BOARD OF SUPERVISORS AGENDA LETTER

BOARD OF SUPERVISORS AGENDA LETTER Clerk of the Board of Supervisors 05 E. Anapamu Street, Suite 407 Santa Barbara, CA 930 (805) 568-2240 Agenda Number: Department Name: Department No.: For Agenda Of: Placement: Estimated Tme: Continued Item: If Yes, date from: Vote Required: Treasurer - Tax Collector 065 /7/5 Administrative No Majority TO: FROM: Board of Supervisors Department Director(s) Contact Info: Harry E. Hagen, CPA, CPFO, ACPFIM, CFIP, Treasurer - Tax Collector 568-2490 Jennifer C. Christensen, JD MBA CPFO CFIP, Investment and Debt Officer 568-2925 SUBJECT: Treasurer's Investment Pool, FY 205-206 First Quarter (July - September 205) County Counsel Concurrence As to form: N/A Other Concurrence: As to form: N/A Auditor-Controller Concurrence As to form: N/A Recommended Actions: That the Board of Supervisors: A) Accept for filing the Fiscal Year 205-206 First Quarter (July - September 205) report on the Treasurer s Investment Pool, pursuant to Government Code section 53646(b). Summary Text: The value of the Treasurer s Investment Pool at principal cost on September 30, 205, was $965,740,860. Market value of the investment pool was $966,766,96. The weighted average days-to-maturity (WAM) for the investment pool was 360 days. The Treasurer s Investment Pool earned $,30,97 for the quarter ending September 30, 205, an annualized return of 0.44%. The net yield earned over the past year is 0.39%. Per Government Code Section 53600.5, the Santa Barbara County Treasurer has a mandated responsibility to manage and invest public funds with the primary objective of safeguarding principal, the secondary objective of meeting the liquidity needs of pool participants, and thirdly, the objective of attaining a market average rate of return, consistent with the primary objectives of safety and liquidity.

Page 2 of 2 For the quarter ending September 30, 205, the Treasurer s Investment Pool anticipated and met all liquidity requirements, precluding any need to sell holdings unexpectedly at a potential loss in order to meet cash flow demands. All investments purchased, met or exceeded state and local policy requirements for credit quality. Credit quality of assets held in the Treasurer s Investment Pool is monitored on an ongoing basis. The Santa Barbara County Treasurer conforms to all applicable State statutes and County resolutions that govern the investment of public funds. Background: This quarterly report is being submitted to you pursuant to California Government Code section 53646 (b). In addition, California Government Code section 53646 (b) (3) requires the Treasurer-Tax Collector to include a statement in the Treasurer s Report affirming the ability of the Santa Barbara County Investment Pool to meet expenditure requirements for the next six months. This report was reviewed and discussed by the Treasury Oversight Committee at its quarterly meeting. The Treasury Oversight committee promotes the public interest and is governed by California Government Code sections 2730 through 2733. Performance Measure: To ensure the financial stability of the County, monitor and project liquidity requirements as evidenced by zero securities sold at a loss to meet cash flow needs of pool participants: Accomplished. To ensure the financial stability of the County and secure public agency funds, all investments stay within compliance 00% of the time with the Government Code and the Treasurer s Investment Policy: Accomplished. Fiscal and Facilities Impacts: Budgeted: Yes Fiscal Analysis: For the quarter ending September 30, 205, net investment earnings achieved by the Treasurer s Investment Pool were $,30,97, with the County receiving 39%, Schools 50%, and Special Districts the balance of %. The net yield earned for the quarter on an annualized basis is 0.44% and over the past year is 0.39%. Attachments:. Treasurer s First Quarter Investment Pool Report (July September 205) 2. Treasurer s Investment Pool Summary Performance Report, Quarter Ended September 30, 205 Authored by: Jennifer C. Christensen, JD MBA CPFO CFIP, Investment and Debt Officer G:\TR\Investing\TOC QuarterlyMeetings\205-0-26\205-9-30 TIPBoardAgendaLetter.doc!BoardLetter2006.dot v 06c

SANTA BARBARA COUNTY TREASURER S REPORT TO THE BOARD OF SUPERVISORS AND THE TREASURY OVERSIGHT COMMITTEE FOR THE QUARTER ENDED September 30, 205

ECONOMIC TREND The Federal Open Market Committee (Committee) continued to maintain the target federal funds rate at a range of 0 to.25% and to reaffirm in the statement that the Committee s decision about how long to maintain the current target range for the federal funds rate would depend on its assessment of actual and expected progress toward its objectives of maximum employment and 2 percent inflation. Reports from the twelve Federal Reserve Districts point to continued modest expansion in economic activity during the reporting period from mid-august through early October. INVESTMENT ACTIVITIES The investment portfolio is in compliance with the Government Code and the Treasurer s Investment Policy. The Treasurer s Investment Pool has sufficient cash flow available to meet all budgeted expenditures for the next six months. 2

ECONOMIC TREND: Unemployment Rate The unemployment rate represents the number of unemployed persons as a percent of the labor force. The sampling used each month to calculate the rate is approximately 60,000 households. The national unemployment rate began the quarter at 5.3% and ended the quarter at 5.%. California s preliminary unemployment rate was 6.% in August. 3 Source: Bureau of Labor Statistics

ECONOMIC TREND: Inflation The Consumer Price Index (CPI) represents changes in prices of all goods and services purchased for consumption by urban households. CPI was 0.0 at the end of September. The Core CPI, which excludes food and energy, was.9 at the end of September. 4 Source: Bureau of Labor Statistics

ECONOMIC TREND: Consumer Confidence Consumer Confidence is the average of responses to current business and employment conditions and responses to six-month future expectations for business conditions, employment conditions, and total family income. It began the quarter at 99.8 and ended at 03.0. 5 Source: Conference Board

ECONOMIC TREND: GDP (Gross Domestic Product) Gross domestic product is the value of all goods and services produced. After eighteen consecutive quarters of growth, the economy experienced its first quarter in negative territory ending March 204 at -0.9%. Subsequently, the economy continued to recover. For the most recent quarter ending June 205, the economy reported GDP at 3.9%. 6 Source: Bureau of Economic Analysis

Santa Barbara County Treasurer's Investment Pool Statement of Assets As of September 30, 205 Asset Description Cost Net Unrealized Holding Gains/(Losses) Fair Value* 9/30/205 Percent of Portfolio Yield to Maturity Weighted Average Days to Maturity Fair Value 6/30/205 Net Change Cash California Asset Management Program (CAMP) Local Agency Investment Fund (LAIF) U.S. Treasuries Government Agency Bonds Government Agency Discount Notes Government Agency Bonds - Callable $ 5,532,949 0,000,000 50,000,000 99,489,746 69,73,080 99,00,446 22,994,639 $ - $ 5,532,949-0,000,000-50,000,000 75,979 200,205,725 (90,90) 69,622,890 205,299 99,25,745 94,968 222,89,607.95.03 5.7 20.7 7.55 20.6 22.98 0.270 0.00 0.330 0.604 0.462 0.283.037 428 280 23 777 $ 49,60,38 0,000,000 50,000,000 240,58,25 94,637,695 72,953,877 39,984,34 $ (33,627,89) - - (39,952,400) (25,04,805) 26,26,868 (97,794,734) Total $ 965,740,860 $,026,056 $ 966,766,96 00.00 0.553 360 $,36,894,76 $ (70,27,260) *Provided by Union Bank Treasurer's Pool Earnings Summary: Total Net Earnings on the Treasurer's Pool Average Daily Balance on the Treasurer's Pool Net Interest Rate on the Treasurer's Pool $,30,97 $,08,342,34 0.44% 7

TREASURER'S INVESTMENT POOL ASSET DISTRIBUTION BY SECTOR (PAR VALUE) 9/30/205 Treasuries, 20.7% Callable Securities, 23.0% Cash on Deposit at Bank, 2.0% CAMP,.0% LAIF - State Investment Pool, 5.2% Government Agency Notes, 38.% Treasuries Cash on Deposit at Bank $ 200,000,000 $ 5,532,949 Government Agency Notes $ 369,000,000 LAIF - State Investment Pool $ 50,000,000 CAMP $ 0,000,000 Callable Securities $ 222,05,000 TOTAL $ 966,637,949 8

S&P CREDIT RATING AT TIME OF PURCHASE BY PERCENT OF BOOK VALUE 9/30/205 AA (Long Term Rating) 60.7% CA Local Agency Investment Fund/ Cash on Deposit at Bank (Not Rated) 7.% AAA (Long Term Rating) 22.2% Investment Policy Requirements: -- US Treasuries: N/A -- Agency of the Federal Government/US Government Sponsored: N/A -- Commercial Paper of US Corporations, Assets Greater Than $500 million: A, P, F (by two of the three rating agencies) -- State of California - LAIF/Managed Investment Pools: N/A -- Negotiable CD's: A, P, F (by two of the three rating agencies) -- Medium Term Notes/Corporate Notes of US Corporations: Up to three years: AAby at least two of the three rating agencies. Greater than three years: AA by at least two of the three rating agencies. 9

TREASURER'S INVESTMENT POOL MATURITY DISTRIBUTION 9/30/205 3-4 YEARS, 0.5% 4-5 YEARS,.5% 2-3 YEARS, 3.% OVERNIGHT, 8.2% - 90 DAYS, 3.2% - 2 YEARS, 22.7% 9 DAYS - YEAR, 40.8% 0

TREASURER'S INVESTMENT POOL AVERAGE DAILY CASH BALANCE & INCOME DISTRIBUTION FOR THE QUARTER ENDED 9/30/205 Special Districts, % County, 39% Schools, 50% The average daily cash balance of all entities in the pool during the quarter was $,08,342,34. Aggregate interest earnings of $,30,97 was distributed to pool participants.

TREASURER'S INVESTMENT POOL QUARTERLY PERFORMANCE VERSUS SELECTED BENCHMARKS 9/30/205 7.00% 6.00% 5.00% 4.00% 3.00% 2.00%.00% 0.00% 0.44% 0.33% 0.25% 0.00% LAIF Treasurer's Pool Federal Funds 3 mo T-Bill 2

County Pool 205-206 Portfolio Management Investment Status Report - Investments September 30, 205 Page Stated Maturity Purchase Days to Accrued Interest Current CUSIP Investment # Issuer Par Value Rate Date Date Term Maturity Market Value At Purchase Principal Book Value Cash SYS5495 5495 BAC CAMP Cash Totals 5,532,949.00 5,532,949.00 0.270 5,532,949.00 5,532,949.00 0.00 5,532,949.00 5,532,949.00 5,532,949.00 5,532,949.00 SYS5272 5272 CAMP 0,000,000.00 0.00 0,000,000.00 0,000,000.00 0,000,000.00 CAMP Totals 0,000,000.00 0,000,000.00 0.00 0,000,000.00 0,000,000.00 Local Agency Investment Funds SYS009 009 LAIF 50,000,000.00 0.330 50,000,000.00 50,000,000.00 50,000,000.00 Local Agency Investment Funds Totals 50,000,000.00 50,000,000.00 0.00 50,000,000.00 50,000,000.00 Federal Agency Coupon Securities 333ECE9 333EEDF4 333EEKU3 333EESZ4 333EEC40 33380L96 333834R9 330A0C65 330A3GV0 330A3PB4 330A3UR3 330A4SQ6 330A57C7 330A57D5 330A5AA7 330A5K57 337EADS5 334G4XW3 335G0AL7 335G0SB0 335G0XP3 5679 5864 5879 5898 5909 5592 570 5746 5854 5866 5877 5904 5922 5923 5924 5929 573 584 553 5633 57 FFCB FFCB FFCB FFCB FFCB FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLMC FHLMC FNMA FNMA FNMA 0,000,000.00,500,000.00 0,000,000.00 3,000,000.00 0,000,000.00 0,000,000.00 0.400 02/0/206 0.850 07/28/207 0.240 0/2/206 0.460 07/2/206 0.350 06/24/206 0.500 /20/205 0.375 06/24/206 0.625 2/28/206 0.290 02/25/206 0.230 0/04/206 0.750 0/06/207 0.50 0/02/205 0.530 0/30/207 0.560 02/27/207 0.360 08/0/206 0.330 06/30/206 0.875 0/4/206 0.600 09/26/206 2.250 03/5/206 0.375 2/2/205 0.375 07/05/206 02/0/203 2/04/204 0/2/205 03/2/205 04/24/205 08/23/202 05/0/203 /5/203 /0/204 2/08/204 0/06/205 04/02/205 04/30/205 04/30/205 05/0/205 06/04/205 08/6/203 04//204 02/0/202 /6/202 05/7/203,095 967 365 488 427,84,4,39 472 392 73 83 64 669 458 392,55 899,495,30,45 23 666 2 285 267 50 267 454 47 95 463 487 55 305 273 379 36 66 8 278 0,005,200.00,502,490.00 5,000,600.00 0,006,00.00 3,002,600.00 5,002,250.00 4,995,200.00 5,00,550.00 5,002,550.00 5,004,500.00 0,07,400.00 4,997,450.00 5,000,50.00 4,995,200.00 5,006,300.00 5,02,450.00 5,00,00.00 5,046,300.00 0,005,400.00 5,000,00.00 Received Received Received 9,995,000.00,498,800.00 0,000,000.00 3,000,000.00 4,998,400.00 4,99,50.00 4,985,700.00 4,996,400.00 0,000,000.00 4,999,680.00 4,998,900.00 4,999,250.00 4,998,750.00 5,29,600.00 9,976,700.00 4,982,750.00 9,999,444.44,499,73.58 0,000,000.00 3,000,000.00 4,999,932.82 4,997,929.23 4,994,308.0 4,999,32.64 0,000,000.00 4,999,998.22 4,999,233.42 4,999,754.7 4,999,498.59 5,032,42.97 9,998,328.25 4,995,809.84 Federal Agency Coupon Securities Totals 69,500,000.00 78 280 69,622,890.00 0.00 69,73,080.00 69,54,965.8 Run Date: 0/22/205-0:57 Portfolio SB99 AP PM (PRF_PMS) 7.2.5 Report Ver. 7.3.

County Pool 205-206 Portfolio Management Investment Status Report - Investments September 30, 205 Page 2 Stated Maturity Purchase Days to Accrued Interest Current CUSIP Investment # Issuer Par Value Rate Date Date Term Maturity Market Value At Purchase Principal Book Value Federal Agency Disc. -Amortizing 3332WU0 5928 FCDN 0.290 05/3/206 06/02/205 346 225 4,992,500.00 4,986,063.89 4,990,937.50 3332WK2 5946 FCDN 0.320 05/04/206 09/30/205 27 26 4,992,800.00 4,990,355.56 4,990,400.00 3332ZZ6 5947 FCDN 0,000,000.00 0.400 07/29/206 09/30/205 303 302 9,977,800.00 9,966,333.33 9,966,444.44 33384NQ8 590 FHDN 0.080 0/30/205 04/24/205 89 29 4,999,900.00 4,997,900.00 4,999,677.78 33384WD7 595 FHDN 0.280 04/28/206 04/28/205 366 20 4,993,300.00 4,985,766.67 4,99,833.34 33384NG0 596 FHDN 0.095 0/22/205 04/28/205 77 2 4,999,900.00 4,997,664.58 4,999,722.92 33384NW5 597 FHDN,000,000.00 0.40 /05/205 04/28/205 9 35 999,940.00 999,257.22 999,863.89 33384XP9 5927 FHDN 0,000,000.00 0.290 06/0/206 06/02/205 365 244 9,982,700.00 9,970,597.22 9,980,344.44 33384YD5 5930 FHDN 0.360 06/5/206 06/5/205 366 258 4,990,850.00 4,98,700.00 4,987,00.00 33384YV5 5935 FHDN 3,500,000.00 0.340 07/0/206 07/23/205 344 274 3,492,930.00 3,488,628.89 3,490,942.78 33384YV5 5936 FHDN 0,000,000.00 0.360 07/0/206 09/09/205 296 274 9,979,800.00 9,970,400.00 9,972,600.00 33384WX3 5940 FHDN 0.380 05/6/206 09/5/205 244 228 4,992,400.00 4,987,22.22 4,987,966.66 33384SY6 5906 FHLBDN 2,500,000.00 0.20 02//206 04/23/205 294 33 2,498,425.00 2,495,72.50 2,498,060.42 33384RU5 5907 FHLBDN 2,500,000.00 0.80 0/4/206 04/23/205 266 05 2,499,050.00 2,496,675.00 2,498,687.50 33384SB6 5908 FHLBDN 0,000,000.00 0.95 0/2/206 04/24/205 272 2 9,996,000.00 9,985,266.67 9,993,933.33 33384SG5 593 FHLBDN 0,000,000.00 0.90 0/26/206 04/27/205 274 7 9,995,800.00 9,985,538.89 9,993,825.00 33384YC7 593 FHLBDN 0.360 06/4/206 06/5/205 365 257 4,990,900.00 4,98,750.00 4,987,50.00 33384YE3 5932 FHLBDN 0.350 06/6/206 06/9/205 363 259 4,990,800.00 4,982,354.7 4,987,409.72 33396SJ3 5893 FMCDN 0.220 0/28/206 03/04/205 330 9 4,997,850.00 4,989,96.67 4,996,363.89 33396SK0 5894 FMCDN 0.220 0/29/206 03/04/205 33 20 4,997,850.00 4,989,886. 4,996,333.33 33396VW0 599 FMCDN 0.260 04/2/206 04/29/205 358 203 4,993,500.00 4,987,072.22 4,992,669.44 33396UC5 5920 FMCDN 0.90 03/0/206 04/29/205 36 6 4,995,400.00 4,99,66. 4,995,75.39 33396US0 592 FMCDN 0.25 03/24/206 04/29/205 330 75 4,995,000.00 4,990,45.83 4,994,774.30 33396WL3 5926 FMCDN 0.275 05/05/206 05/05/205 366 27 4,992,750.00 4,986,020.83 4,99,7.80 33396XA6 5933 FMCDN 0,000,000.00 0.270 05/9/206 06/22/205 332 23 9,984,600.00 9,975,00.00 9,982,675.00 33396YU 5934 FMCDN 0.30 06/30/206 07/23/205 343 273 4,990,350.00 4,985,23.94 4,988,245.83 33396E82 5942 FMCDN 0.35 09/06/206 09/28/205 344 34 4,985,300.00 4,984,950.00 4,985,08.25 33396E25 5943 FMCDN 0.305 08/3/206 09/28/205 338 335 4,986,800.00 4,985,68.94 4,985,809.02 33396B69 5944 FMCDN 0.285 08//206 09/28/205 38 35 4,987,550.00 4,987,42.50 4,987,53.25 33396ZS5 5945 FMCDN 0.275 07/22/206 09/28/205 298 295 4,989,50.00 4,988,68.06 4,988,732.64 33588RJ6 5886 FNMA 0,000,000.00 0.200 0/04/206 02/26/205 32 95 9,996,600.00 9,982,666.67 9,994,722.22 33588XA8 5937 FNMA 0.325 05/9/206 09/09/205 253 23 4,992,300.00 4,988,579.86 4,989,572.92 33588ZV0 5938 FNMA 0.370 07/25/206 09/4/205 35 298 4,989,050.00 4,983,82.50 4,984,686. 33588ZY4 5939 FNMA 0.370 07/28/206 09/4/205 38 30 4,988,900.00 4,983,658.33 4,984,53.94 33588D44 594 FNMA 0.400 08/25/206 09/7/205 343 329 4,987,000.00 4,980,944.44 4,98,722.22 Portfolio SB99 AP Run Date: 0/22/205-0:57 PM (PRF_PMS) 7.2.5

County Pool 205-206 Portfolio Management Investment Status Report - Investments September 30, 205 Page 3 CUSIP Investment # Issuer Par Value Stated Rate Maturity Date Purchase Date Term Days to Maturity Market Value Accrued Interest At Purchase Current Principal Book Value Federal Agency Disc. -Amortizing Totals 99,500,000.00 3 23 99,25,745.00 0.00 99,00,445.82 99,37,84.27 Treasury Coupon Securities 92828B82 5802 USTR 2,500,000.00 0.250 02/29/206 03/06/204 725 5 2,50,75.00 Received 2,496,093.75 2,499,86.42 92828UR9 5803 USTR 2,500,000.00 0.750 02/28/208 03/06/204,455 88 2,498,200.00 Received 2,459,863.28 2,475,697.29 92828B82 5806 USTR 0,000,000.00 0.250 02/29/206 03/20/204 7 5 0,004,700.00 Received 9,98,250.00 9,996,07.93 92828B82 587 USTR 0,000,000.00 0.250 02/29/206 04/25/204 675 5 0,004,700.00 Received 9,980,468.75 9,995,630.79 92828SY7 589 USTR 0,000,000.00 0.625 05/3/207 04/29/204,28 608 0,007,400.00 Received 9,899,28.75 9,945,678.9 92828VC 582 USTR 0.250 05/5/206 04/30/204 746 227 5,000,900.00 Received 4,939,062.50 4,98,457.36 92828B74 5825 USTR 0,000,000.00 0.625 02/5/207 06/05/204 986 503 0,08,600.00 Received 9,972,656.25 9,986,050.8 92828VG2 5828 USTR 0.500 06/5/206 06/8/204 728 258 5,008,700.00 Received 5,000,390.63 5,000,38.44 92828WQ9 5835 USTR 0.500 06/30/206 07/07/204 724 273 5,008,600.00 Received 4,999,28.75 4,999,705.4 92828WM8 5836 USTR 0.375 05/3/206 07/07/204 694 243 5,004,00.00 Received 4,990,429.69 4,996,649.0 92828UG3 5850 USTR 0,000,000.00 0.375 0/5/206 /06/204 435 06 0,008,500.00 Received 0,09,53.25 0,004,759.34 92828SY7 585 USTR 0.625 05/3/207 /07/204 936 608 5,003,700.00 Received 4,974,609.38 4,983,506.95 92828TB6 5852 USTR 0,000,000.00 0.750 06/30/207 /07/204 966 638 0,027,500.00 Received 9,97,093.75 9,980,908.7 92828WM8 5858 USTR 0,000,000.00 0.375 05/3/206 /25/204 553 243 0,008,200.00 Received 0,02,500.00 0,005,492.77 92828WQ9 5859 USTR 0,000,000.00 0.500 06/30/206 /25/204 583 273 0,07,200.00 Received 0,025,78.25 0,02,072.52 92828TM2 586 USTR 0.625 08/3/207 2/02/204,003 700 4,999,400.00 Received 4,909,765.63 4,937,024.87 92828TB6 5862 USTR 0.750 06/30/207 2/02/204 94 638 5,04,250.00 Received 4,985,937.50 4,990,465.60 92828SY7 5863 USTR 0.625 05/3/207 2/02/204 9 608 5,0,00.00 Received 4,954,296.88 4,969,497.8 92828TM2 5888 USTR 0,000,000.00 0.625 08/3/207 03/02/205 93 700 9,999,600.00 Received 9,942,87.50 9,955,674.97 92828TB6 5889 USTR 0,000,000.00 0.750 06/30/207 03/02/205 85 638 0,027,500.00 Received 9,990,625.00 9,992,97.50 92828WM8 5896 USTR 0.375 05/3/206 03//205 447 243 5,004,00.00 Received 4,998,828.3 4,999,362.94 92828VC 5897 USTR 0,000,000.00 0.250 05/5/206 03//205 43 227 0,000,600.00 Received 9,985,937.50 9,992,593.53 Treasury Coupon Securities Totals 200,000,000.00 797 428 200,205,725.00 0.00 99,489,746.2 99,700,543.6 Federal Agency Coupon - Callables 333EA5V6 5620 FFCB 0.620 0/24/206 0/24/202,46 389 5,000,250.00 333EA5V6 562 FFCB 0.620 0/24/206 0/24/202,46 389 5,000,250.00 4,992,500.00 4,998,005.2 333EC3F9 5640 FFCB 0.550 08/26/206 /26/202,369 330 5,000,200.00 4,990,750.00 4,997,773.5 333EC5B6 5644 FFCB 0.640 /29/206 /29/202,46 425 5,000,50.00 4,993,750.00 4,998,85.76 333EC6S8 5656 FFCB 0,000,000.00 0.600 2/2/206 2/2/202,46 438 0,000,600.00 9,992,500.00 9,997,755.2 333ECFA7 5684 FFCB.080 02/3/208 02/3/203,826 866 5,000,500.00 333ECKL7 5697 FFCB 0.780 04/03/207 04/03/203,46 550 4,993,950.00 333ECQW7 574 FFCB.250 06/04/208 06/04/203,826 977 5,000,500.00 4,99,750.00 4,995,586.25 Portfolio SB99 AP Run Date: 0/22/205-0:57 PM (PRF_PMS) 7.2.5

County Pool 205-206 Portfolio Management Investment Status Report - Investments September 30, 205 Page 4 Stated Maturity Purchase Days to Accrued Interest Current CUSIP Investment # Issuer Par Value Rate Date Date Term Maturity Market Value At Purchase Principal Book Value Federal Agency Coupon - Callables 333EDJU7 585 FFCB 2,500,000.00 0.670 0/7/206 04/7/204 94 382 2,500,25.00 2,500,000.00 2,500,000.00 333EDYQ9 5855 FFCB 500,000.00 0.750 0/20/207 /4/204 798 477 500,030.00 Received 500,000.00 500,000.00 333EELR9 5880 FFCB 0.625 0/27/207 0/27/205 73 484 5,007,250.00 33380MF 5606 FHLB 7,080,000.00.000 09/8/207 09/8/202,826 78 7,080,566.40 7,078,584.00 7,079,443.83 33383R4 566 FHLB 0,000,000.00.000 /09/207 2/9/202,786 770 0,00,700.00 Received 9,997,000.00 9,998,707.95 333836L0 573 FHLB.200 05/24/208 05/28/203,822 966 4,986,750.00 330A0F54 5770 FHLB.250 2/8/207 2/8/203,46 809 5,008,800.00 330A0NR7 5794 FHLB 2,500,000.00.430 0/29/208 0/29/204,46 85 2,507,500.00 2,499,375.00 2,499,636.28 330A4JT0 5899 FHLB 0,000,000.00 0.500 /2/209 03/2/205,706,503 0,003,200.00 0,000,000.00 0,000,000.00 330A4VL3 594 FHLB 0.400 04/28/207 04/28/205 73 575 5,00,000.00 334G3K82 562 FHLMC 0.750 03/27/207 09/27/202,642 543 5,03,700.00 334G3Y79 5643 FHLMC.000 /28/207 /28/202,826 789 4,994,300.00 334G3Z37 5648 FHLMC 0.625 2/05/206 2/05/202,46 43 5,006,550.00 4,997,500.00 4,999,263.89 334G33B4 5670 FHLMC.000 0//208 0//203,826 833 5,00,50.00 4,997,500.00 4,998,86. 334G33M0 567 FHLMC 0,000,000.00.050 0/6/208 0/6/203,826 838 0,003,900.00 0,000,000.00 0,000,000.00 334G34Y3 570 FHLMC.000 02/4/208 04/09/203,772 867 4,994,00.00 Received 4,998,750.00 4,999,388.97 334G37C8 5707 FHLMC 7,275,000.00.00 04/7/208 04/7/203,826 929 7,277,90.00 7,275,000.00 7,275,000.00 334G42G2 5709 FHLMC.050 04/30/208 04/30/203,826 942 5,003,450.00 334G4S90 578 FHLMC 0.800 2/30/206 2/30/203,096 456 5,005,850.00 334G4R9 5782 FHLMC 2,450,000.00 0.750 2/30/206 2/30/203,096 456 2,455,953.50 2,450,000.00 2,450,000.00 334G4YA0 58 FHLMC 5,250,000.00 0.625 09/26/206 03/26/204 95 36 5,255,97.50 5,250,000.00 5,250,000.00 334G6TQ6 5905 FHLMC.250 04/20/208 04/20/205,096 932 5,00,000.00 334G6YM9 592 FHLMC 0.875 0/27/207 04/27/205 94 757 5,005,850.00 335G0QW6 5629 FNMA.000 /08/207 /08/202,826 769 4,999,800.00 335G0SH7 5654 FNMA 0,000,000.00.000 2/2/207 2/2/202,826 803 0,03,200.00 0,000,000.00 0,000,000.00 335G0TV5 5677 FNMA.030 0/30/208 0/30/203,826 852 5,003,850.00 4,998,750.00 4,999,47.36 335G0UE 5685 FNMA.000 02/4/208 02/4/203,826 867 5,0,400.00 4,993,750.00 4,997,038.9 336G0K83 5689 FNMA 9,550,000.00.20 03/27/208 03/27/203,826 908 9,535,675.00 9,546,80.00 9,548,098.49 336GHU6 5698 FNMA.200 04/04/208 04/04/203,826 96 5,000,400.00 335G0UN 5798 FNMA.50 02/28/208 02/3/204,476 88 4,998,50.00 Received 4,95,000.00 4,970,802.06 336G2CY 5882 FNMA.000 0/30/209 0/30/205,46,27 5,002,200.00 335G0C84 5887 FNMA 2.000 02/27/2020 02/27/205,826,60 5,02,700.00 Federal Agency Coupon - Callables Totals 222,05,000.00,572 777 222,89,607.40 0.00 22,994,639.00 222,052,963.7 Portfolio SB99 AP Run Date: 0/22/205-0:57 PM (PRF_PMS) 7.2.5

County Pool 205-206 Portfolio Management Investment Status Report - Investments September 30, 205 Page 5 CUSIP Investment # Issuer Par Value Stated Rate Maturity Date Purchase Date Term Days to Maturity Market Value Accrued Interest At Purchase Current Principal Book Value Investment Totals 966,637,949.00 76 360 966,766,96.40 0.00 965,740,859.94 965,939,235.32 Portfolio SB99 AP Run Date: 0/22/205-0:57 PM (PRF_PMS) 7.2.5

Treasurer's Investment Pool Purchases Report Sorted by Fund - Fund July, 205 - September 30, 205 Santa Barbara County Sec. Original Purchase Principal Accrued Interest Rate at Maturity Ending CUSIP Investment # Fund Type Issuer Par Value Date Payment Periods Purchased at Purchase Purchase Date YTM Book Value Treasurer's Pooled Investments 33384YV5 5935 AFD FHDN 3,500,000.00 07/23/205 07/0 - At Maturity 3,488,628.89 0.340 07/0/206 0.346 3,490,942.78 33396YU 5934 AFD FMCDN 07/23/205 06/30 - At Maturity 4,985,23.94 0.30 06/30/206 0.35 4,988,245.83 33384YV5 5936 AFD FHDN 0,000,000.00 09/09/205 07/0 - At Maturity 9,970,400.00 0.360 07/0/206 0.366 9,972,600.00 33588XA8 5937 AFD FNMA 09/09/205 05/9 - At Maturity 4,988,579.86 0.325 05/9/206 0.330 4,989,572.92 33588ZV0 5938 AFD FNMA 09/4/205 07/25 - At Maturity 4,983,82.50 0.370 07/25/206 0.376 4,984,686. 33588ZY4 5939 AFD FNMA 09/4/205 07/28 - At Maturity 4,983,658.33 0.370 07/28/206 0.376 4,984,53.94 33384WX3 5940 AFD FHDN 09/5/205 05/6 - At Maturity 4,987,22.22 0.380 05/6/206 0.386 4,987,966.66 33588D44 594 AFD FNMA 09/7/205 08/25 - At Maturity 4,980,944.44 0.400 08/25/206 0.407 4,98,722.22 33396E82 5942 AFD FMCDN 09/28/205 09/06 - At Maturity 4,984,950.00 0.35 09/06/206 0.320 4,985,08.25 33396E25 5943 AFD FMCDN 09/28/205 08/3 - At Maturity 4,985,68.94 0.305 08/3/206 0.30 4,985,809.02 33396B69 5944 AFD FMCDN 09/28/205 08/ - At Maturity 4,987,42.50 0.285 08//206 0.290 4,987,53.25 33396ZS5 5945 AFD FMCDN 09/28/205 07/22 - At Maturity 4,988,68.06 0.275 07/22/206 0.279 4,988,732.64 3332WK2 5946 AFD FCDN 09/30/205 05/04 - At Maturity 4,990,355.56 0.320 05/04/206 0.325 4,990,400.00 3332ZZ6 5947 AFD FCDN 0,000,000.00 09/30/205 07/29 - At Maturity 9,966,333.33 0.400 07/29/206 0.407 9,966,444.44 Subtotal 78,500,000.00 78,27,729.57 0.00 78,284,267.06 Total Purchases 78,500,000.00 78,27,729.57 0.00 78,284,267.06 Portfolio SB99 Data Updated: SET_: 0/22/205 0:38 AP Run Date: 0/22/205-0:38 PU (PRF_PU) 7.. Report Ver. 7.3.

Treasurer's Investment Pool Maturity Report Sorted by Maturity Date Received or due during July, 205 - September 30, 205 Santa Barbara County Sec. Maturity Purchase Rate Book Value Maturity Net CUSIP Investment # Fund Type Issuer Par Value Date Date at Maturity at Maturity Interest Proceeds Income 333EDBE 5762 FAC FFCB 07/09/205 2/0/203 0.220 5,500.00 5,005,500.00 5,500.00 3332JD3 5840 AFD FCDN 07/5/205 07/6/204 0.40 0.00 0.00 33396JL8 5860 AFD FMCDN 7,460,000.00 07/22/205 /26/204 0.30 7,460,000.00 0.00 7,460,000.00 0.00 33384JV2 59 AFD FHDN 0,000,000.00 07/3/205 04/24/205 0.070 0,000,000.00 0.00 0,000,000.00 0.00 33384KJ7 598 AFD FHDN 4,675,000.00 08/3/205 04/28/205 0.085 4,675,000.00 0.00 4,675,000.00 0.00 92828TK6 5785 TRC USTR 0,000,000.00 08/5/205 2/3/203 0.250 0,000,000.00 2,500.00 0,02,500.00 2,500.00 333EDAL6 5764 FAC FFCB 08/25/205 2//203 0.280 7,000.00 5,007,000.00 7,000.00 33384KW8 5846 AFD FHLBDN 0,000,000.00 08/25/205 08/27/204 0.60 0,000,000.00 0.00 0,000,000.00 0.00 33396KY8 5857 AFD FMCDN 08/27/205 /25/204 0.00 0.00 0.00 333ECWQ3 5729 FAC FFCB 0,000,000.00 09/09/205 08/09/203 0.375 0,000,000.00 8,750.00 0,08,750.00 8,750.00 334G36F2 5692 MC FHLMC 09/8/205 03/28/203 0.420 0,500.00 5,00,500.00 0,500.00 335G0NV 5590 FAC FNMA 09/28/205 08/7/202 0.500 2,500.00 5,02,500.00 2,500.00 92828VY3 580 TRC USTR 09/30/205 03/24/204 0.250 6,250.00 5,006,250.00 6,250.00 Total Maturities 97,35,000.00 97,35,000.00 73,000.00 97,208,000.00 73,000.00 Data Updated: SET_: 0/22/205 0:38 Portfolio SB99 AP Run Date: 0/22/205-0:38 MA (PRF_MA) 7.. Report Ver. 7.3.

Treasurer's Investment Pool Sales/Call Report Sorted by Maturity Date - Fund July, 205 - September 30, 205 Santa Barbara County Issuer Purchase Redem. Date Par Rate at Book Value Redemption Redemption Total CUSIP Investment # Fund Sec. Type Date Matur. Date Value Redem. at Redem. Principal Interest Amount Net Income 08/26/206 334G5GE9 5844 FHLMC 08/26/204 08/26/205 0.570 4,250.00 5,04,250.00 4,250.00 MC 08/26/206 Call 09/09/206 Subtotal 4,250.00 5,04,250.00 4,250.00 333EDUM2 5847 FFCB 09/09/204 09/4/205 0.640 444.44 5,000,444.44 444.44 MC 09/09/206 Call /4/206 Subtotal 444.44 5,000,444.44 444.44 336G02U4 5630 FNMA /4/202 08/4/205 0.625 4,997,968.75 7,82.50 5,007,82.50 9,843.75 MC /4/206 Call 0/30/207 Subtotal 4,997,968.75 7,82.50 5,007,82.50 9,843.75 334G6AA 5884 FHLMC 0/30/205 07/30/205 0.700 7,500.00 5,07,500.00 7,500.00 MC 0/30/207 Call 02/5/207 Subtotal 7,500.00 5,07,500.00 7,500.00 92828B74 5825 USTR 06/05/204 08/2/205 0.625 4,992,332. 5,005,859.38 5,366.02 5,02,225.40 28,893.29 TRC 02/5/207 Sale 03/30/207 Subtotal 4,992,332. 5,005,859.38 5,366.02 5,02,225.40 28,893.29 330A4JN3 590 FHLB 03/30/205 09/30/205 0.850 2,250.00 5,02,250.00 2,250.00 MC 03/30/207 Call 06/30/207 Subtotal 2,250.00 5,02,250.00 2,250.00 334G6PU 5902 FHLMC 03/30/205 09/30/205 0.875 0,937.50 5,00,937.50 0,937.50 MC 06/30/207 Call 07/24/207 Subtotal 0,937.50 5,00,937.50 0,937.50 Data Updated: SET_: 0/22/205 0:38 Portfolio SB99 AP Run Date: 0/22/205-0:38 SA (PRF_SA) 7.. Report Ver. 7.3.

Treasurer's Investment Pool Sales/Call Report Page 2 July, 205 - September 30, 205 Issuer Purchase Redem. Date Par Rate at Book Value Redemption Redemption Total CUSIP Investment # Fund Sec. Type Date Matur. Date Value Redem. at Redem. Principal Interest Amount Net Income 07/24/207 333EAZK7 5583 FFCB 07/24/202 09/0/205 0.970 4,984.72 5,004,984.72 4,984.72 MC 07/24/207 Call 333EAZK7 5584 FFCB 07/24/202 09/0/205 0.970 4,984.72 5,004,984.72 4,984.72 MC 07/24/207 Call 09/2/207 Subtotal 0,000,000.00 0,000,000.00 0,000,000.00 9,969.44 0,009,969.44 9,969.44 334G3H52 5598 FHLMC 09/2/202 09/2/205.000 4,999,500.00 25,000.00 5,025,000.00 25,500.00 MC 09/2/207 Call 09/9/207 Subtotal 4,999,500.00 25,000.00 5,025,000.00 25,500.00 330A25D4 583 FHLB 06/9/204 09/9/205.00 27,500.00 5,027,500.00 27,500.00 MC 09/9/207 Call 09/29/207 Subtotal 27,500.00 5,027,500.00 27,500.00 330A3MG6 5875 FHLB 2/29/204 09/29/205 0,000,000.00.000 0,000,000.00 0,000,000.00 50,000.00 0,050,000.00 50,000.00 MC 09/29/207 Call 05/3/208 Subtotal 0,000,000.00 0,000,000.00 0,000,000.00 50,000.00 0,050,000.00 50,000.00 92828VE7 5865 USTR 2/04/204 08/04/205 0,000,000.00.000 9,947,208.29 0,08,750.00 7,759.56 0,036,509.56 89,30.27 TRC 05/3/208 Sale 06/9/208 Subtotal 0,000,000.00 9,947,208.29 0,08,750.00 7,759.56 0,036,509.56 89,30.27 334G5T2 587 FHLMC 2/9/204 09/9/205 2,500,000.00.450 2,500,000.00 2,500,000.00 9,062.50 2,509,062.50 9,062.50 MC 06/9/208 Call 06/25/208 Subtotal 2,500,000.00 2,500,000.00 2,500,000.00 9,062.50 2,509,062.50 9,062.50 330A4MX7 5900 FHLB 03/25/205 09/25/205 0,000,000.00 0.500 V 0,000,000.00 0,000,000.00 2,500.00 0,02,500.00 2,500.00 MC 06/25/208 Call 05/3/209 Subtotal 0,000,000.00 0,000,000.00 0,000,000.00 2,500.00 0,02,500.00 2,500.00 92828WL0 5895 USTR 03/09/205 08/04/205 0,000,000.00.500 9,985,66.37 0,090,625.00 26,639.34 0,7,264.34 32,097.97 TRC 05/3/209 Sale V - Security with variable rate change. Data Updated: SET_: 0/22/205 0:38 Subtotal 0,000,000.00 9,985,66.37 0,090,625.00 26,639.34 0,7,264.34 32,097.97 Portfolio SB99 AP Run Date: 0/22/205-0:38 SA (PRF_SA) 7.. Report Ver. 7.3.

Treasurer's Investment Pool Sales/Call Report July, 205 - September 30, 205 Page 3 CUSIP Investment # Fund Issuer Sec. Type Purchase Date Redem. Date Matur. Date Par Value Rate at Redem. Book Value at Redem. Redemption Principal Redemption Interest Total Amount Net Income 06/2/209 333EDN8 5826 FFCB 06/2/204 07/4/205 MC 06/2/209 2,500,000.00.850 2,500,000.00 2,500,000.00 4,. 2,504,. Call 4,. Subtotal 2,500,000.00 2,500,000.00 2,500,000.00 4,. 2,504,. 4,. 06/7/209 334G56S9 5827 FHLMC 06/7/204 09/7/205 MC 06/7/209 2,500,000.00.000 V 2,498,25.00 2,500,000.00 6,250.00 2,506,250.00 Call 8,25.00 Subtotal 2,500,000.00 2,498,25.00 2,500,000.00 6,250.00 2,506,250.00 8,25.00 07/0/209 330A2FP6 5838 FHLB 07/0/204 07/0/205 MC 07/0/209 660,000.00.000 V 660,000.00 660,000.00 3,300.00 663,300.00 Call 3,300.00 Subtotal 660,000.00 660,000.00 660,000.00 3,300.00 663,300.00 3,300.00 07/7/209 330A2KK 584 FHLB 07/7/204 07/7/205 MC 07/7/209.000 V 25,000.00 5,025,000.00 Call 25,000.00 Subtotal 25,000.00 5,025,000.00 25,000.00 2/2/209 330A2A30 5885 FHLB 02/05/205 09/04/205 MC 2/2/209 0,000,000.00.900 0,000,000.00 0,000,000.00 43,277.78 0,043,277.78 Call 43,277.78 Subtotal 0,000,000.00 0,000,000.00 0,000,000.00 43,277.78 0,043,277.78 43,277.78 Total Sales 8,60,000.00 8,080,300.52 8,275,234.38 347,930.9 8,623,64.57 542,864.05 V - Security with variable rate change. Data Updated: SET_: 0/22/205 0:38 Portfolio SB99 AP Run Date: 0/22/205-0:38 SA (PRF_SA) 7.. Report Ver. 7.3.