Local Agency Investment Fund

Administrative Costs

Quarter Ending Percentage of Earnings (Cost) 1 Equivalent Basis Point Value 2
03/31/07 0.17 0.9
06/30/07 0.22 1.2
09/30/07 0.17 0.9
12/31/07 0.17 0.8
03/31/08 0.18 0.7
06/30/08 0.22 0.7
09/30/08 0.27 0.8
12/31/08 0.33 0.8
03/31/09 0.40 0.8
06/30/09 0.30 0.5
09/30/09 0.50 0.4
12/31/09 0.50 0.3
03/31/10 0.50 0.3
06/30/10 0.49 0.3
09/30/10 0.50 0.3
12/31/10 2.09 1.0
03/31/11 1.84 1.0
06/30/11 1.19 0.6
09/30/11 2.01 0.8
12/31/11 1.97 0.8
03/31/12 2.00 0.8
06/30/12 1.51 0.5
09/30/12 2.34 0.8
12/31/12 2.45 0.8
03/31/13 2.71 0.8
06/30/13 2.87 0.7
09/30/13 3.21 0.9
12/31/13 3.27 0.9
03/31/14 3.43 0.8
06/30/14 3.57 0.8
09/30/14 3.27 0.8

The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.

1 The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings
2 The equivalent basis point value equals the gross quarterly yield minus the net quarterly yield