PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA               Item No.       7b 
STAFF BRIEFING             Date of Meeting   March 12, 2013 

DATE:    February 15, 2013 
TO:     Tay Yoshitani, Chief Executive Officer 
FROM:    Craig J. Kerr, Treasury Manager 
SUBJECT:  2012 Annual Treasury and Investment Portfolio Report 

BACKGROUND: 
The purpose of this annual presentation is to provide a status report of the 2012
investment results and discuss portfolio initiatives. 
During 2012, the Port's portfolio earned 1.02% against our benchmark, the Bank of
America, Merrill Lynch 3-year Treasury Agency Index, of 0.31%. The Port's portfolio
consists of safe, conservative investments that are primarily invested in Treasury notes
and federal agency securities. 
Port investment policy has a maturity restriction of 10 years as well as established
diversification limits for all types of securities the Port is allowed to buy under existing
State statutes. In addition, the investment policy sets out a strategy standard for a 2.0
target duration plus or minus 50 basis points. Duration is a proxy for the average life of
the portfolio security holdings, with 2.0 translating into an average portfolio life of
approximately 27 months. 
Since the Port became its own treasurer in 2002, the investment performance, over time,
has exceeded the benchmark by 93 basis points. 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
PowerPoint Presentation 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None