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Item P8
P.8 BOARD OF COUNTY COMMISSIONERS C ounty of M onroe Mayor David Rice, District 4 Mayor Pro Tem Sylvia J. Murphy, District 5 TheFloridaKeys Danny L. Kolhage, District 1 George Neugent, District 2 Heather Carruthers, District 3 County Commission Meeting November 20, 2018 Agenda Item Number: P.8 Agenda Item Summary #4947 BULK ITEM: Yes DEPARTMENT: County Clerk of Court TIME APPROXIMATE: STAFF CONTACT: Aneta Jodkowska (305) 292-3411 N/A AGENDA ITEM WORDING: ce and Surplus Funds for the quarter ending September 30, 2018. ITEM BACKGROUND: : Surplus Fund and Finance Fund for the quarter ending September 30, 2018. Also included is a -2003) requires presentation of periodic reports at least annually: ports at least annually for the Board that shall include securities in the portfolio by class or type income earned, asset allocation requirements as of the reporting date. 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 earned income the book value the market value and the yield on each investment. The annual report shall show performance on both a book value and total rate of return basis and shall compare the results to the above stated performance benchmarks. All investments shall be reported pursuant to Statements issued by the PREVIOUS RELEVANT BOCC ACTION: N/A CONTRACT/AGREEMENT CHANGES: N/A Packet Pg. 1656 P.8 STAFF RECOMMENDATION: For information only -- no action required. DOCUMENTATION: MONROEFL 3Q18 QPR Final FINANCIAL IMPACT: Effective Date: Expiration Date: Total Dollar Value of Contract: Total Cost to County: Current Year Portion: Budgeted: Source of Funds: CPI: Indirect Costs: Estimated Ongoing Costs Not Included in above dollar amounts: Revenue Producing: If yes, amount: Grant: County Match: Insurance Required: Additional Details: REVIEWED BY: Kevin Madok Skipped 11/05/2018 4:34 PM Cynthia Hall Completed 11/06/2018 9:41 AM Kathy Peters Completed 11/06/2018 9:42 AM Board of County Commissioners Pending 11/20/2018 9:00 AM Packet Pg. 1657 Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) 44 of 1 Page Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) 2018 P.8.a Packet Pg. 1659 Table of Contents September 30, For the Quarter Ended 44 A of 2 Page ummary Surplus FundBOCC Finance Fund Market UpdateExecutive SAsset Allocation ChartImportant Disclosures ManagementLLC Tab ITab IITab III Asset PFM MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORID Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1660 44 of 3 Page Tab I ManagementLLC Asset PFM Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1661 time highs - September 30, 2018 Quarterly Market Update heavy Nasdaq is up - For the Quarter Ended -long path toward higher rates. The m target of 2% for the first time since 2012 44 of 4 ter - Page nterest rates Strong growth fueled by tax cuts and increased spendingSolid job growth with a low unemployment rate of 3.7%Record corporate profits, driven in part by tax cutsCore inflation reaching the Feds longPotential headwinds in the form of tariffs, slower housing market momentum and rising i ManagementLLC U.S. economic conditions are characterized by:U.S. Treasury yields surged in September, continuing the yearyield curve remains quite flat relative to historical averages. The Federal Reserve raised rates again in September, their third hike of 2018. The federal funds rate moved to a new target range of 2.00% to 2.25%. An additional ¼ percent rate hike is expected in December, with two to four more hikes possible in 2019.U.S. equities broke records in September as the S&P 500 and Nasdaq indices hit new allon tailwinds from robust economic fundamentals, strong corporate earnings, and business optimism. The S&P 500 index is now up 10.6% for the year while the tech17.5%. U.S., Canada, and Mexico reached an agreement to update NAFTA. The deal revises the country of origin rules, increases intellectual property protections, improves labor and environmental rights, and includes concessions on dairy products. Asset Current Market Themes PFM MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORIDA Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Sep-18 Packet Pg. 1662 September 30, 2018 Aug '17 Sep-17 Quarterly Market Update Aug '16 Sep-16 Measures (YoY) For the Quarter Ended Aug '15 Sep-15 Inflation Consumer Confidence Core CPICore PCEFed's Long Term Inflation Target Aug '14 Sep-14 Aug '13 Sep-13 2.5%2.0%1.5%1.0%0.5%0.0% 806040 160140120100 44 of 5 Q2 Page Q1 3.7% 2.9% 2018 Sep '18 Q4 Q3 Q2 2017 Q1 4.2% Q4 Rolling 4-QuarterAverage Sep '17 Q3 Q2 2016 Q1 5.0% ) Q4 Sep '16 Q3 Q2 , SAAR 2015 Q1 5.0% QoQ ( Q4 U.S. Real GDP Sep '15 Q3 Unemployment Rate Q2 2014 Q1 5.9% Q4 Sep '14 Q3 Q2 2013 Q1 ManagementLLC 7.2% Sep '13 Asset 6%4%2%0% -2% 9%8%7%6%5%4%3% Current Economic Conditions PFM Source: Bloomberg, latest data available as of 9/30/18. SAAR is seasonally adjusted annualized rate. MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORIDA Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1663 September 30, 2018 Quarterly Market Update Longer Term For the Quarter Ended target range for the federal funds rate at each te 2021 2020 44 of 6 future projections Page Fed expects 1 more rate hike in 2018 & maintained 2019 2018 2.25%2.00% 1.75%1.50%1.25%1.00%0.75%0.50% ------ Fed Participants Assessments of Appropriate Monetary Policy 1.50 1.25 1.00 0.75 0.50 0.25 of Recent 2.00 1.75 9/26/18. 17 17 Sept-18 FOMC ProjectionsSept-18 MedianFed Funds Futures Fed Rate Hikes History Jun 18Jun 17 Mar 18Mar DecDec 16Dec 15 Sept 18 futures as of 5%4%3%2%1%0% funds ManagementLLC Asset end. Fed - FOMCs September Dot Plot Projects One More Rate Hike in 2018 PFM Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members judgement of the midpoint of the appropriayear MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORIDA Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) Yield 44 of 7 Page Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1665 September 30, 2018 Quarterly Market Update For the Quarter Ended 44 of 8 Page Income Index Returns - ManagementLLC Asset Fixed PFM Source: ICE BofAML Indices. Returns greater than one year are annualized. MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORIDA Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1666 44 of 9 Page Tab II ManagementLLC Asset PFM Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) . a to 2018 P.8.a U.S. ofthe inU.S. duration the volatility. ratesat Packet Pg. 1667 benchmark managed benchmarks Executive Summary inlight September 30, is the invested approachednew raising the defensive for a % and quarters curve portfolio 04 0. continue two the currentstrengthof to quality maintain For the Quarter Ended the outperformed to versus Fed acrossthe credit thepast %, %, however, plan of 4273 believe anenvironmentofheightened . 0. 0. yields high we we of of causethe majority will are earned data, : anindication, returnsas Therefore, benchmarks is . forthe to 44 Portfolio inflation, A of performance 2019 Portfolios 10 economic portfolio . the posture into Page rising benchmark Fund return year, future characterizedby well riskrelative the . decade high, while measures of manufacturing activity are also very benefited - to totalpast were rate Finance has the quarter dependon per This Over . interest BOCC quarterly defensiveduration will %. a hike rates and 23 0. stronglabormarketand with . a year Treasury note rising by 29 basis points to end the quarter at 2.82%, actions - by term portionof - percent Portfolios % a EconomicConditions ¼ with . 19 policy short 0. one Fund on cycle sentimenttriggeredwidercreditspreads SurplusFund mitigate flowpurposes Feds off to notethatperformancecomparison the olitical uncertainty. impact cash Surplus The yield on the 2A robust labor market, with the U.S. unemployment rate near 48 year lows,Core inflation near the Feds 2% target, while oil prices surged and wages trended higher,Consumer confidence is at a near twostrong,As well as, an escalating trade war with China, weakness in emerging market economies and currencies, and p Clerks risk positionedportfolios ManagementLLC TheTreasuryandfederalagency/GSEsecuritiesTheperformanceofPleasemeetWeFed'shighsforthisWhileeconomy,coupledThe paceofaboutposture Asset PFM MONROE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER, FLORID Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#TTTTC>EH Packet Pg. 1668 (,-./,01,"'23456,. .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< 4 *"(&$>==(*)",( 44 of 11 Page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ttachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a CR>CS HRCHS EDHNI 233,4!"#TTTTC>EH L;:X7;X87N$FF 4, * $ * 5",( Packet Pg. 1669 (,-./,01,"(:-/,-A32<: >R>?S EDGHI CRCFS ;8$G )& .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< > 1)=,H 3$+ "1& CRGFS GDLMI CRC@S R$G )& CRG?S GDKFI CRHCS 7$G )& O#!"P,/8 )"EQK"&:3-"$D'D"%-:35=->"O2@:R CRB@S GDGJI CRIFS ;$G )& 44 of 12 Page #CRH@S #CREHS"GDEHI E1&& "01)&" & %(&"'(=,($% &'(&#) * $LA(")=$+ "1& N #CR?B"EDFG I1&)",( 2'' *", $;N6;)# ;ON(P#KO6+JOK#9ON: A(")=$+ "1& !"# $ %&"'$ ()$'"*$ +I,'' & * $%.B$>!! "$B) )D # "$\[\[E %(&"'(=,(X\\ */#)&CB\]^+\]2$E\]Z^AG$4Z+%\[Z4$.Z^I$)3 456 /7 89: ;"* <=,= > "*'! . $%#"?(,-./,01,"4:-/,-A32<:"15";-,55",/"/::5"=20:55",.6:-C15:"12@1<3.:@D""77'12<:"O2<:4.1,2"4:-/,-A32<:"15"2,."56,C2 "/,-"4:-1,@5"0:55".632",2:">:3-D Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a CRGFS GDLMI CRC@S R$G )& 233,4!"#TTTTC>EH Packet Pg. 1670 (,-./,01,"(:-/,-A32<: > 1)=,H 3$+ "1& 7$G )& CRG?S GDKFI CRHCS CRB@S GDGJI CRIFS ;$G )& .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< ;:X7;X;T O#!"P,/8 )"EQK"&:3-"$D'D"%-:35=->"O2@:R 87X7;X;< 01)&" &$2 3 3 44 of CR@ISCRC?SDCR>@S GDNNIQGDEKIQGDNLI CR>ESCRH>SCR>HS 13 8SX78X;< Page #CREHS"GDEHI#CRH@S 8_X78X;< %(&"'(=,($% &'(&#) * $LA(")=$+ "1& N #CR?B"EDFG I1&)",( 2'' *", $;N6;)# ;ON(P#KO6+JOK#9ON: A(")=$+ "1& !"# $ %&"'$ ()$'"*$ +I,'' & * $%.B$>!! "$B) )D # "$\[\[E %(&"'(=,(X\\ */#)&CB\]^+\]2$E\]Z^AG$4Z+%\[Z4$.Z^I$)3 456 /7 89: ;"* <=,= > "*'! . $%#"?(,-./,01,"4:-/,-A32<:"15";-,55",/"/::5"=20:55",.6:-C15:"12@1<3.:@D Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a CRC@S DCRC@S CRGFSCRG@S GDLMI R$G )& 233,4!"#TTTTC>EH Packet Pg. 1671 (,-./,01,"(:-/,-A32<: > 1)=,H 3$+ "1& CRG?SCRGHS GDKFI CRHCSCR>ES 7$G )& CRIFSCRI@S ;$G )& CRB@SCRIBS GDGJI .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< ;:X7;X;T O#!"P,/8 )"EQK"&:3-"$D'D"%-:35=->"O2@:R 87X7;X;< 01)&" &$2 3 3 44 of CR@ISCRC?SDCR>@SCR@ESCRCISDCR>GS GDNNIQGDEKIQGDNLI CR>ESCRH>SCR>HS 14 8SX78X;< Page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ttachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#TTTTC>EH Packet Pg. 1672 (,-./,01,"(:-/,-A32<: QB0?F@RBE# Q@@H0B?FR>B#Q@EC0I?HRF># UQ?0HGC0CCCRCCV QF?0IFG0B>?R>I# Q>CI0F@B0?HEREH# .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< >**&1)=$L>#(&",H 3$E(!"N$\\)!,! 44 of 15 Page QFF0FECRHE# %(&"'(=,($2)& , D! Q@@H0B?FR>B#QE@H0BHFRE># UQ?0HGC0CCCRCCV QFB0I?F0HFHRF@# Q>CG0?@F0@GHRIF# B)&C "$?)=1 $\\)!,! C!* &" 93%#"# ,"D&"EF" :GH IG8J ^ "$%1&*/)! !X4)= ! E/) D $, $?)=1 " & !"$2)& 3 %(&"'(=,($2)& , D! \\ D, , D$?)=1 $L8SX78X:8;<N2 3, D$?)=1 $L8_X78X:8;<N !"# $ %&"'$ ()$'"*$ +$%.B$>!! "$B) )D # "$\[\[E Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a P$('$A(")= 233,4!"#TTTTC>EH Packet Pg. 1673 (,-./,01,"#,A4,51.1,2 #I>RE#GBRHS#EGRF#EHR?S a;8TW7$;88W8P I * #6 &$7;9$:8;T B?$LaBBN #G?RBS#E>R@S $;88W8P P$('$A(")= .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< B)&*/$7;9$:8;< #IGRC#EGRB B?$LaBBN a;;8W< P$('$A(")= 44 `1 $789$:8;< of #ICR>#GIR?S#EGR?#E@RHS a;8RW<$;88W8P B?$LaBBN 16 Page 4 *"(&$>==(*)",( P$('$A(")= #G>RF#G@R>S#EGR?#EIRFS a_TWT$;88W8P 4 5" #6 &$789$:8;< B?$LaBBN !"# $ %&"'$ ()$'"*$ +$%.B$>!! "$B) )D # "$\[\[E +:.310"A3>"2,."3@@".,".,.30"@=:".,"-,=2@12;D 4 *"(&ZW4W$A& )!1&K. 3 &)=$>D *KXY42A(")= Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a VR G )&! 233,4!"#TTTTC>EH Packet Pg. 1674 (,-./,01,"#,A4,51.1,2 QUR G )&! 7UQ G )&! .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< :U7 G )&! ;U: G )&! 8U; G )&! "NDFI"LJDNI"JKDGI"GDGI"GDGI"GDGI #IGRBS#@CR@S#ERCS#CRCS#CRCS#CRCS X )#<,Y2$J#>D@#P %5#ORKR#(5 %-45/#X!* = 44 CR?F#/5-EDHJ">-5 of B)"1&,"K > &)D 17 Page G, =3 B)"1&,"K$I,!"&,61",( #HRGHS"NDFEI )"$B)&C " ' 56 ,"D&"EF" :GH IG8J $;N6;)# ;ON(P#KO6+JOK#9ON: !"# $ %&"'$ ()$'"*$ +$%.B$>!! "$B) )D # "$\[\[E %(&"'(=,(X\\ */#)&CB\]^+\]2$E\]Z^AG$4Z+%\[Z4$.Z^I E2$\\('>B\[$;U7$G )&$ZW4W$A& )!1&K$ 3 b Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#TTTTC>EH Packet Pg. 1675 (,-./,01,"#,A4,51.1,2 V$R$G2>+4 QUR$G2>+4 .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< 7UQ$G2>+4 :U7$G2>+4 $;N6;)# ;ON(P#KO6+JOK#9ON:X )#<,Y2$J#>D@#P %5#ORKR#(5 %-45/#X!* = ;U:$G2>+4 44 of 18 "NDFI"LJDHI"JNDKI"GDGI"GDGI"GDGI #IGRBS#@ER@S#CRCS#CRCS#CRCS#CRCS 8U;$G2>+4 Page I1&)",( $I,!"&,61",( ' 56 ,"D&"EF" :GH IG8J #CR?B"EDFG I1&)",( 2'' *", $;N6;)# ;ON(P#KO6+JOK#9ON:X )#<,Y2$J#>D@#P %5#ORKR#(5 %-45/#X!* = !"# $ %&"'$ ()$'"*$ +$%.B$>!! 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"$B) )D # "$\[\[E Y&) 3$A(")=@ !!1 &ONX():#K(2()K#(6)2KO6P92NNX)#$2)9):)62J#A;$)#J;2N#<2N1K96)::X)#$2 Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#TTTTC>EH Packet Pg. 1678 $QSW_P$R7W;P #>BR>S#>GR>S#>ERBS#G@R>S $;88W8P P$('$A(")=$%(&"'(=,( (,-./,01,"#,A4,51.1,2 ;88W8P #@IRGS#@HRHS#@>R@S $;88W8P$;88W8P #>CCRCS .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< $P$('$4 *"(& $_T9S<_9:_7$ $QR9<8:9QT:$$R;9<<S9<:;$ #>I0B@>0HCG##>E0B@B0FFG##>E0@@@0HB@##G>0??I0?H># B)&C "$?)=1 $LaN 44 of 21 Page ' 56 ,"D&"EF" :GH IG8J 4 *"(&X !!1 &$I,!"&,61",( 92NNX)#$2)9):)62J#A;$)#J;2N#<2N1K96)::X)#$2 4 *"(&$A(")=ONX():#K(2()K#(6)2KO6P 4 *"(&$A(")= 4 *"(&$X$ !!1 & . 3 &)=$>D *KXY42ZW4W$A& )!1&K%(&"'(=,($A(")= !"# $ %&"'$ ()$'"*$ +$%.B$>!! "$B) )D # "$\[\[E Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a $8W88 #CRCC##CRCC# 233,4!"#TTTTC>EH $$$+ )=,H 3$ $$$$YX\[$$L\\?N (,-./,01,"8<.191.> Packet Pg. 1679 G, =3 )"$B)&C " >#"$LaN $:T:9Q8SW:R A&) !)*" $<9:R89888W88 .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< I)" >W>GW>F#H@0FCIRHG#BW@CWHC#>?0BGCRCC#BW@>W>?#>H0>?BRGC#HWHIW>F#HG0CCCRCC#?W@>WHC#EH0GCCRCC#HWH?W>F#HG0@>HRGC#@W>GW>F#>I0HGCRCC#FWHIW>F#HF0BGCRCC#FWHIW>F#HC0CCCRCC#FW@CW>?#>?0BGCRCC#FW@CWHC#EC0CCCRCC#B W@>W>?#@0HGC0CCCRCC#FW@CW>?#G0CCC0CCCRCC# B)"1&,"K >R>HS>RGCSCRBGS>RCCSHR>HS>R>HS>RCCS>RCCS>RCCSCRBGSHRCCSCRBGSCRBGS E(15( 44 of 22 Page 01)&" &=K$%(&"'(=,($A&) !)*",( ! 4 *1&,"K$I !*&,5",( OK#(6)2KO6P#NW<9N$2#N;()KOK#(6)2KO6P#NW<9N$2#<)N A$261#N;()OK#(6)2KO6P#N;()KOK#(6)2KO6P#NW<OK#(6)2KO6P#N;()K9AJ<#MJ;<2J#N;()K9AJ<#MJ;<2J#N;()KOK#(6)2KO6P#N;()KOK#(6)2KO6P#N;()KOK#(6)2KO6P#NW<OK#(6)2K O6P#N;()K F>H?H?NI@@>@GMC(ICF>H?H?KI?@>@GMCZG@F>H?H?\[\[FF>H?H?\\@CF>H?H?+FG@>@C2F)+H@>@C2F)+HF>H?H?(EHF>H?H?\[\]CF>H?H?KI?F>H?H?(EH %)&$LaNEZ4 % $<9:R89888$ #E0HGC0CCC##H0GCC0CCC##@0HGC0CCC##G0CCC0CCC##E0CCC0CCC##E0GCC0CCC##@0HGC0CCC##G0FGC0CCC##E0CCC0CCC##G0CCC0CCC##E0CCC0CCC##@0HGC0CCC##G0CCC0CCC# $QR9T889888$ $I)" 4 ""= I)" A&)3 $ !"# $ %&"'$ ()$'"*$ +BW>GW>?BW>GW>?BW@CW>?BW@CW>?BW@>W>?BW@>W>??WHIW>??WHIW>??W@>W>??W@>W>??W@>W>??W@>W>?FW>GW>?FW>GW>?FWHIW>?FWHIW>?FWHIW>?FWHIW>?FW@CW>?FW@CW>?FW@CW>?FW@CW>?BW@>W>?BW@>W>?FW@CW >?FW@CW>?$%.B$>!! "$B) )D # "$\[\[E ^A2+24AA(")=$$ ^A2+24AB>AZ+ AGA(")=$$B>AZ+ AG Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) $8W88$ #CRCC##CRCC# P.8.a $$+ )=,H 3 $$$YX\[$L\\?N 233,4!"#TTTTC>EH (,-./,01,"8<.191.> Packet Pg. 1680 G, =3 #H@0FCIRHG##>?0BGCRCC##>H0>?BRGC##HG0CCCRCC##EH0GCCRCC##HG0@>HRGC##>I0HGCRCC##HF0BGCRCC##HC0CCCRCC##>?0BGCRCC##EC0CCCRCC# $$$$$$>#"$LaN $$$$$A&) !)*" $<9R::9Q8SW:R$ #@0HGC0CCCRCC##G0CCC0CCCRCC# .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< I)" >W>GW>FBW@CWHCBW@>W>?BW@>W>?HWHIW>F?W@>WHCHWH?W>F@W>GW>FFWHIW>FFWHIW>FFW@CW>?FW@CWHCFW@CW>? B)"1&,"K >R>HS>RGCSCRBGSCRBGS>RCCSHR>HS>R>HS>RCCS>RCCS>RCCSCRBGSHRCCSCRBGS E(15( 44 of 23 Page $01)&" &=K$%(&"'(=,($A&) !)*",( ! 4 *1&,"K$I !*&,5",( EZ4 % %)&$LaN$ #E0HGC0CCCRCCF>H?H?NI@OK#(6)2KO6P#NW<#H0GCC0CCCRCC@>@GMC(IC9N$2#N;()K#@0HGC0CCCRCCF>H?H?KI?OK#(6)2KO6P#NW<#@0HGC0CCCRCCF>H?H?KI?OK#(6)2KO6P#NW<#G0CCC0CCCRCC@>@GMCZG@9N$2#<)N A$261#N;()#E0CCC0CCCRCCF> H?H?\[\[FOK#(6)2KO6P#N;()K#E0GCC0CCCRCCF>H?H?\\@COK#(6)2KO6P#NW<#@0HGC0CCCRCCF>H?H?+FGOK#(6)2KO6P#N;()K#G0FGC0CCCRCC@>@C2F)+H9AJ<#MJ;<2J#N;()K#E0CCC0CCCRCC@>@C2F)+H9AJ<#MJ;<2J#N;()K#G0CCC0CCCRCCF>H?H ?(EHOK#(6)2KO6P#N;()K#E0CCC0CCCRCCF>H?H?\[\]COK#(6)2KO6P#N;()K#G0CCC0CCCRCCF>H?H?(EHOK#(6)2KO6P#N;()K I)" 4 ""= I)" A&)3 BW>GW>?BW>GW>?BW@CW>?BW@CW>?BW@>W>?BW@>W>?BW@>W>?BW@>W>??WHIW>??WHIW>??W@>W>??W@>W>??W@>W>??W@>W>?FW>GW>?FW>GW>?FWHIW>?FWHIW>?FWHIW>?FWHIW>?FW@CW>?FW@CW>?FW@CW>?FW@CW>?FW@CW>?FW@CW>? !"# $ %&"'$ ()$'"*$ +A&) WAK5 XN()6)K(XN()6)K(XN()6)K($2(O6X(PXN()6)K(XN()6)K(XN()6)K(XN()6)K(XN()6)K(XN()6)K(XN()6)K(XN()6)K($2(O6X(P A\]A>\[4$%.B$>!! "$B) )D # "$\[\[E Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a ?)=1 B)&C " $R;9<<S9<:8W_7 233,4!"#TTTTC>EH (,-./,01,"T,0@12;5 Packet Pg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of 24 I)" A&)3 $ Page >WGWHC>B>WIWHC>BGW?WHC>BGWFWHC>BGW?WHC>BGWFWHC>B@WHWHC>B@W@WHC>BBWBWHC>IBW?WHC>I >>WHWHC>I>>W@WHC>IEWHEWHC>BEWHGWHC>B>W>FWHC>I>WHCWHC>I>W@>WHC>BHW>WHC>B>HWHWHC>I>HWGWHC>IIWHHWHC>BIWH@WHC>BHW>IWHC>?HWHCWHC>?HW>IWHC>?HWHCWHC>? +)", D B((3Kd! 22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%% 4M%$ +)", D B) )D 3$>**(1 "$I "),=$('$4 *1&,", !$c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ttachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a ?)=1 B)&C " a7;<9RT:W<R$ a_<988T9<SRWT<$ $QR9<8:9QT:W88 233,4!"#TTTTC>EH (,-./,01,"T,0@12;5 Packet Pg. 1682 E(!" >#(&",H 3 $QS9QQ898S_W;_ " & !" >**&1 3 #GGGRGI#@0FFI0GHERIE#@0F@G0HCCRCC#?HIR@F#G0FE?0BGIRF@#G0?G@0I>CRCC .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< #I0@GER>B#H0EFI0EGIRI@#H0EE@0>CCRCC #HG0F@BRGC#G0CCF0CHCR>C#E0FIE0IGCRCC#HI0EI?RBG#E0G>C0??IR>?#E0EBB0GHHRGC#>G0IHGRCC#G0C>C0BBCRCC#E0FEF0>?GRCC#>F0IHGRCC#E0EBI0>@BRBI#E0EH>0HCFRGC#H?0IEGR?@#E0F?F0H?BR@C#E0?F>0>CCRCC#HC0IHGRCC#E0FFB0IB >R>G#E0?F@0HECRCC $;Q_9R:QW7;$7;<9RT:W<R$_<9S_R9T;<W;S$_T9S<_9:_:W_7 a7;<9RT:W<R$a_<9S_R9T;<W;S$a_T9S<_9:_:W_7$ CRBF>R@?CR?@>RCF>RCH>RGC>RG>>RG@>RG? $$GAB$)"$E(!"$;W;T$$;W7;$$;W7;P E(!" \]&,D, )=$ #G0CEI0ECCRCC#E0G@@0E@GRCC#G0CEE0CGCRCC#@0F?F0I?CRCC#G0FEI0@BCRGC#E0EEG0E>GRCC#E0FBF0?CCRCC#E0FFG0BGCRCC#H0EFE0HGCRCC $QS9R8Q9T88WR8$_<9TQ:9S:8W:; a_<9TQ:9S:8W:; I)" 4 ""= $ 44 of 25 I)" A&)3 $ Page GW?WHC>BGWFWHC>BGW?WHC>BGWFWHC>B IWHBWHC>IIWH?WHC>IIWHBWHC>IIWH?WHC>I>CWBWHC>I>CW>>WHC>I>>WHWHC>I>>W@WHC>IEWHEWHC>BEWHGWHC>BEWHEWHC>BEWHGWHC>BBWH?WHC>B?W>WHC>B +)", D B((3Kd! 22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%%22^2%% 4M%$ +)", D B) )D 3$>**(1 "$I "),=$('$4 *1&,", !$c =3 %)& #G0CCC0CCCRCC#E0GCC0CCCRCC#G0CCC0CCCRCC#E0CCC0CCCRCC#G0FGC0CCCRCC#E0GCC0CCCRCC#G0CCC0CCCRCC#G0CCC0CCCRCC#H0GCC0CCCRCC $QS9QR89888W88$_<9TRR9888W88 a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`%5*#- "" !&#"5%* -R Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> Packet Pg. 1683 ,-./0-12-"345678-/ .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< 4 *"(&$>==(*)",( 44 of 26 Page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ttachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> Packet Pg. 1684 ,-./0-12-",;.0-.B54=; R>CB0B>GS>I#R>F@0?FESI@#R@C>0ICFSBF# R@0>F?0I@BS?B# REF0E@>0E>ESI@#RGH0B@B0BIBSII# .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< >**&1)=$L>#(&",H 3$E(!"N$\[)!,! 44 of 27 Page %(&"'(=,($2)& , D! R>II0BCISC>#R>F@0?FESI@#R@IC0ICCSIE# R@0>F?0I@BS?B# REF0@>H0BG?SEC#RGH0IB?0>CHSH?# B)&C "$?)=1 $\[)!,! 3!* &" 45%#"# ,"6&"78" 9:; <:=> \\ "$%1&*/)! !W4)= ! E/) D $, $?)=1 " & !"$2)& 3 %(&"'(=,($2)& , D! \[ D, , D$?)=1 $L8SW78W:8;<N2 3, D$?)=1 $L8\]W78W:8;<N !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Q$('$A(")= 233,4!"#UUUUC>G> Packet Pg. 1685 `S<V<$;88V8Q ,-./0-12-"#-B6-72/2-4 #EESE#IESGT#HESE#@GSGT I * #6 &$7;9$:8;_ B?$L`BBN #GBSIT#EHSET $;88V8Q Q$('$A(")= .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< B)&*/$7;9$:8;< #@GSE#HISC `S;VR B?$L`BBN Q$('$A(")= 44 ^1 $789$:8;< of `R\]V7$;88V8Q #@ES>#IFS>T#>GSH#@CSFT B?$L`BBN 28 Page 4 *"(&$>==(*)",( Q$('$A(")= #?SC#>GSHT #EESB#?ES?T `T:V_$;88V8Q 4 5" #6 &$789$:8;< B?$L`BBN !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE +;/521"B5?"4-/"5AA"/-"/-/51"A>;"/-".->4A24<E 4 *"(&YV4V$A& )!1&K. 3 &)=$>D *KWX42A(")= Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a UT G )&! 233,4!"#UUUUC>G> Packet Pg. 1686 ,-./0-12-"#-B6-72/2-4 ROT G )&! 7OR G )&! .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< :O7 G )&! ;O: G )&! 8O; G )&! #>CCSCT#CSCT#CSCT#CSCT#CSCT#CSCT"GJJEJI"JEJI"JEJI"JEJI"JEJI"JEJI P )#<,W2$J#@#$,!"8#QSKS#(5 %-45/#< #P!* = 44 CS>F#/5-JEFK"?.7 of B)"1&,"K > &)D 29 Page G, =3 B)"1&,"K$I,!"&,61",( #HS>>T"FEGHI )"$B)&C " ' ?@ ,"6&"78" 9:; <:=> $;N6;)# N(O#<; #9PN2N )#9QN: !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE %(&"'(=,(W\[ */#)&CBa\\+a2$E\\AG$\[aEE$. \\>\\E2$.Y\\I E2$\[('>BZ$7$B( "/$YV4V$A& )!1&K$\[,==$ 3 b Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> Packet Pg. 1687 ,-./0-12-"#-B6-72/2-4 .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< 44 of 30 Page E& 3,"$01)=,"K #IGS@T#@ESBT $;88V8Q ' ?@ ,"6&"78" 9:; <:=> Q$('$%(&"'(=,( `T:9S_<9;8: R@E0@?C0B@CR>?0HFB0@BH B)&C "$?)=1 $L`N !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE 4M%$+)", D>>P>O;PA(")=! +;/521"B5?"4-/"5AA"/-"/-/51"A>;"/-".->4A24<E Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> Packet Pg. 1688 ,-./0-12-"#-B6-72/2-4 #?ESFT#>GSHT $;88V8Q Q$('$$%(&"'(=,( .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< #B0FBF0C>H# $T:9S_<9;8:$ #EE0IFF0CFC# 44 B)&C "$?)=1 $$L`N of 31 Page !!1 &$I,!"&,61",( ' ?@ ,"6&"78" 9:; <:=> !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE X&) 3$A(")=@ !!1 &QNP():#K(2()K#(6)2KQ6O92NNP)#$2) Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> Packet Pg. 1689 $;TV;Q$<RV\]Q #>GS>T#?ESFT $;88V8Q Q$('$A(")=$%(&"'(=,( ,-./0-12-"#-B6-72/2-4 ;88V8Q $;88V8Q$;88V8Q #>CCSCT#>CCSCT .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< $Q$('$4 *"(& $_9\]_\]98;:$ #B0FBF0C>H# $T:9S_<9;8:$ $RR9S\]\]98\]8$ #EE0IFF0CFC# B)&C "$?)=1 $L`N 44 of 32 Page ' ?@ ,"6&"78" 9:; <:=> 4 *"(&W !!1 &$I,!"&,61",( 92NNP)#$2)4 *"(&$A(")=QNP():#K(2()K#(6)2KQ6O 4 *"(&$A(")= 4 *"(&$W$ !!1 & . 3 &)=$>D *KWX42YV4V$A& )!1&K%(&"'(=,($A(")= !"# $%"& ##"'( ) #!"'* +$%.B$>!! "$B) )D # "$ZZE Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a 233,4!"#UUUUC>G> $$$+ )=,H 3$ $$$$XWZ$$L\[?N ,-./0-12-")=/2:2/? Packet Pg. 1690 #>SFHT#>S?@T#HSC?T#>SFIT#>SF@T#HSCGT#HSCCT G, =3 )"$B)&C " #F0>E>SG?# >#"$L`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of 33 Page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`NEY4 % #??G0CCC##??G0CCC##??G0CCC# #E0>GC0CCC##E0HGC0CCC##E0>GC0CCC##E0>GC0CCC##E0>GC0CCC##E0>GC0CCC##G0??G0CCC##@0CCC0CCC##G0CCC0CCC##@0CCC0CCC##H0GCC0CCC##H0CCC0CCC##@0CCC0CCC##@0CCC0CCC##G0CCC0CCC# $789<<T9888$ $I)" 4 ""= I)" A&)3 $ !"# $%"& ##"'( ) #!"'* +BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?FV>?V>?FV>FV>?BVHV>?BVHV>?BV>GV>?BV>GV>?BVHCV>?BVHCV>?BVH?V>?BVH?V>?BV@>V>?BV@>V>??V>V>??V>V>??VBV >??VBV>??V>GV>??V>GV>??V>GV>??V>GV>??V>FV>??V>FV>??V@>V>??V@>V>?FVEV>?FVEV>?FV>GV>?FV>GV>?FV>GV>?FV>GV>?$%.B$>!! "$B) )D # "$ZZE \[YGA(")=$$\[YG \\A2+24A Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a $8V88 #CSCC##CSCC##CSCC##CSCC##CSCC##CSCC##CSCC##CSCC##CSCC##CSCC# 233,4!"#UUUUC>G> $$$+ )=,H 3$ $$$$XWZ$$L\[?N ,-./0-12-")=/2:2/? Packet Pg. 1691 G, =3 )"$B)&C " >#"$L`N $:779R_TVS7 A&) !)*" $:_9TTT9888V88 .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< I)" ?VHV>?#E0HGC0CCCSCC#?VBV>?#H0GCC0CCCSCC#FVGV>?#E0>GC0CCCSCC# BV>?V>?#??G0CCCSCC#BVHCV>?#@0CCC0CCCSCC#BV@>V>?#@0CCC0CCCSCC#?V>CV>?#??G0CCCSCC#?V@>V>?#@0CCC0CCCSCC#FV>GV>?#G0CCC0CCCSCC#FV>GV>?#??G0CCCSCC# B)"1&,"K CSCCT>S>HT>S@BTCSCCTCSIHTCSCCT>SGCTCSCCT>SCCT>SCCT E(15( 44 of 34 Page 4 *1&,"K$I !*&,5",( 9):)62J#A;$)#J;2N#<2N1K#:PK #N;()9N$2#N;()KQK#(6)2KQ6O#N;()KQNP():#K(2()K#(6)2KQ6O#<PJJ9AJ<#N;()K9):)62J#A;$)#J;2N#<2N1K#:PK #N;()QK#(6)2KQ6O#N;()K9):)62J#A;$)#J;2N#<2N1K#:PK #N;()QK#(6)2KQ6O#N;()KQK #(6)2KQ6O#N;()K @>@@?GZ$>@>@GMC)@@F>H?H?YXCF>HBFI+KH@>@C2?+1@@>@@?G<EBF>H?H?6)H@>@@?G)IFF>H?H?JECF>H?H?JEC %)&$L`NEY4 % #??G0CCC##??G0CCC##??G0CCC# #@0CCC0CCC##@0CCC0CCC##E0HGC0CCC##H0GCC0CCC##@0CCC0CCC##E0>GC0CCC##G0CCC0CCC# $:\]9;TT9888$$:_9TTT9888$ $I)" 4 ""= I)" A&)3 $ !"# $%"& ##"'( ) #!"'* +BV>?V>?BV>?V>?BVHCV>?BVHCV>?BV@>V>?BV@>V>??VHV>??VHV>??VBV>??VBV>??V>CV>??V>CV>??V@>V>??V@>V>?FVGV>?FVGV>?FV>GV>?FV>GV>?FV>GV>?FV>GV>?$%.B$>!! "$B) )D # "$ZZE A(")=$$ \\A2+24AB>AY+ AGA(")=$$B>AY+ AG Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) #CSCC##CSCC##CSCC##CSCC##CSCC##CSCC# P.8.a $$+ )=,H 3 $$$XWZ$L\[?N 233,4!"#UUUUC>G> ,-./0-12-")=/2:2/? Packet Pg. 1692 G, =3 #>SFHT#>S?@T#HSC?T#>SFIT#>SF@T#HSCGT #E0FB?S>@##F0>E>SG?##B0?>HSGC##@0@>?SBG# #HB0FBHSHB##>I0?BGSCC##@E0@BGSCC##HC0IHGSCC# #??G0CCCSCC##??G0CCCSCC# $$$$$$>#"$L`N $$$$$A&) !)*" #@0CCC0CCCSCC##@0CCC0CCCSCC##E0HGC0CCCSCC##H0GCC0CCCSCC# \[E0>@I0G@@SIB\\\[E0HEE0>IIS??\\\[E0>CB0>H>S?G\\\[E0>H@0E?>S@?\\\[E0>@C0C?CSCC\\\[E0>E>0?CFSEF\\ .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< I)" FVGV>??VHV>?>V@V>F?VHV>??VBV>??VBV>? >>V>V>?>CVEV>?>V>GV>FBV>?V>?BVHCV>?BVHCV>?>VH?V>FBV@>V>?BV@>V>??V>CV>?HV>GV>F B)"1&,"K>>V@CV>? CSCCTCSCCTCSCCTCSCCTCSCCT>SHGT>S>HTCSCCT>S>HT>S>HT>S@BT>S@BT>S@BTCSCCTCSIHTCSIHTCSCCTCSBGT E(15( 44 of 35 Page $01)&" &=K$%(&"'(=,($A&) !)*",( ! 4 *1&,"K$I !*&,5",( EY4 % #CSCC$;N)OCCCH$;N)O#$261)(#9QN:#CSCC$;N)OCCCH$;N)O#$261)(#9QN: %)&$L`N$ #??G0CCCSCCF>H?H?NI@QK#(6)2KQ6O#NV<#??G0CCCSCC@>@@?GZ$>9):)62J#A;$)#J;2N#<2N1K#:PK #N;()#??G0CCCSCC@>@@?G<EB9):)62J#A;$)#J;2N#<2N1K#:PK #N;()#??G0CCCSCCF>H?H?+G@QK#(6)2KQ6O#N;()K #E0>GC0CCCSCC@>@@?G)IF9):)62J#A;$)#J;2N#<2N1K#:PK #N;()#E0HGC0CCCSCCF>HBFI+KHQNP():#K(2()K#(6)2KQ6O#<PJJ#E0>GC0CCCSCCF>HBFI+1FQNP():#K(2()K#(6)2KQ6O#<PJJ#E0>GC0CCCSCCF>HBFIX9FQNP():#K(2()K#(6)2KQ6O#< PJJ#E0>GC0CCCSCCF>HBFIX<?QNP():#K(2()K#(6)2KQ6O#<PJJ#E0>GC0CCCSCCF>H?H?2@EQK#(6)2KQ6O#N;()K#@0CCC0CCCSCC@>@GMC)@@9N$2#N;()K#@0CCC0CCCSCC@>@GMC)@@9N$2#N;()K#G0CCC0CCCSCC@>@GMCAI@9N$2#<)N A$261#N;()#@0 CCC0CCCSCCF>H?H?YXCQK#(6)2KQ6O#N;()K#@0CCC0CCCSCCF>H?H?YXCQK#(6)2KQ6O#N;()K#E0HGC0CCCSCCF>HBFI+KHQNP():#K(2()K#(6)2KQ6O#<PJJ#H0GCC0CCCSCC@>@C2?+1@9AJ<#N;()K#H0GCC0CCCSCC@>@C2?+1@9AJ<#N;()K I)" 4 ""= I)" A&)3 BVHV>?BVHV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BVGV>?BVIV>?BV>GV>?BV>GV>?BV>?V>?BV>?V>?BVHCV>?BVHCV>?BVHCV>?BVHCV>?BVH?V>?BVH?V>?BV@>V>?BV@>V>?BV@>V>?BV@>V>??V>V>??V>V>??VHV> ??VHV>??VBV>??VBV>??VBV>??VBV>??V>CV>??V>CV>??V>GV>??V>GV>? !"# $%"& ##"'( ) #!"'* +A&) VAK5 PN()6)K(<QO<QO<QO<QO<QO<QOPN()6)K($2(Q6P(OPN()6)K($2(Q6P(OPN()6)K(PN()6)K($2(Q6P(OPN()6)K($2(Q6P(OPN()6)K($2(Q6P(O$2(Q6P(OPN()6)K($%.B$>!! "$B) )D # "$ZZE Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) $8V88$ #CSCC##CSCC##CSCC##CSCC# P.8.a $$+ )=,H 3 $$$XWZ$L\[?N 233,4!"#UUUUC>G> ,-./0-12-")=/2:2/? Packet Pg. 1693 G, =3 #HSCCT #B0GCCSCC##E0EHGSCC# #H?0>HGSCC##HH0GCCSCC##HC0?HBSEC##HG0CCCSCC# #??G0CCCSCC# $$$$$$>#"$L`N $$$$$A&) !)*" #@0CCC0CCCSCC##E0>GC0CCCSCC##G0CCC0CCCSCC#L:9\]_89:SRV_8N \[G0?BG0GEBSCI\\ .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< I)" FVGV>? HV>GV>FHV>FV>F?V@>V>??V@>V>?FV>GV>?FV>GV>?FV>GV>?FV>GV>? B)"1&,"K>CV>?V>? CSBGT>S?BT>SGCT>SGCTCSCCT>SCCT>SCCT>SCCT>SCCTCSCCT E(15( 44 of 36 Page 4 *1&,"K$I !*&,5",( EY4 % #CSCC$;N)OCCCH$;N)O#$261)(#9QN: %)&$L`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aA>Z4$%.B$>!! "$B) )D # "$ZZE Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a ?)=1 B)&C " $:S9R8;9_;<VR\] 233,4!"#UUUUC>G> ,-./0-12-"L-1A24<7 Packet Pg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a&,D, )=$ #??C0?>ISFF#??>0ECESIF#??C0GECSE@#?B?0?EISE?#?BG0HG>S>B#?B?0@HBSF@ #G0CC?0CCBS?>#E0>@I0BCBSC@#E0FFF0E>ESCI#E0FFI0?BGSCC#>0FBG0B?>SHG#E0>@C0C?CSCC#G0?BG0GEBSCI $:S97\];9\]_:V<R I)" 4 ""= $ 44 of 37 I)" A&)3 $ Page BVGVHC>?BVIVHC>?@VHVHC>B@V@VHC>B@VHVHC>B@V@VHC>BBVGVHC>?BVIVHC>? GV>IVHC>?GV>BVHC>?HV>IVHC>BHV>BVHC>BGV>IVHC>?GV>BVHC>?GV>IVHC>?GV>BVHC>?GV>IVHC>?GV>BVHC>?GV>IVHC>?GV>BVHC>?>V>BVHC>?>V>?VHC>?IVHCVHC>?IVH>VHC>?FV>?VHC>?FV>FVHC>? +)", D B((3Kd! 22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%%22\]2%% 4M%$ 2D>\]+D>2D>\]+D> +)", D B) )D 3$>**(1 "$I "),=$('$4 *1&,", !$c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ttachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a ?)=1 B)&C " `;;<9T8_VST$ $_9\]_\]98;:V88 `T:9_\]S9S8\]V\]7$ $;<9:\]_97_;V_\] 233,4!"#UUUUC>G> ,-./0-12-"L-1A24<7 Packet Pg. 1695 E(!" >#(&",H 3 $<988_9R8_V:: $;<9:\]\]9TT\]VS: $8V88 #CSCC#E0>E@0C@@SH@#E0>EH0IHFSIC#CSCC#E0>HB0B@>SBI#E0>HI0>?BS@C " & !" >**&1 3 .(&$"/ $01)&" &$2 3 3$4 5" #6 &$789$:8;< #I0GIHSGC#@0CCI0>EESHB#H0FFE0@HBSCC $;<9T\]7V_T #>H0C@>SHG#G0CC>0HIHSFG#E0F?E0I?GSCC $;;<9T8_VST$T:9_7_9_S_VSS$T:9S_<9;8:V:< `;;<9T8_VST$`T:9_7_9_S_VSS$`T:9S_<9;8:V:<$ >SFIHSC?>S@C>S@E $$GAB$)"$E(!"$;V\]\]$$;V7;$$;VS\]$$;VS\]Q E(!" a&,D, )=$ $<98789_:8V88 #E0>H@0E?>S@?#E0>CB0>H>S?G#G0CCI0BGCSCC#@0CH@0FBCSCC $;<9:7S9:78V:\]$T:9ST<9\]:7V;7 `T:9ST<9\]:7V;7 I)" 4 ""= $ 44 of 38 I)" A&)3 $ Page BVGVHC>?BVIVHC>?BVGVHC>?BVIVHC>? 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"$B) )D # "$ZZE 4 *1&,"K$AK5 WI !*&,5",( QNP():#K(2()K#(6)2KQ6O#<PJJ:(:#CGVC@VHC>?#CSCCCT#>>VC>VHC>?QNP():#K(2()K#(6)2KQ6O#<PJJ:(:#C>VCEVHC>?#CSCCCT#C>VC@VHC>F9N$2#<)N A$261#N;():(:#C>VC?VHC>I#>S@BGT#C>VH?VHC>F92NNP )#$2)#<)N A$261#N;():(:#C>V>@VHC>E#>S?BGT#CHV>FVHC>F YV4V$A& )!1&K$\[,==4 *1&,"K$AK5 $416OA(")=. 3 &)=$>D *K$\[( 3$W$\\(" 4 *1&,"K$AK5 $416OA(")=B) )D 3$>**(1 "$$416$A(")=4 *1&,", !$416OA(")=>**&1 3$ " & !"A(")=$ !"# "!<, * *# " '-#%5 #W,5_%5*#- "" !&#"5%* -S Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1696 44 of 39 Page Tab III ManagementLLC Asset PFM Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1697 YESYESYESYES YESYESYESYESYESYESYES 0%0%0% 80%20%10%20%10% 100% 100%100% PolicyIn Compliance Permitted by 7.75% 28.23% For the Quarter Ended September 30, 2018 Allocation Percentage --- --- t 44 of 40 97,254,971.8554,615,594.4775,741,742.7419,898,341.0020,796,708.03 Page 36.2% mortized Cos A 28.2% (Includes Interest) 36.25% 20.36% 7.42% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.4% 7.8%7.4% 0%10%20%30%40%50%60%70%80%90%100% Federal Agency Money Market Funds ) Intergovernmental Pools MBS ( Demand Deposit Bank Account United States Treasury Securities s Accounts g Securities y ) osit and Savin p e-Backed Securities reements g SBA y g ( a osit Bank Account g p enc g als Mort Market Funds p y overnmental Pools y orate Notes g urchase A p p enc MONROE COUNTY CLERK OF THE CIRCUIT COURTAsset Allocation Security Type Florida Prime United States TreasurFederal ACorMuniciAgCertificates of DeDemand DeReMoneInter End of month trade-date amortized cost of portfolio holdings, including accrued interest. © 2018 PFM Asset Management LLC Attachment: MONROEFL 3Q18 QPR Final (Quarterly Investment Performance) P.8.a Packet Pg. 1698 YESYESYESYESYESYESYES Asset Allocation by PolicyIn Compliance Permitted Allocation Percentage For the Quarter Ended September 30, 2018 97,254,971.8515,678,149.47 20,796,708.0325,052,290.2914,973,058.5214,590,245.6675,741,742.74 Amortized Cost 36.25%100% 5.84%10% 7.75%10% 9.34%30% 5.58%30% 5.44%30% 28.23%100% (Includes Interest) 44 of 41 Page Y D UNITED STATES TREASUR Individual Issuer Breakdown Us Tsy Bond/Note Sector Mny Mkt/Mutual FndMONEY MARKET FUNIntergovernmental PoolsFEITFFed Agy Bond/NoteFANNIE MAEFed Agy Bond/NoteFEDERAL HOME LOAN BANKSFed Agy Bond/NoteFREDDIE MACDemand Deposit Bank AccountBANK BALANCES End of month trade-date amortized cost of portfolio holdings, including accrued interest. 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