City of Tacoma Finance Department, Treasury Division Investment...
Transcript of City of Tacoma Finance Department, Treasury Division Investment...
Form No. SPEC-230A Revised: 03/13/2007 Page 1 of 5
City of Tacoma Finance Department, Treasury Division
Investment Advisory Services
RFP Specification No. FI15-0289F
QUESTIONS and ANSWERS All interested parties had the opportunity to submit questions in writing by 3:00 p.m., June 2, 2015. The answers to the questions received are provided below and posted to the City’s website at www.TacomaPurchasing.org. This information IS NOT considered an addendum. Respondents should consider this information when submitting their proposals. Question 1: Why is the search being conducted? Answer 1: To contract with a financial services advisor to assist with the management of the
City’s investment portfolio by providing non-discretionary management and advisory services and add value to the City’s investment portfolio and strategies by recommending sound investment opportunities in compliance with the City’s Investment Policy and objectives.
Question 2: What is the size of the city’s investment portfolio? Answer 2: As of May 31, 2015, the City’s investment portfolio had a total par value of $983.7
million. Question 3: Does the plan currently utilize an investment advisor for the portfolio? If
so, what is the name of that firm and will they be invited to rebid Answer 3: The City does not have an investment advisor. Question 4: Would you please provide your investment policy for this asset pool? Answer 4: Please see the attached investment policy. Question 5: Is there an Investment Policy for the “Investment Advisory Services” RFP? Answer 5: Please see the response to Question 4. Question 6: We believe that we are well-qualified to present a proposal to the City of
Tacoma. We meet all of the requirements as outlined in Section 2, 2.02 Minimum Requirements, with the exception of a portion of point D. While we exceed the minimum for non-discretionary assets under management for public agencies and currently manage non-discretionary public sector accounts in the State of Washington, we do not manage $500 million of non-discretionary assets for public entities within the State. Would the City consider eliminating that particular requirement?
Answer 6: An addendum has been issued and posted with the specification to clarify
minimum requirements.
Form No. SPEC-230A Revised: 03/13/2007 Page 2 of 5
Question 7: Lastly regarding the RFP is there a catalyst for it? Are they unhappy with the existing advisor?
Answer 7: Please see the response to Questions 1 and 3. Question 8: Is there a consultant currently providing the requested services? If so,
what is their fee? Answer 8: Please see the response to Question 1. Question 9: For Minimum Requirement C – please define “managing”. Could this be
interpreted as “advising”? Answer 9: “Managing” would include contractual, non-discretionary portfolio management,
including the execution of trades approved by the client/owner. Question 10: For Minimum Requirement D- please confirm whether the bidder needs to
have $2 billion in assets under management or $2 billion in assets under advisement.
Answer 10: Please see response to Question 9. Question 11: Requirement D, part 2, that states, “the advisor shall have… at least $500
million under non-discretionary management for public entities within the state of Washington.” While, we do not currently meet this minimum requirement for public funds in Washington State, we do currently provide consulting services to public entities in Oregon and California with assets under advisement of $43.4 billion, for these two states alone. Given this information, is it acceptable to the City for our firm to meet this minimum requirement?
Answer 11: Please see the response to Question 6. Question 12: In section 2.03, the Scope of Work references non-discretionary advisory
services. Could you please define ‘non-discretionary’? Would the portfolio managers and traders be able to execute securities with discretion?
Answer 12: The advisor will not be permitted to execute buy-sell transactions without
consultation and approval by the City. Question 13: We provide all of the services listed in Section 2.03 (page 10) of the RFP;
however, we note that the scope does not mention trade execution. We understand that, per the Project Scope on page 1 of the RFP, the City is looking for “non-discretionary management and advisory services.” We provide both non-discretionary advisement and non-discretionary management services. Our advisement clients do not have us execute trades while our management clients do. Is the City looking for its investment advisor to execute trades on the City’s behalf (“non-discretionary management”), or just provide strategic advice and trade ideas (“non-discretionary advisement”)?
Form No. SPEC-230A Revised: 03/13/2007 Page 3 of 5
Answer 13: The City would expect the advisor to execute trades on the City’s behalf, utilizing the City’s delivery instructions.
Question 14: Section 2.02 D (page 10) of the RFP states that the Advisor shall have at
least $500 million under non-discretionary management for public entities within the state of Washington. We currently provide non-discretionary advice and management for $5.1 billion in assets for public entities within the state of Washington. Does this meet your requirement?
Answer 14: Please see the response to Questions 6 and 11. Question 15: Section 3.01 (page 12) of the RFP states that submittals should not exceed
15 double-sided pages (30 pages total), excluding Title Page and Signature Page. Does this page limit also exclude a cover letter?
Answer 15: A cover letter will count toward the page total. Question 16: Section 3.01 (page 12) of the RFP states that the use of appendices and
attachments will count toward the page limit (except for sample reports per Section 3.02, Sub-Section G(3)). There are documents that we typically include in our submittals (which are not promotional in nature) such as our Form ADV and GIPS-Compliant Performance Composites. Are these also excluded from counting toward the page limit?
Answer 16: An addendum has been issued and posted with the specification to clarify
required disclosure items (such as Form ADV and GIPS-Compliant Performance Composites).
Question 17: Please provide the following items:
a. Current list of portfolio holdings in Excel for the Liquidity Tier and the Core Tier
b. The most recent monthly investment statement c. Most recent quarterly performance report d. Latest Investment Policy
Answer 17: Please see the attached investment policy. Question 18: Section 2.01, Sub-Section A (page 9) of the RFP states that the City is
looking for comprehensive reporting services for the entirety of its investment portfolio, including both the Liquidity Tier and the Core Tier. Please clarify what type of reporting would be required for the Liquidity Tier.
Answer 18: Performance reporting for the Liquidity Tier shall include the same information
provided for the Core Tier (detailed under Section E under “Scope of Work” in the RFP) WITH THE EXCEPTION that performance of the Liquidity Tier will be reported on a current return basis and utilize the Washington Local Government Investment Pool as its benchmark.
Form No. SPEC-230A Revised: 03/13/2007 Page 4 of 5
Question 19: In section 2.02 Part A Minimum Requirements, Advisor shall be a Registered Investment Advisor as defined and regulated by the SEC and registered in the state of Washington. We does have an RIA set up, however, it is not registered in the state of Washington. Is this grounds for disqualification? Since banks are regulated by various state and federal agencies, we are exempt from SEC registration, but have established an RIA registered in other states.
Answer 19: The City is seeking proposals from firms registered in the state of Washington.
Question 20: In section 2.02 Part D, the Advisor shall have a minimum $2B in assets
under management for public entities (I believe we do) with at least $500MM under non-discretionary management for public entities within the state of Washington which we do not have. Again, is this grounds for disqualification?
Answer 20: Please see the response to Questions 6, 11, and 14.
Question 21: Can you please provide the meeting schedule for the remainder of 2015? Answer 21: Meetings of the City’s Finance Committee are scheduled for 11:00 a.m. on
Monday, August 10, 2015, and 11:00 Monday, November 9, 2015.
Question 22: What is the impetus behind the issuance of this RFP? Answer 22: Please see the response to Question 1.
Question 23: Can you please advise as to who your current investment advisor is? Answer 23: N/A. Please see the response to Question 3.
Question 24: How long have you worked with your current advisor? Answer 24: N/A. Please see the response to Question 3.
Question 25: Is the board planning or discussing any new structural or investment
issues they might consider over the next several years? Answer 25: Modifications to the Investment Policy may be made following any changes in the
laws of the state of Washington related to permitted investments for public funds.
Question 26: How many searches did the plan conduct in 2013 and 2014? Answer 26: N/A
Question 27: When was the last recordkeeper/TPA search conducted? Answer 27: N/A
Form No. SPEC-230A Revised: 03/13/2007 Page 5 of 5
Question 28: Question #1: Minimum Requirement 2.02 A) – Will you accept a response from an advisor that is a bank and therefore exempt from having to register as an investment adviser with the U.S. Securities and Exchange Commission under Section 202(a)(11)(a) of the Investment Advisers Act of 1940?
Answer 28: The City is seeking proposals only from firms registered as an investment adviser
as detailed in the RFP. Question 29: Regarding the response to the RFP referenced, we understand that the City
of Tacoma is interested in sustainable business practices. Would the City prefer to have our ADV provided via the electronic version of the response ONLY, or would it be permissible to include a copy of the Form ADV (Part 1, Part 2A and Part 2B) along with the attachments requested (i.e. invoice and report samples)?
Answer 29: Please provide the ADV as an appendix in in the hard copies and the electronic
copy.
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 1,495,000.0000 1,495,000.0000USUS005158UV08 ADA + CANYON CNTYS IDAH 4.015FEB16
TOTALUSD 1,000,000.0000 1,000,000.0000USUS033161NU05 ANCHORAGE ALASKA 5.0 01JUN15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS13063A5D20 CALIFORNIA 5.95 01APR16
TOTALUSD 795,000.0000 795,000.0000USUS13063BFP22 CALIFORNIA ST 5.5 01MAR16
TOTALUSD 1,000,000.0000 1,000,000.0000USUS163103SM71 CHELAN CNTY WASH PUB UT 5.001JUL15
TOTALUSD 1,000,000.0000 1,000,000.0000USUS163103SN54 CHELAN CNTY WASH PUB UT 5.001JUL16
TOTALUSD 1,000,000.0000 1,000,000.0000USUS179162FB32 CLACKAMAS CNTY ORE SC 1.52215JUN18
TOTALUSD 1,000,000.0000 1,000,000.0000USUS181216DA78 CLARK + SKAMANIA CNTYS 5.001DEC15
TOTALUSD 700,000.0000 700,000.0000USUS181234G745 CLARK CNTY WASH SCH DIS 4.001DEC16
TOTALUSD 1,885,000.0000 1,885,000.0000USUS214633DW68 COOK CNTY ILL SCH DIST 0.001DEC16
TOTALUSD 275,000.0000 275,000.0000USUS231363CP50 CURRY CNTY ORE SCH DI 0.60815DEC15
TOTALUSD 275,000.0000 275,000.0000USUS259561PB86 DOUGLAS CNTY WASH PUB 2.83401SEP15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS29270CL868 ENERGY NORTHWEST WASH 1.37501JUL18
TOTALUSD 3,945,000.0000 3,945,000.0000USUS29270CYL35 ENERGY NORTHWEST WASH 2.14701JUL18
TOTALUSD 5,000,000.0000 5,000,000.0000USUS29270CYY55 ENERGY NORTHWEST WASH E 0.501JUL16
TOTALUSD 7,000,000.0000 7,000,000.0000USUS3130A0FY10 FEDERAL HOME LN BKS 1.2518DEC17
TOTALUSD 5,000,000.0000 5,000,000.00001,666,666.6500
USUS3130A16E37 FEDERAL HOME LN BKS 0.9527MAR17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3130A17J15 FEDERAL HOME LN BKS 1.0527JUN17
Workbench ReportsPage 1 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3130A2T978 FEDERAL HOME LN BKS 0.528SEP16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3130A2WC62 FEDERAL HOME LN BKS 0.62512SEP16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3130A36J87 FEDERAL HOME LN BKS 0.516OCT17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3130A3J704 FEDERAL HOME LN BKS 0.62523NOV16
TOTALUSD 13,635,000.0000 13,635,000.0000USUS3130A4DL39 FEDERAL HOME LN BKS 1.327FEB18
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3130A4NE85 FEDERAL HOME LN BKS 0.8530MAR17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS31315PA250 FEDERAL AGRIC MTG CORP 2.027JUL16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS313370JB56 FEDERAL HOME LN BKS 1.7511SEP15
TOTALUSD 20,000,000.0000 20,000,000.0000USUS313370SZ24 FEDERAL HOME LN BKS 2.2508SEP17
TOTALUSD 20,000,000.0000 20,000,000.0000USUS3133782M28 FEDERAL HOME LN BKS 1.508MAR19
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3133786Q95 FEDERAL HOME LN BKS 1.013FEB17
TOTALUSD 40,000,000.0000 40,000,000.0000USUS313378A439 FEDERAL HOME LN BKS 1.37509MAR18
TOTALUSD 5,000,000.0000 5,000,000.0000USUS313380FB82 FEDERAL HOME LN BKS 1.37513SEP19
TOTALUSD 20,000,000.0000 20,000,000.0000USUS313381B209 FEDERAL HOME LN BKS 0.7508DEC17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS313381GA73 FEDERAL HOME LN BKS 0.5730NOV16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS313381UZ68 FEDERAL HOME LN BKS 0.9525JAN18
TOTALUSD 10,000,000.0000 10,000,000.0000USUS313382ZV82 FEDERAL HOME LN BKS 0.2510JUN16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS313383VN85 FEDERAL HOME LN BKS 2.013SEP19
Workbench ReportsPage 2 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 5,000,000.0000 5,000,000.0000USUS313384HY89 FEDERAL HOME LN BK CONS 0.010JUL15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS313384JL41 FEDERAL HOME LN BK CONS 0.022JUL15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EADW54 FEDERAL FA 0.55 17AUG15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EAJU35 FEDERAL FA 1.05 28MAR16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EAVL97 FEDERAL FA 1.74 25JUN19
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EC6F64 FEDERAL FARM CR BKS CO 0.3501JUN15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133ECBD57 FEDERAL FARM CR BKS CO 0.4428DEC15
TOTALUSD 8,250,000.0000 8,250,000.0000USUS3133ECLB81 FEDERAL FARM CR BKS CO 0.4512JUL16
TOTALUSD 20,000,000.0000 20,000,000.0000USUS3133ECMM38 FEDERAL FARM CR BKS CON 0.625APR17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133ECNT71 FEDERAL FARM CR BKS CO 0.5407NOV16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133ED6F47 FEDERAL FARM CR BKS C 1.12505SEP17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EECG36 FEDERAL FARM CR BKS CO 1.1420NOV17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3133EEE718 FEDERAL FARM CR BKS CO 0.9201MAY18
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3133EEFE50 FEDERAL FARM CR BKS C 1.12518DEC17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3133EEHZ61 FEDERAL FARM CR BKS CO 1.6414JAN19
TOTALUSD 8,563,000.0000 8,563,000.0000USUS3134A4MN12 FEDERAL HOME LN MTG COR 0.015JAN17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3134G33R98 FEDERAL HOME LN MTG CO 0.4515JAN16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3134G3J761 FEDERAL HOME LN MTG CO 0.4504SEP15
Workbench ReportsPage 3 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3134G3L247 FEDERAL HOME LN MTG COR 0.525SEP15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3134G3M310 FEDERAL HOME LN MTG COR 1.027SEP17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3134G3S507 FEDERAL HOME LN MTG C 0.62501NOV16
TOTALUSD 15,000,000.0000 15,000,000.0000USUS3134G3ZA10 FEDERAL HOME LN MTG COR 0.528AUG15
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3134G45U81 FEDERAL HOME LN MTG CO 0.8512DEC17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3134G4RK66 FEDERAL HOME LN MTG CO 1.0630JUN17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3134G6AC71 FEDERAL HOME LN MTG CO 0.8528JUL17
TOTALUSD 7,500,000.0000 7,500,000.0000USUS31359MZC09 FEDERAL NATL MTG ASSN 4.37515OCT15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3135G0ES80 FEDERAL NATL MTG ASSN 1.37515NOV16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3135G0GY31 FEDERAL NATL MTG ASSN 1.2530JAN17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3135G0LN11 FEDERAL NATL MTG ASSN 0.502JUL15
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3135G0MZ32 FEDERAL NATL MTG ASSN 0.87528AUG17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3135G0PQ06 FEDERAL NATL MTG ASSN 0.87526OCT17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3135G0TU71 FEDERAL NATL MTG ASSN 1.0530JAN18
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3135G0VA89 FEDERAL NATL MTG ASSN 0.530MAR16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3135G0XM00 FEDERAL NATL MTG ASSN 1.12525MAY18
TOTALUSD 15,000,000.0000 15,000,000.0000USUS3135G0YE74 FEDERAL NATL MTG ASSN 0.62526AUG16
TOTALUSD 15,000,000.0000 15,000,000.0000USUS3136FPDY02 FEDERAL NATL MTG ASSN 1.87509SEP15
Workbench ReportsPage 4 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 20,000,000.0000 20,000,000.0000USUS3136G25V58 FEDERAL NATL MTG ASSN 1.1219SEP17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3136G2AU11 FEDERAL NATL MTG ASSN 1.7524NOV17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3136G2EX14 FEDERAL NATL MTG ASSN M 1.027FEB20
TOTALUSD 13,000,000.0000 13,000,000.0000USUS3137EADC05 FEDERAL HOME LN MTG COR 1.008MAR17
TOTALUSD 20,000,000.0000 20,000,000.0000USUS3137EADG19 FEDERAL HOME LN MTG CO 1.7530MAY19
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3137EADJ57 FEDERAL HOME LN MTG COR 1.028JUL17
TOTALUSD 20,000,000.0000 20,000,000.0000USUS3137EADL04 FEDERAL HOME LN MTG COR 1.029SEP17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS3137EADS56 FEDERAL HOME LN MTG C 0.87514OCT16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS3137EADT30 FEDERAL HOME LN MTG C 0.87522FEB17
TOTALUSD 5,000,000.0000 5,000,000.0000USUS31398A3T71 FEDERAL NATL MTGASSN 2.021SEP15
TOTALUSD 1,210,000.0000 1,210,000.0000USUS494791PM21 KING CNTY WASH PUB HOSP 2.001DEC16
TOTALUSD 200,000.0000 200,000.0000USUS495242G863 KING CNTY WASH SCH DIST 2.001DEC15
TOTALUSD 2,000,000.0000 2,000,000.0000USUS569203LS95 MARION + POLK CNTYS OR 1.1115JUN17
TOTALUSD 10,000,000.0000 10,000,000.0000USUS64966FA616 NEW YORK N Y 5.45 01APR16
TOTALUSD 1,200,000.0000 1,200,000.0000USUS64966H4C11 NEW YORK N Y 2.53 01OCT15
TOTALUSD 2,000,000.0000 2,000,000.0000USUS64966J3H70 NEW YORK N Y 5.0 01AUG15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS64966JAK25 NEW YORK N Y 4.937 01DEC19
TOTALUSD 5,000,000.0000 5,000,000.0000USUS64966JB962 NEW YORK N Y 1.4 01APR16
Workbench ReportsPage 5 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 5,000,000.0000 5,000,000.0000USUS64966JC200 NEW YORK N Y 1.7 01APR17
TOTALUSD 1,900,000.0000 1,900,000.0000USUS64966JLU87 NEW YORK N Y 2.68 01JUN17
TOTALUSD 2,200,000.0000 2,200,000.0000USUS675383KK83 OCEANSIDE CALIF UNI SCH 4.501MAY16
TOTALUSD 1,020,000.0000 1,020,000.0000USUS686053CF45 OREGON SCH BRDS ASSN 0.030JUN16
TOTALUSD 500,000.0000 500,000.0000USUS68608DCS18 OREGON ST 5.671 MUN BDS01/06/15
TOTALUSD 855,000.0000 855,000.0000USUS720653JG06 PIERCE CNTY WASH SWR RE 2.201AUG15
TOTALUSD 1,100,000.0000 1,100,000.0000USUS734190BQ37 PORT GRAYS HARBOR WASH 4.001DEC15
TOTALUSD 5,855,000.0000 5,855,000.0000USUS735371MF01 PORT SEATTLE WASH 0.4601NOV15
TOTALUSD 2,000,000.0000 2,000,000.0000USUS735371MG83 PORT SEATTLE WASH 0.6901NOV16
TOTALUSD 3,860,000.0000 3,860,000.0000USUS735387BV30 PORT SEATTLE WASH PASSE 5.001DEC15
TOTALUSD 1,000,000.0000 1,000,000.0000USUS735387BW13 PORT SEATTLE WASH PASSE 5.001DEC16
TOTALUSD 1,000,000.0000 1,000,000.0000USUS735389QT84 PORT SEATTLE WASH REV 1.46401NOV15
TOTALUSD 1,000,000.0000 1,000,000.0000USUS735389QU57 PORT SEATTLE WASH REV 1.76201NOV16
TOTALUSD 4,350,000.0000 4,350,000.0000USUS812626X611 SEATTLE WASH 0.6 01JAN16
TOTALUSD 6,520,000.0000 6,520,000.0000USUS812626X793 SEATTLE WASH 0.9 01JAN17
TOTALUSD 14,189,000.0000 14,189,000.0000USUS88059EMM39 TENNESSEE VALLEY AUTH F 0.015JUL15
TOTALUSD 650,000.0000 650,000.0000USUS905734MF36 UNION CITY N J 0.0 01NOV16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS912828C814 UNITED STATES TREAS N 0.37530APR16
Workbench ReportsPage 6 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 5,000,000.0000 5,000,000.0000USUS912828QF01 UNITED STATES TREAS NTS 2.030APR16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS912828QX17 UNITED STATES TREAS NTS 1.531JUL16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS912828RJ14 UNITED STATES TREAS NTS 1.030SEP16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS912828RU68 UNITED STATES TREAS N 0.87530NOV16
TOTALUSD 10,000,000.0000 10,000,000.0000USUS912828RX08 UNITED STATES TREAS N 0.87531DEC16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS912828TB69 UNITED STATES TREAS NT 0.7530JUN17
TOTALUSD 15,000,000.0000 15,000,000.0000USUS912828TG56 UNITED STATES TREAS NTS 0.531JUL17
TOTALUSD 20,000,000.0000 20,000,000.0000USUS912828UU22 UNITED STATES TREAS NT 0.7531MAR18
TOTALUSD 1,109,000.0000 1,109,000.0000USUS912833KR06 UNITED STATES TREAS SEC 0.015MAY18
TOTALUSD 2,225,000.0000 2,225,000.0000USUS93730PAD87 WASHINGTON BIOMEDICAL 3.89601JUL16
TOTALUSD 1,605,000.0000 1,605,000.0000USUS93730PAL04 WASHINGTON BIOMEDICAL 3.49901JUL15
TOTALUSD 2,000,000.0000 2,000,000.0000USUS938429D389 WASHINGTON CNTY ORE S 0.55415JUN15
TOTALUSD 4,080,000.0000 4,080,000.0000USUS93974ATV60 WASHINGTON ST 0.0 01DEC16
TOTALUSD 2,300,000.0000 2,300,000.0000USUS93974BFD91 WASHINGTON ST 5.0 01JUL15
TOTALUSD 4,000,000.0000 4,000,000.0000USUS93974BGJ52 WASHINGTON ST 5.0 01JUL26
TOTALUSD 1,000,000.0000 1,000,000.0000USUS93974CLX64 WASHINGTON ST 3.4 01AUG16
TOTALUSD 6,500,000.0000 6,500,000.0000USUS93974CQU70 WASHINGTON ST 3.347 01AUG16
TOTALUSD 1,600,000.0000 1,600,000.0000USUS93974CRZ58 WASHINGTON ST 2.42 01AUG15
Workbench ReportsPage 7 of 86/3/2015 1:26:33 PM EDT
ICUS0016
Custody HoldingsBy Security - Totals By Security
Report ID
5/29/2015
ISIN Description CcyCtryInc LocStatus
Traded Shares/Par
SettledShares/Par
PendingReceive
Shares / Par
PendingDeliver
Shares/ParAmortized Face
TOTALUSD 5,000,000.0000 5,000,000.0000USUS93974CTL45 WASHINGTON ST 5.0 01JUL15
TOTALUSD 5,000,000.0000 5,000,000.0000USUS93974CXA34 WASHINGTON ST 2.59 01FEB16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS93974DDZ87 WASHINGTON ST 0.48 01FEB16
TOTALUSD 5,000,000.0000 5,000,000.0000USUS93974DND65 WASHINGTON ST 0.98 01FEB18
TOTALUSD 2,500,000.0000 2,500,000.0000USUS93976AAC62 WASHINGTON ST CONVENT 3.92301JUL16
TOTALUSD 6,970,000.0000 6,970,000.0000USUS93976AAK88 WASHINGTON ST CONVENTI 3.5301JUL15
TOTALUSD 1,500,000.0000 1,500,000.0000USUS939783QR03 WASHINGTON ST HSG FIN C 3.001JUL15
TOTALUSD 325,000.0000 325,000.0000USUS94766PEN78 WEBER SCH DIST UTAH 4.015JUN15
874,641,000.0000 874,641,000.0000REPORT TOTAL BY UNITS REPORT TOTAL BY AMORTIZED FACE 1,666,666.6500
Workbench ReportsPage 8 of 86/3/2015 1:26:33 PM EDT