HomeMy WebLinkAbout2013 11 18 Informational 204 Investment Report for the 4th Quarter of FY 2013 COMMISSION AGENDA
Informational X
Consent
ITEM 204 public Hearings
g
Regular
November 18, 2013 KS SB
Special Meeting City Manager Department
REQUEST:
The City Manager and the Finance and Administrative Services Department providing the
Investment Report for the fourth quarter of fiscal year 2013 (quarter ending September 30,
2013) as prepared by PFM Asset Management LLC.
SYNOPSIS:
Distribution of the investment report for the fourth quarter of the 2013 fiscal year
(quarter-ending September 30, 2013).
CONSIDERATIONS:
The General City Account portfolio is of high credit quality and maintains adequate
liquidity. The portfolio is invested in Federal Agency, U.S. Treasury, commercial paper and
municipal securities. PFM's attached report provides additional information regarding the
City's investment position at September 30, 2013.
FISCAL IMPACT:
The weighted average yield at September 30, 2013 is .28%. The weighted average yield at
June 30, 2013 was .27%. This portfolio has an average maturity of z.86 years.
COMMUNICATION EFFORTS:
This Agenda Item has been electronically forwarded to the Mayor and City Commission,
City Manager, City Attorney/Staff, and is available on the City's Website, LaserFiche, and
the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the
respective Meeting Agenda which has also been electronically forwarded to the individuals
Informational 204 PAGE 1 OF 2- November 18,2013
noted above, and which is also available on the City's Website, LaserFiche, and the City's
Server; has been sent to applicable City Staff, Media/Press Representatives who have
requested Agendas/Agenda Item information, Homeowner's Associations/Representatives
on file with the City, and all individuals who have requested such information. This
information has also been posted outside City Hall, posted inside City Hall with additional
copies available for the General Public, and posted at five (5) different locations around the
City. Furthermore, this information is also available to any individual requestors. City Staff
is always willing to discuss this Agenda Item or any Agenda Item with any interested
individuals.
Additionally, the investment report will be placed on the City's website within one week of
acceptance in the section titled Budgets and Financial Documents.
RECOMMENDATION:
Staff requests the City Commission receive and review the information provided in this
Agenda Item.
ATTACHMENTS:
Investment Report for quarter-ending September 30, 2013
Informational 204 PAGE 2 OF 2- November 18,2013
City of Winter Springs, Florida
„1`rar ,
* g
•
Investment Performance Review
Quarter Ended September 30, 2013
Investment Advisors PFM Asset Management LLC
Steven Alexander,CTP,CGFO,Managing Director One Keystone Plaza,Suite 300 300 S.Orange Avenue,Suite 1170
D.Scott Stitcher,CFA,Senior Managing Consultant North Front&Market Streets Orlando,FL 32801
Richard Pengelly,CFA,Senior Managing Consultant Harrisburg,PA 17101-2044 (407)648-2208
Gregg Manjerovic,CFA,Portfolio Manager
Rebecca Geyer,CTP,Senior Analyst 717-232-2723•717-233-6073 fax (407)648-1323 fax
City of Winter Springs, Florida Investment Report-Quarter Ended September 30,2013
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. September 30, 2013 PFM Month-End Statement
(statements are available online at www.pfm.com)
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,Florida Investment Report-Quarter Ended September 30,2013
TAB I
City of Winter Springs, Florida Investment Report—Quarter Ended September 30,2013
Summary • The euro zone emerged from recession but generated second-
• Markets were whipsawed during the third quarter, as rates marched quarter GDP growth of only 0.3%.
steadily higher into September,only to reverse on: Interest Rates
o Weaker-than-expected employment and economic data; • Intermediate-term interest rates were slightly lower at the end of
o Larry Summers' withdrawal from consideration as the next the quarter, as the market re-priced the yield curve to reflect the
Federal Reserve(Fed)Chairman;and Fed's surprise inaction on tapering.
o The Fed's surprise announcement that it would await more • At its September 17-18 meeting, the Federal Open Market
evidence of sustainable economic progress before adjusting Committee(FOMC) maintained its commitment to low short-term
the pace of its bond purchases. rates until the unemployment picture improves,as long as inflation
remains within expectations. Its decision not to taper was based
• As a result of the Fed's decision not to taper its bond-purchasing partially on its belief that growth in the near term would be
programs, ten-year Treasury yields ended the quarter at 2.6%, only somewhat lower than expected.
slightly higher than the end of June,when yields were 2.5%.
• While rates have come down from two-year highs in early
• The domestic economy continued to grow modestly, although September, once tapering starts, they may resume their gradual
forecasts for growth into next year have been reduced. trend toward normalization,resulting in higher levels over time.
• Partisan wrangling over the federal budget, looming debt ceiling, and
impact of the government shutdown have created a great deal of
uncertainty. Sector Performance
• Fixed-income securities generally performed well across most
segments of the U.S. market, with intermediate-term maturities
Economic Snapshot performing best.
• U.S. gross domestic product (GDP) grew at a modest 2.5% for the • The corporate sector led the way with strong returns, as yield
second quarter. The release of the Fed's September economic spreads reversed much of the spread widening that occurred in
projections confirmed that growth is unlikely to pick up in the next few the second quarter.
quarters,as its GDP growth forecast was revised slightly downward for
2013,2014,and 2015. • Agencies modestly outperformed Treasuries for the quarter, but
yield spreads remain near historically narrow levels, especially in
• During the quarter, the unemployment rate continued to fall from shorter maturities.
7.6% in June to 7.3% in August.The economy created 169,000 jobs in
•
August, but that figure was overshadowed by large downward Agency mortgage-backed securities had a very good quarter, as
revisions to the prior two months'figures. option-adjusted spreads narrowed, while the worst of the rate-
induced duration extensions appear to be behind us.
• Consumer confidence fell to 79.7 in September, marking its weakest
reading since May. • Short- and intermediate-term municipal bonds also had a good
quarter,despite the Detroit bankruptcy filing in July.
PFM Asset Management LLC Section A-1
City of Winter Springs, Florida Investment Report-Quarter Ended September 30,2013
Economic Snapshot
Labor Market Latest Jun 2013 Sep 2012
Unemployment Rate Aug'13 7.3% 7.6% 7.8% Unemployment Rate(left)vs.Chang e in Nonfarm Payrolls(right)
11.0% ∎Cnangein NonFarrn Payrolls 400K
-ie In Non-Farm Payrolls 172,000 138,000 9.0% -1 -unemgievmenc Rae 300K
7.0% I I *.'" ....'"n� 200K
Average Hourly Earnings(YoY) Aug'13 2.2% 2.1% 2.0% I I I I I I I I I I I OK
ome(Yo 3.0% 0
1.0% -100K
Initial Jobless Claims(week) 10/4/13 374,000 344,000 368,000 8/31/10 2/28/11 8/31/11 2/29/12 8/31/12 2/28/13 8/31/13
Growth
Real GDP(QoQ SAAR) 2013Q2 2.5% 1.1%r 2.8%2 Real GDP (QoQ)
6.0%
. 5.0%
GDP Personal Consumption(QoQ SAAR) 4.0%
3.0% 1 •- - ■
Retail Sales(YoY) Aug'13 4.7% 6.0% 5.7% 2" I • • ^ • w -
1.0% 1 ■ ■ ■ ■ ■ ■ ■ - ■
0.0%
ISM Manufacturing r u ey Sep'13 _1 0%
-20%
Existing Home Sales SAAR(month) Aug'13 5.48 mil. 5.06 mil. 4.78 mil. 6/30/10 12/31/10 6/30/11 12/31/11 6/30/12 12/31/12 6/30/13
Inflation/Prices
Personal Consumption Expenditures(YoY) Aug'13 1.2% 1.3% 1.7% Consumer Price index
5.0%
-CPI(YoY) -Core CPI(YoY)
ice Index(YoY 4.0%
3.0%
Consumer Price Index Core(YoY) Aug'13 1.8% 1.6% 2.0%
2.0%
Crude Oil Futures(WTI,per barrel) Sep 30 1.0%
■ 0.0%
Gold Futures(oz) Sep 30 $1,327 $1,224 $1,771 8/31/10 2/28/11 8/31/11 2/29/12 8/31/12 2/28/13 8/31/13
1. Data as of First Quarter 2013 2.Data as of Third Quarter 2012 Source:Bloomberg
3.Some recent economic data has not been released due to the U.S.Government shutdown
Note:YoY=year overyear,QoQ=quarter over quarter,SAAR=seasonally adjusted annual rate,WTI=West Texas Intermediate crude oil
PFM Asset Management LLC Section A-2
City of Winter Springs, Florida Investment Report—Quarter Ended September 30,2013
Investment Rate Overview
U.S.Treasury Note Yields U.S.Treasury Yield Curve
4%
3.5% -
3.0% 3% - __ _..
2.5% -
02.0% 32% —
- -
1.0% /
0.5% • r A r m '�- W—NW (T J CO
r p O O
0.0% o i
9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 Maturity
September 30,2013 --- June 30,2013 - September 30,2012
- - -2-Year 5-Year 10-Year
U.S.Treasury Yields Yield Curves as of 9/30/2013
Change 5%
Maturity 9/30/13 6/30/13 over 9/30/12 Change - . - -
Quarter over Year 4/ :
3-month 0.01% 0.03% (0.02%) 0.09% (0.08%) 9 3% / / .0".
.-
i
1-year 0.11% 0.17% (0.06%) 0.16% (0.05%) } / .°
2% /---'
2-year 0.32% 0.37% (0.05%) 0.25% 0.07% /
1% /
5-year 1.39% 1.40% (0.01%) 0.63% 0.76% /
0%
10-year 2.67% 2.52% 0.15% 1.70% 0.97% -n.)w Cr v N CO
30-year lin 348% 0.20% 2.82% 0.86% Maturity
U.S.Treasury --- Federal Agency - - Industrial Corporates,A Rated
Source:Bloomberg
PFM Asset Management LLC Section A-3
City of Winter Springs, Florida Investment Report-Quarter Ended September 30,2013
BofA Merrill Lynch Index Returns
As of 9/30/2013 Returns for Periods ended 9/30/2013
Duration Yield 3 Month 1 Year 3 Years
1-3 Year Indices
U.S.Treasury 1.90 0.33% 0.29% 0.37% 0.71%
Federal Agency 1.75 0.45% 0.39%
U.S.Corporates,A-AAA rated 1.93 1.00% 0.74% 1.39% 2.22%
Agency MBS (0 to 3 years) 1.78 1.34% (0.28%)
Municipals 1.83 0.64% 0.47% 0.76% 1.25%
1-5 Year Indices
U.S.Treasury 2.70 0.62% 0.46% (0.03%) 1.16%'WV Federal Agency 2.48 0.75% 0.52% V 1.1
U.S.Corporates,A-AAA rated 2.83 1.49% 1.16% 1.17% 2.79%
Agency MBS (0 to 5 years) 3.26 2.54% 0.93% (0.74%) 2.55%
Municipals 2.57 0.98% 0.67% 0.58% 1.72%
Master Ind ices (Maturities 1 Year or Greater)
U.S.Treasury 5.70 1.42% 0.03% (Z54%) 2.12%
�ncy 3.93 1.33% 0.35% 1.63%
U.S.Corporates,A-AAA rated 6.44 2.84% 0.86% (1.72%) 3.83%
2.94% 2.66%
Municipals 8.04 3.40% (0.41%) (2.75%) 3.28%
1.Duration andyield are after the indues were rebalanced at month end Source:Bloomberg
2.Returns are rolling returns.Returns forpetiods greater than one year are annualized
PFM Asset Management LLC Section A-4
City of Winter Springs, Florida Investment Report—Quarter Ended September 30,2013
Disclosures
The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC(PFMAM)at the time of distribution
and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM
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.
Further distribution is not permitted without prior written consent.
PFM Asset Management LLC Section A-5
City of Winter Springs,Florida Investment Report-Quarter Ended September 30,2013
TAB II
City of Winter Springs,Florida Investment Report-Quarter Ended September 30,2013
Executive Summary
➢ The City's General City Portfolio is of high credit quality and invested in U.S. Treasury, Federal Agency, commercial paper and
municipal securities.
➢ The General City Portfolio continues to provide the City with favorable yield relative to the benchmark. At quarter end the portfolio
had a Yield to Maturity at Cost of 0.30%, exceeding the Yield to Maturity of its benchmark the Merrill Lynch 1-Year U.S. Treasury
Note Index by 19 basis points(0.19%).
➢ Our investment strategy was based on the view that interest rates will trend gradually higher as modest economic expansion in the
U.S. continues. The Federal Reserve must eventually curtail its bond purchases and rates will begin to normalize from artificially
low levels. The key pillars of our strategy included:
• Keeping duration a bit shorter and more conservative than benchmarks,
• Careful timing of purchases when rates were near the top of their recent range,
• Emphasizing credit instruments (e.g. municipals) that will benefit from favorable credit market conditions and improving
fundamentals, and
• Making greater use of floating-rate instruments that are historically less susceptible to market risk when rates rise.
➢ Our expectations are that U.S. economic growth will continue, but Fed projections may prove too optimistic. We believe that the
U.S. will not default on its debt, and Janet Yellen will be confirmed as the next Chair of the Federal Reserve and will continue
Bernanke's accommodative monetary policies.
➢ Treasury yields will likely be range bound due to the unevenness of the economic recovery. The tradable range for Treasury yields
will gradually rise as monetary policy accommodation is slowly removed.
➢ The current modestly conservative duration posture for portfolios will likely be maintained for the foreseeable future. Bouts of
market weakness may be used to match monthly index extensions at favorable levels,when deemed appropriate.
➢ As always, we strive to maintain safety of principal and appropriate liquidity, while maximizing value through careful, prudent
management. Our strategy will remain flexible and may change in response to changes in interest rates, economic data, market
outlook or specific opportunities that arise.
PFM Asset Management LLC Section B-1
City of Winter Springs,Florida Investment Report-Quarter Ended September 30,2013
The City's Investment Statistics
Amortized Cost,', Amortized Cost''' Market Value"•'•' Market Value''' ration(Years)
Account Name September 30,2013 June 30,2013 September 30,2013 June 30,2013 tember 30,2013
General City Account Portfolio $29,148,812.92 $29,119,608.11 $29,171,743.97 $29,122,353.50 0.86
Fidelity Institutional Money Market Fund Government Portfolio(Fund#257) 31,827.55 46,001.79 31,827.55 46,001.79 0.003
Money Market Fund-State Board of Administration Pool A 10.75 254,383.09 10.75 254,383.09 44 Days
Money Market Fund-State Board of Administration Pool B 234,218.00 257,378.41 234,218.00 257,378.41 4.040
Bank of America Cash for Operation-depository 2,122,105.10 2,457,389.13 2,122,105.10 2,457,389.13 0.003
Water&Sewer 2000-Fidelity Institutional Money Market Fund Government Portfolio(Account#364) 716,803.24 716,785.17 716,803.24 716,785.17 0.003
Water&Sewer 2000-Money Market Fund-State Board of Administration Pool A 8,058.63 7,382.89 8,058.63 7,382.89 44 Days
Water&Sewer 2000-Money Market Fund-State Board of Administration Pool B 6,797.65 7,469.83 6,797.65 7,469.83 4.040
Trial $32,268,633.84 $32,866,398.42 $32,291,564.89 $32,869,143.81
Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity
on Cost° on Cost° at Market Yield at Market Duration(Years)
Account Name September 30,2013 June 30,2013 eptember 30,20 June 30,2013 June 30,2013
General City Account Portfolio 0.30% 0.29% 0.17% 0.29% 1.04
Fidelity Institutional Money Market Fund Government Portfolio(Fund#257) 0.01% 0.01% 0.01% 0.01% 0.003
Money Market Fund-State Board of Administration Pool A 0.18% 0.20% 0.18% 0.20% 43 Days
Money Market Fund-State Board of Administration Pool B 0.00% 0.00% 0.00% 0.00% 3.980
Bank of America Cash for Operation-depository 0.20% 0.20% 0.20% 0.20% 0.003
Water&Sewer 2000-Fidelity Institutional Money Market Fund Government Portfolio(Account#364) 0.01% 0.01% 0.01% 0.01% 0.003
Water&Sewer 2000-Money Market Fund-State Board of Administration Pool A 0.18% 0.20% 0.18% 0.20% 43 Days
Water&Sewer 2000-Money Market Fund-State Board of Administration Pool B 0.00% 0.00% 0.00% 0.00% 3.980
Weighted Average Yield 0.28% 0.27% 0.17% 0.27%
Benchmarks e tember 30 June 30,2013
Merrill Lynch 1 Year U.S.Treasury Note Index' 0.11% 0.18%
Notes
1.on a trade-date basis,lndoaln9 accrued Interest
2.In order o comply with GASB accrual accountng repo-frig requirements,forward setting trades are Included In the monthly balances.
3.Excludes any money market fund/ash balances held In eustodlan account
4.Past pehnnnance is not l ndlative of future resulfo.
5.Source Bloomberg Benchmark IS pursuant to the Investment Polley
PFM Asset Management LLC Section B-2
City of Winter Springs, Florida Investment Report-Quarter Ended September 30,2013
General City Account Portfolio Composition and Credit Quality Characteristics
Security Type' mber 30,2013 SIN of Portfolio June 30,2013 %of Portfolio
U.S.Treasuries $15,854,593.07 54.29% $16,881,107.46 57.97%
Federal Agencies 5,601,453.02 19.18% 5,594,438.09 19.21%
Commercial Paper 6,721,414.88 23.02% 6,646,807.95 22.82%
Certificates of Deposit 0.00 0.00% 0.00 0.00%
Bankers Acceptances 0.00 0.00% 0.00 0.00%
Repurchase Agreements 0.00 0.00% 0.00 0.00%
Municipal Obligations 994,283.00 3.40% 0.00 0.00%
Corporate Notes/Bonds 0.00 0.00% 0.00 0.00%
Corporate Notes/Bonds-FDIC Insured 0.00 0.00% 0.00 0.00%
Mortgage Backed 0.00 0.00% 0.00 0.00%
Money Market Fund/Cash 31,828.00 0.11% 0.00 0.00%
Totals $29,203,571.97 100.00% $29,122,353.50 100.00%
Portfolio Composition Credit Quality Distributions AA
Municipal as of 09/30/13 as of 09/30/13 1%
Obligations
4% US.
Treasuries A-1+(Short-
54% term)
Commercial 76% 3%
Paper
23%
A-1 (Short-
Federal term)
Agency 20%
Obligations
19%
a \
Notes:
1.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/LGIP.Standard&Poofs is the source of the credit ratings.
PFM Asset Management LLC Section B-3
City of Winter Springs, Florida Investment Report-Quarter Ended September 30,2013
General City Account Portfolio Maturity Distribution
Maturity Distribution' June 30,2013
Overnight (Money Market Fund) $31,8 . $0.00
Under 6 Months 13,381,460.83 6,646,807.95
6-12 Months 4,305,381.58 8,587,842.17
1-2 Years 11,484,901.56 13,887,703.38
2-3 Years 0.00 0.00
3-4 Years 0.00 0.00
4-5 Years 0.00 0.00
5 Years and Over 0.00 0.00
Totals $29,203,571.97 $29,122,353.50
Portfolio Maturity Distribution'
100%
•September 30,2013
90%
80% ■June 30,2013
70% ' '.,
.2 0 60%
d :
48%
Tt 50% 46% 48/o
O 39%
40%
o 29% '
• 30% 23%
m
1 20% 15%
U
10%o 10/0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
0%
Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over
J
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 September 30,2013
Security Type' September 30,2013 September 30,2013 Notes Permitted by Policy
United States Treasury Securities 15,838,17282 5022% 100%
United States Government Agency Securities - 000% 75% United States'treasury
Federal Instrumentalities 5,5962 0
60.04 1775% 80% S522%a
22°/
Mortgage-Backed Securities - 000% 0% FederallnstrumentaLtes
Certificates of Deposit - 0 00% 25% 1775%
Repurchase Agreements - 000% 50%
Commeraal Paper 6,720,65904 2131% 30%
Corporate Notes-FDIC Insured - 000% 50%
Bankers'Acceptances - 000% 30% Bank of Amevice Cash for
State and/or Local Government Debt(GO and Revenue 993721.02 3.150/0 20% Operation
6.73%
Money Market Mutual Funds 266,05630 0.84% 100% CommeraalPaper
Money Market Muwal Sands State and/or Local 2131%
Intergovernmental Investment Pool - 000% 25% 0.84% GovemmeotDebt(GO and
Bank of America Cash for Operation 2122,10510 673% 2 100% Revenue)
15%
Individual Issuer Breakdown September 30,2013 September 30,2013 Notes Permitted by Policy Individual Issuer Breakdown ber30,2013 September 30,2013 Notes Permitted by Policy
Government National Mortgage ASSOaation(GNMA) - 000% 50% Bank of Tokyo Mitsubishi Commeraal Paper 1,599,76800 507% 10%
US Export-Import Bank(Ex-Im) - 000% 50% BNP Paribas Commercial Paper 2,298,158.61 729% 10%
Farmers Home Administration(FMHA) - 000% 50% General Electric Commercial Paper 749,582 92 238% 10%
Federal Finanang Bank - 000% 50% UBS Finance Commeraal Paper 99924750 317% 10%
Federal Housing Administration(FHA) - 000% 50% HSBC USA Inc.Commercial Paper 1,073,901 11 341% 10%
General Services Administration - 000% 50% Minnesota State GO Bond 818,721.02 200% 20%
New Communities Act Debentures - 000% 50% University of California Taxable Revenue Bond 175,000.00 055% 20%
US Public Housing Notes&Bonds - 000% 50% Fidelity Institutional Money Market Fund Government Portfolio(Fund 7257) 31,827 55 010% 2 25%
US Dept.of Housing and Urban Development - 000% II 50% Money Market Fund-Florida Prime(SBA) 10.75 000% 2 25%
Federal Fenn Credit Bank(FFCB) - 000% 25% Money Market Fund-Florida SBA Fund B 23421800 074% 2 N/A
Federal Home Loan Bank(FHLB) 1,079,637 62 342% 25%
Federal National Mortgage Association(FNMA) 3,915,811 75 1242% 25%
Federal Home Loan Mortgage Corporation(FHLMC) 600,810.67 191% 25%
Notes
1.Does not Include bond proceeds.
2.Managed by the City.
3.End of month trade-date amortized cost of portfolio holdings,including accrued interest.
PFM Asset Management LLC Section C-1
City of Winter Springs,Florida Investment Report-Quarter Ended September 30,2013
TAB III
PFM`
Managed Account Summary Statement For the Month Ending September 30,2013
SPRINGS GENERAL CITY ACCOUNT-94730001
Transaction Summary-Managed Account Cash Transactions Summary-Managed Account
Opening Market Value $29,042,840.26 Maturities/Calls 1,000,000.00
Maturities/Calls (1,000,000.00) Sale Proceeds 0.00
Principal Dispositions 0.00 Coupon/Interest/Dividend Income 31,281.76
Principal Acquisitions 1,073,763.75 Principal Payments 0.00
Unsettled Trades (5,386.72) Security Purchases (1,073,763.75)
Change in Current Value (1,715.30) Net Cash Contribution 0.00
Reconciling Transactions 0.00
Closing Market Value $29,109,501.99
Earnings Reconciliation(Cash Basis)-Managed Account Cash Balance
Interest/Dividends/Coupons Received 31,281.76 Closing Cash Balance $31,827.55
Less Purchased Interest Related to Interest/Coupons 0.00
Plus Net Realized Gains/Losses 1,300.00
Total Cash Basis Earnings $32,581.76
Earnings Reconciliation(Accrual Basis) Total
Ending Amortized Value of Securities 29,086,570.94
Ending Accrued Interest 62,241.98
Plus Proceeds from Sales 181,646.62
Plus Proceeds of Maturities/Calls/Principal Payments 1,000,000.00
Plus Coupons/Dividends Received 31,281.76
Less Cost of New Purchases (1,248,763.75)
Less Beginning Amortized Value of Securities (29,034,163.57)
Less Beginning Accrued Interest (71,532.63)
Total Accrual Basis Earnings $7,281.35
Account 94730001 Page 1
PFM Asset Management LLC
Portfolio Summary and Statistics For the Month Ending September 30,2013
WINTER SPRINGS GENERAL CITY ACCOUNT-94730001
Account Summary Sector Allocation
Description Par Value Market Value Percent
U.S.Treasury Bond/Note 15,630,000.00 15,817,018.54 54.34 Commercial Paper
23.09%
Municipal Bond/Note 925,000.00 988,033.00 3.39 sae..
Federal Agency Bond/Note 5,530,000.00 5,583,035.57 19.18
Commercial Paper 6,725,000.00 6,721,414.88 23.09
Managed Account Sub-Total 28,810,000.00 29,109,501.99 100.00% . �����. �a
Accrued Interest 62,241.98
Total Portfolio 28,810,000.00 29,171,743.97
Unsettled Trades 175,000.00 174,695.50 Fed Agy Bond/
Note
19.18%
Muni Bond/Note
US TSY Bond/Note 3.39%
54.34%
Maturity Distribution Characteristics
39.25%
Yield to Maturity at Cost 0.30%
35.14%
Yield to Maturity at Market 0.17%
25.61% Duration to Worst 0.86
Weighted Average Days to Maturity 317
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 Over5 Years
Account 94730001 Page 2
PFM Asset Management LLC
Managed Account Issuer Summary For the Month Ending September 30,2013
WINTER SPRINGS GENERAL CITY ACCOUNT-94730001
Issuer Summary Credit Quality(S&P Ratings)
Market Value
Issuer of Holdings Percent A-1
BNP PARIBAS 2,298,904.00 7.90 20.51%
FANNIE MAE 3,902,604.65 13.41 A-1+
®®®®®®®®�
FEDERAL HOME LOAN BANKS 1,080,463.32 3.71 m��������� 2.58%AA
FREDDIE MAC 599,967.60 2.06 0.60%
GENERAL ELECTRIC CO 749,766.00 2.58
HSBC HOLDINGS PLC 1,073,582.08 3.69
ST 813,337.50 2.79
MITSUBISHI UFJ FINANCIAL GROUP INC 1,599,860.80 5.50
UBS AG 999,302.00 3.43
UNITED STATES TREASURY 15,817,018.54 54.33
UNIVERSITY OF CALIFORNIA 174,695.50 0.60
Total $29,109,501.99 100.00%
AA+
76.31%
Account 94730001 Page 3
PFM Asset Management LLC
Managed Account Detail of Securities Held For the Month Ending September 30,2013
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
U.S.Treasury Bond/Note
US TREASURY NOTES 9128285B7 305,000.00 AA+ Aaa 02/08/12 02/09/12 304,964.26 0.26 128.46 304,993.96 305,214.42
DTD 01/31/2012 0.250%01/31/2014
US TREASURY NOTES 9128285G6 3,200,000.00 AA+ Aaa 03/13/12 03/15/12 3,195,125.00 0.33 685.08 3,198,977.28 3,202,624.00
DTD 02/29/2012 0.250%02/28/2014
US TREASURY NOTES 9128281U8 3,125,000.00 AA+ Aaa 06/27/12 06/29/12 3,203,002.93 0.32 150.24 3,147,060.22 3,151,243.75
DTD 03/31/2009 1.750%03/31/2014
US TREASURY NOTES 9128285W1 1,900,000.00 AA+ Aaa 11/29/12 12/05/12 1,900,222.66 0.24 1,596.31 1,900,099.41 1,902,078.60
DTD 05/31/2012 0.250%05/31/2014
US TREASURY NOTES 912828TF7 1,910,000.00 AA+ Aaa 11/01/12 11/05/12 1,905,001.17 0.28 402.24 1,907,607.19 1,910,446.94
DTD 07/31/2012 0.125%07/31/2014
US TREASURY NOTES 912828LK4 480,000.00 AA+ Aaa 12/18/12 12/19/12 497,193.75 0.26 976.24 489,262.44 489,881.25
DTD 08/31/2009 2.375%08/31/2014
US TREASURY NOTES 912828NF3 4,710,000.00 AA+ Aaa 06/03/13 06/04/13 4,880,553.52 0.30 33,635.96 4,852,597.79 4,855,529.58
DTD 06/01/2010 2.125%05/31/2015
Security Type Sub-Total 15,630,000.00 15,886,063.29 0.30 37,574.53 15,800,598.29 15,817,018.54
Municipal Bond/Note
UNIV OF CAL TXBL REV BONDS 91412GSW6 175,000.00 AA Aal 09/26/13 10/02/13 175,000.00 0.53 0.00 175,000.00 174,695.50
DTD 10/02/2013 0.528%05/15/2015
MN ST T/E GO BONDS 604129D78 750,000.00 AA+ Aal 08/07/13 08/12/13 817,140.00 0.43 6,250.00 812,471.02 813,337.50
DTD 08/16/2012 5.000%08/01/2015
Security Type Sub-Total 925,000.00 992,140.00 0.45 6,250.00 987,471.02 988,033.00
Federal Agency Bond/Note
FNMA GLOBAL NOTES 31398AZV7 1,750,000.00 AA+ Aaa 12/14/12 12/14/12 1,828,925.00 0.28 16,716.15 1,796,393.59 1,799,078.75
DTD 10/26/2009 2.625%11/20/2014
FEDERAL HOME LOAN BANK GLOBAL NOTES 313381H24 1,080,000.00 AA+ Aaa 01/30/13 02/04/13 1,078,606.80 0.32 562.50 1,079,075.12 1,080,463.32
DTD 12/05/2012 0.250%01/16/2015
Account 94730001 Page 4
PFM Asset Management LLC
Managed Account Detail of Securities Held For the Month Ending September 30,2013
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
Federal Agency Bond/Note
FANNIE MAE GLOBAL NOTES 3135G0HG1 2,100,000.00 AA+ Aaa 03/27/13 04/01/13 2,103,192.00 0.30 328.13 2,102,373.88 2,103,525.90
DTD 02/06/2012 0.375%03/16/2015
FREDDIE MAC(CALLABLE)GLOBAL NOTES 3134G42V9 600,000.00 AA+ Aaa 04/29/13 04/30/13 600,000.00 0.32 810.67 600,000.00 599,967.60
DTD 04/29/2013 0.320%04/29/2015
Security Type Sub-Total 5,530,000.00 5,610,723.80 0.30 18,417.45 5,577,842.59 5,583,035.57
Commercial Paper
BANK OF TOKYO MITSUBISHI COMM PAPER 06538BXM0 1,600,000.00 A-1 P-1 04/24/13 04/24/13 1,597,920.00 0.26 0.00 1,599,768.90 1,599,860.80
-- 0.000%10/21/2013
BNP PARIBAS FINANCE INC COMM PAPER 0556N0Z24 1,000,000.00 A-1 P-1 06/27/13 06/27/13 998,463.89 0.35 0.00 999,397.22 999,697.00
-- 0.000%12/02/2013
GENERAL ELEC CAP CORP COMM PAPER 36959HZX8 750,000.00 A-1+ P-1 07/03/13 07/05/13 749,179.58 0.22 0.00 749,582.92 749,766.00
-- 0.000%12/31/2013
BNP PARIBAS FINANCE INC COMM PAPER 0556N1A78 1,300,000.00 A-1 P-1 07/11/13 07/11/13 1,297,725.00 0.35 0.00 1,298,761.39 1,299,207.00
-- 0.000%01/07/2014
UBS FINANCE DELAWARE LLC COMM PAPER 90262DB79 1,000,000.00 A-1 P-1 08/12/13 08/12/13 998,955.83 0.21 0.00 999,247.50 999,302.00
-- 0.000%02/07/2014
HSBC USA INC COMM PAPER 40427SCA5 1,075,000.00 A-1 P-1 09/11/13 09/11/13 1,073,763.75 0.23 0.00 1,073,901.11 1,073,582.08
-- 0.000%03/10/2014
Security Type Sub-Total 6,725,000.00 6,716,008.05 0.27 0.00 6,720,659.04 6,721,414.88
Managed Account Sub-Total 28,810,000.00 29,204,935.14 0.30 62,241.98 29,086,570.94 29,109,501.99
Securities Sub-Total $28,810,000.00 $29,204,935.14 0.30% $62,241.98 $29,086,570.94 $29,109,501.99
Accrued Interest $62,241.98
Total Investments $29,171,743.97
Bolded items are forward settling trades.
Account 94730001 Page 5
PFM Asset Management LLC
Managed Account Fair Market Value&Analytics For the Month Ending September 30,2013
WINTER SPRINGS GENERAL CITY ACCOUNT-94730001 _all 1116__AIM
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt
U.S.Treasury Bond/Note
US TREASURY NOTES 9128285B7 305,000.00 BNP PARI 100.07 305,214.42 250.16 220.46 0.33 0.33 0.04
DTD 01/31/2012 0.250%01/31/2014
US TREASURY NOTES 9128285G6 3,200,000.00 CITIGRP 100.08 3,202,624.00 7,499.00 3,646.72 0.42 0.42 0.05
DTD 02/29/2012 0.250%02/28/2014
US TREASURY NOTES 912828KJ8 3,125,000.00 BNP PARI 100.84 3,151,243.75 (51,759.18) 4,183.53 0.50 0.50 0.07
DTD 03/31/2009 1.750%03/31/2014
US TREASURY NOTES 9128285W1 1,900,000.00 GOLDMAN 100.11 1,902,078.60 1,855.94 1,979.19 0.67 0.67 0.09
DTD 05/31/2012 0.250%05/31/2014
US TREASURY NOTES 912828TF7 1,910,000.00 BNP PARI 100.02 1,910,446.94 5,445.77 2,839.75 0.83 0.83 0.10
DTD 07/31/2012 0.125%07/31/2014
US TREASURY NOTES 912828LK4 480,000.00 BNP PARI 102.06 489,881.25 (7,312.50) 618.81 0.91 0.91 0.13
DTD 08/31/2009 2.375%08/31/2014
US TREASURY NOTES 912828NF3 4,710,000.00 CITIGRP 103.09 4,855,529.58 (25,023.94) 2,931.79 1.63 1.63 0.27
DTD 06/01/2010 2.125%05/31/2015
Security Type Sub-Total 15,630,000.00 15,817,018.54 (69,044.75) 16,420.25 0.90 0.90 0.13
Municipal Bond/Note
UNIV OF CAL TXBL REV BONDS 91412GSW6 175,000.00 BARCLAYS 99.83 174,695.50 (304.50) (304.50) 1.61 1.61 0.64
DTD 10/02/2013 0.528%
05/15/2015
MN ST T/E GO BONDS 604129D78 750,000.00 CITIGRP 108.45 813,337.50 (3,802.50) 866.48 1.76 1.76 0.38
DTD 08/16/2012 5.000%08/01/2015
Security Type Sub-Total 925,000.00 988,033.00 (4,107.00) 561.98 1.73 1.74 0.43
Federal Agency Bond/Note
FNMA GLOBAL NOTES 31398AZV7 1,750,000.00 SOC GEN 102.80 1,799,078.75 (29,846.25) 2,685.16 1.12 1.12 0.16
DTD 10/26/2009 2.625%11/20/2014
FEDERAL HOME LOAN BANK GLOBAL 313381H24 1,080,000.00 NOMURA 100.04 1,080,463.32 1,856.52 1,388.20 1.29 1.29 0.22
NOTES
DTD 12/05/2012 0.250%01/16/2015
FANNIE MAE GLOBAL NOTES 3135G0HG1 2,100,000.00 BARCLAYS 100.17 2,103,525.90 333.90 1,152.02 1.46 1.46 0.26
DTD 02/06/2012 0.375%03/16/2015
• Account 94730001 Page 6
PFM Asset Management LLC
Managed Account Fair Market Value&Analytics For the Month Ending September 30,2013
WINTER SPRINGS GENERAL CITY ACCOUNT-94730001 _all 1116__AIM
Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt
Federal Agency Bond/Note
FREDDIE MAC(CALLABLE)GLOBAL NOTES 3134G42V9 600,000.00 MORGANST 10/29/13 99.99 599,967.60 (32.40) (32.40) 1.41 1.57 0.32
DTD 04/29/2013 0.320%04/29/2015
Security Type Sub-Total 5,530,000.00 5,583,035.57 (27,688.23) 5,192.98 1.31 1.33 0.23
Commercial Paper
BANK OF TOKYO MITSUBISHI COMM 06538BXM0 1,600,000.00 BTM_DIR 99.99 1,599,860.80 1,940.80 91.90 0.06 0.06 0.15
PAPER
-- 0.000%10/21/2013
BNP PARIBAS FINANCE INC COMM PAPER 0556N0Z24 1,000,000.00 WELLSFAR 99.97 999,697.00 1,233.11 299.78 0.17 0.17 0.17
-- 0.000%12/02/2013
GENERAL ELEC CAP CORP COMM PAPER 36959HZX8 750,000.00 GECC 99.97 749,766.00 586.42 183.08 0.25 0.25 0.12
-- 0.000%12/31/2013
BNP PARIBAS FINANCE INC COMM PAPER 0556N1A78 1,300,000.00 BNP PARI 99.94 1,299,207.00 1,482.00 445.61 0.27 0.27 0.22
-- 0.000%01/07/2014
UBS FINANCE DELAWARE LLC COMM 90262DB79 1,000,000.00 UBS AG 99.93 999,302.00 346.17 54.50 0.36 0.36 0.19
PAPER
-- 0.000%02/07/2014
HSBC USA INC COMM PAPER 40427SCA5 1,075,000.00 WELLSFAR 99.87 1,073,582.08 (181.67) (319.03) 0.44 0.44 0.30
-- 0.000%03/10/2014
Security Type Sub-Total 6,725,000.00 6,721,414.88 5,406.83 755.84 0.24 0.24 0.19
Managed Account Sub-Total 28,810,000.00 29,109,501.99 (95,433.15) 22,931.05 0.86 0.86 0.17
Securities Sub-Total $28,810,000.00 $29,109,501.99 ($95,433.15) $22,931.05 0.86 0.86 0.17%
Accrued Interest $62,241.98
Total Investments $29,171,743.97
Bolded items are forward settling trades.
Account 94730001 Page 7
PFM Asset Management LLC
PFM°
Managed Account Security Transactions&Interest For the Month Ending September 30,2013
RINGS 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
BUY
09/11/13 09/11/13 HSBC USA INC COMM PAPER 40427SCA5 1,075,000.00 (1,073,763.75) 0.00 (1,073,763.75)
-- 0.000%03/10/2014
09/26/13 10/02/13 UNIV OF CAL TXBL REV BONDS 91412GSW6 175,000.00 (175,000.00) 0.00 (175,000.00)
DTD 10/02/2013 0.528%
05/15/2015
Transaction Type Sub-Total 1,250,000.00 (1,248,763.75) 0.00 (1,248,763.75)
INTEREST
09/03/13 09/03/13 MONEY MARKET FUND MONEY0002 0.00 0.00 0.51 0.51
09/16/13 09/16/13 FANNIE MAE GLOBAL NOTES 3135G0HG1 2,100,000.00 0.00 3,937.50 3,937.50
DTD 02/06/2012 0.375%03/16/2015
09/30/13 09/30/13 US TREASURY NOTES 9128281U8 3,125,000.00 0.00 27,343.75 27,343.75
DTD 03/31/2009 1.750%03/31/2014
Transaction Type Sub-Total 5,225,000.00 0.00 31,281.76 31,281.76
MATURITY
09/11/13 09/11/13 TOYOTA MOTOR CREDIT CORP COMM 89233GWB8 1,000,000.00 1,000,000.00 0.00 1,000,000.00 1,300.00 0.00
PAPER
-- 0.000%09/11/2013
Transaction Type Sub-Total 1,000,000.00 1,000,000.00 0.00 1,000,000.00 1,300.00 0.00
SELL
09/25/13 10/02/13 US TREASURY NOTES 912828NF3 175,000.00 180,386.72 1,259.90 181,646.62 (950.19) 97.23 SPEC LOT
DTD 06/01/2010 2.125%
05/31/2015
Transaction Type Sub-Total 175,000.00 180,386.72 1,259.90 181,646.62 (950.19) 97.23
Managed Account Sub-Total (68,377.03) 32,541.66 (35,835.37) 349.81 97.23
Total Security Transactions ($68,377.03) $32,541.66 ($35,835.37) $349.81 $97.23
Bolded items are forward settling trades.
Account 94730001 Page 8
PFM Asset Management LLC