County of Monterey Investment Portfolio Compliance Report November 30, 2015 PFM Asset Management LLC 50 California Street, Suite 2300 San Francisco, CA 94111 (415) 982-5544 www.pfm.com PFM Asset Management LLC
Monterey County: Overview of Compliance Requirements November 30, 2015 Sector Sector Limitation Maximum Per Issuer Maximum Maturity Minimum Credit Requirements In Compliance LAIF $50 million $50 million N/A None YES CAMP 20% 20% N/A None YES CalTrust 20% 20% N/A None YES Monterey County Bonds 10% 10% 5 years None YES U.S. Treasury 100% 100% 5 years None YES Municipal - CA and Other 49 States 100% 10% 5 years None YES Municipal - CA Local Agency 100% 10% 5 years None YES Federal Agency/GSE 100% 100% 5 years None YES Bankers' Acceptance 40% 10% 180 days A-1/P-1 by NRSRO YES Commercial Paper 40% 10% 270 days A-1/P-1 by NRSRO YES Negotiable CD 30% 10% 5 years A or A-1 by NRSRO YES Reverse Repo/Securities Lending 20% N/A 92 days None YES Repurchase Agreements 20% N/A 1 year None YES Corporate 30% 10% 5 years A by NRSRO YES Money Market Funds 20% 10% N/A AAA by 2 NRSRO/Advisor Req. YES Collateralized Deposits/Inv. Contracts 100% 10% 5 years Insured/Collateralized YES Pass-Through Securities 20% 10% 5 years A by NRSRO YES Comments The County s portfolio is in compliance with the California Government Code and the County s Investment Policy. PFM Asset Management LLC 1
Monterey County: Sector Allocations November 30, 2015 Sector Market Value Sector Limit Current Allocation In Compliance LAIF $50,000,000 $50,000,000 4.4% YES CAMP $53,078,627 20% 4.6% YES CalTrust $140,000,000 20% 12.2% YES Monterey County Bonds None 10% None YES U.S. Treasury $164,556,850 100% 14.3% YES Municipal - CA and Other 49 States None 100% None YES Municipal - CA Local Agency None 100% None YES Federal Agency/GSE $482,460,355 100% 42.0% YES Bankers' Acceptance None 40% None YES Commercial Paper None 40% None YES Negotiable CD $41,965,294 30% 3.7% YES Reverse Repo/Securities Lending None 20% None YES Repurchase Agreements None 20% None YES Corporate $103,498,795 30% 9.0% YES Money Market Funds $112,012,425 20% 9.8% YES Collateralized Deposits/Inv. Contracts None 100% None YES Pass-Through Securities None 20% None YES Totals $1,147,572,346 100.0% Sector Distribution U.S. Treasury 14.3% CalTrust 12.2% CAMP 4.6% Federal Agency/GSE 42.0% LAIF 4.4% Money Market Funds 9.8% Corporate 9.0% Negotiable CD 3.7% PFM Asset Management LLC 2
Monterey County: Maturity Limits November 30, 2015 Sector Market Value Maximum Maturity Current Maximum In Compliance LAIF $50,000,000 N/A 1 day YES CAMP $53,078,627 N/A 1 day YES CalTrust $140,000,000 N/A 1 day YES Monterey County Bonds None 5 years - YES U.S. Treasury $164,556,850 5 years 3.0 years YES Municipal - CA and Other 49 States None 5 years - YES Municipal - CA Local Agency None 5 years - YES Federal Agency/GSE $482,460,355 5 years 4.1 years YES Bankers' Acceptance None 180 days - YES Commercial Paper None 270 days - YES Negotiable CD $41,965,294 5 years 2.0 years YES Reverse Repo/Securities Lending None 92 days - YES Repurchase Agreements None 1 year - YES Corporate $103,498,795 5 years 2.6 years YES Money Market Funds $112,012,425 N/A 1 day YES Collateralized Deposits/Inv. Contracts None 5 years - YES Pass-Through Securities None 5 years - YES Total/Average Weighted Maturity $1,147,572,346 2 years 1.25 years YES Millions $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 $355.1 $12.4 Overnight 1 Day - 3 Months Portfolio Maturity Distribution $320.1 $280.6 $112.2 $37.1 $20.2 $9.9 $0.0 3-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years PFM Asset Management LLC 3
Monterey County: Issuer Compliance November 30, 2015 Issuer Total Current Issuer Allocation Issuer Limit In Compliance U.S. Treasury $164,556,850 14.3% 100% YES FNMA $159,822,180 13.9% 100% YES FHLMC $79,948,070 7.0% 100% YES FHLB $152,801,726 13.3% 100% YES FFCB $89,888,380 7.8% 100% YES Berkshire Hathaway $20,189,890 1.8% 10% YES Chevron $8,210,766 0.7% 10% YES General Electric Capital $20,944,720 1.8% 10% YES Johnson & Johnson $9,051,179 0.8% 10% YES Toyota Motor Credit $25,051,900 2.2% 10% YES Wells Fargo $20,050,340 1.7% 10% YES HSBC USA $13,999,720 1.2% 10% YES Skandinaviska Enskilda Bank NY $13,970,180 1.2% 10% YES Svenska Handelsbanken NY $13,995,394 1.2% 10% YES CAMP $53,078,627 4.6% 20% YES LAIF $50,000,000 4.4% $50,000,000 YES CalTrust $140,000,000 12.2% 20% YES BlackRock $40,880,112 3.6% 10% YES Fidelity $71,132,313 6.2% 10% YES $1,147,572,346 100% PFM Asset Management LLC 4
Monterey County: Notes November 30, 2015 The purpose of this report is to verify the accuracy of the County s portfolio holdings information and verify the portfolio s compliance with the California Government Code and County s Investment Policy as of the date of the report. The report was prepared using the month-end portfolio holdings and market value information provided by the Treasurer s office. Percentages listed in this report were calculated using market values as of month-end. Using the CUSIPs provided by the County, issuer information and credit ratings were verified on Bloomberg for compliance purposes. This report is for the purposes indicated above and it is not intended to provide specific investment advice or recommendations. PFM Asset Management LLC 5
Monterey County November 30, 2015 County Comments County comments: PFM Asset Management LLC 6