HomeMy WebLinkAbout2009 04 27 Regular 601 Investment Report Prepared by PFM Asset Management LLCCOMMISSION AGENDA
ITEM 601
Apri127, 2009
Meeting
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
MGR /DEPT
Authorization
REQUEST: The City Manager Is Requesting Acceptance of Investment Report For Quarter
Ended March 31, 2009 as Prepared and Presented by PFM Asset Management
LLC.
PURPOSE:
The purpose of this Agenda item is to request acceptance of the attached investment report for quarter
ended March 31, 2009.
CONSIDERATIONS:
On February 23, 2009 a revised Investment Policy was adopted (Resolution No. 2009-18). PFM Asset
Management LLC will be presenting the first Investment Report for investments purchased under these new
guidelines.
FUNDING:
N/A
RECOMMENDATION:
It is recommended that the City Commission accept the attached investment report.
ATTACHMENTS:
Investment Report for Quarter Ended March 31, 2009
Account Statement for the Month Ending March 31, 2009
COMMISSION ACTION:
Cit of v~Tinter S rin s
Y p g
Investment T'~rf®rn~anee evierv
carter tended Mapco 3~, 2009
Investment Advisors
Steven Alexander, CTP, CGFO, Managing Director
Mel Hamilton, Senior Managing Consultant
Gregg Manjerovic, CFA, Portfolio Manager
Rebecca Dole, Consultant
PFM Asset Management LLC
300 S. Orange Avenue, Suite 1170 One Keystone Plaza, Suite 300
Orlando, FL 32801 North Front & Market Streets
(407) 648-2208 Harrisburg, PA 1 71 01-2044
(407) 648-1323 fax 717-232-2723
717-233-6073 fax
City of Winter Springs Investment Report -Quarter Ended March 31, 2009
Table of Contents
Tab I.
Section A Market Review
Tab II.
Section B Executive Summary and General City Account Portfolio Performance
Section C Asset Allocation Chart
Tab III. March 31, 2009 PFM Month-End Statement
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 i
City of Winter Springs Investment Report -Quarter Ended March 31, 2009
Executive Summary
PORTFOLIO STRATEGY
During the quarter, market yields continued to hover near their historical lows. The White House, the Federal Reserve and the U.S. Treasury Department worked in
concert in attempting to bring the U.S. economy out of recession. On February 13, 2009 Congress passed the American Recovery and Reinvestment Act - a nearly
$1 trillion economic stimulus plan. In March, the Fed announced plans to purchase up to $300 billion of longer-term U.S. Treasury securities with the goal of
influencing long-term rates, especially mortgage rates.
- During the quarter U.S. Treasury yields increased slightly from the record lows reached in January of 2009. The increase in yields pushed the Merrill Lynch 1-3 year
U.S. Treasury benchmark returns negative for both January and February. The average yield of a 2-Year U.S. Treasury Notes over the quarter was 0.89%; this is
2.71 % lower than the historical ten year average of 3.60%. The U.S. Treasury yield curve is steeply positive -the yields on longer dated Treasuries increased
during the quarter due to an increase in Treasury issuance to fund government stimulus programs. As U.S. Treasuries move toward their long term averages over
the intermediate term, they are likely to underperform other security types.
- The markets reacted to each new economic recovery plan in a capricious fashion. Market yields, which continued to trade at or near historical lows, were volatile
throughout the quarter. For instance, yields on the 3-month U.S. Treasury Bill traded at a quarterly low of 0.07% on January 9`", reached a high of 0.33% on
February 10"', and ended the quarter at 0.21%. During the quarter, the yield on the 3-month bill moved 10% or greater from its previous market close on 24
occasions compared to 107 trading days over the past ten years.)
- The City's General Account Portfolio is of high credit quality and maintains adequate liquidity. The portfolio is invested entirely in Federal Agency, U.S. Treasury and
FDIC guaranteed corporate securities. The securities in the portfolio are allocated among high quality issuers rated AAA, TSY and A-1+. FDIC guaranteed
corporate debt carries the full faith and credit of the United States government and are therefore rated AAA.
- At quarter end the portfolio's yield to maturity at cost was 1.20% compared to 0.19% for the benchmark Merrill Lynch 3 month U.S. Treasury Bill Index. Short-term
yields continue to trade at historically-low levels. During the quarter, we continued to overweight Federal Agency securities, while also diversifying among FDIC
insured corporate obligations. These securities added value over U.S. Treasuries, which allowed the portfolio to outperform its Merrill Lynch 3-month U.S. Treasury
Bill index by 101 basis points.
- Although still above historical averages, the spread between short term Federal Agency and U.S. Treasury securities narrowed significantly from their end of year
record highs. Our strategy of ovenveighting Federal Agency securities in late 2008 contributed significantly to the portfolio's over performance in the first quarter of
2009. We plan to continue to overweight Federal Agencies as they add significant income value.
- Even with the numerous plans put forth by the U.S. and foreign governments, economists are predicting a slow and lengthy recovery. Federal government
spending will take months, if not years, to reach full effect, while consumer spending is likely to remain dormant for a long period. With this, it appears that the Fed
will not change the Fed Funds target rate from its current target of 0.00 to 0.25%. Inflationary pressures have been low, which has allowed the Fed to maintain the
target federal funds rate at its current level. However, with the increases in governmental spending for stimulus programs, inflationary pressures may rise in the near
term.
PFM Asset Management LLC Section B - 1
City of Winter Springs Investment Report -Quarter Ended Match 31, 2009
The City's Investment Statistics
Account Name
General Ciry Account Portfolio
General City Account U.S. Treasury Direct
Fidelity Institutional Money Market Fund Government Portfolio (Fund #657)
Money Market Fund -State Board of Administration
Water & Sewer Series 2000 U.S. Treasury Direct
Water & Sewer 2000 -Money Market Fund -State Board of Administration
WAtar R Rawer Rarias 1999 Raft inriinn Ravani is Racarva _ R(1NV
Total
Amortized Cost''' Amortized Cost"' Market Value''' Market Value' 23 Duration (Years)
March 31.2009 December 31.2008 March 31, 2009 December 31, 2008 March 31, 2009
$15,199,681.71 N/A $15,234,207.93 N/A 1.26
4,283,264.53 N/A 4,283,264.53 N/A OA05
7,031,121.18 N/A 7,031,121.18 N/A 0.003
1,104,555.15 N/A 657,403.27 N/A 0.003
716,110.48 N/A 716,110.48 N/A 0.005
32,057.10 N/A 19,079.57 NIA 0.003
1,305,069.93 N/A 1,305,069:93 N/A 0.003
Account Name
General City Account Portfolio
General City Account U.S. Treasury Direct
Fidelity Institutional Money Market Fund Government Portfolio (Fund #657)
Money Market Fund -State Board of Administration
Water 8 Sewer Series 2000 U.S. Treasury Direct
Water 8 Sewer 2000 -Money Market Fund -State Board of Administration
Water & Sewer Series 1992 Refundino Revenue Reserve -BONY
Weiohted Averaoe Yield
Benchmarks
6 Month U.S. Treasury Bill Indexy
Notes:
1. On a trade-date basis, 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 intlicative of future results.
5. Source Bloomberg.
Yield to Maturity Yield to Maturity
on Cost° on Cost°
March 31, 2009 December 31.2008
1..20% N/A
0.0125% N/A
0,34% N/A
0.00% N/A
0.0125°1° N/A
0.00% N/A
0.70% N/A
December 31, 2008
0.08%
Yield to Maturity Yield to Maturity
at Market at Market Duration (Years)
March 31, 2009 December 31.2008 December 31.2008
1.06% N/A N/A
0.0125% N/A N!A
0.34% N/A NIA
0.00°l° N/A N/A
0.0125°lo N/A N/A
0.00% N/A N/A
D.00% N/A N/A
0.64% N/A
PFM Asset Management LLC Section B - 2
City of Winter Springs Investment Report -Quarter Ended March 31, 2009
General City Account Portfolio Composition and Credit Quality Characteristics
Security Type' March 31, 2009 % of Portfolio December 31, 2008 % of Portfolio
U.S.Treasuries $1,340,052.59 8.80% N/A N/A
Federal Agencies 9,363,052,17 61.46% N/A N/A
Commercial Paper 0.00 0.00% N/A N/A
Certificates of Deposit 0.00 0.00% N/A N/A
Bankers Acceptances 0.00 0.00% N/A N/A
Repurchase Agreements 0.00 0.00°1° N/A N/A
Municipal Obligations 0.00 0.00% t N/A N/A
Corporate Notes/Bonds 0.00 0.00°f° N/A N/A
Corporate Notes/Bonds -FDIC Insured 4,531,103.17 29.74°f° N/A N/A
Mortgage Backed 0.00 0.00% N/A N/A
Money Market Fund/Cash 0.00 0.00% N/A N/A
Totals $15,234,207.93 100.00% N/A N/A
Portfolio Composition
as of 03/31/09 Federal
Agency
~.--~--~..,._ Obligations
U.S. ~l 61
Treasuries ~/
9%
'ti
\~ ay`4
~ ~£~ \
Corporate ~.~
NoteslBonds -~
FDIC Insured
30%
Notes:
t. End of quarter trade-date market values of portfolio holdings, including accrued interest.
2. Credit rating of securities held in portfolio, exclusive of money market fund.
3. A rating of "TSY" indicates the security is an obligation of, or explicitly guaranteed by the U. S. Government.
Credit Quality Distribution23
as of 03/31/09
AAA - - - ~ .. A-1+ (Short-
70% /~' ,.~''~'\ term)
\\'
~'~
TSY
9%
PFM Asset Management LLC Section B - 3
City of Winter Springs Investment Report -Quarter Ended March 31, 2009
General City Account Portfolio Maturity Distribution
Maturitv Distribution' March 31,y2009 December 31, 2008
Overnight (Money Market Fund) $0.00 N/A
Under 6 Months 3,203,250.13 N/A
6 - 12 Months 2,873,665.09 N/A
1 - 2 Years 9,157,292.71 N/A
2 - 3 Years 0.00 N/A
3 - 4 Years 0.00 N/A
4 - 5 Years 0.00 N/A
5 Years and Over 0.00 N/A
Portfolio Maturity Distribution'
60%
I ~_
i
21% 19%
70%
60%
0 50%
.Q
0 40%
0 30%
~ 20%
v>
i c 10%
a~
i d 0%
0% 0% :~ 0% 1 ~ 0%
Overnight Under 6 Months 6 - 12 Months
~; 0% 0% 0% 0% 0% 0% 0% 0% 0%
1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5 Years and Over
Totals ~ ,~, ~16'1t5y~4,207 N/A
Notes:
1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity.
PFM Asset Management LLC Section B - 4
City of Winter Springs, Florida'
Asset Allocation as of March 31, 2009*
Security Type March 31, 2009 M arch 31, 20 09 Notes Permitted by Policy
United States Treasury Securities 5,622,318.54 19.02°~ 100%
United States Government Agency Securities - O.ODI 75%
Federal Instrumentalities 9.344,363.6r 3161% 80%
Certificates of Deposit ~ 0.00'G~. 25%
Repurchase Agreements - 0.00',% 50%
Commercial Paper - 0,00% 30%
Corporate Notes -FDIC Insured 4,556;79956 15,28°0 50
Mortgage-Backed Securities - 0.00°0 0%
Bankers'Acceptances - O.G04~° 30%
Slate and/or Local Government Debt (GO and Revenue) - 0.0050 20%
Money Market Mutual Funds 8,? 35 F76.33 27.5290 100%
Intergovemmenfal lnvestmen[Pool - D.005~ 25%
Bank of America Cash for Operation 1,945,679.91 6.58% 100
Individual Issuer Breakdown M arch 31, 2009 March 31, 2004 Notes Permitted by Policy
Government National Mortgage Association (GNMA) - 0.00';: 50%
US ExpoR-ImpoR Bank (Fx-Im) - ODO%~ 50
Fanners Home Administrelion (FMHA) - OAOSo 50%
Federal Flnancmg Bank - 0.00 % 50
Federal Housing Administration (FHA) - 0 OD% 5D%
General Services Administration - 0.00'3'a 50%
New Communities ACt Debentures - 0.00 % 50%
US Public Housing Notes & Bands ~ 0.00% 50%
US Dept. of Housing and Urban Development - 0.00 % 50%
Federal Farm Credit Bank (FFCB) - QOU°b 25%
Federal Home Loan Bank (FHLB) 4208 09490 14.23°o 25%
Federal National Mortgage Association (FNMA) 1,498,893.49 5.075e 25%
Fetleral Home Loan Mortgage Corporation (FHLMC) 3,637,37522 12.30Q% 25%
Student Loan Marketing Association (SLMA) - 0.00;6 25%
5. No ea,a Proc«ds.
Asset Allocation
as of March 31, 2009
1 Federal Instrumentalities
31.61
United States Treasury-- _ - -
Securities _
-
19.02%
,~ ~ Corporate Notes-FDIC
- Insured
t
_ •
Bank of America Cash for
\
15.28
Operation \\
6.58 % `Money Market Mutual
Funds
27.52%
Individual Issuer Breakdown M arch 31, 2009 March 31, 2009 Notes Permittetl by Policy
CD-BaokA - O.OOV~ 15%
CD -Bank 8 - 0.00 % 75
Fully collateralized Repo-A - O.DO% 25%
Fully collateralized Repo - B 0.00°%° 25
CPA - D.00°io 10%
CPB OfOD% 10%
Gene2l Electric Corporate Notes-FDIC insured '.,501,528.?i 5.08% 25%
JP Morgan Chase COryorate Notes-FDIC insured 1,502,647.84 5A8I 25%
Bank of America Corporate Notes -FDIC Insuretl 1.512,623.6? 5.12 % 25
Corporate Notes -FDIC insured D - 0.00°~ 25
Corporate Notes -FDIC insuretl E - O.OOV/° 25
BA BankA - .0.00°,% 10%
BA Bank B - 0.00°;, 10Yo
BA Bank C - 0.00°0 10
Municipal Notes/Bonds - U. iO% 20%
Fidelity Institutional Money Market Funtl Government Portfolio (Fund #657~~ 7p31,121.18 23.78 %~ 25%
Money Marke[Fund-State Board of Administration 1,104555.15 3.74% 25%
PFM Asset Management LLC Section C - 1
PO Box 11813
Harrisburg, PA 17108 -1813
ACCOUNT STATEMENT
CITY OF WINTER SPRINGS For the Month Ending
March 31, 2009
CliientManagerrrentTeaotigia s Contents
St�Y�n Alexancfer7 C'Ti�, iw�[!F'Q r
Cover /Disclosures
lanaging Dir r Summary Statement
300 South Orange Avenue, Suite 1170 Individual Accounts
Orlando, FL 32801
407v'�48 226 a S ar�� y y 3
Accounts included in Statement
al nders 1p t cunt 94730001 WINTER SPRINGS GENERAL CITY ACCOUNT
Met Hamilton
Senior Managing "Cansu €�t
30a Souti m�ge Avvenue, Suite 11 ?0
Orlando, FL 32801 r�
harnil nmm] @pfm cum s
Gregg Ranjerovic, CFA 3 1
Senior Portfolio Manager
One Keystone Plaza Suite 300 2
Harrisburg,, PA 17101 I
717 232 2723 CITY OF WINTER SPRINGS
�Q dd
etanjerovic@�m ctn3�� MICHELLE GRECO
bole 1126 EAST SR 434
Consultant
WINTER SPRINGS, FL 32708
3 000 Soutlt"Orang Street, S uite 1170
Orlando, FL32801 ;j`,.
407- 648 -2208
doler@pfm.com
Online Access www.pfm.com Customer Service 1 -717 232 -2723
__ ~'.~~
Account Statement
Important DISCIOSUI'eS For the Month Ending March 31, 2009
,,
Important Disclosures - ~:iE , .:~
.... , .
____ - - -
This statement is for general information purposes only and is not
intended to provide spedfic advice or recommendations. PFM Asset
Management LLC ('PFM") is an investment advisor registered with the
Securities and Exchange Commission, and is required to maintain a
written disclosure statement of our background and business experience.
If you would like to receive a copy of our current disclosure statement,
please tooted Service Operetrons at the address below.
Proxy Voting PFM does not narnaliy receive proxies to vote on behatt of
tts clients. However, ft does on occasion receive t~nsent requests. In the
event a consent request is received the portfolio manager contacts the
client and then proceeds according to their insWctions. PFM's Proxy
Voting Policy is available upon request by contacting Service Operations
at the address below.
t]uestlons About an Account PFM's monthly statement is intended to
detail our investment advisory activity as well as the activity of any
accounts held by clients in pools that are managed by PFM. The custodian
bank maintains the control of assets and executes (i.e., settles) all
investment transactions. The custodian statement is the official record oT
security and cash holdings and transactions. PFM recogn¢es that clients
may use these reports to fadlitate record keeping; therefore the custodian
bank statement and the PFM statement should be recondled and
differences resolved. Many custodians use a settlement date basis which
may result in the need to reconclle due to a timing difference.
Account Control PFM does not have the authority to withdraw funds from
ar deposit funds to the custodian. Our clients retain responsibility for their
internal accounting polities; implementing and enforcing internal controls
and generating ledger entries ar otherwise recording transactions.
Market Value Generally, PFM's market prices are derived from closing bid
prices as of the last business day of the month as supplied by Interactive
Data, Bloomberg or Telerate. Where prices are not available from
generally recogn¢ed sources the severities are priced using ayield-based
matrix system to arrive at an estimated market value. Prices that fall
between data points are interpolated. Non-negotiable FDIGinsured bank
certficetes of depostt are priced at par. Although PFM believes the prices
to be reliable, the values of the severities do not always represent the
prices at which the severtties could have been bought or sold. Explanation
of the valuation methods for money market and TERM funds is contained
in the appropriate fund iMormation statement.
Amortized Cost The original cost of the principal of the severity is
adjusted for the amount of the periodic reduction of any discount or
premium from the purchase date until the date of the report. Discount or
premium wtth reaped to short term securities (those with less than one
year to maturity at time of issuance) is amortized on a straightline basis.
Such discount or premium wtth respell to longer tern securities is
amortized using the constant yield basis.
Tax Reporting Cost data and realized gains /losses are provided for
informational purposes Doty. Please review for accuracy and consult your
tax advisor to determine the tax consequences of your security trensadions.
PFM does not report such information to the IRS or other taxing authorities
and is not responsible for the accuracy of such information that may be
required to be reported to federal, state or other taxing authortties.
Financial Situation In order to better serve you, PFM should be promptly
notified of any material change in your investment objective or financial
siuation.
Callable Securities Severtties subject to redemption prior to maturity may
be redeemed in whole or in part before maturity, which could affect the yield
represented.
Portfolio The securities in this portfolio, including shares of mutual funds,
are not guaranteed or otherwise protected by PFM, the FDIC (except for
certain non-negotiable certNicates of depostt) or any government agency.
Investment in securities involves risks, including the possible loss of the
amount invested.
Rating Information provided for ratings is based upon a good fatth inquiry of
selected sources, but tts acveracy and completeness cannot be guaranteed.
Shares of some money market and TERM funds are marketed through
representatives of PFM's wholly owned subsidiary, PFM Fund Distributors,
Inc. PFM Fund Distributors, Inc. is registered with the SEC as a
brokeNdealer and is a member of the Financal industry Regulatory
Authority ("FINRA°) and the Municipal Securities Ruiemaking Board
(°MSRB"). You may reach the FINRA by calling the FINRA Regulator Public
Disclosure Hotline at 1.888-289-9999 or at the FINRA Regulation Internet
webstte address www.nasd.com. A brochure describing the FINRA
Regulation Public Disclosure Program is also available from the FINRA
upon request.
Key Terms and l~finitions
Dividends on money market funds consist of interest earned, plus any
discount ratably amortized to the date of maturity, plus all realized gains and
lasses on the sale of severtties prior to maturity, less ratable amortization of
any premium and all accrued expenses to the fund. Dividends are accrued
dairy and may be paid etther monthly ar quarterly. The monthly earnings on
this statement represent the estimated dividend accrued for the month for
any program that distributes earnings on a quarterly basis. There is no
guarantee that the estimated amount will be paid on the actual distribution
date.
Current Yield is the net change, exclusive of cepttal changes and income
other than investment income, in the value of a hypothetical fund account
with a balance of one share over the seven-day base period including the
statement date, expressed as a percentage of the value of one share
(normally $1.00 per share) at the beginning of the seven-day period. This
resulting net change in account value is then annualized by multiplying tt by
365 and dividing the resuR by 7. The yields quoted should not be considered
a representation of the yield of the fund in the future, since the yield is not
fixed.
Average maturity represents the average maturity of all securities and
investments of a portfolio, determined by multiplying the par a
principal value of each security or investment by tts maturity (days or
years), summing the products, and dNiding the sum by the total
prncpal value of the portfolio. The stated maturity date of mortgage
backed or callable securities are used in this statement. However the
actual maturity of these securities could vary depending on the level or
prepayments on the undertying mortgages or whether a callable
security has or is still able to be tailed.
Monthly disMbutlon yield represents the net change in the value of one
share (normally $1.00 per share) resulting from all dividends declared
during the month by a fund expressed as a percentage of the value of
one share at the beginning of the month. This resulting net change is
then annualized by multiplying tt by 365 and dividing tt by the number of
calendar days in the month.
YTM at Cost The yield to maturity at cost is the expected rate of return,
based on the original cost, the annual interest receipts, maturity value
and the time period from purchase date to maturity, stated as a
percentage.
YTM at Market The yield to maturity at market is the rate of return,
based on the current market value, the annual interest receipts,
maturity value and the time period from purchase date to maturity,
stated as a percentage.
Managed Account A portfolio of investments managed discretely by
PFM according to the client's specific investment policy and
requirements. The investments are directly owned by the client and
held by the Gient's custodian.
Unsettled Trade A Dade which has been executed however the final
consummation of the security transaction and payment has not yet
taken place.
Please review the detail pages of this statement carefully. If you think
your statement is wrong, missing account information, or'rf you need
more information about a transaction, please contact PFM wtthin 60
days of receipt. If you have other concerns or questions regarding your
account you should contact a member of your client management team
or PFM Service Operations at the address below.
PFM Asset Management LLC
Attn: Service Operetions
One Keystone Plaza, Suite 300
N. Front 8 Market Sts
Harrisburg, PA 17101
PFM'
Managed Account Summary Statement
For the Month Ending March 31, 2009
. . w..,._,~.x~:.. . , ._ ,.. .. ,..n ~. .
Opening Market Value $0.00 Maturities/Calls 0.00
Maturities/Calls 0.00 Sale Proceeds 0.00
Sale Proceeds
0.00 Coupon/Interest Inrnme 1,895.84
Security Purchases
15,163,646.03 principal Payments 0.00
Unsettled Trades
0.00 Security Purchases (15,195,340.47)
Change in Current Value
27'722'85 Net Cash Contribution 14,424,565.82
Reconciling Transactions 0.00
Closing Market Value $15,191,368.88
Interest/Coupons Received 1,895.84 Closing Cash Balance
Less Purchased Interest Related to Interest/Coupons (31,694.44)
Plus Net Realized Gains/Losses 0.00
Total Cash Basis Earnings ($29,798.60)
Ending Amortized Value of Securities 15,156,842.66
Ending Accrued Interest 42,839.05
Plus Proceeds from Sales 0.00
Plus Proceeds of Maturities/Calls/Principal Payments 0.00
Plus Coupons Received 1,895.84
Less Cost of New Purchases (15,195,340.47)
Less Beginning Amortized Value of Securities 0.00
Less Beginning Accrued Interest 0.00
Total Accrual Basis Earnings $6,237.08
$7,031,121.19
~1T Account 94730001 Page i
~~~~ PAM Asset ~'1~anernent ..L~
PF;~1"
NI~TER~SPRINGS GENERAL.GITY ACCQUN;
Portfolio Summary and Statistics
~(3f?
Description Par Value Market Value Percent
U.S. Treasury Bond /Note 1,265,000.00 1,329,831.25 8.75
US TSY Bond /
Federal Agency Discount Note 3,210,000.00 3,203,250.13 21.09 g,
Federal Agency Bond /Note 6,000,000.00 6,138,163.50 40.41 Fed Ag'
Corporate Note -FDIC Insured 4,500,000.00 4,520,124.00 29.75 21.
Managed Account Total 14,975,000.00 15,191,368.88 100%
Accrued Interest 42,839.05
Total Portfolio 14,975,000.00 15,234,207.93
Unsettled Trades
0.00 0.00
Corp Note -FDIC
Insured
19.75%
Fed Agy Bond /
Note
40.41%
60.11%
Yield to Maturity at Cost
For the Month Ending March 31, 2009
~.
1.20%
Yield to Maturity at Market 1.06%
Duration to Worst 1.26
Weighted Average Days to Maturity 469
Account 94730001 Page 2
Pty"
PFM Asset M~n,a,ment .~.:~
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
~~~~
Managed Account Issuer Summary
Market Value
Issuer of Holdings Percent
BANK OF AMERICA CORP 1,509,844.50 9.94
FANNIE MAE 1,509,843.75 9.94
FEDERAL HOME LOAN BANKS 4,202,695.08 27.67
FREDDIE MAC 3,628,874.80 23.89
GENERAL ELECTRIC CO 1,503,991.50 9.90
JP MORGAN CHASE & CO 1,506,288.00 9.92
UNITED STATES TREASURY 1,329,831.25 8.75
Total
$15,191,368.88 100%
8.;
70.16%
i%
PP~4i` Account 94730001 Page 3
PFl'~I Asset N~a~ment LLC
For the Month Ending March 31, 2009
~~~'.~:
_ Managed Account Detail of Securities Held For the Month Ending March 31, 2009
,.
WIN7'~R SPRINGS GENERAL CITY ACCOUNT - 94 _ ___.
73000:1•
,.,,_
Security Type/Description _ s _ ~ 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 912827521 _ 1,265,000.00 TSY TSY 03/16/09 03/17/09 1,331,264;26 0.76 10,221.34 1,328;297.20 1,329,831.25
DTD 02/15/2000 6,500%A2/15/2010 -
Security Type Sub-Total 1,265,000.00 1,331,264.26 0.76 10,221.34 1,328,297.20 1,329,831.25
FHLMC DISC NOTE 313397LL3 2,100,000.00 A-1+ P-1 03/24/09 03/24/09 2,095,786.00 0.43 0.00 2,095,986.67 2,095,711.30
-- 0.000% 09/08/2009
FHLB DISC NOTE 313385LU8 1,110,000.00 A-1+ P-1 03/24/09 03/24/09 1,107,612:27 0.44 0:00 1;107,720.80 1;107;538:83
.0.000%.09/16/2009..
Security Type Sub-Total 3,210,000.00 3,203,398.27 0.43 0.00 3,203,707.47 3,203,250.13
FHLB GLOBAL BONDS 3133XRXT2 1,500.000.00 AAA Aaa 03/16/09 03/17/09 1,526,580.00 1.07 7,362.50 1,525,349.45 1,526,250.00
DTD 08/04/2008 3.100% 02/04/2010
FHLMC GLOBAL NOTES 3137EABL2 1,500,000.00 .AAA- Aaa 03/16/09. .03/17/09 1,531,249.50 1.23 11,140.63 1;530,247.92.. 1.533,163.50
DTD 05/23/2008.2.875% 06/28/2010
FHLB GLOBAL BONDS 3133XCOZ9 1,500.000.00 AAA Aaa 03/16/09 03/17/09 1,566,939.00 1.36 2,552.08 1,565,110.07 1,568.906.25
DTD 08/04/2005 4.375% 09/17/2010
FNMA NOTES 31398AV02 1,500,000.00 AAA Aaa .03/16109. 03/17/09 1,498,275.00 1.81 583.33. 1,498,330.16. 1,509.843.75
DTD 02/27/2009 1.750% 03/23/2011
Security Type Sub-Total 6,000,000.00 6,123,043.50 1.37 21,638.54 6,119,017.60 6,138,163.50
BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,505,799.00 1.48 6,941.67 1,505,681.94 1,509,844.50
NOTES
DTD 12/23/2008 1.700% 12/23/2010
JP MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,500,036.00 1.65 2,612.50 1,500,035.34 1,506,288.00
DTD 02/23/2009 1.650% 02/23/2011
I'1;PS+i~ Account 94730001 Page 4
PFM Asst Man~g~enn~nt LLB
Managed Account Detail of Securities Held For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT 9473Q001 .. :..~ _ .
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
GENERAL ELECTRIC CAPITAL CORD NOTES 36967HAL1 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,500,105.00 1.80 1,425.00 1,500,103.11 1,503,991.50
FDIC
DTD 03/12/2009 1.800% 03/11/2011
Security Type Sub-Total 4,500,000.00 4,505,940.00 1.64 10,979.17 4,505,820.39 4,520,124.00
Managed Account Sub-Total 14,975,000.00 15,163,646.03 1.20 42,839.05 15,156,842.66 15,191,368.88
Total Securities $14,975,000.00 $15,163,646.03 1.20% $42,839.05 $15,156,842.66 $15,191,368.88
~;I. Account 94730001 Page 5
PFM Asset IVlanag+~ment .I.C
~~~'~~
Managed Account Fair Market Value & AnalytiCS For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY, ACCOUNT - 94730(3~i
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amon Cost to Worst at Mkt
:• • -
US TREASURY NOTES 912827521 1,265,000.00 BK AMER 105.13 1,329,831.25 (1,433.01) 1,534.05 0.86.- 0.64
DTD 02/15/2000 6.500%02/15/2010
Security Type Sub-Total 1,265,000.00 1,329,831.25 (1,433.01) 1,534.05 0.86 0.64
FHLMC DISC NOTE 313397LL3 2,100,000.00 HSBC 99.80 2,095,711.30 (74.70) (275.37) 0.44 0.46
-- 0.000% 09/08/2009
FHLB DISC NOTE 313385LU8 1,110,000:00 BARCLAYS 99.78 1,107,538.83 (73.44): (181.97) 0:46 0.47
-- 0.000% 09/16/2009
Security Type Sub-Total 3,210,000.00 3,203,250.13 (148.14) (457.34) 0.45 0.46
FHLB GLOBAL BONDS 3133XRXT2 1,500,000.00 BK AMER 101.75 1.526,250.00 (330.00) 900.55 0.83 1.01
DTD 08/04/2008 3.100% 02/04/2010
FHLMC GLOBAL NOTES.. 3137EABL2 1,500,000.00 DEUTSCHE 102.21 1,533,163.50 1,914.00 2,915.58 1.21 1.08
DTD 05/23/2008 2.875%06/28/2010
FHLB GLOBAL BONDS 3133XCOZ9 1,500,000.00 BK AMER 104.59 1,568,906.25 1,967.25 3,796.18 1.42 1.19
DTD 08/04/2005 4.375% 09/17/2010
FNMA NOTES 31398AV02 1,500,000.00 CTfIGRP 100.66 1,509,843.75 11,568.75 11,533.59 1.94 1.41
DTD 02/27/2009 1.750% 03/23/2011
Security Type Sub-Total 6,000,000.00 6,138,163.50 15,120.00 19,145.90 1.35 1.17
BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500,000.00 BARCLAYS 100.66 1,509,844.50 4,045.50 4,162.56 1.69 1.31
NOTES
DTD 12/23/2008 1.700% 12/23/2010
]P MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500,000.00 DEUTSCHE 100.42 1,506,288.00 6,252.00 6,252.66 1.86 1.42
DTD 02/23/2009 1.650%'02/23/2011
P,f;l• Account 94730001 Page 6
PF'I~I tset Management ..I.,~
~~~'~`3
Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2009
.. = ._
WTNT~R SPRINGS GENERAL'` CITY ACCQUNT g47300(k1 : , `~ ~ ~ ;,
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
GENERAL ELECTRIC CAPITAL CORP NOTES 36967HAL1 1,500,000.00 BK AMER 100.27 1.503,991.50 3.886.50 3,888.39 1.90 1.66
FDIC
DTD 03/12/2009 1.800% 03/11/2011
Security Type Sub-Total
4,500,000.00 4,520,124.00 14,184.00 14,303.61 1.82 1.47
Managed Account Sub-Total 14,975,000.00 15,191,368.88 27,722.85 34,526.22 1.26 1.06
Securities Sub-Total #14,975,000.00 ;15,191,368.88 ;27,722.85 $34,526.22 1.26 1.06%
Accrued Interest #42,839.05
Total Investments X15,234,207.93
~1, Account 94730001 Page 7
~'~ Asset 3~naemer~t I~I..C
~.
Managed Account Security Transactions & Interest For the Month Ending March 31, 2009
WINTER'SPRINGS G~,N~RAL CT:TY ACCOUNT ',9473Oa1 a _ _ _ ,
Transaction Type Principal Accrued Realized G/L Realized G/L Sale
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amon Cost Method
03/16/09 03/17/09 FHLB GLOBAL BONDS 3133XCOZ9 1,500,000.00
DTD OS/04/2005.4.375% 09/17/2010
03/16/09 03/17/09 FHLB GLOBAL BONDS 3133XRXR 1,500,000.00
DTD 08/04/2008 3.100°k 02/04/2010
03/16/09 03/17/09 fHLMC GLOBAL NOTES 3137EABL2 1,500,000.00
DTD 05/23/2008 2.875% 06/28/2010
03/16/09 03/17/09 FNMA NOTES 31398AV02 1,500,000.00
DTD 02/27/2009 1.750% 03/23/2011
03/16/09 .03/17/09 US TREASURY NOTES 912827521 1,265,000.00
DTD 02/15/2000 6.500% 02/15/2010
03/16/09 03/19/09 BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500,000.00
NOTES
DTD 12/23/2008 1.700% 12/23/2010
03/16/09. 03/19/09 GENERAL ELECTRIGCAPITAL CORP 36967HAL1 1,500,000.00
NOTES FDIC
DTD 03/12/2009'1.800% 03/11/2011
03/16/09 03/19/09 JP MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500,000.00
DTD 02/23/2009 1.650% 02/23/2011
03/24/09 03/24/09 FHLB DISC NOTE 313385LU8 1;110,000.00
-- 0.000% 09/16/2009
03/24/09 03/24/09 FHLMC DISC NOTE 313397LL3 2,100.000.00
- 0.000% 09/08/2009
(1,566,939.00) 0.00:.
(1,526,580.00) (5,554.17)
(1,531,249.50) (9,463.54)
(1,498,275.00) (1,458.33)
(1,331,264.26) (6,814.23) (1.338,078.49)
(1,505,799.00) (6,091.67) (1,511,890.67)
(1,500,105.00) (525.00) 71,500,630.00)
(1,500.036.00) (1,787.50) (1,501,823.50)
(1,107,612.27). 0.00 (1,107,612.27)
(2,095.786.00) 0.00 (2,095.786.00)
(1,566,939.00)
(1,532,134.17)
'.,(1,540,713,04)
(1,499,733.33)
Transaction Type Sub-ToWI 14,975,000.00 (15,163,646.03) (31,694.44) (15,195,340.47)
03/23/09 03/23/09 .FNMA NOTES 31398AV02 .1,500,000.00 0.00 1,895.84 1,895.84
DTD D2/27/2009 1.750% 03/23/2011
Transaction Type Sub-Total 1,500,000.00 0.00 1,895.84 1,895.84
Pl;)4i" Account 94730001 Page 8
T'~M Asset R~a.ra!agernent ~:..
~~~~
Managed Account Security Transactions & Interest For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL'CITY ACCaUNT -`94730001. ~ ~ ... _ ~
Transaction Type ~ Principal Accrued Realized G/L Realized G/L Sale
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method
Managed Account Sub-Total 16,475,000.00 (15,163,646.03) (29,798.60) (15,193,444.63)
Total Security Transactions ;16,475,000.00 (#15,163,646.03) (#29,798.60) (;15,193,444.63)
PF~f` Account 94730001 Page 9
P~~I IS~t ~az~agex~ent .LC
Date: Apri127, 2009
The attached was distributed during
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Client Management Team
Stevep Alexander, CTP, CGF4
Managtt~ Diractnr
300 Soe~ Orange Avenue, Suite 1170
Orlando, FL 32801
407-648-2208
alex,~ndtrs@I~fm. oom
Md Naunilbon
Senior Managing Consutbnt
300 Soutl~ Orange Avenue, Suite 1170
Orlando, Fl. 32801
407-6AS-22f}8
hamil0orxn~pfm.cam
Gregg MaAjarovic, CPA
5e«ior Portio~o Manager
Orse Keystone Plaza, Suite 300
Harrisburg, PA 17101
7I7-232-2723
ma n jes~vvicg c~ pfim. corn
Itebecta Ogle
Cgnwitant
300 SQUth Orange Street;. Suite 1110
Orlando, Fir. 32801
407-648-220$
doier~pfm.com
Contents
Cover/Disclosures
Summary Statement
Individual Accounts
Accounts included in Statement
94730001 WINTER SPRINGS GENERAL CITY ACCOUNT
CITY OF WINTER SPRINGS
MICHELLE GRECO
1126 EAST SR 434
WINTER SPRINGS, FL 32708
Online Access www.pfm.com Customer Service 1-717 232-2723
ii~~ ,~
PO Box 11813
Harrisburg, PA 17108-1813
ACCOUNT STATEMENT
~lii~-~
.....1. ~~:: ~~
Important Disclosures
Important Disclosures
This statement is for general information purposes only and is not
intended to provide specific advice or recommendations. PFM Asset
Management LLC ("PFM") is an investment advisor registered with the
Securities and Exchange Commission, and is required to maintain a
written disclosure statement of our background and business experience.
If you would like to receive a copy of our current disclosure statement,
please contact Service Operations at the address below.
Proxy Voting PFM does not normally receive proxies to vote on behalf of
its clients. However, it does on occasion receive consent requests. In the
event a consent request is received the portfolio manager contacts the
client and then proceeds according to their instructions. PFM's Proxy
Voting Policy is available upon request by contacting Service Operations
at the address below.
Questions About an Account PFM's monthly statement is intended to
detail our investment advisory activity as well as the activity of any
accounts held by clients in pools that are managed by PFM. The custodian
bank maintains the control of assets and executes (i.e., settles) all
investment transactions. The custodian statement is the official record of
security and cash holdings and transactions. PFM recognizes that clients
may use these reports to facilitate record keeping; therefore the custodian
bank statement and the PFM statement should be reconciled and
differences resolved. Many custodians use a settlement date basis which
may result in the need to reconcile due to a timing difference.
Account Control PFM does not have the authority to withdraw funds from
or deposit funds to the custodian. Our clients retain responsibility for their
internal accounting policies; implementing and enforcing internal controls
and generating ledger entries or otherwise recording transactions.
Market Value Generally, PFM's market prices are derived from closing bid
prices as of the last business day of the month as supplied by Interactive
Data, Bloomberg or Telerate. Where prices are not available from
generally recognized sources the securities are priced using ayield-based
matrix system to arrive at an estimated market value. Prices that fall
between data points are interpolated. Non-negotiable FDIC-insured bank
certificates of deposit are priced at par. Although PFM believes the prices
to be reliable, the values of the securities do not always represent the
prices at which the securities could have been bought or sold. Explanation
of the valuation methods for money market and TERM funds is contained
in the appropriate fund information statement.
Amortized Cost The original cost of the principal of the security is
adjusted for the amount of the periodic reduction of any discount or
premium from the purchase date until the date of the report. Discount or
premium with respect to short term securities (those with less than one
year to maturity at time of issuance) is amortized on a straightline basis.
Such discount or premium with respect to longer term securities is
amortized using the constant yield basis.
Tax Reporting Cost data and realized gains /losses are provided for
informational purposes only. Please review for accuracy and consult your
tax advisor to determine the tax consequences of your security transactions.
PFM does not report such information to the IRS or other taxing authorities
and is not responsible for the accuracy of such information that may be
required to be reported to federal, state or other taxing authorities.
Financial Situation In order to better serve you, PFM should be promptly
notified of any material change in your investment objective or financial
situation.
Callable Securities Securities subject to redemption prior to maturity may
be redeemed in whole or in part before maturity, which could affect the yield
represented.
Portfolio The securities in this portfolio, including shares of mutual funds,
are not guaranteed or otherwise protected by PFM, the FDIC (except for
certain non-negotiable certificates of deposit) or any government agency.
Investment in securities involves risks, including the possible loss of the
amount invested.
Rating Information provided for ratings is based upon a good faith inquiry of
selected sources, but its accuracy and completeness cannot be guaranteed.
Shares of some money market and TERM funds are marketed through
representatives of PFM's wholly owned subsidiary, PFM Fund Distributors,
Inc. PFM Fund Distributors, Inc. is registered with the SEC as a
broker/dealer and is a member of the Financial Industry Regulatory
Authority ("FINRA") and the Municipal Securities Rulemaking Board
("MSRB"). You may reach the FINRA by calling the FINRA Regulator Public
Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet
website address www.nasd.com. A brochure describing the FINRA
Regulation Public Disclosure Program is also available from the FINRA
upon request.
Key Terms and Definitions
Dividends on money market funds consist of interest earned, plus any
discount ratably amortized to the date of maturity, plus all realized gains and
losses on the sale of securities prior to maturity, less ratable amortization of
any premium and all accrued expenses to the fund. Dividends are accrued
daily and maybe paid either monthly or quarterly. The monthly earnings on
this statement represent the estimated dividend accrued for the month for
any program that distributes earnings on a quarterly basis. There is no
guarantee that the estimated amount will be paid on the actual distribution
date.
Current Yield is the net change, exclusive of capital changes and income
other than investment income, in the value of a hypothetical fund account
with a balance of one share over the seven-day base period including the
statement date, expressed as a percentage of the value of one share
(normally $1.00 per share) at the beginning of the seven-day period. This
resulting net change in account value is then annualized by multiplying it by
365 and dividing the result by 7. The yields quoted should not be considered
a representation of the yield of the fund in the future, since the yield is not
fixed.
Account Statement
For the Month Ending March 31, 2009
Average maturity represents the average maturity of all securities and
investments of a portfolio, determined by multiplying the par or
principal value of each security or investment by its maturity (days or
years), summing the products, and dividing the sum by the total
principal value of the portfolio. The stated maturity date of mortgage
backed or callable securities are used in this statement. However the
actual maturity of these securities could vary depending on the level or
prepayments on the underlying mortgages or whether a callable
security has or is still able to be called.
Monthly distribution yield represents the net change in the value of one
share (normally $1.00 per share) resulting from all dividends declared
during the month by a fund expressed as a percentage of the value of
one share at the beginning of the month. This resulting net change is
then annualized by multiplying it by 365 and dividing it by the number of
calendar days in the month.
YTM at Cost The yield to maturity at cost is the expected rate of return,
based on the original cost, the annual interest receipts, maturity value
and the time period from purchase date to maturity, stated as a
percentage.
YTM at Markef The yield to maturity at market is the rate of return,
based on the current market value, the annual interest receipts,
maturity value and the time period from purchase date to maturity,
stated as a percentage.
Managed Accounf A portfolio of investments managed discretely by
PFM according to the client's specific investment policy and
requirements. The investments are directly owned by the client and
held by the client's custodian.
Unsettled Trade A trade which has been executed however the final
consummation of the security transaction and payment has not yet
taken place.
Please review the detail pages of this statement carefully. If you think
your statement is wrong, missing account information, or if you need
more information about a transaction, please contact PFM within 60
days of receipt. If you have other concerns or questions regarding your
account you should contact a member of your client management team
or PFM Service Operations at the address below.
PFM Asset Management LLC
Attn: Service Operations
One Keystone Plaza, Suite 300
N. Front & Market Sts
Harrisburg, PA 17101
llll~ lll~ r lll~ l~ ll. 1. lll~ lll~ lll~ ^~ ~^ lll~ lll~ lll~ lll~ lll~ ~^ ~
~~
Managed Account Summary Statement
WINTER SPRINGS GENERAL CITY ACCOUNT -94730001
Opening Market Value $0.00
Maturities/Calls
Sale Proceeds
Security Purchases
Unsettled Trades
Change in Current Value
Closing Market Value $15,191,368.88
-.
Interest/Coupons Received 1,895.84
Less Purchased Interest Related to Interest/Coupons (31,694.44)
Plus Net Realized Gains/Losses 0.00
Total Cash Basis Earnings ($29,798.60)
Ending Amortized Value of Securities 15,156,842,66
Ending Accrued Interest 42,839.05
Plus Proceeds from Sales 0.00
Plus Proceeds of Maturities/Calls/Principal Payments 0.00
Plus Coupons Received 1,895.84
Less Cost of New Purchases
(15,195,340.47)
Less Beginning Amortized Value of Securities 0.00
Less Beginning Accrued Interest 0.00
Total Accrual Basis Earnings $6,237.08
For the Month Ending March 31, 2009
-. ,
Maturities/Calls 0.00
Sale Proceeds 0.00
Coupon/Interest Income 1,895.84
Principal Payments 0.00
Security Purchases (15,195,340.47)
Net Cash Contribution 14,424,565.82
Reconciling Transactions 0.00
0.00
0.00
15,163,646.03
0.00
27,722.85
Closing Cash Balance
$7,031,121.19
~~~ Account 94730001 Page 1
PFM Asset Management LLC
Portfolio Summary and Statistics For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
Description Par Value Market Value Percent
U.S. Treasury Bond /Note 1,265,000.00 1,329,831.25 8.75
Federal Agency Discount Note
3,210,000.00
3,203,250.13
21.09 US TSY Bond /
$
Federal Agency Bond /Note 6,000,000.00 6,138,163.50 40.41 Fed Ag~
Corporate Note -FDIC Insured 4,500,000.00 4,520,124.00 29.75 21.
Managed Account Total 14,975,000.00 15,191,368.88 100%
Accrued Interest 42,839.05
Total Portfolio 14,975,000.00 15,234,207.93
Unsettled Trades
0.00 0.00
Corp Note -FDIC
Insured
29.75%
=ed Agy Bond /
Note
40.41
Maturity Distribution
bU.ll %°
71 ~9°/
18.80%
_ i
Yield t0 Maturity at COct 1.20°.~0
Yield to Maturity at Market 1.06%
Duration to Worst 1.26
Weighted Average Days to Maturity 469
_ 0.00% 0.00% 0.00% 0.00%
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years
~~' Account 94730001 Page 2
~~= PFM Asset ~'Iana~~iment I.1..C
~_
~~ ~~: ;
Managed Account Issuer Summary
WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
~ ~ ~ ~ ~ ~ ~ ~
For the Month Ending March 31, 2009
-.
Market Value
Issuer of Holdings Percent
BANK OF AMERICA CORP 1,509,844.50 9.94 i%
FANNIE MAE 1,509,843.75 9.94 8•
FEDERAL HOME LOAN BANKS 4,202,695.08 27.67
FREDDIE MAC 3,628,874.80 23.89
GENERAL ELECTRIC CO 1,503,991.50 9.90
JP MORGAN CHASE & CO 1,506,288.00 9.92
UNITED STATES TREASURY 1,329,831.25 8.75
Total $15,191,368.88 100%
70.16%
~*' Account 94730001 Page 3
P'FM Asset Management 1.1..C
.~ '-
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~-` Managed Account Detail of Securities Held For the Month Ending March 31, 2009
'WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
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
:. .
US TREASURY NOTES 912827521 1,265,000.00 TSY TSY 03/16/09 03/17/09 1,331,264.26 0,76 10,221.34 1,328,297.20 1,329,831.25
DTD 02/15/2000 6.500% 02/15/2010
Security Type Sub-Total 1,265,000.00 1,331,264.26 0.76 10,221.34 1,328,297.20 1,329,831.25
-.- ~.- ~
FHLMC DISC NOTE 313397LL3 2,100,000.00 A-1+ P-1 03/24/09 03/24/09 2,095,786.00 0.43 0.00 2,095,986.67 2,095,711.30
-- 0.000% 09/08/2009
FHLB DISC NOTE 313385LU8 1,110,000.00 A-1+ P-1 03/24/09 03/24/09 1,107,612.27 0.44 0.00 1,107,720.80 1,107,538.83
-- 0.000% 09/16/2009
Security Type Sub-Total 3,210,000.00 3,203,398.27 0.43 0.00 3,203,707.47 3,203,250.13
FHLB GLOBAL BONDS 3133XRXT2 1,500,000.00 AAA Aaa 03/16/09 03!17/09 1,526,580.00 1.07 7,362.50 1,525,349.45 1,526,250.00
DTD 08/04/2008 3.100% 02/04/2010
FHLMC GLOBAL NOTES 3137EABL2 1,500.000.00 AAA Aaa 03/16/09 03/17/09 1,531,249.50 1.23 11,140.63 1,530,247.92 1,533.163.50
DTD 05/23/2008 2.875% 06/28/2010
FHLB GLOBAL BONCS 3133X1,OL'9 1,500,OOu.vO AAA Aaa 03/16%09 03/17/09 1,566,939.00 1.36 2,552.08 1,565,110.07 1,568,906.25
DTD 08/04/2005 4.375% 09/17/2010
FNMA NOTES 31398AV02 1,500,000.00 AAA Aaa 03/16/09 03/17/09 1,498,275.00 1.81 583.33 1,498,310.16 1,509,843.75
DTD 02/27/2009 1.750% 03/23/2011
Security Type Sub-Total 6,000,000.00 6,123,043.50 1.37 21,638.54 6,119,017.60 6,138,163.50
. .. ~ -.
BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,505,799.00 1.48 6.941.67 1.505,681.94 1,509,844.50
NOTES
DTD 12/23/2008 1.700% 12/23/2010
JP MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,500,036.00 1.65 2,612.50 1,500,035.34 1,506,288.00
DTD 02/23/2009 1.650% 02/23/2011
~ ~ Account 94730001 Page 4
PF'~1 Assec Management I..LC
~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~
Managed Account Detail of Securities Held For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL QTY ACCOUNT - 94730001
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
. .. ~ •.
GENERAL ELECTRIC CAPITAL CORP NOTES 36967HAL1 1,500,000.00 AAA Aaa 03/16/09 03/19/09 1,500,105.00 1.80 1,425.00 1,500,103.11 1,503,991.50
FDIC
DTD 03/12/2009 1.800% 03/11/2011
Security Type Sub-Total 4,500,000.00 4,505,940.00 1.64 10,979.17 4,505,820.39 4,520,124.00
Managed Account Sub-Total 14,975,000.00 15,163,646.03 1.20 42,839.05 15,156,842.66 15,191,368.88
Total Securities $14,975,000.00 $15,163,646.03 1.20% $42,839.05 $15,156,842.66 $15,191,368.88
~r~:, ~ Account 94730001 Page 5
PFM Asset Management LLC
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~'T Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date/Coupon/Maturity
:. . CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
US TREASURY NOTES 912827521 1,265,000.00 BK AMER 105.13 1,329,831.25 (1,433.01) 1,534.05 0.86 0.64
DTD 02/15/2000 6.500% 02/15/2010
Security Type Sub-Total 1,265,000.00 1,329,831.25 (1,433.01) 1,534.05 0.86 0.64
.~. ... ~
FHLMC DISC NOTE 313397113 2,100,000.00 HSBC 99.80 2,095,711.30 (74.70) (275.37) 0.44 0.46
-- 0.000% 09/08/2009
FHLB DISC NOTE 313385LU8 1,110,000.00 BARCLAYS 99.78 1,107,538.83 (73.44) (181.97) 0.46 0.47
-- 0.000% 09/16/2009
Security Type Sub-Total
.~. ..- : 3,210,000.00 3,203,250.13 (148.14) (457.34) 0.45 0.46
.
FHLB GLOBAL BONDS
3133XRXT2
1,500,000.00
BK AMER
101.75
1,526,250.00
(330.00)
900.55
0.83
1.01
DTD 08/04/2008 3.100% 02/04/2010
FHLMC GLOBAL NOTES 3137EABL2 1,500,000.00 DEUTSCHE 102.21 1,533,163.50 1,914.00 2,915.58 1.21 1.08
DTD 05/23/2008 2.875% 06/28/2010
FHLB GLOBAL BONDS 3133XCOZ9 1,500,000.00 BK AMER 104.59 1.568,906.25 1,967.25 3.796.18 1.42 1.19
DTD 08/04/2005 4.375% 09/17/2010
FNMA NOTES 31398AV02 1,500,000.00 CITIGRP 100.66 1,509,843.75 11,568.75 11,533.59 1.94 1.41
DTD 02/27/2009 1.750% 03/23/2011
Security Type Sub-Total 6,000,000.00 6,138,163.50 15,120.00 19,145.90 1.35 1.17
. .. . - ~ -.
BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500.000.00 BARCLAYS 100.66 1.509,844.50 4,045.50 4.162.56 1.69 1.31
NOTES
DTD 12/23/2008 1.700% 12/23/2010
)P MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500,000.00 DEUTSCHE 100.42 1,506,288.00 6,252.00 6,252.66 1.86 1.42
DTD 02/23/2009 1.650% 02/23/2011
;`
,,'~''F Asset Management C
Account 94730001 Page 6
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ I~ ~ ~ ~ ~ ~ ~
~~
Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT - 9rF730002
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
GENERAL ELECTRIC CAPITAL CORP NOTES 36967HAL1 1,500,000.00 BK AMER 100.27 1,503.991.50 3,886.50 3,888.39 1.90 1.66
FDIC
DTD 03/12/2009 1.800% 03/11/2011
Security Type Sub-Total 4,500,000.00 4,520,124.00 14,184.00 14,303.61 1.82 1.47
Managed Account Sub-Total 14,975,000.00 15,191,368.88 27,722.85 34,526.22 1.26 1.06
Securities Sub-Total $14,975,000.00 $15,191,368.88 $27,722.85
Accrued Interest $42,839.05
Total Investments $15,234,207.93
$34,526.22 1.26 1.06%
PF~1' Account 94730001 Page 7
PFM Asset Management LLC
~~t. ~'~
Managed Account Security Transactions & Interest For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
Transaction Type Principal Accrued Realized G/L Realized G/L Sale
Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method
03/16/09 03/17/09 FHLB GLOBAL BONDS 3133XCOZ9 1,500,000.00 (1,566,939.00) 0.00 (1,566,939.00)
DTD 08/04/2005 4.375% 09/17/2010
03/16/09 03/17/09 FHLB GLOBAL BONDS 3133XRXT2 1,500,000.00 (1,526,580.00) (5,554.17) (1.532,134.17)
DTD 08/04/2008 3.100% 02/04/2010
03/16/09 03/17/09 FHLMC GLOBAL NOTES 3137EABL2 1,500,000.00 (1,531,249.50) (9.463.54) (1,540,713.04)
DTD 05/23/2008 2.875% 06/28/2010
03/16/09 03/17/09 FNMA NOTES 31398AV02 1,500,000.00 (1,498.275.00) (1,458.33) (1,499,733.33)
DTD 02/27/2009 1.750% 03/23/2011
03/16/09 03/17/09 US TREASURY NOTES 912827521 1,265,000.00 (1.331,264.26) (6,814.23) (1,338,078.49)
DTD 02/15/2000 6.500% 02/15/2010
03/16/09 03/19/09 BANK OF AMERICA NA (FDIC) GL BANK 06052AAA9 1,500,000.00 (1,505,799.00) (6,091.67) (1,511,890.67)
NOTES
DTD 12/23/2008 1.700% 12/23/2010
03/16/09 03/19/09 GENERAL ELECTRIC CAPITAL CORP 36967HAL1 1,500,000.00 (1,500,105.00) (525.00) (1,500,630.00)
NOTES FDIC
DTD 03/12/2009 1.800% 03/11/2011
03/16/09 03/19/09 JP MORGAN CHASE CORP FDIC NOTES 481247AG9 1,500.000.00 (1,500,036.00) (1,787.50) (1,501,823.50)
DTD 02/23/2009 1.650% 02/23/2011
03/24/09 03/24/09 FHLB DISC NOTE 313385LU8 1,110,000.00 (1,107,612.27) 0.00 (1,107,612.27)
-- 0.000% 09/16/2009
03/24/09 03/24/09 FHLMC DISC NOTE 313397LL3 2,100,000.00 (2,095,786.00) 0.00 (2,095,786.00)
-- 0.000% 09/08/2009
Transaction Type Sub-Total 14,975,000.00 (15,163,646.03) (31,694.44) (15,195,340.47)
03/23/09 03/23/09 FNMA NOTES 31398AV02 1,500,000.00 0.00 1,895.84 1,895.84
DTD 02/27/2009 1.750% 03/23/2011
Transaction Type Sub-Total 1,500,000.00 0.00 1,895.84 1,895.84
~- Account 94730001 Page 8
~),; ,1.
~_~ PFM Asset Mana~;~ment I.~..C
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Managed Account Security Transactions & Interest For the Month Ending March 31, 2009
WINTER SPRINGS GENERAL CITY ACCOUNT - 94730001
Transaction Type Principal Accrued
Trade Settle Securi Descri tion Realized G/L Realized G/L Sale
tY CUSIP Par Proceeds Interest Total Cost Amort Cost Method
Managed Account Sub-Total 16,475,000.00 (15,163,646.03) (29,798.60) (15,193,444.63)
Total Security Transactions $16,475,000.00 ($15,163,646.03) ($29,798.60) ($15,193,444.63)
i
Account 94730001 Page 9
PFNI Asset Management LLC