PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA 
Item No.:         7c 
Date of Meeting:     March 6, 2012 
DATE:    February 10, 2012 
TO:      Tay Yoshitani, Chief Executive Officer 
FROM:    Craig J. Kerr, Treasury Manager 
SUBJECT:  2011 Annual Treasury and Investment Portfolio Report 

BACKGROUND: 
The purpose of this presentation is to provide a status report of the 2011 investment results and
discuss portfolio initiatives. During 2011, the Port's portfolio earned 1.67% against our
benchmark, the Bank of America, Merrill Lynch 3-year Treasury Agency Index, of 0.48%. 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 96 basis points. 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
PowerPoint Presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.