Sarasota County Monthly Pooled Investment Report Karen E. Rushing Clerk of the Circuit Court & County Comptroller

Transcription

1 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller September 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Agency 1.86% (2) Mtg. paydowns 5.31m (98) Purchases: None FHLMC 4% FNMA 5% 9% GNMA 22% Cert. Deposit 28% Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Agencies FFCB 8% FHLB 3% FNMA 14% 28% Cash 9.5% Portfolio Statistics March April May June July August September Month-End Portfolio Balance $898 $902 $891 $859 $841 $833 $786 + Cash 1.48% 1.42% 1.44% 1.51% 1.46% 1.45% 1.56% 1.72% 1.65% 1.69% 1.71% 1.63% 1.61% 1.72% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Portfolio Analysis Sep-15 Sep-14 % Change Month-End Portfolio Balance (book basis) $786,442,582 $812,677, % Month-End Portfolio Market Value $790,178,069 $814,815, % 1.56% 1.52% 2.63% Interest Received: Current Month (cash basis) $1,211,621 $1,052, % Interest Received: FY Total (cash basis) $13,237,072 $13,464, %

2 Page 2 September 2015 Key Economic Indicators News U.S. payrolls added 142,000 workers in September which was much less than projected. Russia began airstrikes against Islamic State in Syria. Iraq has also welcomed Russian support in their fight against the rebels. The unemployment rate remained at 5.1%, the lowest rate since Volkswagen took a $7.27 billion charge over their emissions-test crisis, warning up to 11 million vehicles could be effected. Existing homes sales fell 4.8%, a sign rising prices may be holding off potential buyers. The Federal Reserve decided against raising short-term interest rates due to low inflation and global financial stresses. The Dow calmed down in September, reaching 16,739 on the 16th, then falling to 16,284, down 1.47% for the month. Pimco co-founder Bill Gross is suing his former firm for $200 million in damages over his ouster in Oil prices fell 8.2% to end the month at $45 a barrel as gas prices went below $2 per gallon for regular unleaded. South Carolina is in a state of emergency after Hurricane Joaquin flooded Columbia and surrounding areas. 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% -0.50% U.S. Treasury Yield Curve Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Sep % Aug-15 Sep % 0.25% Monthly Change 3 MO 0.01% -0.01% -0.01% 6 MO 0.04% 0.23% 0.07% -0.16% 2 YR 0.56% 0.73% 0.63% -0.10% 3 YR 1.03% 1.05% 0.90% -0.15% 5 YR 1.75% 1.54% 1.35% -0.19% 10 YR 2.49% 2.21% 2.03% -0.18% 30 YR 3.19% 2.96% 2.85% -0.11% Sep-14 Aug-15 Sep-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

3 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller August 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Maturities/Calls/Sales: Agency 2.25% (3) Mtg. paydowns 5.32m (97) Purchases: Agency 1.90% (1) GN Arm 2.34% (1) FHLMC 4% FNMA 5% 9% GNMA 21% Portfolio Composition Cert. Deposit 26% Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Cash 14.5% Agencies FFCB 8% FHLB 3% FHLMC 2% FNMA 13% 26% Portfolio Statistics February March April May June July August Month-End Portfolio Balance $919 $898 $902 $891 $859 $841 $833 + Cash 1.38% 1.48% 1.42% 1.44% 1.51% 1.46% 1.45% 1.62% 1.72% 1.65% 1.69% 1.71% 1.63% 1.61% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Aug-15 Aug-14 $832,678,263 $853,200, % 1.56% $1,012,728 $1,177,199 $12,025,451 $12,412,191 % Change -2.41% -7.05% % -3.12%

4 Page 2 August 2015 Key Economic Indicators News On August 18, the Dow began a six-day losing streak, down 10.7% or 1,879 points following China's monetary collapse. Chinese stocks suffered their worst single-day loss in more than eight years, down 8.5% on the 24th, dubbing it "Black Monday". The Dow recovered up 862 points to end the month down 6.5% or 1,161 points at 16,528 and down 7.3% on the year. The world's biggest mining company, BHP Billiton, reported its weakest earning since 2003 with profit down 86%, low steel demand. The last big drop in the Dow was in August 2011, down over 2,000 points when the U.S. credit was downgraded by S&P. U.S. farm incomes will decline about 36% this year to the lowest level in nine years as crop prices continue to decline. The U.S. economy growth figures for GDP were revised up from a reported annual rate of 2.3% to 3.7% in the 2nd quarter. U.S. Treasury yields continued to be volatile with China's financial instability, but rates remained relatively unchanged for the month. Oil prices fell to the lowest level since before the recession, then rebounded to the biggest 3-day rally in 25 years, up 29%. During a live television interview in Hardy Virginia, a reporter and her camera man were killed by a disgruntled ex-reporter. 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% U.S. Treasury Yield Curve Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Aug % Jul-15 Aug % 0.25% Monthly Change 3 MO 0.05% 0.06% -0.06% 6 MO 0.06% 0.14% 0.23% 0.09% 2 YR 0.49% 0.66% 0.73% 0.07% 3 YR 0.93% 0.97% 1.05% 0.08% 5 YR 1.62% 1.53% 1.54% 0.01% 10 YR 2.34% 2.18% 2.21% 0.03% 30 YR 3.08% 2.90% 2.96% 0.06% Aug-14 Jul-15 Aug-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

5 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller July 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Agency 1.28% (2) Treasury 30.04% (2) Mtg. paydowns 5.51m (97) Purchases: Agency 2.00% (1) GN Arm 2.33% (1) Treasury 1.72% (2) FHLMC 4% FNMA 5% 9% GNMA 20% Fixed MBS FHLMC 0.4% FNMA 0.1% Cert. Deposit 26% FLGIT 3% Cash 14.5% Agencies FFCB 8% FHLB 3% FNMA 13% 27% Portfolio Statistics January February March April May June July Month-End Portfolio Balance $933 $919 $898 $902 $891 $859 $841 + Cash 1.51% 1.38% 1.48% 1.42% 1.44% 1.51% 1.46% 1.60% 1.62% 1.72% 1.65% 1.69% 1.71% 1.63% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Portfolio Analysis Jul-15 Jul-14 % Change Month-End Portfolio Balance (book basis) $840,872,540 $869,835, % 1.46% 1.51% -3.31% Interest Received: Current Month (cash basis) $955,442 $904, % Interest Received: FY Total (cash basis) $11,012,723 $11,234, %

6 Page 2 July 2015 Key Economic Indicators News U.S. payrolls added 215,000 workers in July while the average work week was 34.6 hours. On July 8, the New York Stock Exchange shut down it main market because of a computer malfunction, the first disruption in 2-years. The unemployment rate held at a seven-year low of 5.3% as manufacturing and construction jobs rose the most. Former London bank trader Tom Hayes, was sentenced to 14 years in prison for rigging the Libor benchmark interest rate. The Dow was again volatile hitting a high of 18,120 and a low of 17,440 before ending up only 70 points to close at 17,689. Bill Gross, money manager at Janus Capital, said "The global economy is dangerously close to deflationary growth." The U.S. economy posted a modest rebound in the GDP and grew an annual rate of 2.3% in the second quarter. U.S. Treasury yields continued to be volatile with financial problems globally, rates moved down10-20 basis points. Oil prices fell dramatically, down 22% in July to end at $47 per barrel and the lowest since January 2009 at $41. Sales of corporate bonds with floating rates are down 40% this year, a sign investors are skeptical interest rates will rise in coming years. 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% -0.50% U.S. Treasury Yield Curve Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Jul % Jun-15 Jul % 0.25% Monthly Change 3 MO 0.02% 0.06% 0.06% 6 MO 0.06% 0.09% 0.14% 0.05% 2 YR 0.53% 0.64% 0.66% 0.02% 3 YR 0.99% 1.00% 0.97% -0.03% 5 YR 1.75% 1.64% 1.53% -0.11% 10 YR 2.55% 2.35% 2.18% -0.17% 30 YR 3.31% 3.12% 2.90% -0.22% Jul-14 Jun-15 Jul-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

7 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller June 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Cert Dep 0.35% (1) Agency 2.21% (3) Treasury 13.47% (6) Mtg. paydowns 4.75m (96) Purchases: Cert Dep 0.35% (1) Agency 2.25% (5) Treasury 1.61% (6) FHLMC 4% FNMA 5% 9% GNMA 19% Fixed MBS FHLMC 0.4% FNMA 0.1% Cert. Deposit 25% FLGIT 3% Cash 17.5% Agencies FFCB 8% FHLB 3% FNMA 12% 26% Portfolio Statistics December January February March April May June Month-End Portfolio Balance $954 $933 $919 $898 $902 $891 $859 + Cash 1.35% 1.51% 1.38% 1.48% 1.42% 1.44% 1.51% 1.58% 1.60% 1.62% 1.72% 1.65% 1.69% 1.71% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Portfolio Analysis Jun-15 Jun-14 % Change Month-End Portfolio Balance (book basis) $859,508,650 $877,504, % 1.51% 1.52% -0.66% Interest Received: Current Month (cash basis) $1,308,004 $1,246, % Interest Received: FY Total (cash basis) $10,057,281 $10,330, %

8 Page 2 June 2015 Key Economic Indicators News U.S. payrolls added 223,000 workers in June while hourly wages stagnated at just a 2% increase in the last 12 months. China's financial crisis shows a 30% decline in their stock market and losing nearly $3.9 trillion in value in less than a month. The unemployment rate declined to a seven-year low of 5.3% as more people left the workforce. Greeks overwhelmingly voted "no" to creditors' conditions for bailout aid after debt default, causing financial unrest and uncertainty. Durable goods orders fell 1.8% and are down 5.0% over the past 12 months as business investment weakens. First-time homebuyers rose to the highest level since 2009 and also accounted for 32% of home purchases in the U.S. in June. U.S. Treasury yields were volatile as financial problems in China and Greece moved the 5-year yields from 1.48% to 1.78%. Federal Reserve officials forecast this month shows that one interest rate increase is more likely by the end of the year. The Dow was also volatile in June and ended down 391 points to close at 17,619, a 2.17% decrease for the month. Nine members of Emanuel Episcopal African church in Charleston, SC., were murdered by a 21 year-old white male. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% Fed Funds Jun % May-15 Jun % 0.25% Monthly Change 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR 3 MO 0.02% 6 MO 0.06% 2 YR 0.45% 3 YR 0.86% 5 YR 1.63% 10 YR 2.53% 30 YR 3.36% 0.08% 0.09% 0.60% 0.64% 0.92% 1.00% 1.48% 1.64% 2.12% 2.35% 2.88% 3.12% 0.01% 0.04% 0.08% 0.16% 0.23% 0.24% Jun-14 May-15 Jun-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

9 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller May 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Maturities/Calls/Sales: Cert Dep 0.45% (1) Treasury 19.85% (3) Mtg. paydowns 4.41m (96) Purchases: Cert Dep 0.41% (2) Agency 2.05% (6) FHLMC 4% FNMA 5% 9% GNMA 19% Fixed MBS FHLMC 0.4% FNMA 0.1% Portfolio Composition Cert. Deposit 24% FLGIT 3% Cash 19% Agencies FFCB 8% FHLB 2.5% FNMA 12% 25.5% Portfolio Statistics November December January February March April May Month-End Portfolio Balance $880 $954 $933 $919 $898 $902 $ % 1.35% 1.51% 1.38% 1.48% 1.42% 1.44% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis May-15 May-14 $890,606,178 $879,732, % 1.54% $1,199,157 $1,211,978 $8,749,276 $9,084,199 % Change 1.24% -6.49% -1.06% -3.69%

10 Page 2 May 2015 Key Economic Indicators News U.S. payrolls added 280,000 workers in May and exceeded what most economists expected. The IRS said that identity thieves used one of its online services to obtain tax return information for about 100,000 U.S. households. The unemployment rate rose slightly to 5.5% and the participation rate rose to 62.9%. A decade after homeowners borrowed against their equity, now are falling behind on payments totaling $1.8 billion in loan balances. The 1st quarter QDP growth was revised from an annualized 0.2% to a -0.7% with a big revision to imports. The International Monetary Fund (IMF) urged the Federal Reserve to delay raising short-term rates until early Wholesale prices (PPI), fell 0.4% and was the 7th drop in nine months with year-over-year prices negative at -1.3%. Five major banks agreed to plead guilty to conspiring to manipulate the price of the dollar and euro resulting in $2.5 billion in fines. The Dow rose to a new all high of 18,312 on May 19, but ended the month up 170 points to close at 18,010 or +0.95%. The number of U.S. job openings rose to 5.4 million, the highest level since the Labor Department started the survey in U.S. Treasury Yield Curve 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds May % 3 MO 0.03% 6 MO 0.05% 2 YR 0.37% 3 YR 0.77% 5 YR 1.54% 10 YR 2.47% 30 YR 3.32% Apr-15 May % 0.25% 0.06% 0.08% 0.56% 0.60% 0.90% 0.92% 1.42% 1.48% 2.03% 2.12% 2.74% 2.88% Monthly Change 0.02% 0.04% 0.02% 0.06% 0.09% 0.14% May-14 Apr-15 May-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

11 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller April 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Agency 1.99% (5) Mtg. paydowns 4.38m (96) Purchases: None FHLMC 4% FNMA 5% 9% GNMA 19% Cert. Deposit 24% Agencies FFCB 7.5% FHLB 2% FNMA 11% 23.5% Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Cash 21% Portfolio Statistics October November December January February March April Month-End Portfolio Balance $809 $880 $954 $933 $919 $898 $ % 1.58% 1.35% 1.51% 1.38% 1.48% 1.42% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Apr-15 Apr-14 $901,511,357 $895,653, % 1.56% $1,066,324 $1,109,020 $7,550,119 $7,872,221 % Change 0.65% -8.97% -3.85% -4.09%

12 Page 2 April 2015 Key Economic Indicators News U.S. payrolls added 223,000 workers in April, a good sign that companies are confident in the U.S. economy. A 7.8 magnitude earthquake devastated the impoverished Himalayan nation of Nepal with a death toll of over 4,000 people. The unemployment rate fell to 5.4%, but the participation rate, those employed or looking, is 62.8%, the lowest since The National Guard intervened as riots in Baltimore turned violent after the death of 25-year old Freddie Gray while in police custody. Oil prices reversed course and rose significantly in April, up 20.4% or $10 per barrel and closing at $59. Household and corporate debt issuance is on record pace. Corporations have already issued over $609 billion in New home sales climbed 19.4% this month from the prior year, a great sign for the housing market. The U.S economy may have growth restrained as the stronger dollar has widened the trade gap by 43.1%, largest since The Dow rose slightly, up 64 points to close at 17,840 or 0.36% for the month. Greece is close to bankruptcy 5-years after the largest bailout ever and could destabilize the euro zone and global economy. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Apr % 3 MO 0.02% 6 MO 0.07% 2 YR 0.41% 3 YR 0.85% 5 YR 1.67% 10 YR 2.64% 30 YR 3.46% Mar-15 Apr % 0.25% 0.02% 0.13% 0.13% 0.55% 0.56% 0.88% 0.90% 1.37% 1.42% 1.92% 2.03% 2.53% 2.74% Monthly Change -0.02% 0.01% 0.02% 0.05% 0.11% 0.21% Apr-14 Mar-15 Apr-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

13 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller March 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Cert Dep 1.99% (1) Agency 2.00% (1) Treasury 2.62% (1) Mtg. paydowns 3.97m (96) Purchases: Cert Dep 1.72% (1) Agency 2.12% (10) FHLMC 4% FNMA 5% 9% GNMA 19.5% Fixed MBS FHLMC 0.4% FNMA 0.1% Cert. Deposit 24% FLGIT 3% Cash 19% Agencies FFCB 8% FHLB 3% FNMA 11% 25% Portfolio Statistics September October November December January February March Month-End Portfolio Balance $813 $809 $880 $954 $933 $919 $ % 1.63% 1.58% 1.35% 1.51% 1.38% 1.48% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Mar-15 Mar-14 % Change $898,117,767 $910,055, % 1.48% 1.44% 2.78% $1,133,091 $1,063, % $6,483,795 $6,763, %

14 Page 2 March 2015 Key Economic Indicators News U.S. payrolls added 126,000 workers in March, much less than the 200,000 plus increases monthly over the past year. A German jetliner carrying 150 people crashed into the French Alps, an apparent deliberate act by the co-pilot, killing all onboard. The unemployment rate remained at 5.5%. The 10.9% rate of underemployment has steadily decreased since The Federal Reserve opened the door to raising short-term rates by midyear, but intends to proceed cautiously. Volatile oil prices fell slightly this month, ending the first quarter at $47 per barrel and down 13% in Iran and six world powers agreed to a path that would block Iran from developing nuclear weapons for up to 25 years. The U.S. dollar has jumped 12% against the euro in 2015 and is up 27% from a year ago, hurting corporate profits. U.S. home prices rose 4.5% in the 12 month ended in January, a much slower pace of increase than the prior year. The Dow rose to an all-time high of 18,288 before falling 512 points to close at 17,776, down 1.9% for the month. U.S. municipal bond issuance is over $68 billion so far in 2015, a record for this period and an 88% increase from a year ago. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% Fed Funds Mar % Feb-15 Mar % 0.25% Monthly Change 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR 3 MO 0.03% 6 MO 0.08% 2 YR 0.42% 3 YR 0.86% 5 YR 1.71% 10 YR 2.71% 30 YR 3.55% 0.01% 0.02% 0.06% 0.13% 0.62% 0.55% 0.99% 0.88% 1.37% 1.99% 1.92% 2.59% 2.53% 0.01% 0.07% -0.07% -0.11% -0.13% -0.07% -0.06% Mar-14 Feb-15 Mar-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

15 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller February 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Agency 2.35% (3) Mtg. paydowns 3.30m (95) Purchases: Cert Dep 0.35% (2) FHLMC 4% FNMA 5% 9% GNMA 19% Cert. Deposit 24% Agencies FFCB 7% FHLB 2% FNMA 11% 23% Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Treasuries Cash 21% Portfolio Statistics August September October November December January February Month-End Portfolio Balance $855 $813 $809 $880 $954 $933 $ % 1.52% 1.63% 1.58% 1.35% 1.51% 1.38% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Feb-15 Feb-14 % Change $918,973,894 $930,421, % 1.38% 1.44% -4.17% $1,005,154 $1,201, % $5,350,703 $5,699, %

16 Page 2 February 2015 Key Economic Indicators News U.S. payrolls added 295,000 workers and for the 12th straight month payrolls have increased by at least 200,000. Egyptian warplanes bombed Islamic State targets in Libya on February 16 in retaliation for beheading 21 Egyptian Christians. The unemployment rate dropped to 5.5% from 5.7% and the lowest in nearly seven years. The Euro weakened to the U.S. Dollar this month, tumbling sharply to a new 11-1/2 year low and below $1.10. Oil prices increased only $1 per barrel, ending the month at $49 per barrel, but gas prices have steadily increased. Household debt rose $117 billion last quarter and more Americans fell behind on their auto and student loans. The consumer price index (CPI) has fallen to a year-over-year 0.1%, the first negative reading since October Loans to consumers with low credit scores reached the highest level since 2007, nearly 41% of loans went to subprime borrowers. The Dow rose 968 points to close at an all-time high of 18,132 and is a 5.64% increase for the month. China lowered its economic growth forecast to about 7.0% for 2015, a slower but more normal rate of growth. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% Fed Funds Feb % Jan-15 Feb % 0.25% Monthly Change 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR 3 MO 0.04% 6 MO 0.07% 2 YR 0.31% 3 YR 0.66% 5 YR 10 YR 2.64% 30 YR 3.58% 0.01% 0.04% 0.06% 0.45% 0.62% 0.73% 0.99% 1.15% 1.64% 1.99% 2.22% 2.59% 0.01% 0.02% 0.17% 0.26% 0.35% 0.35% 0.37% Feb-14 Jan-15 Feb-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

17 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller January 2015 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: Agency 1.70% (3) Treasury 26.99% (2) GN Arm 3.56% (5) Mtg. paydowns 5.18m (99) Purchases: Agency 2.10% (1) FH Arm 1.89% (1) FHLMC 4% FNMA 5% 9% GNMA 19% Fixed MBS FHLMC 0.4% FNMA 0.1% Cert. Deposit 23% FLGIT 3% Treasuries Cash 22% Agencies FFCB 8% FHLB 2% FNMA 10% 23% Portfolio Statistics July August September October November December January Month-End Portfolio Balance $870 $855 $813 $809 $880 $954 $ % 1.56% 1.52% 1.63% 1.58% 1.35% 1.51% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Jan-15 Jan-14 $933,257,119 $930,652, % $885,802 $1,070,966 $4,345,549 $4,497,910 % Change 0.28% 0.67% % -3.39%

18 Page 2 January 2015 Key Economic Indicators News U.S. payrolls added 257,000 workers, capping the biggest three-month gain in 17 years. Russia's foreign-currency credit rating was cut to BBB- by Standard & Poor's. Oil prices have hurt the largest oil exporter. The unemployment rate is at 5.7%, as more workers are lured into the improving labor market. S&P agreed to pay $1.5 billion to resolve allegations that it knowingly issued high ratings on risky mortgages before the credit crisis. Oil prices continue to fall ending the month at $48 per barrel and down from $100 per barrel in June U.S. Treasury rates have fallen dramatically since the ending of QE3 in October, most economists predicted rising rates. U.S. auto sales rose 14% fueled by low gas prices and easier credit, with continued strong demand for SUVs and pickups. The Federal Reserve signaled it would leave short-term rates near zero until at least mid-year as the U.S. economy gains strength. The Dow fell 3.7%, down 659 points, after a record ending year in 2014, closing the month at 17,164. Brazilian Eike Batista whose fortune peaked to $35 billion in 2012, now considered the "Negative Billionaire", owing $1.2 billion. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% Fed Funds Jan % Dec-14 Jan % 0.25% Monthly Change 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR 3 MO 0.02% 6 MO 0.05% 2 YR 0.33% 3 YR 0.66% 5 YR 1.49% 10 YR 2.64% 30 YR 3.59% 0.04% 0.11% 0.04% 0.66% 0.45% 1.07% 0.73% 1.65% 1.15% 2.17% 1.64% 2.75% 2.22% -0.04% -0.07% -0.21% -0.34% -0.50% -0.53% -0.53% Jan-14 Dec-14 Jan-15 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

19 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller December 2014 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Portfolio Composition Maturities/Calls/Sales: None Mtg. paydowns 3.81m (102) FNMA 5% 8% Cert. Deposit 22% Agencies FFCB 8% FHLB 3% FNMA 10% 24% Purchases: Agency 2.29% (5) GNMA 20% Treasury 1.69% (2) Revenues; Property Tax $92.1m Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Treasuries 1.5% Cash 21% Portfolio Statistics June July August September October November December Month-End Portfolio Balance $877 $870 $855 $813 $809 $880 $ % 1.51% 1.56% 1.52% 1.63% 1.58% 1.35% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Dec-14 Dec-13 $953,678,084 $926,557, % 1.45% $1,190,489 $1,234,575 $3,459,747 $3,426,944 % Change 2.93% -6.90% -3.57% 0.96%

20 Page 2 December 2014 Key Economic Indicators News The fed funds rate was unchanged at 0.25% through Crude oil prices ended the year down 41.8%, with a high of $101 and low of $53 per barrel at the year. Gold prices were down 2%, closing at $1,184 per ounce. The unemployment rate dropped from 6.7% to 5.6% in This created an additional 2.95 million jobs, the best year since The Federal Reserve continued their stance on short-tern interest rates, saying they will wait a "considerable time" before raising. The 2-year treasury rose to 0.66% from 0.38%, but longer term yields past 5-years were down. Gasoline prices have fallen a record 88 consecutive days to nearly $2 a gallon. U.S. drivers may save as much as $75 billion in Stock Market returns: Dow Jones up 7.5% The President announced that the U.S. and Cuba have agreed to restore diplomatic ties, ending a standoff dating back to S&P 500 up 11.4% Nasdaq up 13.4% The U.S. economy GDP growth expanded to nearly 5.0%, the strongest pace in 11 years. Inflation remained low in U.S. Treasury Yield Curve 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Dec % 3 MO 0.06% 6 MO 0.09% 2 YR 0.38% 3 YR 0.76% 5 YR 1.74% 10 YR 3.02% 30 YR 3.96% Nov-14 Dec % 0.25% 0.01% 0.04% 0.04% 0.11% 0.47% 0.66% 0.85% 1.07% 1.48% 1.65% 2.16% 2.17% 2.89% 2.75% Monthly Change 0.03% 0.07% 0.19% 0.22% 0.17% 0.01% -0.14% Dec-13 Nov-14 Dec-14 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

21 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller November 2014 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Maturities/Calls/Sales: Mtg. paydowns 4.94m (101) Purchases: Agency 2.38% (4) FNMA 6% 9% GNMA 22% Fixed MBS FHLMC 0.4% FNMA 0.1% Portfolio Composition Cert. Deposit 24% Treasuries FLGIT 3% Agencies FFCB 7% FHLB 3% FNMA 11% 24% Cash 17% Portfolio Statistics May June July August September October November Month-End Portfolio Balance $880 $877 $870 $855 $813 $809 $ % 1.52% 1.51% 1.56% 1.52% 1.63% 1.58% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Month-End Portfolio Balance (book basis) Interest Received: Current Month (cash basis) Interest Received: FY Total (cash basis) Portfolio Analysis Nov-14 Nov-13 $879,946,456 $853,549, % 1.66% $1,110,892 $1,148,448 $2,269,258 $2,192,369 % Change 3.09% -4.82% -3.27% 3.51%

22 Page 2 November 2014 Key Economic Indicators News U.S. payrolls added 321,000 workers, the most workers since January Violence erupted in Ferguson Missouri after a white police officer was not charged in the death of an unarmed black teenager. The unemployment rate held at 5.8%, a six-year low. The average hourly earnings rose 0.4%. Florida ended a record 9th straight year without hurricane making landfall. Wilma was the last one in October Oil prices are at 5-year lows, falling to $66 per barrel from $80, down 17% this month and down 30% in U.S. banks posted their largest quarterly revenue increase since 2009, rising 4.8% as profit rose 7.3%. Gas prices have also tumbled especially in Oklahoma City where price wars have pushed the price per gallon to $1.95. The U. S. economy grew at the fastest pace in over a decade climbing 3.9% annual rate in the 3rd quarter. The Dow rose 2.5%, up 438 points, to set a new all-time high of 17,878 and up 7.6% in Two Palestinians attacked a synagogue in Jerusalem, killing three American-Israeli rabbis and two others, the deadliest in 6-years. U.S. Treasury Yield Curve 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR Fed Funds Nov % 3 MO 0.03% 6 MO 0.08% 2 YR 0.28% 3 YR 0.54% 5 YR 1.37% 10 YR 2.74% 30 YR 3.81% Oct-14 Nov % 0.25% 0.01% 0.01% 0.04% 0.04% 0.49% 0.47% 0.92% 0.85% 1.61% 1.48% 2.33% 2.16% 3.06% 2.89% Monthly Change -0.02% -0.07% -0.13% -0.17% -0.17% Nov-13 Oct-14 Nov-14 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T

23 Sarasota County Karen E. Rushing Clerk of the Circuit Court & County Comptroller October 2014 Investment Policy Ordinance Portfolio Strategy The Investment Policy was established by ordinance in 1989 and stresses safety of capital as the highest priority. To ensure this safety and the protection of the public's assets, the weighted average duration of principal return for the portfolio shall be less than two years. The portfolio consists of securities that strive to maximize the return on investments by actively managing and diversifying into both callable and non-callable securities. The portfolio is structured so as to provide sufficient liquidity to pay current obligations. A variety of short-term investments and adjustable rate mortgage securities paying principal and interest monthly is the strategy used to provide an adequate level of liquidity. The portfolio statistics and composition chart below support the policy guidelines. The investment pool currently is rated a AAf/S1 by Standard & Poor's Rating Services. The Investment Policy was awarded the Certificate of Excellence Award by the Association of Public Treasurers in September Monthly Activity Maturities/Calls/Sales: Agency 2.02% (7) Mtg. paydowns 3.90m (100) Purchases: Agency 2.63% (1) FNMA 7% 10% GNMA 24% Portfolio Composition Cert. Deposit 27% Fixed MBS FHLMC 0.4% FNMA 0.1% FLGIT 3% Treasuries Agencies FFCB 7% FHLB 3% FNMA 12% 25% Cash 10% Portfolio Statistics April May June July August September October Month-End Portfolio Balance $896 $880 $877 $870 $855 $813 $ % 1.54% 1.52% 1.51% 1.56% 1.52% 1.63% Effective Duration *Convexity *Convexity: A security exhibits positive convexity when its price rises more from a downward move in yield than its price declines from an equal upward move in yield. Portfolio Analysis Oct-14 Oct-13 Month-End Portfolio Balance (book basis) $808,832,618 $797,298, % 1.69% Interest Received: Current Month (cash basis) $1,158,366 $1,043,921 Interest Received: FY Total (cash basis) $1,158,366 $1,043,921 % Change 1.45% -3.55% 10.96% 10.96%

24 Page 2 October 2014 Key Economic Indicators News U.S. payrolls added 214,000 workers, the 9th straight month with a plus 200,000 gain in employment. The U.S. is sending 1,500 troops back into Iraq to expand the fight against Islamic State militants near the Syrian border. The unemployment rate fell to 5.8% from 5.9%, even as more people entered back into the job search. Adults in the U. S. under the age of 35, "millennials", currently have a savings rate of negative 2.0%, using debt to live on. Oil prices tumbled as Saudi Arabia cut the cost of its crude to the U.S., falling to $80 per barrel or down 12.1%. The homeownership rate in the U.S. fell to the lowest in over 19 years at 64.4% as foreclosures forced many to become renters. The Dow rose 2.0%, up 348 points to a new high of 17,390. By October 15, it dropped to 16,117, but rallied 1,273 points. The Federal Reserve ended its asset-purchase program (QE) after 2- years, adding $1.66 trillion to their balance sheet. The economy in the U.S. expanded more than forecast in the 3rd quarter, the strongest six-months in more than a decade. On October 15, interest rates fell to their lowest levels since June of 2013 as retail sales slowed and producer price fell. U.S. Treasury Yield Curve 4.00% 3.50% 3.00% Fed Funds Oct % Sep-14 Oct % 0.25% Monthly Change 2.50% 2.00% 1.00% 0.50% -0.50% Fed Funds 3 MO 6 MO 2 YR 3 YR 5 YR 10 YR 30 YR 3 MO 0.03% 6 MO 0.03% 2 YR 0.30% 3 YR 0.57% 5 YR 1.33% 10 YR 2.55% 30 YR 3.63% 0.01% 0.01% 0.04% 0.04% 0.56% 0.49% 1.03% 0.92% 1.75% 1.61% 2.49% 2.33% 3.19% 3.06% -0.07% -0.11% -0.14% -0.16% -0.13% Oct-13 Sep-14 Oct-14 Portfolio Yield Comparison Month T - Bill SBA Portfolio Yield 2 - Year Treasury Avg. (Benchmark) O/N Funds BB&T