RFP Investment Advisory Services by WAQwAXZ

VIEWS: 17 PAGES: 20

									                                      Notice Requesting Proposals for

                                  INVESTMENT ADVISORY SERVICES


The City of San Jacinto is requesting proposals for Investment Advisory Services for
portfolio management.

All proposals must be delivered or received by email by January 12, 2012 at 4:00 p.m.,
addressed to City of San Jacinto, Attn: Thomas Prill, Acting Finance Director, P.O. Box
488, 595 S. San Jacinto Avenue, San Jacinto, CA                 92581 or e-mailed to
tprill@sanjacintoca.us .

Proposals received after the date specified above will not be considered.

Proposals shall be submitted using the format provided in this package.

Parties interested in obtaining a copy of this Request for Proposal (RFP) may do so by
calling (951) 537-6352, by faxing their request to (951) 537-6385 or by e-mailing
tprill@sanjacintoca.us . Please include the following information:

    name of firm
    address
    contact person
    telephone number, facsimile number and e-mail address
    Request For Investment Advisory Services Proposal RFP




595 S. San Jacinto Avenue                                                          Page 1
San Jacinto, CA 92583
(951) 537-6352 – fax (951) 537-6385
tprill@sanjacintoca.us
Investment Advisory Services RFP
December 7, 2011

                                   TABLE OF CONTENTS
Section                                                     Page

A.     Description of Work                                   3

B.     About the City                                        4

C.     General Terms and Conditions
            Proposal Requirements                            5
            Contract Award and Execution                     6
            Criteria for Evaluation and Selection            7

D.     Special Terms and Conditions                          8

E.     Insurance Requirements                               11

F.     Proposal Submittal Forms
             Proposer Questionnaire                         13
             References                                     16
             Statement of Past Contract Disqualifications   17

G.     Investment Policy                                    18

H.     Treasurer’s Report as of October 31, 2011            24

I.     Graph - Cash Balances (not with Fiscal Agent)        29




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Investment Advisory Services RFP
December 7, 2011

Section A - DESCRIPTION OF WORK

The City of San Jacinto (the City) is soliciting proposals from one or multiple Investment
Advisory firms (Investment Advisors) for full or partial portfolio management services for
approximately $50 million in operating and capital funds (non-pension funds). The
portfolio is currently primarily managed “in-house”, with a majority of funds invested in
Money Market Accounts (MMAs), Certificates of Deposit (CDs), and the California Local
Agency Investment Fund (LAIF).

The Investment Advisor shall be a registered Investment Advisor as defined and
regulated by the Securities and Exchange Commission (SEC) and shall be registered in
the state of California (State). The Investment Advisor shall be either independent of
any financial institution or securities brokerage firm or shall fully disclose any
relationships with such financial institution and/or securities brokerage firm and shall
describe the length and extent of such relationship. The Investment Advisor shall also
file a “conflict of interest” statement and disclose any and all relationships with elected
City Officials or City staff, including any campaign contributions made on behalf of any
past or present San Jacinto City Council Member.

Specific services, although not all-inclusive, to be performed are as follows:

1.     Manage the City’s portfolio with non-discretionary or discretionary authority.
       Discretionary authority will be approved specifically on a case-by-case basis.
2.     Provide credit analysis of investment instruments in portfolio.
3.     Provide monthly/quarterly/annual reporting of City funds under management.
4.     Attend quarterly meetings (in person or via teleconference) with the City’s
       Finance Subcommittee; annual meeting in person with the City Council.
5.     Evaluate market risk and develop strategies that minimize the impact on the
       portfolio.
6.     Provide assurance of portfolio compliance with applicable policies and laws.
7.     Establish an appropriate performance benchmark.
8.     Ensure that the portfolio structure matches the City’s objectives.
9.     Review the City’s Investment Policy and make recommendations for change as
       appropriate.

Investment practices and procedures must comply with State law and the City’s
Investment Policy. The selected Investment Advisor(s) will be expected to perform to
the Prudent Expert Standard.

In determining individual investment placements, the following factors shall be
considered in priority order: safety (first), liquidity (second) and yield (third).

The City’s primary investment objective is to achieve a reasonable rate of return on
public funds while minimizing the potential for capital losses arising from market
changes or issuer default. Although the generation of revenues through interest
earnings on investments is an appropriate City goal, the primary consideration in the
investment of City funds is capital preservation in the overall portfolio. As such, the
City’s yield objective is to achieve a reasonable rate of return on City investments rather
than the maximum generation of income, which could expose the City to unacceptable
levels of risk.

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Investment Advisory Services RFP
December 7, 2011

Section B - ABOUT THE CITY

The City serves a population of approximately 44,600. The annual budget is around
$42 million per year, with $6.9 million coming from User Fees (enterprise funds), $13.7
million in Property Taxes/Assessments/Increment, $2.2 million in Sales Taxes, $2.7
million in Motor Vehicle License Fees, $1.5 million in Franchise Fees, $15 million in
Other Revenue/Grants/Reimbursements, and $0.5 million in Investment Interest.

The City has an elected City Council of five members, elected to staggered four-year
terms. The City also has an elected Treasurer, elected to a four-year term. The City
has a Finance Subcommittee comprised of two members of the Council. The Finance
Subcommittee is responsible to advise and make recommendations to the Council
regarding various financial matters, including audit review and investment policies.

The City’s Investment Policy, reviewed annually by the Council, is attached to this
document as an addendum.

Monthly Treasurer’s Reports are provided to the Council and the most recent is
attached to this document as an addendum.

The monthly liquidity of the City has historically been stable and predictable. (A graph
of cash balances for the past 5 fiscal years is attached to this document as an
addendum.) Property Tax and Motor Vehicle License Fee receipts occur in January
and May. Sales Taxes are received monthly, and Franchise Fees are received both
quarterly and annually (April). Summer months are usually highest for some User Fees
(i.e. Water).

The City’s current portfolio consists primarily of MMAs, CDs, and LAIF. The City has
not purchased Treasuries in recent years, believing that the rates offered by 2-year and
3-year CDs had been better. Recently, the investment in CDs has stopped in
anticipation of finding more diverse investments, and the CDs purchased have started
maturing. Recently, an investment in the County of Riverside’s investment pool similar
to LAIF has also been considered.




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Investment Advisory Services RFP
December 7, 2011

Section C - GENERAL TERMS AND CONDITIONS

PROPOSAL REQUIREMENTS

Requirement to Meet All Provisions. Each individual or firm submitting a proposal
(Proposer) shall meet all of the terms, and conditions of the Request for Proposals
(RFP) specifications package. By virtue of its proposal submittal, the Proposer
acknowledges agreement with and acceptance of all provisions of the RFP
specifications.

Proposal Submittal. Each proposal must be submitted in the format described in the
RFP specifications and accompanied by any other required submittals or supplemental
materials. Proposal documents shall be emailed to tprill@sanjacintoca.us as a PDF
document, or delivered to City of San Jacinto, Attn: Thomas Prill, Acting Finance
Director, P.O. Box 488, 595 S. San Jacinto Avenue, San Jacinto, CA 92581. No FAX
submittals will be accepted. Each Proposer agrees that all submittals and supplemental
materials shall remain the property of the City. Submittals are public records subject to
disclosure under the Public Records Act.

Proposal Format. Please format your response to this request in the order as
indicated in the Proposer Questionnaire to facilitate comparisons between respondents.

Insurance Certificate. Each proposal must include a certificate of insurance showing:
       a. The insurance carrier and its A.M. Best rating.
       b. Scope of coverage and limits.
       c. Deductibles and self-insured retention.
The purpose of this submittal is to generally assess the adequacy of the Proposer’s
insurance coverage during proposal evaluation; as discussed under Section E of this
document, endorsements are not required until contract award. The City’s insurance
requirements are detailed in Section E of this document.

Proposal Withdrawal and Opening. A Proposer may withdraw its proposal, without
prejudice prior to the proposal deadline, by submitting a written request to the Finance
Director for its withdrawal. No proposal received after the time specified or at any place
or method other than that stated in the "Notice Requesting Proposals" will be
considered.

Submittal of One Proposal Only. No Proposer shall be allowed to make or file, or to
be interested in more than one proposal, except an alternative proposal when
specifically requested; however, an individual or business entity that has submitted a
sub-proposal to a Proposer submitting a proposal, is not thereby disqualified from
submitting a sub-proposal or from quoting prices to other Proposers submitting
proposals.

Communications. All timely requests for information submitted in writing will receive a
written response from the City. Telephone or e-mail communications with City staff are
not encouraged, but will be permitted. However, any such communication shall not be
binding on the City.



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Investment Advisory Services RFP
December 7, 2011

CONTRACT AWARD AND EXECUTION

Proposal Retention and Award. The City reserves the right to retain all proposals for
a period of 60 days for examination and comparison. The City also reserves the right to
waive non-substantial irregularities in any proposal, to reject any or all proposals, to
reject or delete one part of a proposal and accept the other, except to the extent that
proposals are qualified by specific limitations. See the "Special Terms and Conditions"
in Section D of this document for proposal evaluation and contract award criteria.

Competency and Responsibility of Advisor. The City reserves full discretion to
determine the competence and responsibility, professionally and/or financially, of
Proposers. Proposers will provide, in a timely manner, all information that the City
deems necessary to make such a decision.

Contract Requirement. The Proposer(s) to whom award is made (Advisor(s)) shall
execute a written contract with the City within ten (10) calendar days after notice of the
award has been sent by mail to it at the address given in its proposal. The contract to
be executed by the Advisor(s) and the City shall be the form adopted by the City and
approved by the City’s City Attorney.

Business License & Tax. The Advisor(s) must have a valid City business license and
tax certificate, if applicable, before execution of the contract.




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Investment Advisory Services RFP
December 7, 2011

CRITERIA FOR EVALUATION AND SELECTION

Proposals will be evaluated based on the following criteria:
 Understanding of the work required by the City and the overall investment program
   objectives.
 Responses to proposer questionnaire.
 Proposed approach to managing the portfolio.
 Quality, clarity and responsiveness of the proposal.
 Demonstrated competence and professional qualifications necessary for
   successfully performing the work required by the City.
 Recent experience in successfully managing similar sized investment portfolios with
   similar investment objectives.
 References.
 Background and related experience of the specific individuals to be assigned to this
   account.
 Proposed compensation.

Scorecard evaluation will be weighted as follows:

       20% Experience of the firm in providing services to public sector entities of
       similar size and with similar investment objectives;

       20% Responses from references; professional experience and qualifications of
       the individuals assigned to the account;

       20% Portfolio advisement and management resources, investment philosophy
       and recommended approach to management of the investment portfolio;

       20% Reporting capabilities;

       10% Responsiveness to the RFP, communicating an understanding of the
       overall program and services required;

       10% Fees.

As reflected above, contract award will not be based solely on price, but on a
combination of factors as determined to be in the best long-term interest of the City.

After evaluating the proposals and discussing them further with the finalists or the
tentatively selected Advisor(s), the City reserves the right to further negotiate the
proposed work and/or method and amount of compensation.

The City reserves the right to conduct personal interviews of any Proposer prior to
selection. The City will not be liable for any cost incurred by the Proposer in connection
with such interview (i.e., travel, accommodations, etc.).




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Investment Advisory Services RFP
December 7, 2011

Section D - SPECIAL TERMS AND CONDITIONS

1. Contract Term. The term of the contract shall be considered “open-ended,” subject
   to review and termination at any time by the City Council, and other agreed-upon
   termination provisions included in the final contract.

2. Proposal Content. Your proposal must include the following information:
   a. Submittal Forms
       i. Proposal submittal
      ii. Responses to proposer questionnaire
     iii. Certificate of insurance
    iv.   References from at least five similar entities for whom you have provided
          similar services
      v.  Statement of any past contract disqualifications
    vi.   Conflict of Interest statement disclosing any and all relationships with elected
          City Officials or City staff, including any campaign contributions made on
          behalf of any past or present San Jacinto City Council Member
    vii.  Any additional information about your firm that will assist us in the selection
          process

   Note: For ease of electronic preparation, Proposer may prepare their own proposal
   submittal forms as long as they contain the same information in a similar format.

   b. Proposal Length and Format
     i.  Proposals should not exceed 30 pages, including supplemental materials.

3. Proposal Review and Award Schedule. The following is an outline of the
   anticipated schedule for proposal review and contract award:

   Issue RFP                                           12/07/2011
   Receive proposals                                   01/12/2012
   Complete proposal evaluation                        01/26/2012
   Conduct finalist interviews                         02/02/2012
   Finalize staff recommendation                       02/09/2012
   Award contract                                      02/21/2012
   Execute contract                                    02/29/2012
   Start work                                          03/01/2012

4. Ownership of Materials. All original documents and other materials prepared by or
   in possession of the Advisor(s) as part of the work or services under these
   specifications shall become the permanent property of the City, and shall be
   delivered to the City upon demand.

5. Release of Reports and Information. Any reports, information, data, or other
   material given to, prepared by or assembled by the Advisor(s) as part of the work or
   services under these specifications shall be the property of City and shall not be
   made available to any individual or organization by the Advisor(s) without the prior
   written approval of the City.



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Investment Advisory Services RFP
December 7, 2011

6. Copies of Reports and Information. If the City requests additional copies of
   reports, drawings, specifications, or any other material in addition to what the
   Advisor(s) is required to furnish in limited quantities as part of the work or services
   under these specifications, the Advisor(s) shall provide such additional copies as are
   requested, and the City shall compensate the Advisor(s) for the costs of duplicating
   of such copies at the Advisor's direct expense.

7. Required Deliverable Products. The selected Advisor(s) will be required to
   provide:
   a. Monthly reports that include the following:
          i.  Summary of Portfolio Holdings. A listing of all securities held at the end
              of the month categorized by type of security, maturity, institution and
              rating, as well as a report on any investment’s change in rating from the
              previous month.
         ii.  Investment Performance Report. At a minimum the performance report
              should show total returns for the period compared to the established
              benchmark.
        iii.  Maturity/Duration Indicators. The monthly report should include portfolio
              duration and average maturity statistics to help monitor interest-rate risk.
        iv.   Transaction Summary. A summary of completed transactions for the
              month.
         v.   Mark-to-Market Report. The monthly report should show the cost and
              market value for each security in the portfolio.
        vi.   Any other information required by the City’s Investment Policy.
   b. When computers have been used to produce materials submitted to the City as a
      part of the work scope, the Advisor(s) must provide the corresponding computer
      files to the City, compatible with the following programs whenever possible
      unless otherwise directed by the project manager:
          i.  Word Processing                           Microsoft Word
         ii.  Spreadsheets                              Microsoft Excel

8. Attendance at Meetings and Hearings. As part of the work scope and included in
   the contract price is attendance by the Advisor(s) to as many "working" meetings
   with staff as determined by the City as necessary in performing work scope tasks.

9. Alternative Proposals. The Proposer may submit an alternative proposal (or
   proposals) that it believes will also meet the City's project objectives but in a different
   way. In this case, the Proposer must provide an analysis of the advantages and
   disadvantages of each of the alternatives, and discuss under what circumstances
   the City would prefer one alternative to the other(s). If an alternative proposal is
   submitted, the maximum length of the proposal may be expanded proportionately by
   the number of alternatives submitted.

10. Services to Other Clients. It is understood that the Advisor(s) performs investment
    management services for other clients. It is understood that the Advisor(s) shall not
    have any obligations to purchase or sell for the City account any security which the
    Advisor(s), its principals, affiliates or employees may purchase or sell for its or their
    own account or for the account of any other client, if in the Advisor’s good faith
    opinion such transaction or investment appears unsuitable, impractical or
    undesirable for the City account.

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Investment Advisory Services RFP
December 7, 2011


11. Allocation of Brokerage. Where the Advisor(s) places orders for the execution of
    portfolio transactions for the City account, the Advisor(s) may allocate such
    transactions to such brokers and dealers for execution on such markets, at such
    prices and at such commission rates as in the good faith judgment of the Advisor(s)
    will be in the best interest of the City. The Advisor(s) shall not receive any soft dollar
    benefit for any transaction placed on behalf of the City.

12. Safekeeping. All securities owned by the City shall be held in safekeeping by a
    third party bank trust department acting as agent for the City under the terms of a
    custody agreement executed by the bank and the City. All securities will be received
    and delivered using standard delivery versus payment (DVP) procedures.




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Investment Advisory Services RFP
December 7, 2011

Section E - INSURANCE REQUIREMENTS

The Advisor(s) shall procure and maintain for the duration of the contract insurance
against claims for injuries to persons or damages to property which may arise from or in
connection with the performance of the work hereunder by the Advisor(s), its agents,
representatives, employees or subcontractors.

Minimum Scope of Insurance. Coverage shall be at least as broad as:

1.      Insurance Services Office Commercial General Liability coverage (occurrence
form CG 0001).
2.      Insurance Services Office form number CA 0001 (Ed. 1/87) covering Automobile
Liability, code 1 (any auto).
3.      Workers' Compensation insurance as required by the State of California and
Employer's Liability Insurance.
4.      Errors and Omissions Liability insurance as appropriate to the consultant's
profession.

Minimum Limits of Insurance. Advisor shall maintain limits no less than:

1.     General Liability: $1,000,000 per occurrence for bodily injury, personal injury and
property damage. If Commercial General Liability or other form with a general
aggregate limit is used, either the general aggregate limit shall apply separately to this
project/location or the general aggregate limit shall be twice the required occurrence
limit.
2.     Automobile Liability: $1,000,000 per accident for bodily injury and property
damage.
3.     Employer's Liability: $1,000,000 per accident for bodily injury or disease.
4.     Errors and Omissions Liability: $1,000,000 per occurrence.

Deductibles and Self-Insured Retentions. Any deductibles or self-insured retentions
must be declared to and approved by the City. At the option of the City, either: the
insurer shall reduce or eliminate such deductibles or self-insured retentions as respects
the City, its officers, officials, employees and volunteers; or the Advisor(s) shall procure
a bond guaranteeing payment of losses and related investigations, claim administration
and defense expenses.

Other Insurance Provisions. The general liability and automobile liability policies are
to contain, or be endorsed to contain, the following provisions:

1.     The City, its officers, officials, employees, agents and volunteers are to be
covered as insureds as respects: liability arising out of activities performed by or on
behalf of the Advisor(s); products and completed operations of the Advisor(s); premises
owned, occupied or used by the Advisor; or automobiles owned, leased, hired or
borrowed by the Advisor(s). The coverage shall contain no special limitations on the
scope of protection afforded to the City, its officers, official, employees, agents or
volunteers.
2.     For any claims related to this project, the Advisor's insurance coverage shall be
primary insurance as respects the City, its officers, officials, employees, agents and
volunteers. Any insurance or self-insurance maintained by the City, its officers, officials,

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Investment Advisory Services RFP
December 7, 2011

employees, agents or volunteers shall be excess of the Advisor's insurance and shall
not contribute with it.
3.      The Advisor's insurance shall apply separately to each insured against whom
claim is made or suit is brought, except with respect to the limits of the insurer's liability.
4.      Each insurance policy required by this clause shall be endorsed to state that
coverage shall not be suspended, voided, canceled by either party, reduced in coverage
or in limits except after thirty (30) days' prior written notice by certified mail, return
receipt requested, has been given to the City.

Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M.
Best's rating of no less than A:VII.

Verification of Coverage. Advisor(s) shall furnish the City with a certificate of
insurance showing maintenance of the required insurance coverage. Original
endorsements effecting general liability and automobile liability coverage required by
this clause must also be provided. The endorsements are to be signed by a person
authorized by that insurer to bind coverage on its behalf. All endorsements are to be
received and approved by the City upon or after the contract is awarded, but before
work commences.




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Investment Advisory Services RFP
December 7, 2011

Section F - PROPOSAL SUBMITTAL FORMS

PROPOSER QUESTIONNAIRE

FIRM BACKGROUND AND ORGANIZATION
1.     Describe the organization, date founded, and ownership of your firm. If your firm
experienced a material change in organizational structure, ownership or management
during the past three years, describe the change.

2.    Describe any other business affiliations (subsidiaries, joint ventures, “soft dollar”
arrangements with brokers). Describe your firm’s policy on soft dollars.

3.    Is your firm a registered investment Advisor under the Investment Advisor’s Act
of 1940, as amended?

4.     Explain any SEC, National Association of Securities Dealers (NASD), or
regulatory censure or litigation listed on your Form ADV involving your firm or the
proposing Advisors.

5.     Did you, or will you, pay a finder’s fee to any third party for business related to
this account? Specify the recipients of any fee.

EXPERIENCE
6.  Describe your firm’s experience in managing fixed income portfolios.

7.     What is your firm’s experience in investment policies and portfolio management
guidelines?

8.     Does your firm act as a broker or as a primary dealer in securities or receive any
other form of additional compensation (including soft dollars) for the client transactions
aside from the direct fee paid by clients?

9.     Provide the number of similar-sized accounts with similar investment objectives
currently being managed by your firm.

STAFFING
10.    Identify and provide background information on the key person or personnel who
take the most active role(s) in the administration and management of the firm.

11.     Provide resumes and biographical information on the investment professionals
that will be directly involved in the decision-making process for the portfolio. Include the
number of years at your firm, total years of experience, and professional licenses and
designation. Include the number of accounts managed and any limits on this.

12.   Describe your firm’s training and education efforts to keep portfolio managers
informed of developments relevant to investment managers.

13.    Has there been any turnover of proposed investment managers in the last seven
years?


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Investment Advisory Services RFP
December 7, 2011

ASSETS UNDER MANAGEMENT
14.    Summarize your fixed income assets under management for your latest reporting
period.

15.    Provide relevant performance statistics on a comparable portfolio and compare
with industry averages or benchmarks for the last one, three, five, ten year period
and/or since inception. Note whether these performance statistics are reported based
on GIPS (Global Investment Performance Standards) formerly known as AIRM
(Association for Investment Management and Research).

16.    Have you lost any accounts in the last 12 months? If so, why?

INVESTMENT MANAGEMENT APPROACH AND DISCIPLINE
17.   Briefly describe your firm’s investment management philosophy, including your
approach to managing fixed-income portfolios.

18.    Describe the mechanics of how your firm proposes to execute transactions on
behalf of the City.

19.    How frequently do you formulate and review fixed income strategy? How is that
carried out and who is involved?

20.     What are the primary strategies for adding value to portfolios (e.g. Market timing,
credit research, trading)?

21.   How are portfolios managed (e.g. by team or individual manager)? What is the
back-up when the manager is away?

22.    What oversight is provided to portfolio managers?

23.     Describe your firm’s in-house technical and research capabilities. Are outside
sources used by the firm on a regular basis? Describe your credit review process. Does
your firm assign credit research to specialists?

24.    What technical analysis do you use?

25.    What role does interest-rate forecasting play in your portfolio management
strategy?

REPORTING
26. Describe the investment accounting and reporting system used by your firm.

27.    Provide a sample of reports that you would provide to the City’s staff.

28.    What performance benchmarks do you propose for this portfolio?

FEES
29.    Provide the complete tiered-asset fee schedule that would apply to this account.
Are fees charged in arrears?


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Investment Advisory Services RFP
December 7, 2011

30.    What additional expenses not covered through the fee structure will be expected
in order to implement your investment Advisor services?

ADDITIONAL INFORMATION
31.  Provide a copy of your firm’s most recent Form ADV Part II as on file with the
SEC.

32.    Describe your firm’s business continuity plan and how often it is updated.

33.     Provide any changes in terms and conditions from those set forth in this RFP that
your firm requests or requires to be included in an agreement for this service.

34.    Briefly describe any additional feature, services, attributes or conditions which
the City should consider in selecting your firm.




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Investment Advisory Services RFP
December 7, 2011

REFERENCES

Number of years engaged in providing the services included within the scope of the
specifications under the present business name: __________.

Describe fully the five references that demonstrate your ability to provide the services
included within the scope of the specifications.

Please include:
 Customer Name
 Contact Individual
 Telephone & FAX number
 Street Address
 City, State, Zip Code
 Description of services

The City reserves the right to contact each of the references listed for additional
information regarding your firm's qualifications.




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Investment Advisory Services RFP
December 7, 2011

STATEMENT OF PAST CONTRACT DISQUALIFICATIONS

The Proposer shall state whether it or any of its officers or employees who have a
proprietary interest in the Proposer, has ever been disqualified, removed, or otherwise
prevented from bidding on, or completing a Federal, State, or local government project
because of the violation of law, a safety regulation, or for any other reason, including but
not limited to financial difficulties, project delays, or disputes regarding work or product
quality, and if so to explain the circumstances.

The Proposer shall confirm in writing that the staff of the Proposer who will be
responsible for carrying out this contract have not, within the last ten years, been
convicted of any crime or pleaded nolo contendere or agreed to any consent decree
with respect to any matter involving breach of trust or fiduciary duty or securities law
violations.




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Investment Advisory Services RFP
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Section G - INVESTMENT POLICY




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Investment Advisory Services RFP
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Section H - TREASURER’S REPORT AS OF OCTOBER 31, 2011




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Investment Advisory Services RFP
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Section I - GRAPH - CASH BALANCES (NOT WITH FISCAL AGENT)




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