INVESTMENT PORTFOLIO SUMMARY REPORT ESCAMBIA COUNTY BOARD OF COUNTY COMMISSIONERS INVESTMENT PORTFOLIO SUMMARY REPORT Prepared by: Pam Childers Clerk of the Circuit Court & Comptroller First Judicial Circuit, Escambia County Prepared by the Clerk of the Circuit Court and Comptroller Page 1
INVESTMENT PORTFOLIO SUMMARY REPORT INVESTMENT PORTFOLIO COMPOSITION SHORT TERM AND LONG TERM CORE PORTFOLIO PERFORMANCE STATISTICS Market Value SUMMARY OF INVESTMENT ALLOCATION December 31, 2015 SHORT TERM PORTFOLIO: December 31, 2015 Bank Accounts $ 13,434,774 $ 22,813,977 Market Value $ 164,689,817 $ 164,111,136 Money Market Accounts 55,866,437 60,880,724 State Board of Administration 95,388,605 60,416,435 Short Term Portfolio Yield: 0.29% 0.38% Certificates of Deposit - 20,000,000 Benchmark: S&P GIP Index 30 Day Gross of Fees Yield: 0.23% 0.31% Money Market Mutual Fund 2,059,834 233,816 U.S. Treasury Bond/Notes 46,043,215 49,361,834 Fiscal YTD Earnings: $ 68,307 $ 118,450 Federal Agency Bond/Note 43,303,479 43,530,292 Municipal Bonds 5,425,324 5,473,399 Corporate Notes 21,609,241 20,911,412 ENHANCED CASH PORTFOLIO: December 31, 2015 Commercial Paper 9,574,276 9,576,646 Market Value $ 33,679,169 $ 31,056,214 Total Portfolio Assets: $ 292,705,185 $ 293,198,536 Enhanced Cash Portfolio Yield to Maturity at Cost: 0.67% 0.71% Benchmark Merrill Lynch 1 Year U.S. Treasury Index: 0.76% 0.62% Current Month Earnings: $ 140,866 $ 169,627 Benchmark Merrill Lynch 1-3 Year U.S. Treasury Index: 1.04% 0.79% Fiscal Year to Date Earnings: $ 421,713 $ 583,682 Effective Duration (Years) 0.95 0.94 Benchmark Merrill Lynch 1-3 Year U.S. Treasury Index: 1.80 1.79 Fiscal YTD Earnings: $ 72,663 $ 91,231 LONG TERM CORE PORTFOLIO: December 31, 2015 Market Value $ 94,336,199 $ 98,031,186 CORE Portfolio Yield to Maturity at Cost: 1.30% 1.29% Benchmark Merrill Lynch 1-5 Year U.S. Treasury Index: 1.27% 0.96% CORE Portfolio Total Return: -0.16% 1.02% Benchmark Merrill Lynch 1-5 Year U.S. Treasury Index: -0.15% 1.08% Effective Duration (Years) 2.62 2.51 Benchmark Merrill Lynch 1-5 Year U.S. Treasury Index: 2.63 2.63 Fiscal YTD Earnings: $ 280,743 $ 374,001 Prepared by the Clerk of the Circuit Court and Comptroller Page 2
INVESTMENT PORTFOLIO REPORT SHORT TERM INVESTMENT PORTFOLIO: PORTFOLIO COMPOSITION DISTRIBUTION & CREDIT QUALITY: Investment Type Market Value Percent Allocation Bank of America Checking Account $ 22,813,977 13.9% Money Market Accounts 60,880,724 37.1% Certificates of Deposit 20,000,000 12.2% State Board of Administration 60,416,435 36.8% Total Short Term Portfolio Assets: $ 164,111,136 100.0% Bank Deposits 63.2% Short Term Portfolio Credit Quality AAAm 36.8% LONG TERM INVESTMENT PORTFOLIO: ENHANCED CASH INVESTMENT PORTFOLIO: PORTFOLIO COMPOSITION DISTRIBUTION & CREDIT QUALITY: PORTFOLIO COMPOSITION DISTRIBUTION & CREDIT QUALITY: Investment Type Market Value Percent Allocation Investment Type Market Value Percent Allocation U.S. Treasury Bond / Note $ 47,362,772 48.3% U.S. Treasury Bond / Note $ 1,999,062 6.4% Federal Agency Bond / Note 25,508,932 26.0% Federal Agency Bond / Note 18,021,360 58.0% Municipal Obligations 5,473,399 5.6% Corporate Note 6,006,140 19.3% Commercial Paper 4,595,591 4.7% Commercial Paper 4,981,054 16.0% Corporate Note 14,905,272 15.2% Money Market Mutual Fund - Federated Government 48,598 0.2% Money Market Mutual Fund - Federated Government 185,219 0.2% Total Long Term Core Portfolio Assets: $ 98,031,186 100.0% Total Enhanced Cash Portfolio Assets: $ 31,056,214 100.0% AA 2.07% AA 3.25% A+ 0.92% A 5.08% Long Term Core Portfolio Credit Quality A A 1+ A 1 FALSE 4.58% 2.04% 2.66% AAA 1.54% A 4.86% A 1+ 9.64% A 1 6.42% Enhanced Cash Portfolio Credit Quality AA 4.85% AAA 2.41% AA+ 77.86% A+ 4.85% AA+ 66.97% Prepared by the Clerk of the Circuit Court and Comptroller Page 3
INVESTMENT POLICY COMPLIANCE REPORT Security Type Market Value Percent Allocation Permitted by Policy In Compliance Florida Prime (SBA) $ 60,416,435 20.6% 25% No United States Treasury Securities 49,361,834 16.8% 100% Yes Federal Instrumentalities 43,530,292 14.8% 100% Yes Certificates of Deposit 20,000,000 6.8% 20% Yes Savings Accounts 60,880,724 20.8% 100% Yes Commercial Paper 9,576,646 3.3% 25% Yes Corporate Notes 20,911,412 7.1% 20% Yes State and/or Local Government Debt 5,473,399 1.9% 25% Yes Bank Accounts - Bank of America 22,813,977 7.8% 100% Yes Money Market Mutual Fund 233,816 0.1% 50% Yes Total Investment Holdings $ 293,198,536 100.0% Individual Issuer Breakdown Market Value Percent Allocation Permitted by Policy In Compliance American Express Co 2,488,680 0.8% 5% Yes American Honda Finance 901,434 0.3% 5% Yes Apple Inc. Corporate Notes 749,854 0.3% 5% Yes Bank Accounts - Bank of America 22,813,977 7.8% 100% Yes Bank of New York Mellon Corporate Notes 2,002,026 0.7% 5% Yes BBVA Compass 5,000,000 1.7% 10% Yes BNP Paribas 2,599,711 0.9% 5% Yes Calleguas Water District, CA REV Bond 1,506,195 0.5% 10% Yes Caterpillar Corporate Notes 751,304 0.3% 5% Yes Centennial Bank 10,000,328 3.4% 10% Yes Chevron Corporation Corp Notes 750,416 0.3% 5% Yes Cisco Systems Inc. 2,020,788 0.7% 5% Yes City of New York 1,719,227 0.6% 10% Yes Coca-Cola Co. Commercial Paper 1,991,379 0.7% 10% Yes Exxon Mobil Corporate Notes 748,607 0.3% 5% Yes Federal Farm Credit Bank 6,509,082 2.2% 5% Yes Federal Home Loan Bank (FHLB) 8,651,919 3.0% 25% Yes Federal Home Loan Mortgage Corporation (FHLMC) 11,890,164 4.1% 25% Yes Federal National Mortgage Association (FNMA) 16,479,127 5.6% 25% Yes Fidelity Institutional Government MMF 233,816 0.1% 25% Yes Florida Prime (SBA) 60,416,435 20.6% 25% Yes General Electric Corporate Notes 2,521,848 0.9% 5% Yes Hancock Bank 27,600,343 9.4% 10% Yes HSBC Holdings PLC 995,945 0.3% 5% Yes John Deere Corporate Notes 754,136 0.3% 5% Yes Prepared by the Clerk of the Circuit Court and Comptroller Page 4
INVESTMENT POLICY COMPLIANCE REPORT Individual Issuer Breakdown Market Value Percent Allocation Permitted by Policy In Compliance JP Morgan Chase Corporate Notes 1,997,162 0.7% 5% Yes Merk & Co Corporate Notes 750,127 0.3% 5% Yes Mississippi State 765,865 0.3% 10% Yes PACCAR Financial Corp Notes 750,011 0.3% 5% Yes Pepsico, Inc. 1,977,390 0.7% 5% Yes Servisfirst Bank 27,706,019 9.4% 10% Yes State of Connecticut 690,397 0.2% 10% Summit Bank Money Market Account 10,574,034 3.6% 10% Yes Toronto Dominion HDG USA Commercial Paper 1,992,704 0.7% 10% Yes Toyota Motor Credit Commercial Paper 2,992,851 1.0% 10% Yes United States Treasury Securities 49,361,834 16.8% 100% Yes University of WA Taxable Revenue Bonds 791,716 0.3% 10% Yes Wells Fargo &Company Corporate Notes 751,688 0.3% 5% Yes Total Investment Holdings $ 293,198,536 100.0% Prepared by the Clerk of the Circuit Court and Comptroller Page 5