2,946
96.187171
912828VSG
29-YEAR
ii-MONTH
BONI)
09-:16-2013
08-15-2043
3.62.9
3.820
96.536207
91261ORC4
2.-YEAR
Molt-
09-03-2013
08-31-20J5
0.315
0.386
",978190
912828VU1
5.YEAR
NOTE
09_03 _2013
UB-31-2018
1.500
1.624
99.407655
912828RE2
7-YFAR
NOTE
09-03-2013
08-31-2020
2.125
2.221
99.381289
912828W9
4-YEAR
B-MONTH
TIPS
00-30 2013
D4-15-2018
0.125
-0.127
102.179146
912828UX6
3_YEAR
NOTE
08-15-2013
08-15-2016
0.625
0.631
M982197
912828VR8
Jo_YEAR
NOTE
08_1 5-2013
08-15-2023
2.500
2.620
99.950326
91282OVS6
30_YEAR
BONI)
W_15.20 1 3
08- 1 5-2043
3,625
3,652
99.5103J8
91261ORCA
2-YEAR
NOTE
07-3 1_20 13
137-3 1_2ol 5
0.2 So
0.336
99.828720
912828VN7
'.YEAR
NOTE
07-31-2o 13
07-31-2018
1.375
1.410
99.831599
912828VQO
7-YEAR
NOTE
07-31-20 13
07-31-2020
2.000
2.026
99.831111
91282SVP2
lo�YEAR
TIPS
07-31-2013
07-15-2023
0.375
0.384
100,004056
912828VM9
3.YEAR
NOTE
07-15-2013
07 15-2016
0.625
0.719
99.721515
912628VL1
q_YEAR
10-MONTH
NOTE
07-15-20 1 3
05 _I 5-2023
1.7 50
2.670
92,085831
912829VB3
29_YEAR
lo-mom rH
BOND
07-15-2013
05-15-2043
2.875
3.660
85.814558
9 1281ORB6
2-YEAR
NOTE
07-01-2013
06-30-2015
0.375
0.430
99.990734
912828VHO
5- YEAR
NOTE
07-01-2o 13
06-30-2018
1.375
1.484
99.476043
912828VK3
7-YEAR
NOTE
07-0 1 -2013
06-30-2020
1.875
1.932
99.628563
91282OV36
-29 YEAR
B-MONTH
TI PS
06-28-2013
02-15-2043
0.625
1.420
81,754227
912810RAB
3-YEAR
N OTE
06-17�201 3
06- 15-2016
0 500
0.581
99.759878
912828VGZ
,).YEAR
11-MONTH
NOTE
06-17-20 13
05- 15-2023
1,750
2.209
95.933134
91282BVB3
29.YEAR
11-MONTH
BOND
06_1 7-201 3
05- 1 5-2043
2875
3.355
90.978135
91281OR06
2-YEAR
N 01 E
05-31-2013
05 -31-2015
0,250
0.283
99.9,34233
9J 2826VD9
S.YEAR
N OTE
05-31-20 1 3
05 - 31 -2018
1.000
1.045
99.781333
912828VE7
7-YEAR
NOTE
05-31-2013
05-31-2020
1,375
1.496
99.198680
91282BVrA
9-YEAR
B-MOMTH
TIPS
05-31-2013
01-15-2023
0.125
-0.225
104 272695
912828UHI
3-YEAR
NOTE
05-15-2013
05 15-2016
0.250
0.354
" 689924
912828VCI
10_YEAR
NOTE
05-15-2013
05-15-2023
1.750
1.810
99.453420
91282OV03
30'EAR
BOND
05' 1 5-20 1 3
05- 1 5-2043
2,875
2980
97927211
91281014136
2-YEAR
NO11-
04-30-2013
04-30-2015
0.125
0.233
99.764626
91282BUY4
S.YE..AR
rips
04-3 2013
D4-15-2018
CIA25
-1.311
107,820710
91282BUX6
5-YEAR
NOIE
04-30:2013
0
04-30-201 8
0.625
0.710
99.583182
912828UZI
7- YEAR
NOTE
04-30-2013
04 30-2020
1.125
1.155
W798822
912828VA5
3-YEAR
NOTE
04-15-2013
04-15-2016
0250
0.342
99.725644
912829UWB
- Denotes TIPS bond; all other TIPS without asterisks are notes
Freedjjini oflo&rniatlon Ac I Law & Guidancel llrlya�y QQo_dL= I AccessIbIl ty
U.S. Denartment L)r the Tremury. bureau pf the PUhlic Debt
5
http://www.treasurydirect.gov/RI/OFNtebnd 10/1/2013
Printer Version - Board of Governors of the Federal Reserve System Page 1 of 4
Selected Interest Rates (Daily) - H. 15
Current Release Release Dates Daily Update Historical Date About Announcements
Daily Update
Release Date: September 27, 2013
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site.
If Monday is a holiday, the weekly release will be posted on Tuesday after the holiday and the daily update will not be posted
on that Tuesday.
September 27, 2013
Selected Interest Rates
Yields in percent per annum
Instruments
2013
Sep
23
2013
Sep
24
2013
Sep
25
2013
Sep
26
Federal funds (effective) 12 2
0.09
0.09
0.08
0.08
Commercial Paper 3 4 5§
Nonfinancial
1-month
0.05
n. a.
0.05
0.04
2-month
0.06
0.06
0.06
0.07
3-month
0.08
0.07
0.08
0.09
Financial
1-month
0.10
0.06
0.04
0.06
2-month
3-month
CDs (secondary market) z
1-month
3-month
0.07
0.09
0.07
0.07
0.11-
0.12
0.11
0.10
n. a.
n. a.
n. a.
n. a.
n. a.
n.a.
n. a.
n.a,
6-month
Eurodollar deposits (London) 2 8
1-month
3-month
n. a.
n. a.
n. a.
n. a.
0.22
0.22
0.22
0.22
0.28
0.42
0.28
0.42
0.28
0.42
0.28
0.42
6-month
Bank prime loan 2 3 9
3.25
3.25
3.25
3.25
1�
http://www.federalreserve.gov/releases/Hl 5/update/ 10/1/2013
Printer Version - Board of Governors of the Federal Reserve System Page 2 of 4
Discount window primary credit 0.75
U.S. government securities
Treasury bills (secondary market) 34
4-week 0.01
0.75
0.75
0.75
0.02
0.02
0.04
3-month
0.02
0.02
0.02
0.00
6-month
0.05 1
0.05
0.05
0.03
1-year
0.10
0.10
0.10
0.09
Treasury constant maturities
Nominal
1-month
0.01
0.02
0.02
0.04
3-month
0.02
0.02
0.02
0.00
6-month
0.05
0.05
0.05
0.03
1-year
0.10
0.10
0.10
0.09
2-year
0.35
0.35
0.36
0.34
3-year
0.68
0.67
0.66
0.67
5-year
1.48
1.44
1.41
1.43
7-year
2.10
2.05
2.01
2.05
10-year
2.72
2.67
2.63
2.66
20-year
3.46
3.40
3.37
3.41
30-year
3.73
3.67
3.65
3.69
Infl at ionindexed 12
5-year
-0.36
-0.33
-0.38
-0.34
7-year
0.16
0.19
0.12
0.19
10-year
0.46
0.48
0.45
0.47
20-year
30-year
Inflation -indexed long-term average 13
Interest rate swaps 14
1-year
1.07
1.07
1.06
1.07
1.38
1.37
1.36-
1.37
1.01
1.00
0.98
1.00
0.31
0.31
0.31
0.32
2-year
0.48
0.48
0.48
0.48
3-year
0.81
0.80
0.80
0.80
4-year
1.22
1.21
1.19
1.19
5-year
1.62
1.60
1.58
1.58
1,,7-,y,-*a r
year
2.26
2.23
2.20
2.20
2.85
1 2.82
1 2.79
2.79
7
http://www.federalreserve.gov/releases/Hl 5/update/ 10/1/2013
Printer Version - Board of Governors of the Federal Reserve System Page 3 of 4
30-year
3.72
3.67
3.66
3.66
Corporate bonds
Moody's seasoned
Aaa 1A
l3aa
State & local bonds 16
Conventional mortgages 1-7
4.60
4.53
4.50
4.55
5.42
5.35
5.33
5.38
4.53
4.32
n.a. Not available.
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar
day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page
(www.fe(icrairescr�ic.p,ov/rele,,ises/ci) ).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is
any rinancial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's
liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary
prograrns and, accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. An average of dealer bid rates for certificates of deposit (CDs) that are actively traded in the secondary market and are issued by
top -tier banks. Bids are generally for CDs issued in denominations of $1,000,000 or greater. Responses are not reported when the
number of respondents is too few to be representative.
8. Source: Bloomberg and CTRB ICAP Fixed Income & Money Market Products.
9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several
base rates used by banks to price short-term business loans.
10. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program,
which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see NYVYW,retiCt-Lilre.serve.L>�)Y/t)oaj-ddocs/press/Lici3�L/2002/20021()3 12Mcfailldion. The rate reported is that for
the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are
available at www.fecleralreserve.gt)v/rele-,ises/h I 5Jdata,htm.
8
http://www.federalreserve.gov/releases/Hl5/update/ 10/1/2013
Printer Version - Board of Governors of the Federal Reserve System Page 4 of 4
11. Yields on actively traded non- inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity
series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006,
the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal
rate. The historical adjustment factor can be found at w w w. t rc.] N Liry. L, E) v/reso urce- cente ridaia-charl -con ler/ i n to res I- na les/ . Source: U.S.
Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional
information on both nominal and inflation -indexed yields may be found at www.t reasu rv. Qov/resou ree-ceriter/da ta-ch art-
center/interest-rales/.
13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
14. International Swaps and Derivatives Association (ISDAO) mid -market par swap rates. Rates are for a Fixed Rate Payer in return
for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by ICAP plc and published on Thomson
Reuters Page ISDAFIX61. ISDAFIX is a registered service mark of ISDA8. Source: Thomson Reuters.
15. Moody's Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001,
these rates are averages of Aaa industrial bonds only.
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for 30-year fixed-rate first mortgages. Source: Primary Mortgage Market Survey(& data
provided by Freddie Mac.
Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H. 15 web site
(see below), are averages of business days unless otherwise noted.
Current and historical H. 15 data are available on the Federal Reserve Board's web site (www.federalreserve.gov/ . For
information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-
452-3244, fax 202-728-5886).
Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve
for non- inflation -indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based
on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are
calculated from composites of quotations obtained by the Federal Reserve Bank of New York. -The con-s-tant maturi-ty'-yield
values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years.
This method provides a yield for a I 0-year maturity, for example, even if no outstanding security has exactly 10 years
remaining to maturity. Similarly, yields on inflation- i nd exed securities at "constant maturity" are interpolated from the daily
yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation- indexed constant maturity
yields are read from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.
9
http://www.federalreserve.gov/releases/Hl 5/update/ 10/1/2013
POOLED MONEY INVESTMENT ACCOUNT
Summary of Investment Data
A Comparison of August 2013 with August 2012
(DOLLARS IN THOUSANDS)
ALIOUSt 20,13_____ August 201 Change
Average Daily Portfolio
51,415,613
60,179,856
-8,764,243
Accrued Earnings
11,820
19,260
-7,440
Effective Yield (%)
0.271
0.377
-0.106
Average Life -Month End (in Days)
270
267
+13
Total Security Transactions
Amount
20,043,208
21,807,290
-1,764,082
Number
404
441
-37
Total Time Deposit Transactions
Amount
1,867,480
1,994,980
-127,500
Number
86
102
-16
-Average Workday Investment Activity
996,940
1,034,881
-38,941
Prescribed Demand Account Balances
For Services ($)
2,137,202
1,854,202
+283,000
1
10
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
Investment Division Selected Investment Data
Analysis of the Pooled Money Investment Account Portfolio
(DOLLARS IN THOUSANDS)
August 31, 2013
DIFFERENCE IN
PERCE PERCENT OF
9-E- PORTFOLIO FROM
TYPE OF SECURITY AMOUNTA PORTFOLIO PRIOR MONTH
Government
16,873,261
30.26
-1.51
Bills
0
0.00
0
Bonds
Notes
17,466,126
33.29
+1.72
Strips
0
0.00
0
Total Government
33,338,387
63.65
+0.21
Agency Debentures
2,158,553
4.111
+0.80
Certificates of Deposit
5,870,072
11.19
+3.66
Bank Notes
0
0.00
0
Bankers' Acceptances
0
0.00
0
0
Repurchases
0
2,847,923
0.00
5.43
+1.32
Agency Discount Notes
4,369,640
8.33
+0.25
Time Deposits
0
0.00
0
GNMAs
Commercial Paper
2,574,558
4.91
+2.48
FHLMC/Remics
168,115
0.32
-0.01
Corporate Bonds
0
0.00
0
AB 55 Loans
298,563
0.57
+0.03
GF Loans
337,500
0.64
-8.86
NOW Accounts
0
0.00
0
Other
499,952
0.95
+0.22
Reversed Repurchases
0
0.00
0
Total (All Types)
52,463,263
100.00
INVESTMENT ACTIVITY
August
2013
July 2013
NUMBER
AMOUNT,($)
Pooled Money
404
20,043,208
Other
46
2,519,643
6
187,731
Time Deposits
86
1,867,480
1114
3,382,800
Total
536
24,430,331
406
17,872,995
PMIA Monthly Average Effective Yield
0.271
0.267
Year to Date Yield Last Day of Month (%)
0.269
0.267
2
11
Pooled Money Investment Account
Portfolio Composition
$52.5 Billion
08/31/13
Loans
Commercial 1.21 %
Paper
4.91%
Timi
CDs/BNs
11.19%
Agencie,c
10.49%
Mc
reasuries
63.55%
iv
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13
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
LOCAL AGENCY INVESTMENT FUND (LAIF)
NEW LAW WEBINAR INFORMATION
PMIA Performance Report LAW Performance Report
Date
Daily
Yield*
Quarter to
Date Yield
Average
Maturity
(in days)
10/11/2013
0.27
0.27
248
10/12/2013
0.27
0.27
248
10/13/2013
0.271
0.27
248
10/14/2013
0.27
0.27
246
10/15/2013
0.27
0.27
246
10/16/2013
0.27
0.27
246
10/17/2013
0.27
0.27
246
10/18/2013
0.26
0.27
245
10/19/2013
0.26
0.27
245
10/20/2013
0.26
0.27
245
10/21/2013
0.27
0.27
243
10/22/2013
0.26
0.27
241
10/23/2013
0.261
0.271
240
F 10/24/2013
0.261
L2J7
239
*Daily yield does not reflect capital gains or losses
Quarter ending 09/30/2013
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Daily:
Quarter To Date:
Average Life:
0.26%
.00000703151403121
1.00056732
0.25%
0.27%
239
PMIA Average Monthly Effective Yields
SEPT 2013 0.257%
AUG 2013 0.271%
JULY 2013 0.267%
Pooled Money Investment Account
Portfolio Composition
$56.6 Billion
09/30/13
Loans
5.92%
Commercial Paper
3.50%
Time Dep
7.730/,
CDs/BNs
13.91%
Agenc
9.25�
9--U�U-
0.28%
Treasuries
59.41%
14
Recent Bill Auction Results
Page 1 of I
I freasuryDired
jj2inu, , Iff.L�ItylLwal ) AnaounceMEEU.Lj�i
> LateAt
Auction Dai:4
Recent Bill Auction Results
Recent Bill Auction Results
Security
Isau.
Maturity
Col-unt
I ... Arn..t
Prim
CUSIP
Te-
Date
Data
Rat. %
Rat. %
P ., $100
4-WEFK
Ij_O7_2m3
12-05-2013
0,050
0.051
99.996111
912796ONS
13-WEEK
11 -07-2013
02-06-2014
0.050
0.051
99.967361
912796ARO
26-WEEK
11-07-2013
05-08-2014
0.085
0.086
99.957028
912796CK3
4-WEEK
10-31-201 3
11-29-201 3
0.055
0.056
99.995569
912796BMO
13-WEEK
10-31-2013
01-30-2014
O.G45
0.046
99988625
912796BWB
26-WEEK
10-31-2013
05-01-2014
0.080
0.081
99.959556
912796BE8
4-WEEK
0-24:2013
I I
11 -2013
0.030
0.030
99�997667
9J2796Bt2
13-WEEK
-
10 24 20 3
1:21
0 23-2014
0.035
0.035
99.991153
912796BVO
26-WEEK
10_24_201 3
04.24-203 4
0.070
0.07 1
99 .964611
91279606
4-WEEK
10-17-2013
11-14 -2013
0.240
0.243
99.981333
912796AE9
13--WEEK
10� 17-201 3
a 1-16-2014
0.130
0.132
99.967139
912796BU2
26-WEEK
10-17-20 13
04_1 7-2014
0.150
0.152
99.924167
912796CHO
189-DAY
10-17-2013
04-24-2014
0.135
0.137
99.929125
91279606
52-WEEK
10-17-2013
JO_j 6- 2014
0.160
0.162
99.838222
912796CF4
5-DAY
10-10-2013
10-15-2013
0.300
0.304
99.995833
912796FUS
4-WEEK
10-10-201 3
11-07. 201 3
0.350
0.355
99.972778
922796BK4
13-WEEK
10-10-2013
01-09-2014
0.035
0.035
99.991153
912796AQ2
26 WEEK
10-10-201 3
04-10-2014
0.060
0.061
99.969667
912796CG2
7-DAY
10-03-201 3
10- 10-2013
0.030
0.030
99.999417
912796BF5
4-WEEK
10-03-201 3
10.31-20 1 3
0,120
0.122
99990667
9127968HI
13-WEEK
10_03_2013
01:02-2014
0.010
O.OJO
99.997472
912796BS7
26-WEEK
10-03-20 13
04 03-2014
O.D40
0.041
99.979778
912796BA6
4-WEEK
09-26-201 3
10 .24-2013
0.015
0.015
99.998833
912796BG3
13-WEEK
09-26-2013
12-26-2013
0.020
0.020
99.994944
912796BR9
26-WEEK
09.2&.2013
03:27-20,14
0.050
0.051
99,974722
912796CE7
4-WEEK
09_19. 201 3
10 17..20 3
0.000
0.000
100.000000
912795Z87
13-WEEK
C)9_19_ 2013
12-19-2013
0.010
01010
99.997472
912796BQI
26-WEEK
09_19. 201 3
03:20-2014
0030
0.030
99.984&33
912796CD9
52-WEEK
09_19_ 20 1 3
09 18-20A
0.120
0.122
99.878667
912796C83
5-DAY
09-12_2013
09_17-2013
0.040
O.D41
99.999444
912796PM6
4-WEEK
09-12-2013
1010 2 13
0.010
0.010
99.999222
912796BrS
13-WEEK
.- 12- 20� 3
12 2:20013
0.020
0.020
99.994944
912796AK5
26 WEEK
09-12-2013
03-13-2014
0.035
0.035
99.982306
912796CCI
11-DAY
og_C)5_ 20 1 3
09-16-201 3
0.030
0.030
99.999083
912796FL8
4-WEEK
09-05-20 1 3
10:03-2013
0020
0.020
99.998444
912796BDO
13-WEEK
09-05-20 1 .3
1 2 05-2013
0.030
0,030
99,992417
932796BNB
26-WFEK
09-05-20 .13
03-06-2014
0.055
0.056
99.972J94
9J 2796AW9
14-DAY
00-29-20 13
09:12-2013
0.035
0.035
99.998639
912796BB4
4-WEEK
08.29'.20 13
09 26-2013
0,040
0.041
99996989
912796BC2
13-WEEK
08,29-2013
1 1-29-2013
O.D40
0.041
99.989778
g12796BMO
Effective with the 11/2/98 auction, all bills are auctioned using the single -priced method.
Freedom ofInformation Ac I I AccessIbIllLy alltv
U.S. Noortment of the Trea:urV. Bureau QV the Public Debt
15
http://www.treasurydirect.gov/RI/OFBills 11/7/2013
Recent Note, Bond, and TIPS Auction Results
Page 1 of 1
TreasuryDirect
Horne , LrLst Anngwn�gtnent.%
DatajIj�� �Atl jd!L�t AtICJ�WKDIILd I Recent Note, Bond,
and TIPS Auction R�sult:
Recent Note,
Bond, and TIPS Auction Results
S.-Hy
Term
Type
Issue,
Maturity
Interest
Yield
PH"
CUSIP
Data
Date
Rat. -1.
y.
Pa. $10 d
2-WAR
NOTE
10-31-2013
10-31-2015
0�250
0.323
99.854588
912a28WB2
5-YEAR
NOTE
10-31-2013
10-31-2018
1.250
1.300
99.758710
912828WDB
7-YEAR
NOTE
10-31-2013
10-31-2020
1.750
1,870
99.2:16081
912626WOU
-29_YEAR
4-MONTH
TIPS
10-31,2013
02-15-2043
0625
1.330
84.370207
912810RAS
3-YEAR
NOTE
1 D-15-2013
10-15-2016
0 G25
0.710
99.746139
912828WA4
9-YEAR
10-MONTH
NOTE
10-15-2013
08-15-2023
2500
2657
98 .645362
912828VS6
2,)_YEAR
10-MONTH
BONI)
10-1 5-20 13
08- 15-2043
3 . 625
3758
97 61 8838
9 1281ORCA
2-YEAR
NOTE
09-30-2013
09-30-2015
0.250
0.34:
99.804 850
912828VY3
5.YEAR
NOTE
09_30' 2013
09-30-2018
1 375
1 43
99.706706
912828RHS
7_YEAR
NOT'
09_30-2013
09_30-2020
2 . 000
2.058
W623686
912628VZO
9.YEAR
10-MONTH
TIPS
09-30'2013
07 .15-2023
0 , 375
0.500
99178464
912828VM9
3_YEAR
NOTE
09_ 16-2013
09-15-2016
0.875
0.913
99 . 887890
912828VW7
9.YEAR
11-MONTH
NOTE
09-16-2013
08-15-2023
2.500
2.946
96187171
912829VS6
29-YEAR
I I -MONTH
BOND
09-1 6-2013
08-15-2043
3.625
3.820
96.536207
91281ORCA
2-YEAR
NOTE
09-03-2013
08-31-2015
0.375
0.386
99.978190
912828VUJ
5-YEAR
NOTE
09-03-2013
08-31-2018
1.500
1.624
99.407655
91282ORE2
7-YEAR
NOTE
09-03-2013
08-31-2020
2.i2S
2.221
99.381289
912828VV9
4 _YEAR
8-MONTH
TI PS
08-30,201 3
04-15-2018
0.125
-0.127
102.179146
912826UX6
3 -YEAR
NOTE
08_ 15-20 13
06-1 5-20 16
0.625
0.631
99.982197
912828VR8
10_YEAR
NOTE
08-15-2013
08-15-2023
2.500
2.620
98950326
912828VS6
30_YEAR
BOND
0 .15-2013
08-15-2043
3,625
3652
99510318
9128JORC.4
2-YEAR
NOTE
0!1-31-2013
07-31-2015
0,250
0.336
99.826720
912829VN7
5.YEAR
NOTE
07-31-2013
07-31-2016
1.375
1.410
99.831599
912828VQO
7_YEAR
NOTE
07-31-2013
07-31-2020
2.000
2.026
99.831111
912828VP2
Io_YEAR
TIPS
07-31 2013
07-15-2023
0.375
0.384
100.OG4056
912828VM9
3-YEAR
NOTE
07 _ 15-2013
07-15-2016
0.625
0.719
99.721515
912828VL1
9_YEAR
10-MONTH
NOTE
07- 1 5-201 3
05-15-2023
1.750
2.670
92.085631
912028VB3
29_YEAR
Io.MONTH
BOND
07-1 5-2013
05-15-2043
2.875
3.660
85814558
91281ORB6
2-YEAR
NOIF.
07_01 -201 3
06-30-2015
0.375
0.430
99.890734
9J2828VHO
5:YEAR
NOTE
07-01.2ol 3
06-30-2018
1.375
1.484
99.476843
91282OVK3
7 YEAR
NOTE
07-01-2013
06-30-2020
1.875
1.932
99.626563
912828VJ6
-29 . YEAR
8-MONTH
TIPS
06-20-2013
02-15-2.3
0.625
1.420
81.754227
912810RAS
3_YEAR
NOTE
06-:17-2013
06- 1 1 -1016
0.500
0.581
99.759878
912828VG2
"_YEAR
1�_M..TH
NOTE
06:17:20 13
05
1.750
2.209
95-933134
91262BV83
29.YEAR
11-MONTH
BOND
06 17 20 3
:15:2C)23
0 S 1 5 2043
2.875
3.355
90978135
91281ORB6
2-YEAR
NOIE
05-31-2013
05-31-2015
0. 2. 50
0.283
99.?34233
9.12828VO9
5-YEAR
NOTE
05-31-2013
05-31-2018
1 ()Do
1�()4 5
99.,81333
g12828VE7
7_YEAR
NOTE
05-31-2013
05-31-2020
1.375
1.496
99.198680
912829VF4
9.YEAR
8-MONTH
TIPS
05 3 1. 20 1 3
01-15-2023
0.125
-0,225
104.272695
912828UH1
3 YEAR
NOTE
05 . 1 5. 2013
05-15-2016
0.250
0.354
99.689924
912828VCI
* Denotes TIPS bond; all other TIPS WithOLA asterisks are notes
Fr�edoni ofInformatIon Ac I Condition I AccesslbillW I
U,S. Deurtment ol' the rreasury, Bureau of the PUbile Debt
16
http://www.treasurydirect.gov/RI/OFNtebnd 11/7/2013
Printer Version - Board of Governors of the Federal Reserve System Page I of 4
Selected Interest Rates (Weekly) - H. 15
Current Release Release Dates Daily Updat Historical Data About Announcements Technical Q&As
Current Release (48 KB PDF)
Releasel)ate- October 28, 2013
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. If
Monday is a holiday, the weekly release will be posted on Tuesday after the holiday and the daily update will not be posted on
that Tuesday.
October 28, 2013
H. 15 Selected Interest Rates
Yields in percent per annum
Instruments
Federal funds (effective) i2 2
2013
Oct
21
0.09
2013
Oct
22
0.08
2013
Oct
23
2013
Oct
24
2013
Oct
25
Week Ending
2013
Sep
Oct
2S
Oct
is
0.08
0.08
0.08
0.09
0.10
0.08
Commercial Paper 2 i i
Nonfinancial
1-month
2-month
0.03
0.06
0.04
0.05
0.05
0.05
0.11
0.05
0.07
0.06
0.06
0.05
0.09
0.07
0.13
0.06
3-month
n. a.
0.08
0.08
0.08
0.07
0.08
0.17
0.08
Financial
1-month
0.07
0.06
0.06
0.08
0.07
0.07
0.13
0.06
2-month
0.09
0.08
0.08
0.11
0.08
1 0.09
0.15
1 0.08
3-month
0.12
0.11
0.10
0.14
0.10
0.11
0.14
0.11
CDs (secondary market) 2 z
1-month
n.a.
n. a.
n. a.
n. a.
n. a.
n.a.]
n.a.
n. a.
3-month
n.a.
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
6-month
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.
Eurodollar deposits (London) 2
1-month
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
3-month
0.28
0.28
0.28
0.28
0.28
0.28
0.28
0.28
6-month
0.42
0.42
0.42
0.42
0.42
0.42
0.42
1 0.
Bank prime loan 2
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
17
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Printer Version - Board of Governors of the Federal Reserve System Page 2 of 4
Discount window primary credit 2 19
U.S. government securities
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
Treasury bills (secondary market) 34
4-week
0.02
0.04
0.02
0.02
-1
0.02
0.02
0.13
0.02
3-month
0.04
0.04
0.04
0.03
0.04
0.04
0.08
0.02
6-month
0.07
0.07
0.07
0.07
0.08
0.07 1
0.11
0.04
1-year
0.11
0.10
0.11
0.11
0.10
0.11
0.14
0.11
Treasury constant maturities
Nominal 11
1-month
0.02
0.04
0.02
0.02
0.02
0.02
0.12
0.02
3-month
004
0.04
0.04
0.03
0.04
0.04
0.08
0.02
6-month
ON07
0.07
0.07
0.07
0.08
0.07
0.11
0.32
0.11
0.14
0.34
0.04
0.12
1-year
0.11
0.10
0.11
0.12
0.11
2-year
0.33
0.31
0.3
0.33
0.32
0.40
3-year
0.63
0.59
0.60
0.59
0.59
0.60
0.64
0.78
5-year
1.38
1.30
1.30
1.32
1.30
1.32
1.39
1.60
7-year
2.01
1.92
1.90
1.92
1.90
1.93
2.03
2.22
10-year
2.63
2.54
2.51
2.53
2.53
2.55
2.66
2.81
20-year
3.39
3.31
3.29
3.30
3.30
3.32
3.41
3.53
30-year
3.68
3.61
3.59
3.61
3.60
3.62
3.70
3.79
Inflation indexed 12
5-year
-0.41
-0.46
-0.46
-0.45
-0.47
-0.45
-0.39
-0.17
7-year
0.12
0.05
0.04
0.05
0.03
0.06
0.15
0.34
10-year
0.44
0.37
0.36
0.36
0.34
0.37
0.48
0.66
20-year
30-year
Inflation -indexed long-term average L3
Interest rate swaps 14
1.07
1.00
1.00
1.00
0.97
1.01
1.10
1.22
1.39
1.34
1.33
1.33
1.30
1.34
1.42
1.50
1.01
0.95
0.93
0.94
0.91
0.95
1.04
1.16
1-year
0.30
0.29
0.30
0.30
0.29
0.30
0.32
0.33
2-year
0.45
0.43
0.43
0.44
0.43
0.44
0.47
0.55
3-year
0.74
0.70
0.69
0.71
0.70
0.71
0.76
0.92
4-year
1.13
1.07
1.05
1.07
1.06
1.08
1.15
1.35
5-year
1.51
1.45
1.42
1.44
1.43
1.45
1.55
1.76
7-year
2.14
2.07
2.03
2.05
2.05
2.07
2.19
2.39
10-year
2.75
2.67
2.63
2.65
2.65
2.67
2.80
2.97
30-year
3.66
3.59
3.55
3.56
3.56
3.58
1 3.70
1 3.78
_�j
18
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Printer Version - Board of Governors of the Federal Reserve System Page 3 of 4
Corporate bonds
Moody's seasoned
Aaa i_5
4.53
4.45
4.43
4.46
4.44
4.46
4.55
4.64
Baa
5.28
5.20
5.18
5.21
5.19
5.21
5.32 1
5.47
State & local bonds 16
4.56
4.56
4.68
4.79
Conventional mortgages 17
. ... .........
4.13
4.13
4.28
n.a. Not available.
Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar
day in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page
(www. federal reserve. goy/releases/ciV).
6. Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is
any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's
liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary
programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. An average of dealer bid rates for certificates of deposit (CDs) that are actively traded in the secondary market and are issued by
top -tier banks. Bids are generally for CDs issued in denominations of $ 1,000,000 or greater. Responses are not reported when the
number of respondents is too few to be representative.
8. Source: Bloomberg and CTRB ICAP Fixed Income & Money Market Products.
9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several
base rates used by banks to price short-term business loans.
10. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program,
which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see 1 ?/dc I'luill.ht[n. The rate reported is that for
the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are
available at www.federalreserve,p-ov/releases/h I 5/data.htm.
11. Yields on actively traded non -inflation -indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity
19
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Printer Version - Board of Governors of the Federal Reserve System Page 4 of 4
series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006,
the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal
rate. The historical adjustment factor can be found at Source: U.S.
Treasury.
12. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional
information on both nominal and inflation- indexed yields may be found at www.treasurv.vov/resource-center/data-ghart-
center/interest-rates/.
13. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
14. International Swaps and Derivatives Association (ISDAV) mid -market par swap rates. Rates are for a Fixed Rate Payer in return
for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by ICAP plc and published on Thomson
Reuters Page ISDAFIX61. ISDAFIX is a registered service mark of ISDA0. Source: Thomson Reuters.
15. Moody's Aaa rates through December 6, 200 1, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 200 1,
these rates are averages of Aaa industrial bonds only,
16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
17. Contract interest rates on commitments for 30-year fixed-rate first mortgages. Source: Primary Mortgage Market Surveys data
provided by Freddie Mac.
Note: Weekly and monthly figures on this release, as well as annual figures available on the Board's historical H. 15 web site
(see below), are averages of business days unless otherwise noted.
Current and historical H.15 data are available on the Federal Reserve Board's web site (www.federalreserve.gov/ . For
information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-
452-3244, fax 202-728-5886).
Description of the Treasury Nominal and Inflation -Indexed Constant Maturity Series
Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve
for non -inflation -indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based
on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are
calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield
----valffe"re read-frornthe yield cur—ve at -fixed mafu_rifies�rently 17��6_m_onths and 1, 2, 3, 5,-7—,10, ZO, and-3�years.Jhi-S
method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to
maturity. Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the daily yield curve for
Treasury inflation protected securities in the over-the-counter market. The inflation -indexed constant maturity yields are read
from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.
20
http://www.federalreserve.gov/releases/Hl 5/20131028/ 11/7/2013
POOLED MONEY INVESTMENT ACCOUNT
Summary of Investment Data
A Comparison of September 2013 with September 2012
(DOLLARS IN THOUSANDS)
September 2013 September 2012 Change
Average Daily Portfolio
53,684,560
60,044,038
-6,359,478
Accrued Earnings
11,362
17,157
-5,795
Effective Yield (%)
0.257
0.348
-0.091
Average Life -Month End (in Days) 239 242 -3
Total Security Transactions
Amount 19,239,201 13,395,219 +5,843,982
Number 385 268 +117
Total Time Deposit Transactions
Amount 1,722,000 1,470,000 +252,000
Number 85 74 +11
Average Workday -investment Activity 1,048,060- +265,680
Prescribed Demand Account Balances
For Services ($) 1,923,720 1,910,786 +12,934
1
�4m
BILL LOCKYER
TREASURER
STATE OF CALIFORNIA
Investment Division Selected Investment Data
Analysis of the Pooled Money Investment Account Portfolio
(DOLLARS IN THOUSANDS)
September 30, 2013
DIFFERENCE IN
PERCENT
PERCENT OF
LE
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
16,073,981
28.39
-1.87
Bonds
0
0.00
0
Notes
17,663,803
31.02
-2.27
Strips
0
0.00
0
Total Government
33,637,784
59.41
-4.14
Agency Debentures
2,193,059
3.87
-0.24
Certificates of Deposit
7,875,000
13.91
+2.72
Bank Notes
0
0.00
0
Bankers' Acceptances
0
0.00
0
Repurchases
0
0.00
0
Agency Discount Notes
2,648,035
4.60
-0.93
Time Deposits
4,376,640
7.73
-0.60
GNMAs
0
0.00
0
Commercial Paper
1,974,637
3.60
-1.41
FHLMC]Remics
169,740
0.28
-0.04
Corporate Bonds
0
0.00
0
AB 55 Loans
377,639
0.67
+0.10
GF Loans
2,975,000
6.26
+4.61
NOW Accounts
0
0.00
0
Other
499,963
0.88
-0.07
Reversed Repurchases
0
0.00
0
Total (All Types)
66,617,497
100.00
INVESTMENT ACTIVITY
September 2013
August 2013
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
385
19,239,201
404
20,043,208
Other
3
32,246
46
2,619,643
Time Deposits
86
1,722,000
86
1,867,480
Total
473
20,993,447
636
24,430,331
PMIA Monthly Average Effective Yield
0.267
0.271
Year to Date Yield Last Day of Month (%)
0.265
0.269
E,
W
Pooled Money Investment Account
Portfolio Composition
$56.6 Billion
09/30/13
Commercial Paper
3.50%
Time DE
7.73
CDs/BNs
13.91%
Ager
9.2
0. H 6/6
Loans
5.92%
Treasuries
59.41%
23