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Custom Portfolio of Individual Securities Custom Portfolio of Individual Securities
Fee Based Management Fee Based Management
Custom Portfolio of Individual Securities Custom Portfolio of Individual Securities
Custom Portfolio of Individual Securities
Fee Based Management
Custom Portfolio of Individual Securities
Fee Based Management
Often Full Discretion within Investment Guidelines
Often Full Discretion within Investment Guidelines
Often Full Discretion within Investment Guidelines Often Full Discretion within Investment Guidelines
Custom Portfolio of Individual Securities
Fee Based Management
Custom Portfolio of Individual Securities
Fee Based Management
Fiduciary Relationship Fiduciary Relationship
Investment Guidelines Status Updates
Municipality
Portfolio Manager
Portfolio Reporting, Performance & Compliance
Investment Guidelines Status Updates
Portfolio Reporting, Performance & Compliance
Municipality
Portfolio Manager
Broker/Dealer Broker/Dealer Broker/Dealer
TRADES TRADESTRADES TRADES
Investment Guidelines Status Updates
Portfolio Reporting, Performance & Compliance
Investment Guidelines Status Updates
Portfolio Reporting, Performance & Compliance
Regulators
Municipality
Portfolio Manager
Broker/Dealer Broker/Dealer Broker/Dealer
TRADES TRADESTRADES TRADES
Investment Guidelines Status Updates
Portfolio Reporting, Performance & Compliance
Investment Guidelines Status Updates
Portfolio Reporting, Performance & Compliance
Leverage Existing Resources Leverage Existing Resources
Perfectly Aligned Incentives Perfectly Aligned Incentives
Leverage Existing Resources Leverage Existing Resources
Professional Portfolio Management Professional Portfolio Management
Leverage Existing Resources
Perfectly Aligned Incentives
Leverage Existing Resources
Perfectly Aligned Incentives
Legal Liability Legal Liability
Leverage Existing Resources
Perfectly Aligned Incentives
Professional Portfolio Management
Leverage Existing Resources
Perfectly Aligned Incentives
Professional Portfolio Management
Disclosed Fees Disclosed Fees
Relinquish Daily Involvement Relinquish Daily Involvement
Disclosed Fees Disclosed Fees
Market Risk on Unexpected Withdrawals versus LAIF
Market Risk on Unexpected Withdrawals versus LAIF
Disclosed Fees
Relinquish Daily Involvement
Disclosed Fees
Relinquish Daily Involvement
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3M 6M 1Y 2Y 3Y 4Y 5Y
LAIF U.S. Govt. Agency
Data as of December 31, 2003Data as of December 31, 2003
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3M 6M 1Y 2Y 3Y 4Y 5Y
LAIF U.S. Govt. Agency
LAIF
Data as of December 31, 2003
LAIF
Data as of December 31, 2003
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3M 6M 1Y 2Y 3Y 4Y 5Y
LAIF U.S. Govt. Agency
Individual SecuritiesLAIF
Data as of December 31, 2003
Individual SecuritiesLAIF
Data as of December 31, 2003
2 Years 2.02% 4.10 4.10 4.10 4.10 4.10 4.10
3 Years 2.76% 8.10 7.59 7.09 6.09 5.11 2.25
4 Years 3.25% 11.09 10.07 9.07 7.11 5.19 (0.30)
5 Years 3.64% 12.98 11.49 10.02 7.16 4.40 (3.35)
15 Years 4.85% 20.86 15.59 10.63 1.54 (6.53) (25.86)
YieldRate Shift
2.00% 5.00%-1.00% -0.50% 0% 1.00%Maturity
US Agencies as of December 31, 2003US Agencies as of December 31, 2003
Total Return Analysis - 2 Year HorizonTotal Return Analysis - 2 Year Horizon
2 Years 2.02% 4.10 4.10 4.10 4.10 4.10 4.10
3 Years 2.76% 8.10 7.59 7.09 6.09 5.11 2.25
4 Years 3.25% 11.09 10.07 9.07 7.11 5.19 (0.30)
5 Years 3.64% 12.98 11.49 10.02 7.16 4.40 (3.35)
15 Years 4.85% 20.86 15.59 10.63 1.54 (6.53) (25.86)
YieldRate Shift
2.00% 5.00%-1.00% -0.50% 0% 1.00%Maturity
US Agencies as of December 31, 2003US Agencies as of December 31, 2003
Total Return Analysis - 2 Year HorizonTotal Return Analysis - 2 Year Horizon
2 Years 2.02% 4.10 4.10 4.10 4.10 4.10 4.10
3 Years 2.76% 8.10 7.59 7.09 6.09 5.11 2.25
4 Years 3.25% 11.09 10.07 9.07 7.11 5.19 (0.30)
5 Years 3.64% 12.98 11.49 10.02 7.16 4.40 (3.35)
15 Years 4.85% 20.86 15.59 10.63 1.54 (6.53) (25.86)
YieldRate Shift
2.00% 5.00%-1.00% -0.50% 0% 1.00%Maturity
US Agencies as of December 31, 2003US Agencies as of December 31, 2003
Total Return Analysis - 2 Year HorizonTotal Return Analysis - 2 Year Horizon
2 Years 2.02% 4.10 4.10 4.10 4.10 4.10 4.10
3 Years 2.76% 8.10 7.59 7.09 6.09 5.11 2.25
4 Years 3.25% 11.09 10.07 9.07 7.11 5.19 (0.30)
5 Years 3.64% 12.98 11.49 10.02 7.16 4.40 (3.35)
15 Years 4.85% 20.86 15.59 10.63 1.54 (6.53) (25.86)
YieldRate Shift
2.00% 5.00%-1.00% -0.50% 0% 1.00%Maturity
US Agencies as of December 31, 2003US Agencies as of December 31, 2003
Total Return Analysis - 2 Year HorizonTotal Return Analysis - 2 Year Horizon
Four KeyCapabilities
Four KeyCapabilities
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
Four Key CapabilitiesFour Key Capabilities
Four Key CapabilitiesFour Key Capabilities
Investment ExpertiseInvestment Expertise
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
Investment Expertise
Staffing
Investment Expertise
Staffing
Four Key CapabilitiesFour Key Capabilities
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
Investment Expertise
Staffing
Systems
Investment Expertise
Staffing
Systems
Four Key CapabilitiesFour Key Capabilities
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
Investment Expertise
Staffing
Systems
Audit/Compliance
Investment Expertise
Staffing
Systems
Audit/Compliance
Four Key CapabilitiesFour Key Capabilities
InternalManagement
ExternalManagement
HIGH LOW
InternalManagement
ExternalManagement
HIGH LOW
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Positive returns can be achieved in bonds in rising interest rate environments.
Positive returns can be achieved in bonds in rising interest rate environments.
Positive returns can be achieved in bonds in rising interest rate environments.
Positive returns can be achieved in bonds in rising interest rate environments.
External investment management can add the four Key Capabilities that your organization may need for successful fixed income investing.
External investment management can add the four Key Capabilities that your organization may need for successful fixed income investing.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
External investment management can add the four Key Capabilities that your organization may need for successful fixed income investing.
External investment management puts an “expert” on your team.
External investment management can add the four Key Capabilities that your organization may need for successful fixed income investing.
External investment management puts an “expert” on your team.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Funds not expected to be used in 1 year may achieve higher returns by investing in individual securities instead of LAIF.
Positive returns can be achieved in bonds in rising interest rate environments.
Positive returns can be achieved in bonds in rising interest rate environments.
