Monthly Invest Rpt Aug 2004

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					    CLARK COUNTY, NEVADA
        MONTHLY INVESTMENT REPORT
              AUGUST 2004




           CLARK COUNTY TREASURER’S OFFICE
                   500 S. GRAND CENTRAL PARKWAY
                    LAS VEGAS, NEVADA 89155-1220




                           Laura B. Fitzpatrick
                                    Treasurer



    Rick Phillips                   Tonya Dazzio                   Chris Woodard
Chief Investment Officer       Senior Investment Officer      Senior Banking Analyst
     702-455-6443                   702-455-2514                  702-455-6757



                     www.co.clark.nv.us/treasurer/investment.htm
                                                                                        August, 2004

          CLARK COUNTY, NEVADA                                            Monthly Investment Report




                                      TABLE OF CONTENTS

          TREASURER'S CERTIFICATION                                                1

          PORTFOLIO OVERVIEW                                                       2

          TOTAL INVESTMENTS BY ASSET TYPE - ALL FUNDS                              3

          INVESTMENT POOL OVERVIEW                                                 4

          INVESTMENT POOL BY ASSET TYPE                                            5

          CLARK COUNTY INVESTMENT POOL - GASB 31 DATA                              6

          PORTFOLIO SECURITY LISTINGS                                     APPENDIX


                  CLARK COUNTY TOTAL INVESTMENT SUMMARY

                  CLARK COUNTY INVESTMENT POOL

                  CLARK COUNTY TAX RECEIVER

                  CLARK COUNTY BOND FUNDS

                  McCARRAN AIRPORT BOND FUNDS

                  CLARK COUNTY WATER RECLAMATION DISTRICT




                          CLARK COUNTY TREASURER'S WEBSITE
                           ADDITIONAL INVESTMENT INFORMATION


     Investment Policy/Glossary - www.co.clark.nv.us/treasurer/investment.htm

     Investment Portfolio Descriptions and Strategies - www.co.clark.nv.us/treasurer/investment.htm

     Securities Lending Reports - www.co.clark.nv.us/treasurer/seclend.htm

     Interest Allocation Reports - www.co.clark.nv.us/treasurer/interest%20allocation.htm


     Investment Holdings Reports - www.co.clark.nv.us/treasurer/investment%20%holdings.htm




August 31, 2004
                                                                                                    August, 2004

              CLARK COUNTY, NEVADA                                                 Monthly Investment Report


                                    TREASURER'S CERTIFICATION

I, Laura B. Fitzpatrick, Clark County Treasurer, certify that the investments and related activity herein reported
comply with Nevada Revised Statues, Clark County Ordinances, and the Clark County Investment Policy.



/s/ Laura B. Fitzpatrick
Laura B. Fitzpatrick - County Treasurer

Date:            10/5/04


                                 REQUIREMENTS AND COMPLIANCE
                                                                                                       ACTUAL
           ITEM                                        REQUIREMENTS
                                                                                                      PORTFOLIO
                              The Clark County Investment Pool cannot exceed a 2.5 year average
 Average Weighted Maturity                                                                             1.33 Years
                              weighted maturity.
                              At least 5% of the Clark County Investment Pool must mature with 90
   Liquidity Requirement                                                                                9.61%
                              days.


                                  MAXIMUM              AUTHORIZED            QUALITY LIMITS            ACTUAL
INVESTMENT CATEGORY
                                  MATURITY                LIMIT               S&P/MOODY'S             PORTFOLIO
    U.S. Federal Agency             10 Years              No Limit                   N/A
                                                                                                             52.64%
        U.S. Treasury               10 Years              No Limit                   N/A
                                                                                                             20.63%
    Money Market Funds                N/A                 No Limits                  AAA
                                                                                                             13.71%
                                                    20% - Not more than
    Commercial Paper*              270 Days                             Domestic A1/P1 or better
                                                       5% per issuer                                          5.13%
     NVEST State Pool                 N/A                 No Limit                   N/A
                                                                                                              2.93%
  Collateralized Investment
                               Match Bond Issues          No Limits             A2/A or better
         Agreements                                                                                           2.71%
                                                    20% - Not more than
     Corporate Notes*               5 Years                             Domestic A-/A3 or better
                                                       5% per issuer                                          2.25%

                                                                                    Total                 100.00%



*No single issuer exceeds the 5% restriction limit for commercial paper or corporate notes.




August 31, 2004                                                                                                     1
                                                                                                August, 2004

               CLARK COUNTY, NEVADA                                           MONTHLY INVESTMENT REPORT


                                        PORTFOLIO OVERVIEW
                                              AUGUST 31, 2004

        PORTFOLIO                    MARKET VALUE*                  BOOK VALUE*                  VARIANCE

      Investment Pool            $       2,283,468,727.58      $         2,283,183,353.37   $        285,374.21
McCarran Airport Bond Iss.                 409,577,526.06                 409,781,587.87            (204,061.81)
 Water Reclamation District                292,642,994.48                 293,580,654.01            (937,659.53)
        Bond Issues                         50,563,476.28                  50,563,517.81                 (41.53)
        Tax Receiver                       373,847,385.65               373,855,247.87                (7,862.22)
                                                                         \
          TOTALS                 $    3,410,100,110.05         $    3,410,964,360.93        $      (864,250.88)

* Market and book values include accrued interest at time of purchase.


                                                               WEIGHED MATURITY             MONTHLY INTEREST
        PORTFOLIO                YIELD TO MATURITY
                                                                   (YEARS)                     EARNINGS
      Investment Pool                      2.50%                           1.33             $      5,722,518.04
McCarran Airport Bond Iss.                 2.50%                           0.27                      828,159.93
 Water Reclamation District                1.94%                           0.62                      458,698.21
        Bond Issues                        1.47%                           0.10                       57,582.54
        Tax Receiver                       1.46%                           0.01                      179,695.58

   TOTAL PORTFOLIO                        2.38%                            1.14             $     7,246,654.30


                              INVESTMENT PORTFOLIOS -- ALL FUNDS
                                     DISTRIBUTION BY PORTFOLIOS
                                                 AUGUST 31, 2004



                                                     CC TAX RECEIVER
                             CC BOND ISSUES              10.96%
                                 1.48%
                           WATER
                        RECLAMATION
                          DISTRICT
                           8.61%
                                                                            CC INV POOL
                           AIRPORT BOND                                       66.94%
                               FUNDS
                              12.01%




August 31, 2004                                                                                               2
                                                                                          August, 2004

               CLARK COUNTY, NEVADA                                       MONTHLY INVESTMENT REPORT


The County’s total investment portfolio is diversified into various types of assets which are allowed by the
County’s Investment Policy and Nevada Revised Statues. The breakdown of the assets is as follows:



                                    TOTAL INVESTMENTS -- ALL FUNDS
                                               BY ASSET TYPE
                                               AUGUST 31, 2004


                               NVEST           CP
                               2.93%         5.13%
                     CIA                                      CORP
                   2.71%                                      2.25%


       MMF
      13.71%




                                                                                          AGCY
                                                                                         52.64%

                            TRSY
                           20.63%




                               ASSET TYPE                         BOOK VALUE

               AGCY - U.S. Federal Agency                     $       1,795,516,649.91
               TRSY - U.S. Treasury                                    703,789,527.42
               MMF - Money Market Funds                                467,493,196.48
               CP - Commercial Paper                                   174,914,868.05
               NVEST - State Pool (Mortgage & Asset Backed)            100,000,000.00
               CIA - Collateralized Investment Agreements               92,523,065.55
               CORP - U.S. Corporate Notes                              76,727,053.52

                  TOTAL                                       $   3,410,964,360.93




August 31, 2004                                                                                           3
                                                                                                          August, 2004

                               CLARK COUNTY, NEVADA                                       MONTHLY INVESTMENT REPORT


The County's Investment Pool is segregated in the following portfolios:

                                                 INVESTMENT POOL OVERVIEW
                                                           AUGUST 31, 2004

                        PORTFOLIO                 MARKET VALUE*               BOOK VALUE*                  VARIANCE

                      Intermediate Term      $       1,008,291,149.82     $     1,009,067,062.57    $         (775,912.75)
                      Cash Management                 668,906,069.10              669,211,769.60              (305,700.50)
                         Long Term                    506,269,133.66              504,904,521.20             1,364,612.46
                           NVEST                      100,002,375.00              100,000,000.00                 2,375.00
                                                                                  \
                          TOTALS             $     2,283,468,727.58       $   2,283,183,353.37       $       285,374.21

* Market and book values include accrued interest at time of purchase.




The Clark County Investment Policy stipulates that the Investment Pool always has at least 5% of its
holdings between an overnight to a 3-month maturity to ensure the daily liquidity needs of the County
are met. The Treasurer’s Office maintains a detailed 3-month rolling cash flow analysis to assist in
meeting this requirement. The chart below displays the allocations for specific maturity intervals of
the Investment Pool.

                                            CLARK COUNTY INVESTMENT POOL
                                      DISTRIBUTION BY MATURITY - AUGUST 31, 2004

                      $1,000



                        $800
$ Amount (Millions)




                        $600



                        $400



                        $200



                          $0
                               0-3 MONTHS    3-12 MONTHS      1-2 YEARS       2-3 YEARS       3-4 YEARS      4+ YEARS




August 31, 2004                                                                                                         4
                                                                                       August, 2004

             CLARK COUNTY, NEVADA                                       MONTHLY INVESTMENT REPORT


The County’s Investment Pool is diversified into various types of assets which are allowed by the County’s
Investment Policy and Nevada Revised Statues. The breakdown of the assets is as follows:




                                CLARK COUNTY INVESTMENT POOL
                                              BY ASSET TYPE
                                              AUGUST 31, 2004

                                             CP
                           NVEST           3.28%          CORP
                           4.38%                         3.36%
                  MMF
                 2.26%




                                                                                         AGCY
                                                                                        59.40%
         TRSY
        27.32%




                              ASSET TYPE                         BOOK VALUE

              AGCY - U.S. Federal Agency                     $     1,356,130,761.39
              TRSY - U.S. Treasury                                   623,809,328.07
              MMF - Money Market Funds                                51,542,377.06
              CP - Commercial Paper                                   74,973,833.33
              NVEST - State Pool (Mortgage & Asset Backed)           100,000,000.00
              CORP - U.S. Corporate Notes                             76,727,053.52

                  TOTAL                                      $   2,283,183,353.37




August 31, 2004                                                                                         5
                                                                                                          August, 2004

                    CLARK COUNTY, NEVADA                                                    Monthly Investment Report


                                         CLARK COUNTY INVESTMENT POOL
                                    GASB 31 DATA -- MARK-TO-MARKET INFORMATION

The Governmental Accounting Standard’s Board (GASB) Statement 31 requires municipalities to mark-to-
market their portfolios at fiscal year-end to reflect the change in “fair” or market values in the municipalities’
financial statements. The Treasurer’s Office reports this market value change monthly in this report and
annually in the County’s Comprehensive Annual Financial Report.
The market values of fixed income securities change inversely to interest rates. In other words, as interest
rates go up, fixed income securities’ values go down and visa versa. The table listed below shows the change
in market value for the Clark County Investment Pool for the fiscal year 2004 year-to-date.



                                     GASB 31 DATA -- FISCAL YEAR 2005 YTD
                                                       6/30/04 TO 8/31/04

                                            ITEM                                              AMOUNT*
                     Market Value At August 31, 2004                                    $     2,281,529,191.64
                     Add: Proceeds of Investments Matured/Sold In FY 05                        984,022,326.90
                     Less: Cost of Investments Purchased in FY 05                            (1,061,292,637.23)
                     Less Market Value at June 30, 2004                                      (2,184,920,200.69)

                     Change in Market Value of Investments                              $     19,338,680.62

                    *Market and book values do not include accrued interest at time of purchase.




                                              U.S. TREASURY YIELD CURVE
                                                       6/30/04 TO 8/31/04

                                                                            FISCAL YEAR-TO-DATE YIELD CHANGES
           5.5            8/31/04
           5.0            6/30/04                                            Maturity   6/30/04      8/31/04      Variance
           4.5                                                                  3M          1.26%     1.58%       0.32%
           4.0                                                                  6M          1.64%     1.79%       0.16%
                                                                                2y          2.68%     2.39%       (0.29%)
 % YIELD




           3.5

           3.0                                                                  3Y          3.07%     2.73%       (0.35%)
           2.5                                                                  5Y          3.77%     3.31%       (0.46%)

           2.0                                                                 10Y          4.58%     4.12%       (0.46%)

           1.5                                                                 30Y          5.29%     4.93%       (0.36%)

           1.0
                 3M 6M 2Y 3Y   5Y          10Y                      30Y

                                      MATURITIES




August 31, 2004                                                                                                              6
                                                                  August, 2004

          CLARK COUNTY, NEVADA                         Monthly Investment Report




                                       APPENDIX



          INVESTMENT HOLDINGS

             CLARK COUNTY TOTAL INVESTMENT SUMMARY

             CLARK COUNTY INVESTMENT POOL

             CLARK COUNTY TAX RECEIVER

             CLARK COUNTY BOND FUNDS

             McCARRAN AIRPORT BOND FUNDS

             CLARK COUNTY WATER RECLAMATION DISTRICT




August 31, 2004                                                               7

				
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