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Item N6BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: January 19, 2012 Division: Monroe County Clerk Bulk Item: Yes X No Department: Administration Staff Contact Person/Phone: Isabel DeSantis/295-3130 AGENDA ITEM WORDING: Acceptance of Clerk's Quarterly Compliance Report on Surplus Funds Investments, dated September 30, 2011. ITEM BACKGROUND: See attached: Quarterly Funds Investments Quarterly Report to Clerk PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: Approval. TOTAL COST: N/A INDIRECT COST: COST TO COUNTY: REVENUE PRODUCING: Yes No BUDGETED: Yes No SOURCE OF FUNDS: AMOUNT PER MONTH Year APPROVED BY: County Atty OMB/Purchasing I Risk Management DOCUMENTATION: Included Not Required DISPOSITION: Revised 1 /09 AGENDA ITEM # Monroe County, Florida Board of County Commissioners Surplus Funds Investments Quarterly Compliance Report to Clerk September 30, 2011 Graph comparison of Investment Performance -Page B-2 of the Quarterly PFM Report is attached. Rates of return for the quarter ended September 30, 2011 on are as follows: Merrill Lynch 1-3 Year Treasury Index 0.49% Surplus Funds 0.33% Certificates of Deposit 0.55% Concentration Risk - In compliance per attached schedule. Return Risk - Per page B-2, YTM for surplus funds at cost is 1.14%, YTM at market is 0.31 %, and the SBA YTM quarterly return is 0.24%. Per review of PFM statements for all other investments on attached page C-1, average YTM at cost is 0.29% and average YTM at market is 0.23%. The average yield to maturity for certificates of deposit is 0.55%. Return risk appears acceptable assuming investments are held to maturity and considering the results of credit risk below. Liquidity Risk - Weighted average duration is 1.30 years for surplus funds and 0.24-1.36 years for all other investment funds. The average duration for certificates of deposit is 0.02 years. Appears liquidity risk is in compliance with policy of less than 2 years weighted average duration. Credit Risk - All PFM investments are rated AA+ or A-1 + and are United States government securities, United States government agencies, commercial paper related to the 2007 Sales Tax bond proceeds, or Federal instrumentalities. It appears that credit risk is minimal. Investment Losses - For the quarter ended September 30, 201 1, there were no investment losses. Investments Exceeding 5% of Portfolio - The portfolio at market Including money market funds totals $21 1,334,959. Investments exceeding $10,566,748 are as follows: Federated Tax Free Obligations MM 60934N401 $ 14,6049931 Capital Bank MMs various $ 18,963,326 Monroe County Investment Report - Quarter Ended September 30, 2011 Surplus Fund Portfolio Performance Se tember 30 2011 June 30 2011 _�Itue' Market Value $94,845,233.98 $99,839,772.27 Amortized Cost $939896,066.76 $98,938,143.87 Quarterly Retum Calendar Year Last Last $ tti .; ,OPOW. on Total Return',243,01617.6 September 30, 2011to Date .12 ft 24 Months 3 Surplus Fund rp 0.33% 1.24 °Io 1.71 °Io Merrill Lynch 1-3 Year U.S. Treasury Note Index 0.49% 1.36% . 1.20% 1.87% 3_' Effective Duration (Years)" September 30. 2011 June 30, 2011 Y June 30, 2011_ Surplus Fund 1,30 'I A7 Yield at Market 0 0.42% ML 1-3 Year U.S. Treasury Note Index 1.$"l 1.80 Yield on Cost 1.1. 1.11 °Io Portfolio Duration % of Benchmark Duration 72% 82°Io SBA Yield 0.24% 0.23°Io Notes: 1. In order to comply with GASH 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. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute's Global Investment Performance Standards (GIPS). 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Quarterly returns are presented on an unannualized basis. 6. Excludes money market fund/cash in performance and duration computations. 7. Returns presented for 12 months or longer are presented on an annual basis. S. Past performance is not indicative of future results. PFM Asset Management LLC Section B - 2 Monroe County Investment Report - Quarter Ended September 30, 2011 Short Term and Bond Proceed Portfolio Statistics COX" Amortized Cost',1,3 Uarket V"11 Market Value','-' (V ) Account Name June 30, 2011_ June 30 2011 KeyWest Airport Operating rP P 9 . $17 rt00 $175,119.63 $17057o. �4 $175,189.77 KeyWest Airport 2006 Construction rP 3 933,0 26.96 33 9 886.78 .. Key West Airport Renewal - 474,989.69 475,113.65 BOCC Landfill Closure 3 1, 900, 248.14 .. 1, 900,185.19 BOCC Finance Fund 74,715,727.58 74,739,231.93 Key West Airport PFC 405 "1' 4 739,613.00 739,935.00 Gas Sales SurTax Revenue Bonds 2007 7,640,573.22 7,661,060.46 00 7 Total 0#i $86,579,298.22 $86,624,602.78 rtiftA Quarterly Average Q�dy� Quarterly Average yho Yield to Maturity I" Yield to Maturity an eft on Cosf at U at Market Duration (Years) Account Name June 30. 2011 June 30, 2011, June 30. 2011 Key West Airport Operating ow 0.33°I° Q G . 0.10% 0.17 Key West Airport 2006 Construction 0.35°/°r: 0.22°/0 0.49 Key West Airport Renewal ►" 0.31% ; . ;: 0.15% 0.13 BOCC Landfill Closure 0.36% om 0.16°Ia 0.58 BOCC Finance Fund i 0.31 % 0.17% 0.44 Key West Airport PFC 405 0.34% 0.' 9 0.26% 0.47 Sales SurTax Revenue Bonds 2007 D, i 0.58°I° i r 0.26% 0.74 Weighted Average Yield 0.34°I8 ' i 0.18% Benchmarks June 30 2011 Merrill Lynch 3 Month U.S. Treasury Bill Index'- 6 0,04% 0.02% Notes: 1. End of quarter trade -date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Excludes any money market fund/cash balances held in custodian account 4. Past performance is not indicative of future results. 5. Average quarterly returns, source Bloomberg. B. Due to its excessive concentration in Corporate Instruments, the SBA is no longer a suitable benchmark, therefore; we are utilizing the 3 Month U.S. Treasury Bill Index at this time, as it represents a risk -free benchmark. PFM Asset Management LLC Section C - 1 Monroe County Florida Compliance with Asset Allocation Policy/Concentration Risk September 30, 2011 Asset Allocation Commercial Federal Treasury MM CDs Paper Agencies Securities Total Regions MM 14,604, 931 14,604, 931 Capital Bank Surplus MM 141895,477 14,895,477 Capital Bank DSR MM 21759,567 217591567 Capital Bank CWS RF MM 668,901 668,901 Capital Bank Sinking Fund MM 6391381 639,381 BofA Sinking Fund MM 9521160 9521160 CDs 41003,703 410031703 Combined Portfolio 496,962 104,682,676 67,631,201 172,810,839 34, 520,417 410031703 4961962 104,682,676 67, 631, 201 211, 334, 959 Actual 16.33% 1.89% 0.24% 49.53% 32o00% 100.00% Policy 20.00% 10.00% 2.3O% 80.00% 100.00% Federal Agencies Allocation FFCB FNMA FHLB FHLMC Total Combined Porfolio 61017,890 4516261976 23,442,193 2915951617 10416821676 Actual 2.85% 21.59% 11.09% 14.00% Policy 30% 30% 30% 30% F:IFINANCEICASH MANAGEMENTIQuarterly CompliancelgComp wksheets.xlsMaturity Distribution REGIONS BANK ACCOUNT STATEMENT Pages AS CUSTODIAN UNDER AGREEMENT DATED DULY 6, 2009 BY &BETWEEN Statement Period 09/01/2011 through 09/30/2011 MONROE COUNTY, FLORIDA Account Number 3246000426 CUSTODY ACCOUNT Asset Detail As Of 09/30/2011 UNITS/BOOK VALUE DESCRIPTION SHORT TERM INVESTMENTS CUSIP # 60934N401 14,604,931.44 FEDERATED TALC FREE OBLIGS FD INSTL SHS % MARKET VALUE COST PORT 14,604,931.44 14,604,931.44 8 PFM" Managed Account Detail of Securities Held For the Month Ending September 30, 2011 a POL THE aRCUrr.0 J RT 6mbuied, ortfolio Security Secur' a Description � SIP 1 P S&P Moody's Trade Settle original YTM Accrued Amortized Market Dated Date/Coupon/ Maturity CUSIP Par Rating Rating Date Date Cost at Cost interest Cost Value -, ;... - . US TREASURY NOTES 912828FWS 2,500,000.00 AA+ Aaa 12/07/10 12/07/10 2,597,265.63 0.28 48,386.55 2,508,837.55 2,508,692.50 DTD 10/31/2006 4.625% 10/31/2011 US TREASURY NOTES 912828MM9 1,790,000.00 AA+ Aaa 12/01/09 12/02/09 1,792,657.03 0.67 4,511.68 1,790,219.51 1,791,958.26 DTD 11/30/2009 0.750% 11/30/2011 US TREASURY NOTES 912828MM9 3,500,000.00 AA+ Aaa 12/07/09 12/08/09 3,497,812.50 0.78 8,821.72 3,499,817.76 3,503,829.00 DTD 11/30/2009 0.750% 11/30/2011 US TREASURY NOTES 912828MM9 3,700,000.00 AA+ Aaa 12/15/09 12/16/09 3,692,050.78 0.86 9,325.82 3,699,329.82 3,704,047.80 DTD 11/30/2009 0.750% 11/30/2011 US TREASURY NOTES 912828GA2 6,225,000.00 AA+ Aaa 12/02/10 12/02/10 - 6,482,997.07 0.32 94,140.37 6,267,562.38 6,269,010.75 DTD 11/30/2006 4.500% 11/30/2011 US TREASURY NOTES 912828KC3 2,750,000.00 AA+ Aaa 01/31/11 01/31/11 2,780,830.08 0.30 4,829.31 2,761,037.18 2,763,213.75 DTD 02/ 15/2009 1.375% 02/ 15/2012 US TREASURY NOTES 912828GM6 2,375,000.00 AA+ Aaa 05/19/11 05/19/11 2,463,413.09 0.20 292.01 2,425,781.97 2,426,304.75 DTD 03/31/2007 4.500% 03/31/2012 US TREASURY NOTES 912828M U 1 5,145,000.00 AA+ Aaa 04/07/ 10 04/09/ 10 5,139,171.68 1.06 140.57 5,143,522.20 5,167,689.45 DTD 03/31/2010 1.000% 03/31/2012 US TREASURY NOTES 912828KK5 2,470,000.00 AA+ Aaa 06/10/11 06/10/11 2,494,700.00 0.19 15,682.14 2,485,701.72 2,486,595.93 DTD 04/15/2009 1.375% 04/15/2012 US TREASURY NOTES 912828NB2 1,025,000.00 AA+ Aaa 06/10/11 06/10/11 1,032,287.11 0.20 4,289.40 1,029,770.38 1,030,207.00 DTD 04/30/2010 1.000% 04/30/2012 US TREASURY NOTES 912828KP4 2,460,000.00 AA+ Aaa 06/09/11 06/10/11 2,486,617.97 0.21 12,776.29 2,477,828.16 2,478,641.88 DTD 05/15/2009 1.375% 05/15/2012 US TREASURY NOTES 912828NS5 5,145,000.00 AA+ Aaa 07/29/10 07/30/10 5,151,431.25 0.56 8,126.44 5,147,513.90 5,162,698.80 DTD 06/30/2010 0.625% 06/30/2012 US TREASURY NOTES 912828LB4 2,595,000.00 AA+ Aaa 08/11/09 08/12/09 2,576,855.27 1.75 8,250.41 2,590,024.87 2,621,863.44 DTD 07/15/2009 1.500% 07/15/2012 US TREASURY NOTES 912828 LB4 6,120,000.00 AA+ Aaa 07/16/09 07/ 17/09 6,115,218.75 1.53 19,457.61 6,118,721.84 6,183,354.24 DTD 07/15/2009 1.500% 07/15/2012 MONROE COUNTY CLERK OF THE CIRCUIT COURT -COMBINED PORTFOLIO Page 4 PF�M' PFM Asset Management LLC PFM` Managed Account Detail of Securities Held For the Month Ending September 30, 2011 NdE CAUNiY CLERK OF THE CIRCUIT COURT - (:offb-r*d Portfolio Security Type/ Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/ Maturity CUSIP Par Rating Rating Date Date Cost at Cost I me rest Cost Value US TREASURY NOTES 912828PH7 3,060,000.00 AA+ Aaa 08/15/11 08/16/11 3,067,171.88 0.15 977.27 3,066,304.67 3,065,617.97 DTD 08/31/2010 0.375% 08/31/2012 US TREASURY NOTES 912828HE3 2,825,000.00 AA+ Aaa 09/14/11 09/15/11 2,946,166.02 0.13 328.04 2,941,082.13 2,938,771.23 DTD 09/30/2007 4.250% 09/30/2012 US TREASURY NOTES 912828PV6 4,920,000.00 AA+ Aaa 12/02/10 12/03/10 4,918,270.31 0.52 8,267.21 4,918,987.32 4,937,682.48 DTD 11/30/2010 0.S00% 11/30/2012 US TREASURY NOTES 912828PU8 3,275,000.00 AA+ Aaa 11/19/10 11/22/10 3,247,750.98 0.78 6,185.12 3,255,535.33 3,287,536.70 DTD 11/15/2010 0.500% 11/15/2013 US TREASURY NOTES 912828PU8 5,020,000.00 AA+ Aaa 12/02/10 12/03/10 4,973,525.78 0.82 9,480.71 4,986,460.53 5,039,216.56 DTD 11/15/2010 0.500% 11/15/2013 Security Type Sub -Total 66,900■000.00 67r456..193.18 0.67 264■268.67 67,114,039.72 67 f366,932.49 FEDERAL FARM CREDIT BANKS DISC NOTE 313312C32 120,000.00 A-1+ P-1 09/06/11 09/07/11 119,793.60 0.18 0.00 119,808.00 119,833.81 -- 0.000% 08/16/2012 FEDERAL FARM CREDIT BANKS DISC NOTE 313312C32 175,000.00 A-1+ P-1 09/06/11 09/07/11 174,699.00 0.18 0.00 174,720.00 174,757.64 -- 0.000% 08/16/2012 FEDERAL FARM CREDIT BANKS DISC NOTE 313312D31 3,005,000.00 A-1+ P-1 08/30/11 08/31/11 2,999,905.69 0.17 0.00 3,000,345.59 3,000,662.73 -- 0.000% 08/24/2012 Security Type Sub -Total 3.3001000.00 31294,398.29 0.17 0.00 3.294.873.59 31295■254.18 FHLB BONDS 3133XH2V3 2,500,000.00 AA+ Aaa 12/07/10 12/08/10 2,599,500.00 0.29 58,333.33 2,503,917.13 2,503,395.00 DTD 09/19/2006 5.000% 10/13/2011 FNMA GLOBAL BENCHMARK NOTES 31359MLSO 2,500,000.00 AA+ Aaa 12/07/10 12/08/10 2,617,915.00 0.32 50,763.89 2,515,407.10 2,515,347.50 DTD 11/23/2001 5.375% 11/15/2011 FNMA GLOBAL NOTES 31398AZN 5 2,500,000.00 AA+ Aaa 12/07/10 12/08/10 2,516,015.00 0.33 8,888.89 2,502,415.80 2,503,157.50 DTD 10/09/2009 1.000% 11/23/2011 t FJ4' MONROE COUNTY CLERK OF THE CIRCUIT COURT -COMBINED PORTFOLIO Page 5 PFM Asset Management LLC PFM Aml=� Managed Account Detail of Securities Held For the Month Ending September 30, 2011 F ITil� T , mo- ollt3 Security Type/ Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/ Coupon/ Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value FNMA GLOBAL NOTES 31398AZN5 3,775,000.00 AA+ Aaa 12/08/10 12/09/10 3,798,593.75 0.34 13,422.22 3,778,569.49 3,779,767.83 DTD 10/09/2009 1.000% 11/23/2011 FHLMC GLOBAL NOTES 3137EACF4 3,500,000.00 AA+ Aaa 10/27/09 10/28/09 3,494,120.00 1.20 11,593.75 3,499,426.14 3,507,101.50 DTD 10/21/2009 1.125% 12/ 15/2011 FHLB GLOBAL BONDS 3133XVRS2 930,000.00 AA+ Aaa 01/07/11 01/10/11 935,793.90 0.35 2,402.50 931,449.73 931,953.00 DTD 11/16/2009 1.000% 12/28/2011 FHLB GLOBAL BONDS 3133XVRS2 3,000,000.00 AA+ Aaa 12/03/09 12/04/09 3,003,630.00 0.94 7,750.00 3,000,427.23 3,006,300.00 DTD 11/16/2009 1.000% 12/28/2011 FNMA NOTES 31398AB43 615,000.00 AA+ Aaa 01/12/11 01/13/11 618,247.20 0.34 1,180.89 615,914.35 616,225.08 DTD 12/04/2009 0.875% 01/ 12/2012 FHLMC GLOBAL REFERENCE NOTES 3134A4JT2 2,625,000.00 AA+ Aaa 01/31/11 01/31/11 2,761,500.00 0.30 31,864.58 2,666,296.63 2,667,307.13 DTD 01/14/2002 5.750% 01/15/2012 FNMA GLOBAL BENCHMARK NOTES 31359M5H2 1,835,000.00 AA+ Aaa 02/18/11 02/18/11 1,919,354.95 0.36 11,468.75 1,866,838.66 1,867,855.68 DTD 02/15/2007 5.000% 02/16/2012 FHLB NOTES 313372KD5 2,750,000.00 AA+ Aaa 01/31/11 02/03/11 2,750,002.75 0.32 5,817.78 2,750,001.05 2,752,323.75 DTD 02/03/20110.320% 02/28/2012 FHLMC NOTES 3128X8062 2,455,000.00 AA+ Aaa 06/09/11 06/10/11 2,483,232.50 0.21 1,994.01 2,471,801.41 2,472,165.36 DTD 06/02/2009 1.720% 03/ 14/2012 FNMA GLOBAL NOTES 31398AKSO 2,485,000.00 AA+ Aaa 06/09/11 06/10/11 2,502,665.87 0.20 74.55 2,495,908.33 2,495,031.95 DTD 03/15/2010 1.080% 03/30/2012 FNMA GLOBAL NOTES 31398AH54 500,000.00 AA+ Aaa 03/17/10 03/18/10 499,481.00 1.05 2,458.33 499,869.81 501,966.00 DTD 03/02/2010 1.000% 04/04/2012 FNMA GLOBAL NOTES 31398AH54 1,950►000.00 AA+ Aaa 08/20/10 08/23/10 1,965,405.00 0.51 9,587.50 1,954,866.38 1,957,667.40 DTD 03/02/20101.000% 04/04/2012 FHLB GLOBAL BONDS 3133XTAW6 2,000,000.00 AA+ Aaa 03/09/09 03/10/09 1,996,058.00 2.32 21,000.00 1,999,296.82 2,021,276.00 DTD 03/05/2009 2.250% 04/13/2012 FFCB BONDS 31331GN08 1,384,000.00 AA+ Aaa 06/09/11 06/10/11 1,408,487.11 0.22 13,580.50 1,399,836.32 1,399,199.09 DTD 02/24/2009 2.250% 04/24/2012 CPF�, MONROE COUNTY CLERK OF THE CIRCUIT COURT -COMBINED PORTFOLIO Page 6 PFM Asset Management LLC PFMr• Managed Account Detail of Securities Held For the Month Ending September 30, 2011 r Mw, OFTHERCUIT �T �� �tfllU Security TypeDescription S&P Moody's Trade Settle Original YTM Accrued Amortized Market l Dated Date/Coupon/ Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value FHLB GLOBAL BONDS 3133MNWO 4,230,000.00 AA+ Aaa 07/18/11 07/19/11 4,422,422.70 0.21 91,885.00 4,375,647.15 4,373,122.05 DTD 05/20/2002 5.750% 05/ 15/2012 FFCB NOTES 31331TR60 1,250,000.00 AA+ Aaa 06/29/11 06/30/11 1,304,325.00 0.26 20,833.33 1,289,400.50 1,289,022.50 DTD 06/01/2004 5.000% 06/01/2012 FHLB TAP BONDS 3133XWKU2 840,000.00 AA+ Aaa 06/10/11 06/10/11 849,391.20 0.25 3,625.42 846,481.23 846,305.88 DTD 01/07/2010 1.375% 06/08/2012 FNMA GLOBAL NOTES 31398AP71 2,475,000.00 AA+ Aaa 06/29/11 06/30/11 2,498,933.25 0.26 8,507.81 2,492,750.08 2,492,419.05 DTD 04/19/2010 1.250% 06/22/2012 FHLMC GLOBAL REFERENCE NOTES 3134A4OD9 1,000,000.00 AA+ Aaa 09/13/10 09/14/10 1,080,750.00 0.69 10,819.44 1,034,814.69 1,038.729.00 DTD 07/16/2002 5.125% 07/15/2012 FHLMC GLOBAL NOTES 3137EACK3 520,000.00 AA+ Aaa 08/15/ 11 08/ 16/ 11 524,487.60 0.21 1,040.00 523,895.73 523,415.36 DTD 05/28/2010 1.125% 07/27/2012 FHLMC GLOBAL NOTES 3137EACK3 3,050,000.00 AA+ Aaa 08/15/11 08/16/11 3,076,321.50 0.21 6,100.00 3,072,849.96 3,070,032.40 DTD 05/28/2010 1.125% 07/27/2012 FHLB GLOBAL BONDS 3133XYWB7 495,000.00 AA+ Aaa 07/07/11 07/08/11 498,271.95 0.28 469.22 497,600.65 497,604.69 DTD 06/18/2010 0.875% 08/22/2012 FNMA GLOBAL BENCHMARK SR UNSECURED 31359MPF4 1,000,000.00 AA+ Aaa 09/13/10 09/14/10 1,072,150.00 0.74 1,944.44 1,034,554.26 1,038,770.00 DTD 09/23/2002 4.375% 09/ 15/2012 FNMA GLOBAL BENCHMARK SR UNSECURED 31359MPF4 2,880,000.00 AA+ Aaa 09/14/11 09/15/11 2,998,713.60 0.25 5,600.00 2,993,440.67 2,991,657.60 DTD 09/23/2002 4.375% 09/ 15/2012 FANNIE MAE GLOBAL NOTES 31398A4T6 505,000.00 AA+ Aaa 12/02/10 12/03/10 503,338.55 0.67 1,059.10 504,056.90 506,435.21 DTD 10/08/2010 0.500% 10/30/2012 FHLMC GLOBAL NOTES 3137EACG2 3,500,000.00 AA+ Aaa 12/07/09 12/08/09 3,480,351.00 1.56 10,961.81 3,491,783.37 3,546,235.00 DTD 12/02/2009 1.375% 01/09/2013 FNMA NOTES 3135GOAK9 944,000.00 AA+ Aaa 01/31/11 02/01/11 944,755.20 0.71 688.33 944,512.65 949,075.89 DTD 01/ 18/2011 0.750% 02/26/2013 FHLMC GLOBAL NOTES 3137EAC36 5,000,000.00 AA+ Aaa 04/07/10 04/09/10 4,972,150.00 1.82 37,465.28 4,985,602.90 5,096,180.00 DTD 03/04/2010 1.625% 04/15/2013 MONROE COUNTY CLERK OF THE CIRCUIT COURT -COMBINED PORTFOLIO Page 7 PFtii' PFM Asset Management i1.0 AMT=� PFM' I Managed Account Detail of Securities Held For the Month Ending September 30. 2011 J _ MOKQ,� ,Cr ....Portfolio �T` Security a Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market �]I SIP 1 P Dated Date/Coupon/ Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value . ►. :T FNMA GLOBAL NOTES 31398AJ94 5,000,000.00 AA+ Aaa 04/07/10 04/09/10 4,983,650.00 1.86 35,000.00 4,991,376.55 5,103,280.00 DTD 03/15/2010 1.750% 05/07/2013 FHLMC GLOBAL REFERENCE NOTES 3134A4TZ7 45,000.00 AA+ Aaa 06/14/11 06/15/11 48,663.90 0.56 427.50 48,148.54 48,307.95 DTD 07/18/2003 4.500% 07/15/2013 FHLMC GLOBAL REFERENCE NOTES 3134A4TZ7 1,360,000.00 AA+ Aaa 06/14/11 06/15/11 1,470,731.20 0.56 12,920.00 1,455,155.85 1,459,973.60 DTD 07/18/2003 4.500% 07/15/2013 FNMA NOTES 31398AX31 2,000,000.00 AA+ Aaa 07/29/10 07/30/10 2,010,832.00 1.07 2,847.22 2,006,725.60 2,028,792.00 DTD 07/09/2010 1.250% 08/20/2013 FNMA NOTES 31398AX31 4,980,000.00 AA+ Aaa 12/02/10 12/03/10 5,027,160.60 0.90 7,089.58 5,012,905.45 5,051,692.08 DTD 07/09/2010 1.250% 08/20/2013 FHLMC NOTES (CALLABLE) 3134G2ZB1 1,000,000.00 AA+ Aaa 09/14/11 09/15/11 999,500.00 0.53 347.22 999,511.22 998,442.00 DTD 09/06/2011 0.500% 09/06/2013 FHLMC NOTES 3137EACL1 4,980,000.00 AA+ Aaa 12/02/10 12/03/10 4,968,864.72 0.95 18,519.38 4,972,015.27 5,023,674.60 DTD 08/20/2010 0.875% 10/28/2013 FHLB NOTES 313371UC8 3,000,000.00 AA+ Aaa 06/30/11 07/01/11 3,009,999.00 0.74 6,854.17 3,009,002.25 3,026,088.00 DTD 11/18/2010 0.875% 12/27/2013 FHLB NOTES 313371UC8 3,250,000.00 AA+ Aaa 11/19/10 11/22/10 3,238,430.00 0.99 7,425.35 3,241,598.33 3,278,262.00 DTD 11/18/2010 0.875% 12/27/2013 FNMA GLOBAL NOTES 3135GOAP8 8,900,000.00 AA+ Aaa 02/04/11 02/07/11 8,828,800.00 1.52 10,506.94 8,843,663.27 9,056,746.80 DTD 02/01/2011 1.250% 02/27/2014 Security Type Sub -Total 99■508,000.00 100,682,995.00 0.83 555,118.01 100,119,735.45 100,832,303.43 BNP PARIBAS FINANCE INC COMM PAPER 0556N 1X17 497,000.00 AW1+ P-1 04/21/11 04/21/11 496,055.70 0,38 0.00 496,910.82 496,961.73 -- 0.000% 10/18/2011 Security Type Sub -Total 497,000.00 496,055.70 0.38 0.00 496,910.82 496,961.73 Managed Account Sub -Total 170,205,000.00 171,929,642.17 0.75 819,386.68 171,025,559.08 171,991,451.83 MONROE COUNTY CLERK OF THE CIRCUIT COURT - COMBINED PORTFOLIO Page 8 PF.Ni` PFM Asset Management C 9PFMr 1m Managed Account Detail of Securities Held For the Month Ending September 30. 2011 14 CW- I', F THE aRCUI T' C�T.. mbined P6 folio Securities Sub -Total $170,205,000.00 $171,929,642.17 0.75% $819,386.68 $171,025,559.08 $171,991,451.83 Accrued Interest $819,386,68 Total Investments $172,810■838.51 MONROE COUNTY CLERK OF THE CIRCUIT COURT -COMBINED PORTFOLIO Page 9 PF\i' PFM Asset Management LLC