AGENDA REQUEST - Granicus

AGENDA REQUESTAGENDA ITEM NO:

January 19, 2016

COMMISSION MEETING DATE:AGENDA HEADING:

Unfinished Business VI.1.

BY Financial Administration John Lege Financial Administration Director Lege

Department HeadOriginating Department Presenter

SUBJECT:

Approval Re: City's Annual Investment Performance Review for the year ended September 30, 2015.

COMMISSION PRIORITIES:

Budget and Finance

EXPLANATION:

The City’s Investment Policy states the Finance Director shall prepare and submit to the City Commission

on an annual basis a written report of all invested funds. The annual report includes a complete list of all

invested funds, name or type of security in which the funds are invested, the amount invested, the maturity

date, income earned, the book value, the market value and the yield on each investment.

The City invested in high credit quality U.S. Treasuries, Federal Instrumentalities, mortgage backed

securities, agency collateralized mortgage obligations, supranational agencies, corporate notes, asset

backed securities, commercial paper, municipal obligation securities, FMIvT Intermediate High Quality

Bond Fund, Florida SBA Prime Fund, Fidelity Prime Institutional Money Market Fund, Florida

Community Bank, and a Fifth Third NOW Account. These investments comply with the City's

Inventment Policy and Florida Statutes.

(see next page for additional explanation)

ADMINISTRATION'S RECOMMENDATION:

Recommend motion to receive and accept the City's Annual Investment Performance Review for the year

ended September 30, 2015.

APPROVAL SUMMARY:

Completed ByDate CompletedRequired StatusApproval

Y 01/11/2016Department Head Approval APPROVEDJohn Lege

Y 01/12/2016City Manager Approval APPROVEDMarlon Brown

Y 01/12/2016City Auditor and Clerk Approval APPROVEDPamela Nadalini

AGENDA REQUESTADDITIONAL EXPLANATION:

The Investment Portfolio's 12-month total return performance of 1.15% slightly underperformed the

benchmark's performance of 1.16% by one basis point (0.01%). The market value of the Investment Portfolio

at September 30, 2015 was $123,171,718. Total investment earnings were $1,555,113 and the annual return

for long-term investments was 1.22%. Since inception, the Investment Portfolio has outperformed the

benchmark by 0.11% per year, equivalent to a $141,091 annual average.

The full Annual Investment Performance Review is provided in the backup material to this agenda item.

ADDITIONAL ADMIN RECOMMENDATION:

FUNDING SOURCE: AMOUNT:

HOUSING IMPACT (Per House): NEW CONSTRUCTION: REHABILITATION:

$ 0 $ 0

SUPPORT DEPARTMENTS:

City Auditor and Clerk - Pamela M. Nadalini City Attorney - Robert Fournier

City Manager - Thomas Barwin

AGENDA DISPOSITION

COMMISSION ACTION:

Final Action Motion:

Second By:Motion By:

Vote:

2

MEMORANDUM January 19, 2016

To: City Commission

Thru: Thomas W. Barwin, City Manager

From: John Lege, Finance Director

Subject: Annual Investment Report

In accordance with the City's Investment Policy, the Finance Director shall prepare and submit to the City Commission on an annual basis a written report on all invested funds. The annual report shall provide all, but not limited to, the following: a complete list of all invested funds, name or type of security in which the funds are invested, the amount invested, the maturity date, income earned, the book value, the market value and the yield on each investment. The annual report will show performance on both a book value and a total rate of return basis and will compare the results to the applicable perfonnance benchmarks.

The attached Annual Investment Performance Review and Summary of Annual Investment Performance Report were prepared by the City's Investment Advisor, PFM Asset Management LLC, and satisfies the requirements of the City's Investment Policy. Some of the highlights contained in the Annual Investment Performance Review are summarized below:

)' The City invested in high credit quality U.S . Treasury, Federal Instrumentalities, mortgage backed securities, agency collateralized mortgage obligations, supranational agencies, corporate notes, asset backed securities, commercial paper, and municipal obligation securities, FMivT Intermediate High Quality Bond Fund, Florida SBA Prime Fund, Fidelity Prime Institutional Money Market Fund, Florida Community Bank, and a Fifth Third NOW Account.

)' The Investment Portfolio's 12 month total return performance of 1.15%, slightly underperformed the benchmark's performance of 1.16% by I basis points (0.0 I%). After keeping the duration of the portfolio close to the duration of the benchmark earlier in the year, during the third quarter PFM moved the portfolio' s duration shorter than the benchmark in anticipation of a Fed rate hike some time before the end of calendar year 2015 . The shorter duration strategy is more conservative and helped mitigate the impact that rising rates have on the portfolio' s market value, however, it resulted in the portfolio underperforming the benchmark by giving up yield in the longer end of the yield curve.

)' The FMivT Intermediate High Quality Bond Fund's last 12 month total return of 2.96% underperfonned its benchmark's performance of 3.16% by 0.20%.

)' The City's short term investments, which include the Florida SBA Prime Fund, Fidelity Prime Institutional Money Market Fund, Florida Community Bank, and Fifth Third Bank NOW Account, provided the City with favorable yield relative to the benchmark. At fiscal year end, the investments had a weighted average Yield to Maturity at Cost of .33%, exceeding the Yield to Maturity of its benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index, by 33 basis points (0.33%).

)' The investments comply with the City's investment policy and Florida investment statutes.

Respectfully,

(941) 954 •4185 J st Street • Sarasota, Florida 34236

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City of Sarasota, Florida

Financial Administration Department

1565 1st Street Sarasota, FL 34236 (941) 954-4185 (941) 954-4189 fax John C. Lege III, CGFO, Finance Director Kelly R. Strickland, CPA, CGFO, Deputy Finance Director

PFM Asset Management LLC

300 S. Orange Avenue, Suite 1170 Orlando, FL 32801

(407) 648-2208 (407) 648-1323 fax

Richard Pengelly, CFA, CTP, Senior Managing Consultant

Summary of Annual Investment Performance

January 19, 2016

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© 2015 PFM Asset Management LLC 2 2

Investment Activity Highlights

• Despite volatile financial markets in 2015, City’s overall investments outperformed 2014

– Total investment earnings were $1,555,113

– Annual return for long-term investments was 1.22% or 53% increase over 2014

– Since inception, the PFM managed Investment Portfolio has outperformed the benchmark by 0.11% per year equivalent to $141,091 annually on average.

• Updated City’s Investment Policy

• Reduced City’s exposure to anticipated rising interest rates

– PFM managed Investment Portfolio duration reduced

– Removed Florida Municipal Investment Trust Intermediate Bond Fund

• Portfolio currently positioned defensively again for 2016

2

Source: City of Sarasota, Florida Annual Investment Performance Review, Fiscal Year Ended September 30, 2015 3 of 16


PFM Managed Investment Portfolio Performance

3

1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 2. End of quarter trade-date market values of portfolio holdings, including accrued interest. 3. City of Sarasota, Florida Annual Investment Performance Review, Fiscal Year Ended September 30, 2015 4. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute’s Global Investment Performance Standards (GIPS).

Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results.

As of September 30, 2015 Investment Portfolio

Market Value1,2 $123,171,718

Amortized Cost1,2 $122,806,063

12 Month Income3 $1,043,628

Total Returns As of September 30, 2015 Last 12 Months4

Since Inception March 31, 20114

Investment Portfolio 1.15% 0.98%

BofA Merrill Lynch 1-3 Year U.S. Treasury Index 1.16% 0.87%

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Overview of Investment Policy Updates

• On January 20, 2015 Commission adopted recommendations to update the City’s four

year old investment policy to reflect market changes

• The policy revisions are consistent with the requirements of Florida Statutes, GFOA government investment best practices, and the model policy requirements of the Association of Public Treasurers of the US & Canada

• Several updates are designed to maintain portfolio diversification which enhances return while minimizing risk:

– Maximum maturities set to 5.5 years across government and credit sectors

– Minimum rating for municipals set to A (instead of AA)

– AAA-rated Asset-Backed Security (ABS) and Supranational sectors added for diversification and yield

4

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2016 – Another Year of Divergence

Source: FOMC; Fed Funds Futures as of 12/17/2015

2015 2016 2017 2018 Longer Term -1

0

1

2

3

4

5Minutes Dec-15

Jun-15 Median

Sep-15 Median

Dec-15 Median

Fed Funds FuturesThe Fed’s

Expectation

1% more

The Market’s

Expectation

0.5% more

6 of 16


This material is based on information obtained from sources generally believed to be reliable and available to

the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability.

This material is for general information purposes only and is not intended to provide specific advice or a

specific recommendation. All statements as to what will or may happen under certain circumstances are

based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not

be proven correct as actual events occur, and results may depend on events outside of your or our

control. Changes in assumptions may have a material effect on results. Past performance does not

necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not

an offer to purchase or sell any securities.

Disclaimer

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City of Sarasota, Florida

Financial Administration Department1565 1st Street Sarasota, FL 34236(941) 954-4185(941) 954-4189 faxJohn C. Lege III, CGFO, Finance DirectorKelly R. Strickland, CPA, CGFO, Deputy Finance Director

PFM Asset Management LLC300 S. Orange Avenue, Suite 1170

Orlando, FL 32801(407) 648-2208

(407) 648-1323 faxSteven Alexander, CTP, CGFO, CPPT, Managing Director

D. Scott Stitcher, CFA, Senior Managing ConsultantRichard Pengelly, CFA, CTP, Senior Managing Consultant

Robert Cheddar, CFA, Chief Credit Officer, Managing DirectorRebecca Geyer, CTP, Senior Analyst

Annual Investment Performance ReviewFiscal Year Ended September 30, 2015

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City of Sarasota, Florida Annual Investment Report - Fiscal Year Ended September 30, 2015

Table of Contents

Section A Annual Investment ReportSection B Asset Allocation Chart

This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities.

Table of Contents Section i9 of 16


Annual Investment Report Commentary

EXECUTIVE SUMMARY

The City is invested in high credit quality U.S. Treasury, Federal Instrumentalities, mortgage backed securities, agency collateralized mortgage obligations, supranational agencies, corporate notes, asset backed securities, commercial paper, and municipal obligation securities, FMIvT Intermediate High Quality Bond Fund, Florida SBA Prime Fund, Fidelity Prime Institutional Money Market Fund, Florida Community Bank, and a Fifth Third NOW Account.

The Investment Portfolio’s 12 month total return performance of 1.15%, slightly underperformed the benchmark’s performance of 1.16% by 1 basis points (0.01%). After keeping the duration of the portfolio close to the duration of the benchmark earlier in the year, during the third quarter PFMAM moved the portfolio’s duration shorter than the benchmark in anticipation of a Fed rate hike some time before the end of this year. The shorter duration strategy is more conservative and helps mitigate the impact that rising rates have on the portfolio’s market value, however, it resulted in the portfolio underperforming the benchmark by giving up yield in the longer end of the yield curve.

The FMIvT Intermediate High Quality Bond Fund’s last 12 month total return of 2.96% underperformed its benchmark’s performance of 3.16% by 0.20%

The City’s short term investments, which include the Florida SBA Prime Fund, Fidelity Prime Institutional Money Market Fund, Florida Community Bank, and Fifth Third Bank NOW Account, provided the City with favorable yield relative to the benchmark. At fiscal year end, the investments had a weighted average Yield to Maturity at Cost of 0.33%, exceeding the Yield to Maturity of its benchmark the Merrill Lynch 3 Month U.S. Treasury Bill Index by 33 basis points (0.33%).

Yields on securities with maturities of two years or less, the part of the curve that is most dependent on Federal Reserve policy, moved up in advance of the September FOMC meeting, but quickly reversed after the “no hike” decision. The end result was that the quarter ended with generally lower yields and a flatter yield curve than at the beginning of the quarter.

At present, we believe the Fed will raise rates in late 2015 or early 2016, and the subsequent pace of rate increases will likely be gradual and prolonged. If this occurs as expected, it is likely that rates on the shorter end of the curve will again rise ahead of upcoming FOMC meetings, while longer maturities will remain range bound in response to tempered global growth and dampened inflation expectations.

The investments comply with the City’s investment policy and Florida investment statutes. Our strategy will continue to focus on maintaining the safety of the invested principal and achieving the City’s long-term investment objectives. We will maintain safe, well-diversified, high quality portfolios and continue to evaluate all the sectors available to the City and to capitalize on investment opportunities presented by the market. We will continue to carefully manage duration consistent with evolving interest rate trends.

Annual Investment Report Section A - 110 of 16


Annual Investment Statistics as of September 30, 2015Investments Market Value Book Value Fiscal Year 2015 Income

PFM Managed Investment/Short Term Portfolios 123,171,718$ 122,806,063$ 1,043,628$ Fidelity Prime Institutional Money Market Fund 308,966 308,966 180

FMIvT 5,093,008 5,093,008 135,130 Florida Prime (SBA) 10,066,992 10,066,992 50,544

Florida Community Bank 5,030,020 5,030,020 21,201 Fifth Third Bank NOW Account 35,713,029 35,713,029 123,975

Services Fees n/a n/a (315,012) Subtotal 179,383,732$ 179,018,077$ 1,059,646$

Change in Fair Market Value 531,893$ Change in Accrued Interest (36,425)

Subtotal 495,467$

Total 1,555,113$

Long Term Investments Fiscal Year 2015 Fiscal Year 2014 Short Term InvestmentsNet Book Value Rate of

Return

PFM Managed Investment Portfolio1 1.15% 0.73%Fidelity Prime Institutional Money

Market Fund2 0.10%Benchmark: Merrill Lynch 1-3 Year U.S. Treasury Index 1.16% 0.50% Florida Prime (SBA) 0.25%

Florida Community Bank 0.50%FMIvT Intermediate High Quality Bond Fund4 2.96% 2.49% Fifth Third Bank NOW Account N/A

Benchmark: Barclays Capital High Quality Intermediate Aggregate4 3.16% 2.47% Weighted Average Yield 0.33%

Benchmark:

0.00%

Notes:

Merrill Lynch 3-Month U.S. Treasury Bill Index3

1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. Performance on trade basis, gross (i.e., before fees), is in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Past performance is not indicative of future results. Excludes money market fund/cash in performance computation.

2. Bloomberg is the source of the 7-day yield at month end.

3. Bloomberg is the source of the yield at month end.

4. http://www.floridaleagueofcities.com/Finance is the source of the FMIvT total return performance.



Quarterly Investment Report Composition and Credit Quality Characteristics

Security Type1 September 30, 2015 % of Portfolio September 30, 2014 % of PortfolioU.S. Treasuries 46,784,015$ 26.08% 67,205,199$ 37.39% 100%

Federal Agencies 17,722,364 9.88% 23,490,198 13.07% 100%Supranational Agencies 1,956,370 1.09% 0 0.00% 15% / 30%

Agency Mortgage Backed Securities 6,814,646 3.80% 8,733,016 4.86% 30%

Agency Collateralized Mortgage Obligations 1,231,450 0.69% 0 0.00%Municipal Obligations 3,861,357 2.15% 4,351,337 2.42%

Corporate Notes 33,075,814 18.44% 26,103,640 14.52%Asset Backed 5,229,542 2.92% 0 0.00%

Commercial Paper 6,496,161 3.62% 11,731,564 6.53%FMIvT 5,093,008 2.84% 4,957,877 2.76%

Florida Prime (SBA) 10,066,992 5.612% 10,016,448 5.57% 20%Money Market Fund/Cash 41,052,014 22.89% 23,158,755 12.88% 20% / $30 Million

Totals 179,383,732$ 100.00% 179,748,034$ 100.00%

Notes:

1. End of quarter trade-date market values of portfolio holdings, including accrued interest.2. The Certificate of Deposits and Money Market Accounts are not rated. Standard & Poor's is the source of the credit ratings, except for FMIvT Funds which are rated by Fitch. Several of the asset backed securities are not rated by Standard & Poor's and are included in this category. They are rated "Aaa" by Moody's.

U.S. Treasuries26.1%

Federal Agencies9.9%

Supranational Agencies

1.1%Agency Mortgage Backed Securities

3.8%Agency Collateralized

Mortgage Obligations

0.7%

Municipal Obligations

2.2%Corporate Notes

18.4%

Asset Backed2.9%

FMIvT2.8%

Florida Prime (SBA)5.6%

Money Market Fund/Cash

22.9%Investment Composition

as of 09/30/15AAA3.9%

AA+41.7%

AA2.6%

AA-4.5%

A+4.6%

A6.5%

A-1.7%

A-1 (Short-term)3.7%

AAAm0.2%

Not Rated²30.7%

Credit Quality Distribution² as of 09/30/15



Annual Investment Report Maturity Distribution

Maturity Distribution1 September 30, 2015 September 30, 2014 Security TypeWeighted Average Maturity (Years)

Overnight (Money Market Fund) $51,119,006 $33,175,203 U.S. Treasuries 1.63Under 6 Months 6,496,161 11,731,564 Federal Agencies 1.19

6 - 12 Months 16,705,818 529,492 Supranational Agencies 2.661 - 2 Years 60,140,255 80,726,237 Agency Mortgage Backed Securities 4.302 - 3 Years 31,783,388 44,880,192 Agency Collateralized Mortgage Obligations 4.323 - 4 Years 5,311,144 0 Municipal Obligation 0.604 - 5 Years 98,893 348,806 Corporate Notes 2.01

5 Years and Over 7,729,068 8,356,541 Asset Backed Securities 1.75Totals $179,383,732 $179,748,034 Commercial Paper 0.20

FMIvT3 3.40Florida Prime (SBA) 0.01

Money Market Fund/Cash 0.01

Portfolio Weighted Average Maturity 1.31

### 11731563.78

###

###

###

###

Notes:

1. Callable and mortgage backed securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called or paid down prior to maturity.

2. This chart is based on securities final maturity date; including mortgage backed securities.

3. The FMIvT Intermediate Fund's duration at fiscal year end was not available at the time this report was finalized. The June 30, 2015 duration was used for this report.

28.5%

3.6%

9.3%

33.5%

17.7%

3.0%0.1%

4.3%

18.5%

6.5%

0.3%

44.9%

25.0%

0.0% 0.2%4.6%

0%5%

10%15%20%25%30%35%40%45%50%

Overnight Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5 Years and Over

Perc

enta

ge o

f Tot

al Po

rtfol

io

Investment Portfolio Maturity Distribution¹, ² September 30, 2015

September 30, 2014


City of Sarasota, Florida¹ ² Asset Allocation as of September 30, 2015*

Security TypeMarket Value

(Includes Interest)Allocation

Percentage NotesPermitted by Policy

In Compliance

Florida Prime (SBA) 10,066,992 5.61% 3 25% YESUnited States Treasury & Government Guaranteed 46,784,015 26.08% 4 100% YESFederal Agency/GSE 17,722,364 9.88% 4,6 75% YESSupranationals 1,956,370 1.09% 4 10% YESCorporate Notes 33,075,814 18.44% 4,5 35% YESMunicipals 3,861,357 2.15% 4 25% YESAgency Mortgage-Backed Securities 8,046,096 4.49% 4,6 25% YESAsset Backed Securities 5,229,542 2.92% 4 10% YESNon-Negotiable Certificate of Deposit and Savings Accounts 40,743,049 22.71% 3 50% YES

Commercial Paper 6,496,161 3.62% 4,5 35% YESMoney Market Funds 308,966 0.17% 3 50% YESLocal Government Investment Pools 5,093,008 2.84% 3,7 50% YESTotal Market Value 179,383,732$ 100.00%Notes:1. End of month trade-date market value of portfolio holdings, including accrued interest. 2. A detailed list of each individual security may be obtained in the City's Financial Administration Department.3. Managed by the City. Balances provided by City per statement.4. Managed by PFM Asset Management LLC.5. Combined total of Corporate and bank credit instruments shall not exceed 50% of the total investments. The combined total as of September 30, 2015 is 22.06%.6. Maximum exposure to any one Federal Agency, including the combined holdings of Agency debt and Agency MBS, is 40%.7. Includes balances from the FMIvT Intermediate High Quality Bond Fund.*All Funds.

© PFM Asset Management LLC Section B - 1

Florida Prime (SBA)5.61%

United States Treasury & Government Guaranteed26.08%

Federal Agency/GSE9.88%

Supranationals1.09%

Corporate Notes18.44%

Municipals2.15%

Agency Mortgage‐Backed Securities

4.49%

Asset Backed Securities2.92%

Non‐Negotiable Certificate of Deposit and Savings Accounts

22.71%

Commercial Paper3.62%

Money Market Funds0.17%

Local Government Investment Pools

2.84%

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City of Sarasota, Florida Asset Allocation as of September 30, 2015*

Individual Issuer BreakdownMarket Value



In Compliance

Florida Prime (SBA) 10,066,992 5.61% 3 25% YESUnited States Treasury Securities 46,784,015 26.08% 4 100% YESGovernment National Mortgage Association (GNMA) 1,523,640 0.85% 4 40% YESFederal Farm Credit Bank (FFCB) - 0.00% 4 40% YESFederal Home Loan Bank (FHLB) 6,397,358 3.57% 4 40% YESFederal National Mortgage Association (FNMA) 3,733,152 2.08% 4,6 40% YESFederal Home Loan Mortgage Corporation (FHLMC) 14,114,311 7.87% 4,6 40% YESRegional Trans Authority, IL Taxable Revenue Bonds 3,584,581 2.00% 4 5% YESUniversity of California Taxable Revenue Bond 276,776 0.15% 4 5% YESAmerican Express Corporate Notes 2,970,707 1.66% 4 5% YESAmerican Honda Corporate Notes 2,109,673 1.18% 4 5% YESApple Corporate Notes 1,568,373 0.87% 4 5% YESBank of New York Mellon Corporate Notes 3,210,993 1.79% 4 5% YESBoeing Corporate Notes 1,495,617 0.83% 4 5% YESCaterpillar Corporate Notes 1,545,333 0.86% 4 5% YESCisco Systems Corporate Notes 2,702,178 1.51% 4 5% YESCoca-Cola Corporate Notes 777,916 0.43% 4 5% YESConocoPhillips Corporate Notes 522,402 0.29% 4 5% YESHSBC Corporate Notes 2,075,862 1.16% 4 5% YESIBM Corporate Notes 3,597,476 2.01% 4 5% YESJohn Deere Corporate Notes 2,206,286 1.23% 4 5% YESJP Morgan Corporate Notes 3,017,408 1.68% 4 5% YESPepsiCo Corporate Notes 662,900 0.37% 4 5% YESToyota Corporate Notes 1,725,772 0.96% 4 5% YESWells Fargo and Company Corporate Notes 2,886,919 1.61% 4 5% YESBank of Tokyo Mitsubishi Commercial Paper 3,299,083 1.84% 4 5% YESBNP Paribas NY Commercial Paper 3,197,078 1.78% 4 5% YES

Notes:1. End of month trade-date market value of portfolio holdings, including accrued interest. 2. A detailed list of each individual security may be obtained in the City's Financial Administration Department.3. Managed by the City. Balances provided by City per statement.4. Managed by PFM Asset Management LLC.5. Combined total of Corporate and bank credit instruments shall not exceed 50% of the total investments. The combined total as of September 30, 2015 is 22.06%.6. Maximum exposure to any one Federal Agency, including the combined holdings of Agency debt and Agency MBS, is 40%.7. Includes balances from the FMIvT Intermediate High Quality Bond Fund.*All Funds.


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City of Sarasota, Florida Asset Allocation as of September 30, 2015*

Individual Issuer BreakdownMarket Value



In Compliance

HONDA ABS 2015-2 A2 1,499,569 0.84% 4 5% YESFORDO 2015-B A2A 2,499,998 1.39% 4 5% YESNissan Auto Receivables Owner 2015-A 1,229,975 0.69% 4 5% YESIntl Bank of Recon and Dev Global Notes 1,956,370 1.09% 4 5% YESFNMA Mortgage Backed Security 1,686,656 0.94% 4,6 40% YESFHLMC Mortgage Backed Security 4,835,801 2.70% 4,6 40% YESGNMA Mortgage Backed Security 1,523,640 0.85% 4 40% YESMoney Market Fund - Bank of New York 308,966 0.17% 3 25% YESFifth Third Bank NOW Account 35,713,029 19.91% 3 25% YESFlorida Community Bank 5,030,020 2.80% 3 25% YESIntergovernmental Investment Pool - Florida Municipal Investment Trust 5,093,008 2.84% 3,7 25% YES

Notes:

1. End of month trade-date market value of portfolio holdings, including accrued interest.

2. A detailed list of each individual security may be obtained in the City's Financial Administration Department.

3. Managed by the City. Balances provided by City per statement.

4. Managed by PFM Asset Management LLC.

5. Combined total of Corporate and bank credit instruments shall not exceed 50% of the total investments. The combined total as of September 30, 2015 is 22.06%.

6. Maximum exposure to any one Federal Agency, including the combined holdings of Agency debt and Agency MBS, is 40%.

7. Includes balances from the FMIvT Intermediate High Quality Bond Fund.

*All Funds.


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Documents

AGENDA REQUEST - Granicus