investment performance review for the quarter ended ... · market update. improving economic data...

Investment Advisors

213 Market StreetHarrisburg, PA 17101

717.232.2723 717.233.6073 fax

PFM Asset Management LLC

300 South Orange AvenueSuite 1170

Orlando, FL 32801407.648.2208

407.648.1323 fax

Investment Performance Review For the Quarter Ended December 31, 2019

Steven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorRichard Pengelly, CFA, CTP, DirectorSean Gannon, CTP, Senior Analyst

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THE SCHOOL DISTRICT OF PALM BEACH COUNTY

For the Quarter Ended December 31, 2019

Table of Contents


Tab I

Market Update

Tab II

Executive Summary

Investment Portfolio

Short Term Portfolio

TAN Proceeds Portfolio

Tab III

Asset Allocation Chart

Important Disclosures

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Tab I

PFM Asset Management LLC of 79


For Quarter Ended December 31, 2019

Market Update

The Consumer Remains the Main Driver of Economic Growth


2016 2017 2018 20192.

3%

1.0% 0.8%

3.0%

2.0%

2.9%

1.1%

3.1%

2.0%2.1%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

Components of U.S. GDP

Personal Consumption Fixed Investment Private Inventories Net Exports Gov't Expenditures

Source: Bureau of Economic Analysis.

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0%

2%

4%

6%

8%

10%

12%

0

20

40

60

80

100

120

140

160

1980 1985 1990 1995 2000 2005 2010 2015

Conference Board Consumer Confidence (left) Unemployment Rate (right)



Market Update

Falling Unemployment Supports Improved Consumer Confidence


Recession

Source: Bloomberg, as of December 31, 2019.

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Market Update

Improving Economic Data Supports the Fed’s Hold


200

450

700

950

1,200

1,450

2005 2007 2009 2011 2013 2015 2017 2019

New Home Sales (000s, annual pace)

48

50

52

54

56

58

60

Dec '17 Jun '18 Dec '18 Jun '19 Dec '19

Markit Manufacturing Activity Index

Level Delineating Expansion & Contraction

highest level in 12 years

247k

171k 173k 190k

136k

218k 228k 243k

190k233k

174k152k

193k 197k

0k

50k

100k

150k

200k

250k

Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 QTD

Average Monthly Job Growth

Source: Bloomberg, as of December 31, 2019. QTD includes data for October and November.

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Market Update

The Fed Signals It Is Likely on Hold for an Extended Period of Time


0.5%

1.0%

1.5%

2.0%

2.5%

Dec '16 Dec '17 Dec '18 Dec '19 Dec '20

target rate (mid-point)

Market Projection

Federal Reserve Target Overnight Rate

20173

20184

20193

“As long as incoming information about the economy remains broadly consistent with [the current economic] outlook, the current stance of monetary policy likely will remain appropriate.”

– Fed Chair Jerome PowellDecember 11, 2019

Source: Bloomberg. Market Projection as of December 31, 2019.

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Market Update

Yields Fell in 2019 and the Curve Steepened in the Fourth Quarter

1.54% 1.57%

1.92%

2.39%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

3M

1Y

2Y

3Y

4Y

5Y

10Y

30Y

Yiel

d

Maturity

U.S. Treasury Yield Curve

December 31, 2019

September 30, 2019

December 31, 2018

-0.26%-0.18%

-0.05%

0.05%0.15%

0.22% 0.25% 0.28%

3-m 12-m 2-Year 3-Year 5-Year 7-Year 10-Year 30-Year

Q4 Change in Yield

-0.81%

-1.03%-0.92%

-0.85% -0.82% -0.75% -0.77%-0.62%

3-Month 12-Month 2-Year 3-Year 5-Year 7-Year 10-Year 30-Year

YTD Change in Yield





Market Update

Recession Fears Subsided and Yield Curve Un-Inverted in Fourth Quarter


Q4 Q4

Yield Curve Inversion

10%

15%

20%

25%

30%

35%

40%

Dec '18 Mar '19 Jun '19 Sep '19 Dec '19

Recession Probability

-50

-40

-30

-20

-10

0

10

20

30

40

50


Bas

is p

oint

s (b

ps)

U.S. Treasury Yield Spread10-year minus 3-month

Source: Data as of December 31, 2019. Wall Street Journal Economic Forecasting Survey (left); Bloomberg (right).

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Market Update

Treasury Yields Have Settled into a New, Lower Range


Q4

1.61%

3.04%

1.25%

1.75%

2.25%

2.75%

3.25%

Dec '17 Mar '18 Jun '18 Sep '18 Dec '18 Mar '19 Jun '19 Sep '19 Dec '19

3-Year Treasury


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Market Update

Fixed Income Performance Strong for the Year


3.6% 3.5% 3.6%

4.3%4.7%

5.1%

6.1%

0.51

%

0.55

%

0.52

%

0.66

%

0.69

%

0.82

%

1.01

%

0%

2%

4%

6%

8%

10%

U.S

.Tr

easu

ry

Agen

cy

ABS

0-3

Cor

p AA

A

Cor

p AA

Cor

p A

Cor

p BB

B

1-3 Year Indices2019 Q4

2.2%3.6%

5.2%

6.7%

8.4%9.5%

14.5%

0%

4%

8%

12%

16%

20%

0-3

Mon

ths

1-3

Year

s

3-5

Year

s

5-7

Year

s

7-10

Yea

rs

10-1

5 Ye

ars

15+

Year

s

Treasury Indices


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25

35

45

55

65

75


Corporate Yield Spreads1-3 Year A-AAA

2,300

2,500

2,700

2,900

3,100

3,300


S&P 500 Price Change



Market Update

Major Moves in 2019


Federal Funds Target Range

Year Starting Range Ending Range # of Hikes/Cuts

2015 0.00%-0.25% 0.25%-0.50% 1 hike

2016 0.25%-0.50% 0.50%-0.75% 1 hike

2017 0.50%-0.75% 1.25%-1.50% 3 hikes

2018 1.25%-1.50% 2.25%-2.50% 4 hikes

2019 2.25%-2.50% 1.50%-1.75% 3 cuts

2018 close

1.25%

1.75%

2.25%

2.75%

3.25%

3M

1Y

2Y

3Y

4Y

5Y

10Y

30YMaturity

U.S. Treasury Yield Curve

December 31, 2019

December 31, 2018


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Market Update

Fixed Income Sector Outlook – January 2020


Negative Slightly Negative Neutral Slightly

Positive Positive

Current outlook Outlook one month ago

Sector Our Investment Preferences CommentsC O M M E R C I A L P A P E R

/ C D• Money market credit spreads remain attractive. New issue supply may

increase in the new year.

T R E A S U R I E S• T-Bills have rallied further on Fed purchases and low repo rates. Other short-

term instruments remain relatively more attractive.• T-Notes offer attractive yield pickup vs. T-Bills in certain maturities.

T-BillT-Note

F E D E R A L A G E N C I E S • Bullet valuations remain near historical tights across the curve and continue to trade in a relatively narrow range. New issues should be evaluated for opportunities to add relative value; otherwise, Treasuries should be preferred.

• Redemptions remained elevated during Q4 but have started to slow as rates have begun to stabilize. As a result, new issue supply has slowed as well. Spread pickup vs. bullets remains well below YTD averages, with little chance for outperformance. Accounts should favor bulleted structures vs. callable.

BulletsCallables

S U P R A N A T I O N A L S• Spreads remain anchored across the curve. Expect modestly wider spreads

in Q1 on account of higher issuer funding targets and favorable USD basis. New issues should be evaluated for opportunities to add relative value.

C O R P O R A T E S • Solid economic data, an accommodative Fed, and positive technicals continue to support the corporate sector. Tight valuations limit the potential for outperformance in 2020. A growing list of uncertainties and pending supply could result in wider spreads and better buying opportunities.

FinancialsIndustrials

S E C U R I T I Z E D • AAA-rated ABS yield spreads widened during December and are currently near their 3-year historic average. Broad measures of auto ABS spreads are comparable to spreads on high-quality corporate securities.

• Q4 saw strong excess returns from MBS as spreads narrowed significantly. Buyers were enticed by higher spreads, lower volatility, and the expectation that the Fed is on hold.

• Agency CMBS spreads widened in December. The sector has good relative value compared to less structured MBS and other government sectors.

Asset-BackedAgency Mortgage-Backed

Agency CMBS

M U N I C I P A L S • Value remains in new issue taxable deals which continue to be driven by the surge in taxable issuance, an alternative to tax-exempt advance refundings.

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Tab II




Executive Summary


The Investment Portfolio is of high credit quality and invested in U.S. Treasury, federal agency/GSE, corporatenote, commercial paper, and municipal securities.

The Investment Portfolio’s quarterly total return performance of 0.56% outperformed the benchmarkperformance of 0.51% by 0.05%. For the last 12 months the Portfolio returned 3.71% versus the benchmark’sreturn of 3.55%.

The Short Term Portfolio ended the quarter with a yield to maturity at cost of 1.75%.

In November, the District opened a TAN Proceeds Portfolio. The Portfolio ended the quarter with a yield to maturity at cost of 1.65%.

Following three consecutive Fed rate cuts, we continued to maintain portfolio durations in line withbenchmarks for the quarter as market expectations called for stable rates well into 2020.

Maintained broad diversification across all permitted fixed income sectors. Although most sector spread levelswere on the tighter end of their recent trading history, the incremental income was generally additive toperformance in a range-bound interest rate environment in Q4.

We expect the Fed to remain on hold for an extended period and rates to remain mostly range-bound in thenear-term. As a result, we plan to continue a duration-neutral strategy relative to benchmarks.

We continued to de-emphasize agencies and supranationals, generally reducing allocations in favor of othersectors. Value in federal agency and supranational issuers remained extremely limited, largely on scarcesupply. Spreads remained near historically tight levels, capping both sectors’ excess returns in Q4. In someinstances, agencies were trading at yields less than similar maturity Treasuries. We also largely avoidedcallable agencies during the quarter as early redemption risk remained elevated.

Short-term investors found opportunities from wider spreads on money market credit investments (commercialpaper). Increased allocations to the sector at attractive levels helped cushion the impact of the Fed’s lowerovernight target rate.

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PALM BEACH CNTY FL S/D


Portfolio Snapshot

Portfolio Statistics

As of December 31, 2019

$83,660,000

$84,499,486

$84,033,656

$436,134

$29,696

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

$83,506,670

1.67%

2.06%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 1.78 Years

Duration to Worst: 1.78 Years

Average Maturity: 1.84 Years

Credit Quality (S&P Ratings)

8.2%

A

4.7%

A-

3.0%

A+

1.7%

AA

3.6%

AA-

75.2%

AA+

0.5%

AAA

2.5%

BBB+

0.4%

Not Rated

0%

10%

20%

30%

40%

50%

0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years

7.8%

48.0%

41.9%

2.3%0.0% 0.0%

Maturity Distribution

Sector Allocation

25.9%

Corporate

3.1%

Federal

Agency/GSE

0.4%

Municipal

70.6%

U.S.

Treasury


* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.

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Portfolio Performance

Portfolio Performance (Total Return)

Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(12/31/98) **

Current

Quarter

PALM BEACH CNTY FL S/D 1.78 0.56% 1.41%3.71% 2.13% 1.60% 3.07%

ICE BofAML 1-3 Year U.S. Treasury Index 1.80 0.51% 1.22%3.55% 1.84% 1.39% 2.85%

Difference 0.16% 0.05% 0.29% 0.21% 0.19% 0.22%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception

0.56%

3.71%

2.13%

1.60%1.41%

3.07%

0.51%

3.55%

1.84%

1.39%1.22%

2.85%

To

tal R

etu

rn

PALM BEACH CNTY FL S/D ICE BofAML 1-3 Year U.S. Treasury Index


Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year.

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Effective

DurationPortfolio/Benchmark

Annualized Return

09/30/19 03/31/1912/31/19 06/30/19

Quarter Ended

5 Year1 Year 3 Year

PALM BEACH CNTY FL S/D 1.78 0.56% 3.71% 2.13% 1.60%0.68% 1.28% 1.15%

ICE BofAML 1-3 Year U.S. Treasury Index 1.80 0.51% 3.55% 1.84% 1.39%0.58% 1.44% 0.98%

Difference 0.16% 0.05% 0.29% 0.21%0.10% -0.16% 0.17%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

12/31/19 09/30/19 06/30/19 03/31/19 1 Year 3 Year 5 Year

0.56%0.68%

1.28%1.15%

3.71%

2.13%

1.60%

0.51% 0.58%

1.44%

0.98%

3.55%

1.84%

1.39%

To

tal R

etu

rn



Portfolio performance is gross of fees unless otherwise indicated.

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09/30/19 03/31/1912/31/19 06/30/19

Quarter Ended Annualized Return

5 Year1 Year 3 YearPortfolio/Benchmark

Effective

Duration

3.71% 2.13% 1.60%0.68% 1.28% 1.15%PALM BEACH CNTY FL S/D 0.56%1.78

3.63% 2.05% 1.52%0.66% 1.26% 1.13% Net of Fees ** 0.54%-

3.55% 1.84% 1.39%0.58% 1.44% 0.98%ICE BofAML 1-3 Year U.S. Treasury Index 0.51%1.80

0.16% 0.05% 0.29% 0.21%0.10% -0.16% 0.17%Difference (Gross)

Difference (Net) 0.03% 0.08% -0.18% 0.15% 0.08% 0.21% 0.13%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

12/31/19 09/30/19 06/30/19 03/31/19 1 Year 3 Year 5 Year

0.56%0.68%

1.28%1.15%

3.71%

2.13%

1.60%

0.51% 0.58%

1.44%

0.98%

3.55%

1.84%

1.39%

To

tal R

etu

rn



Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate.

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Portfolio Earnings

Quarter-Ended December 31, 2019

Market Value Basis Accrual (Amortized Cost) Basis

Net Purchases/Sales

Change in Value

Interest Earned

$43,596,577.63

$40,383,921.12

$53,157.63

$274,502.74

$327,660.37

$84,033,656.38

$43,096,965.13

$40,383,921.12

$25,783.30

$274,502.74

$300,286.04

$83,506,669.55

Portfolio Earnings

Beginning Value (09/30/2019)

Ending Value (12/31/2019)


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Portfolio Composition

Sector Allocation

December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019

% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)

U.S. Treasury 59.4 70.6% 25.5 58.4% 19.9 45.5% 19.7 44.4%

Corporate 21.7 25.9% 15.2 34.9% 13.1 30.1% 11.4 25.7%

Federal Agency/GSE 2.6 3.1% 2.6 5.9% 10.6 24.4% 13.3 29.9%

Municipal 0.3 0.4% 0.3 0.8% 0.0 0.0% 0.0 0.0%

$84.0 100.0% $43.6 100.0% $43.6 100.0% $44.3 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

December 2019 September 2019 June 2019 March 2019

Municipal

Federal Agency/GSE

Corporate

U.S. Treasury


Detail may not add to total due to rounding.

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>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

PALM BEACH CNTY FL S/D 1.67% 7.8% 48.0% 41.9% 2.3% 0.0% 0.0%1.84 yrs

ICE BofAML 1-3 Year U.S. Treasury Index 1.60% 2.8% 55.7% 41.5% 0.0% 0.0% 0.0%1.92 yrs

0%

10%

20%

30%

40%

50%

60%

0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years

7.8%

48.0%

41.9%

2.3%0.0% 0.0%

2.8%

55.7%

41.5%

0.0% 0.0% 0.0%



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Duration Distribution

> 5 YEARS4-5 YEARS3-4 YEARS2-3 YEARS1-2 YEARS0-1 YEARSEffective

DurationPortfolio / Benchmark

PALM BEACH CNTY FL S/D 1.78 7.9% 54.9% 37.1% 0.1% 0.0% 0.0%

ICE BofAML 1-3 Year U.S. Treasury Index 1.80 2.8% 56.8% 40.5% 0.0% 0.0% 0.0%

0%

10%

20%

30%

40%

50%

60%


8%

55%

37%

0% 0% 0%3%

57%

40%

0% 0% 0%

Distribution by Effective Duration


ICE BofAML 1-3 Year U.S. Treasury Index

0%

10%

20%

30%

40%

50%

60%


2%

48%50%

0% 0% 0%1%

46%

53%

0% 0% 0%

Contribution to Portfolio Duration

ICE BofAML 1-3 Year U.S. Treasury Index



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Credit Quality


S&P Rating Market Value ($) % of Portfolio

75.2%$63,217,216AA+

8.2%$6,872,049A

4.7%$3,982,466A-

3.7%$3,065,252AA-

3.0%$2,553,727A+

2.5%$2,125,261BBB+

1.8%$1,473,682AA

0.5%$404,420AAA

0.4%$339,582Not Rated

Totals 100.0%$84,033,656

8.2%

A

4.7%

A-

3.0%

A+

1.7%

AA

3.6%

AA-

75.2%

AA+

0.5%

AAA

2.5%

BBB+

0.4%

Not Rated



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Issuer Distribution


Market Value ($) % of PortfolioIssuer

UNITED STATES TREASURY 59,374,926 70.7%

FANNIE MAE 1,446,756 1.7%

US BANCORP 1,234,151 1.5%

FREDDIE MAC 1,129,576 1.3%

TOYOTA MOTOR CORP 1,105,215 1.3%

WAL-MART STORES INC 967,986 1.2%

JP MORGAN CHASE & CO 924,247 1.1%

BB&T CORPORATION 909,996 1.1%

AMERICAN EXPRESS CO 881,941 1.1%

AMERICAN HONDA FINANCE 862,216 1.0%

BANK OF AMERICA CO 852,971 1.0%

MORGAN STANLEY 836,970 1.0%

IBM CORP 813,713 1.0%

EXXON MOBIL CORP 812,771 1.0%

THE BANK OF NEW YORK MELLON CORPORATION 782,494 0.9%

CATERPILLAR INC 746,467 0.9%

WELLS FARGO & COMPANY 727,896 0.9%

MUFG UNION BANK NA 601,685 0.7%

To

p 5

= 7

6.5

%

To

p 1

0 =

81.9

%


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MERCK & CO INC 505,696 0.6%

HERSHEY COMPANY 477,957 0.6%

PACCAR FINANCIAL CORP 477,227 0.6%

APPLE INC 453,188 0.5%

DEERE & COMPANY 431,590 0.5%

UNITED PARCEL SERVICE INC 429,760 0.5%

CITIGROUP INC 428,932 0.5%

VISA INC 426,693 0.5%

JOHNSON & JOHNSON 404,420 0.5%

GOLDMAN SACHS GROUP INC 403,983 0.5%

HOME DEPOT INC 400,969 0.5%

PFIZER INC 367,624 0.4%

3M COMPANY 366,418 0.4%

ORACLE CORP 350,733 0.4%

HONOLULU HI 339,582 0.4%

NORTHERN TRUST 329,180 0.4%

CHARLES SCHWAB 310,950 0.4%

GENERAL DYNAMICS CORP 301,040 0.4%

HSBC HOLDINGS PLC 300,153 0.4%

NATIONAL RURAL UTILITIES CO FINANCE CORP 278,095 0.3%

UNILEVER PLC 256,067 0.3%


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PEPSICO INC 225,642 0.3%

STATE STREET CORPORATION 225,466 0.3%

BURLINGTON NORTHERN SANTA FE 178,989 0.2%

BOEING COMPANY 140,792 0.2%

THE WALT DISNEY CORPORATION 119,705 0.1%

HONEYWELL INTERNATIONAL 90,829 0.1%

84,033,656 100.0%Grand Total:


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Sector/Issuer Distribution


% of SectorSector / Issuer Market Value ($) % of Total Portfolio

Corporate

3M COMPANY 0.4% 1.7% 366,418

AMERICAN EXPRESS CO 1.0% 4.1% 881,941

AMERICAN HONDA FINANCE 1.0% 4.0% 862,216

APPLE INC 0.5% 2.1% 453,188

BANK OF AMERICA CO 1.0% 3.9% 852,971

BB&T CORPORATION 1.1% 4.2% 909,996

BOEING COMPANY 0.2% 0.6% 140,792

BURLINGTON NORTHERN SANTA FE 0.2% 0.8% 178,989

CATERPILLAR INC 0.9% 3.4% 746,467

CHARLES SCHWAB 0.4% 1.4% 310,950

CITIGROUP INC 0.5% 2.0% 428,932

DEERE & COMPANY 0.5% 2.0% 431,590

EXXON MOBIL CORP 1.0% 3.7% 812,771

GENERAL DYNAMICS CORP 0.4% 1.4% 301,040

GOLDMAN SACHS GROUP INC 0.5% 1.9% 403,983

HERSHEY COMPANY 0.6% 2.2% 477,957

HOME DEPOT INC 0.5% 1.8% 400,969

HONEYWELL INTERNATIONAL 0.1% 0.4% 90,829

HSBC HOLDINGS PLC 0.4% 1.4% 300,153

IBM CORP 1.0% 3.7% 813,713

JOHNSON & JOHNSON 0.5% 1.9% 404,420


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JP MORGAN CHASE & CO 1.1% 4.3% 924,247

MERCK & CO INC 0.6% 2.3% 505,696

MORGAN STANLEY 1.0% 3.8% 836,970

MUFG UNION BANK NA 0.7% 2.8% 601,685

NATIONAL RURAL UTILITIES CO FINANCE CORP 0.3% 1.3% 278,095

NORTHERN TRUST 0.4% 1.5% 329,180

ORACLE CORP 0.4% 1.6% 350,733

PACCAR FINANCIAL CORP 0.6% 2.2% 477,227

PEPSICO INC 0.3% 1.0% 225,642

PFIZER INC 0.4% 1.7% 367,624

STATE STREET CORPORATION 0.3% 1.0% 225,466

THE BANK OF NEW YORK MELLON CORPORATION 0.9% 3.6% 782,494

THE WALT DISNEY CORPORATION 0.1% 0.6% 119,705

TOYOTA MOTOR CORP 1.3% 5.1% 1,105,215

UNILEVER PLC 0.3% 1.2% 256,067

UNITED PARCEL SERVICE INC 0.5% 2.0% 429,760

US BANCORP 1.5% 5.7% 1,234,151

VISA INC 0.5% 2.0% 426,693

WAL-MART STORES INC 1.2% 4.5% 967,986

WELLS FARGO & COMPANY 0.9% 3.3% 727,896

100.0% 25.9% 21,742,817 Sector Total

Federal Agency/GSE

FANNIE MAE 1.7% 56.2% 1,446,756

FREDDIE MAC 1.3% 43.8% 1,129,576


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100.0% 3.1% 2,576,332 Sector Total

Municipal

HONOLULU HI 0.4% 100.0% 339,582

100.0% 0.4% 339,582 Sector Total

U.S. Treasury

UNITED STATES TREASURY 70.7% 100.0% 59,374,926

100.0% 70.7% 59,374,926 Sector Total

100.0% 84,033,656 Portfolio Total 100.0%


of 79



Portfolio Activity

Quarterly Portfolio Transactions

Trade

Date

Settle

Date

Maturity

DatePar ($) CUSIP Security Description

Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

10/30/19 10/31/19 375,000 912828YK0 UNITED STATES TREASURY NOTES 10/15/22 372,295.72 1.65%1.37%

12/2/19 12/4/19 1,100,000 912828U65 US TREASURY NOTES 11/30/21 1,102,186.94 1.66%1.75%

12/2/19 12/4/19 2,100,000 912828YK0 UNITED STATES TREASURY NOTES 10/15/22 2,088,030.61 1.65%1.37%

12/5/19 12/6/19 500,000 89236TCQ6 TOYOTA MOTOR CREDIT CORP NOTES 7/13/22 517,211.11 1.88%2.80%

12/5/19 12/6/19 400,000 459200HG9 IBM CORP NOTES 8/1/22 402,004.17 1.93%1.87%

12/5/19 12/6/19 9,000,000 912828V72 US TREASURY NOTES 1/31/22 9,109,320.65 1.61%1.87%

12/5/19 12/6/19 300,000 06406RAA5 BANK OF NY MELLON CORP (CALLABLE) NOTES 2/7/22 307,081.33 1.89%2.60%

12/5/19 12/6/19 500,000 48128BAB7 JPMORGAN CHASE & CO (CALLABLE) NOTES 1/15/23 515,060.17 2.35%2.97%

12/5/19 12/6/19 400,000 61744YAH1 MORGAN STANLEY CORP NOTES 5/19/22 406,683.44 2.10%2.75%

12/5/19 12/6/19 8,000,000 9128282F6 US TREASURY N/B NOTES 8/31/21 7,954,608.52 1.63%1.12%

12/5/19 12/6/19 300,000 95000U2B8 WELLS FARGO & COMPANY CORP NOTE 7/22/22 307,104.25 2.08%2.62%

12/5/19 12/6/19 400,000 02665WCA7 AMERICAN HONDA FINANCE CORP NOTES 11/16/22 408,165.78 1.93%2.60%

12/5/19 12/6/19 500,000 05531FAX1 BB&T CORP (CALLABLE) NOTES 4/1/22 510,562.64 2.03%2.75%

12/5/19 12/6/19 400,000 06051GFZ7 BANK OF AMERICA CORP NOTE 10/21/22 404,967.50 2.17%2.50%

12/5/19 12/6/19 450,000 025816BM0 AMERICAN EXPRESS CREDIT (CALLABLE) NOTES 8/1/22 459,193.75 2.04%2.50%

12/5/19 12/9/19 800,000 90331HPF4 US BANK NA CINCINNATI 1/9/23 799,328.00 1.98%1.95%

12/5/19 12/9/19 600,000 90520EAK7 MUFG UNION BANK NA 12/9/22 600,000.00 2.10%2.10%

12/6/19 12/10/19 285,000 427866BA5 HERSHEY COMPANY CORP NOTES 5/15/21 290,541.19 1.87%3.10%

12/6/19 12/10/19 600,000 931142DU4 WAL-MART STORES INC CORP (CALLABLE) NOTE 12/15/22 615,050.17 1.88%2.35%

12/9/19 12/10/19 11,700,000 912828Q78 US TREASURY NOTES 4/30/21 11,669,690.29 1.67%1.37%

12/10/19 12/11/19 1,800,000 912828YK0 UNITED STATES TREASURY NOTES 10/15/22 1,789,229.51 1.67%1.37%

12/16/19 12/17/19 1,000,000 912828YW4 UNITED STATES TREASURY NOTES 12/15/22 998,799.74 1.67%1.62%

12/16/19 12/17/19 1,500,000 912828U81 US TREASURY NOTES 12/31/21 1,523,585.26 1.67%2.00%

12/26/19 12/27/19 550,000 912828P38 US TREASURY NOTES 1/31/23 555,358.02 1.66%1.75%


of 79



Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

43,560,000 43,706,058.76Total BUY

INTEREST

10/1/19 10/1/19 400,000 437076BL5 HOME DEPOT INC CORP NOTES 4/1/21 4,000.00 2.00%

10/1/19 10/1/19 100,000 46647PBB1 JPMORGAN CHASE & CO BONDS 4/1/23 1,683.68 3.20%

10/12/19 10/12/19 450,000 3135G0V59 FANNIE MAE NOTES 4/12/22 5,062.50 2.25%

10/13/19 10/13/19 450,000 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTES 4/13/21 6,637.50 2.95%

10/15/19 10/15/19 225,000 713448DX3 PEPSICO INC CORP (CALLABLE) NOTE 4/15/21 2,250.00 2.00%

10/15/19 10/15/19 400,000 06406FAA1 BANK OF NEW YORK MELLON CORP (CALLABLE) 4/15/21 5,000.00 2.50%

10/19/19 10/19/19 445,000 06051GFW4 BANK OF AMERICA CORP NOTE 4/19/21 5,840.63 2.62%

10/20/19 10/20/19 480,000 3137EAEF2 FHLMC AGENCY NOTES 4/20/20 3,300.00 1.37%

10/21/19 10/21/19 300,000 61746BEA0 MORGAN STANLEY CORP NOTES 4/21/21 3,750.00 2.50%

10/27/19 10/27/19 125,000 172967LQ2 CITIGROUP INC CORP NOTES 10/27/22 1,687.50 2.70%

10/31/19 10/31/19 625,000 912828F96 US TREASURY NOTES 10/31/21 6,250.00 2.00%

10/31/19 10/31/19 5,000,000 912828F96 US TREASURY NOTES 10/31/21 50,000.00 2.00%

11/10/19 11/10/19 295,000 69371RP26 PACCAR FINANCIAL CORP 5/10/21 4,572.50 3.10%

11/11/19 11/11/19 300,000 369550BA5 GENERAL DYNAMICS CORP 5/11/20 4,312.50 2.87%

11/15/19 11/15/19 1,500,000 9128285L0 UNITED STATES TREASURY NOTES 11/15/21 21,562.50 2.87%

11/15/19 11/15/19 185,000 427866BA5 HERSHEY COMPANY CORP NOTES 5/15/21 2,867.50 3.10%

11/15/19 11/15/19 340,000 14913Q2J7 CATERPILLAR FINL SERVICE 5/15/20 5,015.00 2.95%

11/16/19 11/16/19 425,000 911312BC9 UNITED PARCEL SERVICE (CALLABLE) NOTES 5/16/22 4,993.75 2.35%

11/19/19 11/19/19 125,000 61744YAH1 MORGAN STANLEY CORP NOTES 5/19/22 1,718.75 2.75%

11/19/19 11/19/19 225,000 857477AV5 STATE STREET CORP NOTES 5/19/21 2,193.75 1.95%

11/21/19 11/21/19 305,000 808513AW5 CHARLES SCHWAB CORP NOTES 5/21/21 4,956.25 3.25%

11/30/19 11/30/19 3,160,000 912828G61 US TREASURY NOTES 11/30/19 23,700.00 1.50%

12/2/19 12/2/19 0 MONEY0002 MONEY MARKET FUND 129.13

12/6/19 12/6/19 400,000 14913QAA7 CATERPILLAR FINL SERVICES CORP NOTES 6/6/22 4,800.00 2.40%

12/14/19 12/14/19 425,000 92826CAB8 VISA INC (CALLABLE) CORP NOTES 12/14/20 4,675.00 2.20%


of 79



Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

12/15/19 12/15/19 600,000 931142DU4 WAL-MART STORES INC CORP (CALLABLE) NOTE 12/15/22 7,050.00 2.35%

12/23/19 12/23/19 350,000 931142EJ8 WAL-MART STORES INC CORP NOTES 6/23/21 5,468.75 3.12%

12/31/19 12/31/19 1,500,000 912828U81 US TREASURY NOTES 12/31/21 15,000.00 2.00%

19,135,000 208,477.19Total INTEREST

MATURITY

11/30/19 11/30/19 3,160,000 912828G61 US TREASURY NOTES 11/30/19 3,160,000.00 0.00 1.50%

3,160,000 3,160,000.00 0.00Total MATURITY


of 79



Portfolio Activity


Security DescriptionCUSIPPar ($) Settle

Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

10/1/19 10/1/19 400,000.00 437076BL5 HOME DEPOT INC CORP NOTESINTEREST 4/1/21 4,000.00 2.00%

10/1/19 10/1/19 100,000.00 46647PBB1 JPMORGAN CHASE & CO BONDSINTEREST 4/1/23 1,683.68 3.20%

10/12/19 10/12/19 450,000.00 3135G0V59 FANNIE MAE NOTESINTEREST 4/12/22 5,062.50 2.25%

10/13/19 10/13/19 450,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 4/13/21 6,637.50 2.95%

10/15/19 10/15/19 225,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTEINTEREST 4/15/21 2,250.00 2.00%

10/15/19 10/15/19 400,000.00 06406FAA1 BANK OF NEW YORK MELLON CORP (CALLABLE)INTEREST 4/15/21 5,000.00 2.50%

10/19/19 10/19/19 445,000.00 06051GFW4 BANK OF AMERICA CORP NOTEINTEREST 4/19/21 5,840.63 2.62%

10/20/19 10/20/19 480,000.00 3137EAEF2 FHLMC AGENCY NOTESINTEREST 4/20/20 3,300.00 1.37%

10/21/19 10/21/19 300,000.00 61746BEA0 MORGAN STANLEY CORP NOTESINTEREST 4/21/21 3,750.00 2.50%

10/27/19 10/27/19 125,000.00 172967LQ2 CITIGROUP INC CORP NOTESINTEREST 10/27/22 1,687.50 2.70%

10/30/19 10/31/19 375,000.00 912828YK0 UNITED STATES TREASURY NOTESBUY 10/15/22 (372,295.72) 1.65%1.37%

10/31/19 10/31/19 625,000.00 912828F96 US TREASURY NOTESINTEREST 10/31/21 6,250.00 2.00%

10/31/19 10/31/19 5,000,000.00 912828F96 US TREASURY NOTESINTEREST 10/31/21 50,000.00 2.00%

11/10/19 11/10/19 295,000.00 69371RP26 PACCAR FINANCIAL CORPINTEREST 5/10/21 4,572.50 3.10%

11/11/19 11/11/19 300,000.00 369550BA5 GENERAL DYNAMICS CORPINTEREST 5/11/20 4,312.50 2.87%

11/15/19 11/15/19 1,500,000.00 9128285L0 UNITED STATES TREASURY NOTESINTEREST 11/15/21 21,562.50 2.87%

11/15/19 11/15/19 185,000.00 427866BA5 HERSHEY COMPANY CORP NOTESINTEREST 5/15/21 2,867.50 3.10%

11/15/19 11/15/19 340,000.00 14913Q2J7 CATERPILLAR FINL SERVICEINTEREST 5/15/20 5,015.00 2.95%

11/16/19 11/16/19 425,000.00 911312BC9 UNITED PARCEL SERVICE (CALLABLE) NOTESINTEREST 5/16/22 4,993.75 2.35%

11/19/19 11/19/19 125,000.00 61744YAH1 MORGAN STANLEY CORP NOTESINTEREST 5/19/22 1,718.75 2.75%


of 79



Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

11/19/19 11/19/19 225,000.00 857477AV5 STATE STREET CORP NOTESINTEREST 5/19/21 2,193.75 1.95%

11/21/19 11/21/19 305,000.00 808513AW5 CHARLES SCHWAB CORP NOTESINTEREST 5/21/21 4,956.25 3.25%

11/30/19 11/30/19 3,160,000.00 912828G61 US TREASURY NOTESINTEREST 11/30/19 23,700.00 1.50%

11/30/19 11/30/19 3,160,000.00 912828G61 US TREASURY NOTESMATURITY 11/30/19 3,160,000.00 0.00 1.50%

12/2/19 12/2/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 129.13

12/2/19 12/4/19 1,100,000.00 912828U65 US TREASURY NOTESBUY 11/30/21 (1,102,186.94) 1.66%1.75%

12/2/19 12/4/19 2,100,000.00 912828YK0 UNITED STATES TREASURY NOTESBUY 10/15/22 (2,088,030.61) 1.65%1.37%

12/5/19 12/6/19 500,000.00 89236TCQ6 TOYOTA MOTOR CREDIT CORP NOTESBUY 7/13/22 (517,211.11) 1.88%2.80%

12/5/19 12/6/19 400,000.00 459200HG9 IBM CORP NOTESBUY 8/1/22 (402,004.17) 1.93%1.87%

12/5/19 12/6/19 9,000,000.00 912828V72 US TREASURY NOTESBUY 1/31/22 (9,109,320.65) 1.61%1.87%

12/5/19 12/6/19 300,000.00 06406RAA5 BANK OF NY MELLON CORP (CALLABLE) NOTESBUY 2/7/22 (307,081.33) 1.89%2.60%

12/5/19 12/6/19 500,000.00 48128BAB7 JPMORGAN CHASE & CO (CALLABLE) NOTESBUY 1/15/23 (515,060.17) 2.35%2.97%

12/5/19 12/6/19 400,000.00 61744YAH1 MORGAN STANLEY CORP NOTESBUY 5/19/22 (406,683.44) 2.10%2.75%

12/5/19 12/6/19 8,000,000.00 9128282F6 US TREASURY N/B NOTESBUY 8/31/21 (7,954,608.52) 1.63%1.12%

12/5/19 12/6/19 300,000.00 95000U2B8 WELLS FARGO & COMPANY CORP NOTEBUY 7/22/22 (307,104.25) 2.08%2.62%

12/5/19 12/6/19 400,000.00 02665WCA7 AMERICAN HONDA FINANCE CORP NOTESBUY 11/16/22 (408,165.78) 1.93%2.60%

12/5/19 12/6/19 500,000.00 05531FAX1 BB&T CORP (CALLABLE) NOTESBUY 4/1/22 (510,562.64) 2.03%2.75%

12/5/19 12/6/19 400,000.00 06051GFZ7 BANK OF AMERICA CORP NOTEBUY 10/21/22 (404,967.50) 2.17%2.50%

12/5/19 12/6/19 450,000.00 025816BM0 AMERICAN EXPRESS CREDIT (CALLABLE) NOTESBUY 8/1/22 (459,193.75) 2.04%2.50%

12/5/19 12/9/19 800,000.00 90331HPF4 US BANK NA CINCINNATIBUY 1/9/23 (799,328.00) 1.98%1.95%

12/5/19 12/9/19 600,000.00 90520EAK7 MUFG UNION BANK NABUY 12/9/22 (600,000.00) 2.10%2.10%

12/6/19 12/6/19 400,000.00 14913QAA7 CATERPILLAR FINL SERVICES CORP NOTESINTEREST 6/6/22 4,800.00 2.40%


of 79



Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

12/6/19 12/10/19 285,000.00 427866BA5 HERSHEY COMPANY CORP NOTESBUY 5/15/21 (290,541.19) 1.87%3.10%

12/6/19 12/10/19 600,000.00 931142DU4 WAL-MART STORES INC CORP (CALLABLE) NOTEBUY 12/15/22 (615,050.17) 1.88%2.35%

12/9/19 12/10/19 11,700,000.00 912828Q78 US TREASURY NOTESBUY 4/30/21 (11,669,690.29) 1.67%1.37%

12/10/19 12/11/19 1,800,000.00 912828YK0 UNITED STATES TREASURY NOTESBUY 10/15/22 (1,789,229.51) 1.67%1.37%

12/14/19 12/14/19 425,000.00 92826CAB8 VISA INC (CALLABLE) CORP NOTESINTEREST 12/14/20 4,675.00 2.20%

12/15/19 12/15/19 600,000.00 931142DU4 WAL-MART STORES INC CORP (CALLABLE) NOTEINTEREST 12/15/22 7,050.00 2.35%

12/16/19 12/17/19 1,000,000.00 912828YW4 UNITED STATES TREASURY NOTESBUY 12/15/22 (998,799.74) 1.67%1.62%

12/16/19 12/17/19 1,500,000.00 912828U81 US TREASURY NOTESBUY 12/31/21 (1,523,585.26) 1.67%2.00%

12/23/19 12/23/19 350,000.00 931142EJ8 WAL-MART STORES INC CORP NOTESINTEREST 6/23/21 5,468.75 3.12%

12/26/19 12/27/19 550,000.00 912828P38 US TREASURY NOTESBUY 1/31/23 (555,358.02) 1.66%1.75%

12/31/19 12/31/19 1,500,000.00 912828U81 US TREASURY NOTESINTEREST 12/31/21 15,000.00 2.00%

TOTALS (40,337,581.57) 0.00


of 79



Portfolio Holdings

Managed Account Detail of Securities Held

Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost

Security Type/Description

CUSIP ParDated Date/Coupon/Maturity

U.S. Treasury Bond / Note

AA+ Aaa 1/3/2017 1/5/2017 1,250,057.81 6,591.03 1,259,731.00 1,259,594.281.51US TREASURY NOTES

DTD 02/02/2015 1.250% 01/31/2020

912828H52 1,260,000.00

AA+ Aaa 2/1/2017 2/3/2017 268,375.78 1,254.50 269,912.53 269,874.451.58US TREASURY NOTES

DTD 03/02/2015 1.375% 02/29/2020

912828J50 270,000.00


DTD 09/30/2015 1.375% 09/30/2020

912828L65 1,175,000.00


DTD 01/31/2016 1.375% 01/31/2021

912828N89 555,000.00


DTD 05/02/2016 1.375% 04/30/2021

912828Q78 11,700,000.00

AA+ Aaa 12/5/2019 12/6/2019 7,930,625.00 30,412.09 7,933,460.88 7,938,440.001.63US TREASURY N/B NOTES

DTD 08/31/2016 1.125% 08/31/2021

9128282F6 8,000,000.00

AA+ Aaa 9/27/2018 9/28/2018 746,865.23 6,119.51 748,169.82 764,385.002.90US TREASURY N/B

DTD 09/17/2018 2.750% 09/15/2021

9128285A4 750,000.00

AA+ Aaa 9/25/2018 9/26/2018 1,244,287.11 10,199.18 1,246,669.19 1,273,975.002.91US TREASURY N/B

DTD 09/17/2018 2.750% 09/15/2021

9128285A4 1,250,000.00


DTD 09/30/2016 1.125% 09/30/2021

912828T34 1,500,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 625,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 5,000,000.00

AA+ Aaa 12/10/2018 12/11/2018 1,506,210.94 5,568.34 1,504,035.15 1,535,391.002.73UNITED STATES TREASURY NOTES

DTD 11/15/2018 2.875% 11/15/2021

9128285L0 1,500,000.00


DTD 11/30/2016 1.750% 11/30/2021

912828U65 1,100,000.00

AA+ Aaa 12/16/2019 12/17/2019 1,509,726.56 82.42 1,509,539.37 1,512,012.001.67US TREASURY NOTES

DTD 01/03/2017 2.000% 12/31/2021

912828U81 1,500,000.00


DTD 01/15/2019 2.500% 01/15/2022

9128285V8 1,500,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost





DTD 01/15/2019 2.500% 01/15/2022

9128285V8 2,000,000.00


DTD 01/31/2017 1.875% 01/31/2022

912828V72 9,000,000.00


DTD 07/31/2017 1.875% 07/31/2022

9128282P4 1,100,000.00


DTD 08/15/2019 1.500% 08/15/2022

912828YA2 2,150,000.00


DTD 08/31/2017 1.625% 08/31/2022

9128282S8 1,500,000.00


DTD 10/15/2019 1.375% 10/15/2022

912828YK0 1,800,000.00

AA+ Aaa 10/30/2019 10/31/2019 372,070.31 1,098.87 372,235.03 372,714.751.65UNITED STATES TREASURY NOTES

DTD 10/15/2019 1.375% 10/15/2022

912828YK0 375,000.00


DTD 10/15/2019 1.375% 10/15/2022

912828YK0 2,100,000.00

AA+ Aaa 12/16/2019 12/17/2019 998,710.94 754.78 998,725.83 1,000,977.001.67UNITED STATES TREASURY NOTES

DTD 12/16/2019 1.625% 12/15/2022

912828YW4 1,000,000.00


DTD 02/01/2016 1.750% 01/31/2023

912828P38 550,000.00

1.89 59,374,926.13 59,065,764.39 277,459.01 59,260,000.00 58,976,349.80Security Type Sub-Total

Municipal Bond / Note

NR Aa1 8/8/2019 8/21/2019 340,000.00 2,135.11 340,000.00 339,581.801.74HONOLULU, HI TXBL GO BONDS

DTD 08/21/2019 1.739% 08/01/2022

438687KR5 340,000.00

1.74 339,581.80 340,000.00 2,135.11 340,000.00 340,000.00Security Type Sub-Total

Federal Agency Bond / Note


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Federal Agency Bond / Note

AA+ Aaa 2/24/2017 2/28/2017 479,692.80 2,460.00 479,983.48 479,907.361.52FNMA NOTES

DTD 02/28/2017 1.500% 02/28/2020

3135G0T29 480,000.00

AA+ Aaa 4/19/2017 4/20/2017 478,358.40 1,301.67 479,831.23 479,616.001.49FHLMC AGENCY NOTES

DTD 04/20/2017 1.375% 04/20/2020

3137EAEF2 480,000.00

AA+ Aaa 9/28/2017 9/29/2017 648,823.50 2,699.31 649,702.71 649,959.701.69FHLMC NOTES

DTD 09/29/2017 1.625% 09/29/2020

3137EAEJ4 650,000.00

AA+ Aaa 1/9/2019 1/11/2019 499,640.00 6,197.92 499,753.59 510,117.002.65FANNIE MAE NOTES

DTD 01/11/2019 2.625% 01/11/2022

3135G0U92 500,000.00

AA+ Aaa 4/11/2019 4/12/2019 448,524.00 2,221.88 448,868.89 456,731.552.36FANNIE MAE NOTES

DTD 04/12/2019 2.250% 04/12/2022

3135G0V59 450,000.00


Corporate Note

A A2 8/8/2018 8/10/2018 296,694.00 2,271.67 299,619.76 300,153.303.07HSBC USA INC NOTES

DTD 03/05/2015 2.350% 03/05/2020

40428HPR7 300,000.00

AA+ Aaa 9/28/2017 9/29/2017 436,497.71 2,656.88 435,062.97 435,028.281.77EXXON MOBIL (CALLABLE) CORP

NOTE

DTD 03/06/2015 1.912% 03/06/2020

30231GAG7 435,000.00

A+ A2 5/8/2018 5/11/2018 298,938.00 1,197.92 299,803.86 301,040.103.06GENERAL DYNAMICS CORP

DTD 05/11/2018 2.875% 05/11/2020

369550BA5 300,000.00

A A3 5/9/2018 5/16/2018 339,935.40 1,281.61 339,987.65 341,294.722.96CATERPILLAR FINL SERVICE

DTD 05/16/2018 2.950% 05/15/2020

14913Q2J7 340,000.00

A- A2 3/1/2018 3/2/2018 421,136.75 3,284.31 423,901.26 426,564.852.97AMERICAN EXP (CALLABLE) CREDIT

CORP NOTE

DTD 09/14/2015 2.600% 09/14/2020

0258M0DX4 425,000.00

AA- Aa3 5/10/2019 5/14/2019 422,896.25 441.53 423,726.90 426,692.782.52VISA INC (CALLABLE) CORP NOTES

DTD 12/14/2015 2.200% 12/14/2020

92826CAB8 425,000.00

AA- Aa3 1/3/2019 1/8/2019 134,919.00 1,978.69 134,958.10 136,633.103.08TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 01/08/2019 3.050% 01/08/2021

89236TFQ3 135,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A- A3 5/1/2018 5/3/2018 389,964.00 3,583.33 395,941.92 401,135.603.11BRANCH BANKING & TRUST

(CALLABLE) NOTES

DTD 10/26/2017 2.150% 02/01/2021

05531FAZ6 400,000.00

A A2 3/1/2018 3/2/2018 407,687.60 4,406.36 409,114.44 413,752.322.85IBM CORP CORP NOTES

DTD 02/06/2018 2.650% 02/05/2021

44932HAG8 410,000.00

A A2 2/12/2018 2/15/2018 449,370.00 4,604.38 449,759.39 454,125.152.70AMERICAN HONDA FINANCE

DTD 02/15/2018 2.650% 02/12/2021

02665WCD1 450,000.00

BBB+ A3 5/8/2018 5/10/2018 395,048.00 4,025.00 397,910.88 403,982.803.34GOLDMAN SACHS GROUP INC

(CALLABLE) NOTE

DTD 02/25/2016 2.875% 02/25/2021

38143U8F1 400,000.00

A- A2 2/13/2018 2/15/2018 307,312.30 2,635.00 308,944.19 312,397.852.85JP MORGAN CHASE & CO CORP NT

(CALLABLE)

DTD 03/01/2016 2.550% 03/01/2021

46625HQJ2 310,000.00

A+ A1 7/30/2018 7/31/2018 173,481.00 1,633.33 174,300.53 177,060.983.15PACCAR FINANCIAL CORP NOTES

DTD 02/27/2018 2.800% 03/01/2021

69371RN93 175,000.00

A A2 3/8/2018 3/13/2018 299,796.00 2,611.46 299,916.39 303,707.702.90JOHN DEERE CAPITAL CORP NOTES

DTD 03/13/2018 2.875% 03/12/2021

24422EUD9 300,000.00

A A2 8/8/2018 8/10/2018 273,630.50 2,348.19 274,353.47 278,095.133.10NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

63743HER9 275,000.00

A A2 5/1/2018 5/3/2018 389,176.00 2,000.00 395,243.36 400,969.202.98HOME DEPOT INC CORP NOTES

DTD 02/12/2016 2.000% 04/01/2021

437076BL5 400,000.00

AA- Aa3 5/1/2018 5/3/2018 448,425.00 2,876.25 449,298.84 456,786.903.07TOYOTA MOTOR CREDIT CORP

NOTES

DTD 04/13/2018 2.950% 04/13/2021

89236TEU5 450,000.00

A A1 3/1/2018 3/2/2018 393,588.00 2,111.11 397,282.13 402,766.003.04BANK OF NEW YORK MELLON CORP

(CALLABLE)

DTD 02/19/2016 2.500% 04/15/2021

06406FAA1 400,000.00

A+ A1 7/30/2018 7/31/2018 219,186.00 950.00 222,175.76 225,641.933.00PEPSICO INC CORP (CALLABLE)

NOTE

DTD 10/10/2017 2.000% 04/15/2021

713448DX3 225,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A- A2 2/13/2018 2/15/2018 441,195.25 2,336.25 443,406.32 449,077.092.91BANK OF AMERICA CORP NOTE

DTD 04/19/2016 2.625% 04/19/2021

06051GFW4 445,000.00

BBB+ A3 5/1/2018 5/3/2018 293,151.00 1,458.33 296,906.63 302,274.903.31MORGAN STANLEY CORP NOTES

DTD 04/21/2016 2.500% 04/21/2021

61746BEA0 300,000.00

A+ A1 5/7/2018 5/10/2018 294,923.30 1,295.54 294,964.41 300,166.343.11PACCAR FINANCIAL CORP

DTD 05/10/2018 3.100% 05/10/2021

69371RP26 295,000.00

A A1 12/6/2019 12/10/2019 289,927.65 1,128.92 289,728.82 289,824.771.87HERSHEY COMPANY CORP NOTES

DTD 05/10/2018 3.100% 05/15/2021

427866BA5 285,000.00

A A1 5/3/2018 5/10/2018 184,872.35 732.81 184,940.15 188,131.873.12HERSHEY COMPANY CORP NOTES

DTD 05/10/2018 3.100% 05/15/2021

427866BA5 185,000.00

A A1 7/30/2018 7/31/2018 217,896.75 511.88 221,417.15 225,466.433.14STATE STREET CORP NOTES

DTD 05/19/2016 1.950% 05/19/2021

857477AV5 225,000.00

A A2 5/17/2018 5/22/2018 304,990.85 1,101.39 304,995.55 310,949.943.25CHARLES SCHWAB CORP NOTES

DTD 05/22/2018 3.250% 05/21/2021

808513AW5 305,000.00

AA Aa2 6/20/2018 6/27/2018 349,982.50 243.06 349,990.69 357,483.703.13WAL-MART STORES INC CORP

NOTES

DTD 06/27/2018 3.125% 06/23/2021

931142EJ8 350,000.00

A- A3 7/29/2019 7/31/2019 139,994.40 1,350.61 139,995.58 140,792.262.30BOEING CO

DTD 07/31/2019 2.300% 08/01/2021

097023CL7 140,000.00

BBB+ A3 3/19/2019 3/21/2019 295,422.00 2,917.92 296,897.15 301,851.303.02CITIGROUP INC CORP NOTES

DTD 08/02/2016 2.350% 08/02/2021

172967KV2 300,000.00

A A2 9/5/2018 9/10/2018 124,961.25 1,204.43 124,977.72 127,882.133.14JOHN DEERE CAPITAL CORP CORP

NOTES

DTD 09/10/2018 3.125% 09/10/2021

24422EUK3 125,000.00

AA- A1 9/11/2018 9/14/2018 159,672.00 1,426.67 159,810.26 162,790.723.073M COMPANY

DTD 09/14/2018 3.000% 09/14/2021

88579YBA8 160,000.00

A+ A3 8/9/2019 8/13/2019 179,362.75 1,777.71 178,577.77 178,989.132.22BURLINGTN NORTH SANTA FE CORP

NOTES

DTD 08/22/2011 3.450% 09/15/2021

12189LAF8 175,000.00

A+ A1 1/8/2019 1/10/2019 339,332.00 1,958.06 343,118.56 350,733.253.09ORACLE CORP (CALLABLE) NOTES

DTD 07/07/2016 1.900% 09/15/2021

68389XBK0 350,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

AA- A1 9/4/2018 9/7/2018 299,595.00 2,650.00 299,766.20 306,357.903.05PFIZER INC CORP NOTE

DTD 09/07/2018 3.000% 09/15/2021

717081EM1 300,000.00

A A1 12/5/2019 12/6/2019 304,503.00 3,120.00 304,357.36 304,562.101.89BANK OF NY MELLON CORP

(CALLABLE) NOTES

DTD 02/07/2017 2.600% 02/07/2022

06406RAA5 300,000.00

AA A1 1/14/2019 1/16/2019 368,032.50 3,451.56 370,146.20 378,747.002.99MERCK & CO INC CORP NOTES

DTD 02/10/2015 2.350% 02/10/2022

58933YAQ8 375,000.00

AA- A1 2/12/2019 2/22/2019 199,906.00 1,833.33 199,931.26 203,627.202.773M COMPANY BONDS

DTD 02/22/2019 2.750% 03/01/2022

88579YBF7 200,000.00

AAA Aaa 3/5/2019 3/7/2019 394,828.00 2,950.00 396,201.98 404,420.402.70JOHNSON & JOHNSON CORP NOTES

DTD 03/03/2017 2.250% 03/03/2022

478160CD4 400,000.00

AA+ Aaa 11/26/2018 11/28/2018 29,077.50 229.71 29,374.81 30,326.973.40EXXON MOBIL CORP (CALLABLE)

NOTE

DTD 03/06/2015 2.397% 03/06/2022

30231GAJ1 30,000.00

AA+ Aaa 11/26/2018 11/28/2018 92,115.80 727.42 93,045.47 96,035.413.38EXXON MOBIL CORP (CALLABLE)

NOTE

DTD 03/06/2015 2.397% 03/06/2022

30231GAJ1 95,000.00

A+ A1 9/4/2018 9/7/2018 248,790.00 2,375.00 249,230.06 256,066.753.15UNILEVER CAPITAL CORP

DTD 09/07/2018 3.000% 03/07/2022

904764BF3 250,000.00

A- A2 6/21/2019 6/25/2019 164,507.20 1,757.78 163,670.22 165,234.082.42WELLS FARGO & COMPANY CORP

NOTES

DTD 03/08/2012 3.500% 03/08/2022

94974BFC9 160,000.00


NOTES

DTD 03/08/2012 3.500% 03/08/2022

94974BFC9 250,000.00

AA- A1 3/4/2019 3/11/2019 59,996.40 513.33 59,997.34 61,265.822.80PFIZER INC CORP BONDS

DTD 03/11/2019 2.800% 03/11/2022

717081ER0 60,000.00

A+ A1 7/24/2019 7/26/2019 178,477.25 1,545.83 177,906.09 179,055.282.22US BANCORP (CALLABLE) NOTE

DTD 03/02/2012 3.000% 03/15/2022

91159HHC7 175,000.00

A+ A1 9/27/2019 9/30/2019 256,157.50 2,208.33 255,515.05 255,793.251.97US BANCORP (CALLABLE) NOTE

DTD 03/02/2012 3.000% 03/15/2022

91159HHC7 250,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A- A3 12/5/2019 12/6/2019 508,080.00 3,437.50 507,835.47 508,860.502.03BB&T CORP (CALLABLE) NOTES

DTD 03/21/2017 2.750% 04/01/2022

05531FAX1 500,000.00

A A2 6/26/2019 6/27/2019 427,392.75 1,248.44 426,971.08 429,760.432.15UNITED PARCEL SERVICE

(CALLABLE) NOTES

DTD 05/16/2017 2.350% 05/16/2022

911312BC9 425,000.00

BBB+ A3 12/5/2019 12/6/2019 406,164.00 1,283.33 405,993.42 407,386.802.10MORGAN STANLEY CORP NOTES

DTD 05/19/2017 2.750% 05/19/2022

61744YAH1 400,000.00

BBB+ A3 6/21/2019 6/25/2019 126,315.00 401.04 126,088.36 127,308.382.37MORGAN STANLEY CORP NOTES

DTD 05/19/2017 2.750% 05/19/2022

61744YAH1 125,000.00

A A3 6/21/2019 6/25/2019 402,324.00 666.67 401,929.12 405,172.002.20CATERPILLAR FINL SERVICES CORP

NOTES

DTD 06/06/2017 2.400% 06/06/2022

14913QAA7 400,000.00

AA- Aa3 12/5/2019 12/6/2019 511,650.00 6,533.33 511,349.85 511,795.001.88TOYOTA MOTOR CREDIT CORP

NOTES

DTD 07/13/2015 2.800% 07/13/2022

89236TCQ6 500,000.00


NOTE

DTD 07/24/2017 2.625% 07/22/2022

95000U2B8 300,000.00

BBB+ A3 12/5/2019 12/6/2019 455,287.50 4,687.50 455,150.74 455,376.152.04AMERICAN EXPRESS CREDIT

(CALLABLE) NOTES

DTD 08/01/2017 2.500% 08/01/2022

025816BM0 450,000.00

A A2 12/5/2019 12/6/2019 399,400.00 3,125.00 399,416.98 399,960.401.93IBM CORP NOTES

DTD 07/30/2012 1.875% 08/01/2022

459200HG9 400,000.00

A+ A2 8/9/2019 8/13/2019 328,945.50 3,194.70 328,449.19 329,180.481.95NORTHERN TRUST COMPANY CORP

NOTES

DTD 08/02/2012 2.375% 08/02/2022

665859AN4 325,000.00

A A2 7/30/2019 8/8/2019 89,909.10 768.63 89,920.81 90,828.632.19HONEYWELL INTERNATIONAL

CORPORATE NOTE

DTD 08/08/2019 2.150% 08/08/2022

438516BT2 90,000.00

AA+ Aaa 8/13/2019 8/16/2019 250,000.00 1,783.13 250,000.00 251,380.001.90EXXON MOBIL CORPORATION

DTD 08/16/2019 1.902% 08/16/2022

30231GBB7 250,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A A1 8/20/2019 8/23/2019 74,976.00 520.00 74,978.78 75,165.681.96BANK OF NY MELLON CORP CORP

NOTES

DTD 08/23/2019 1.950% 08/23/2022

06406RAK3 75,000.00

A A2 9/3/2019 9/6/2019 119,739.60 632.50 119,766.80 119,705.401.72WALT DISNEY COMPANY/THE

DTD 09/06/2019 1.650% 09/01/2022

254687FJ0 120,000.00

AA+ Aa1 9/4/2019 9/11/2019 124,978.75 649.31 124,980.87 124,912.001.71APPLE INC

DTD 09/11/2019 1.700% 09/11/2022

037833DL1 125,000.00

AA+ Aa1 9/27/2019 9/30/2019 327,466.75 2,066.46 327,254.84 328,275.681.83APPLE INC CORP (CALLABLE) NOTES

DTD 09/12/2017 2.100% 09/12/2022

037833DC1 325,000.00

AA A1 3/13/2019 3/15/2019 123,722.50 883.33 124,002.30 126,949.382.71MERCK & CO INC CORP NOTES

DTD 09/13/2012 2.400% 09/15/2022

589331AT4 125,000.00

A- A2 12/5/2019 12/6/2019 403,716.00 1,946.78 403,629.46 403,893.602.17BANK OF AMERICA CORP NOTE

DTD 10/21/2016 2.503% 10/21/2022

06051GFZ7 400,000.00

BBB+ A3 6/21/2019 6/25/2019 125,881.25 600.00 125,751.33 127,081.002.48CITIGROUP INC CORP NOTES

DTD 10/27/2017 2.700% 10/27/2022

172967LQ2 125,000.00

A A2 12/5/2019 12/6/2019 407,588.00 1,300.00 407,413.64 408,090.401.93AMERICAN HONDA FINANCE CORP

NOTES

DTD 11/16/2017 2.600% 11/16/2022

02665WCA7 400,000.00

A A2 12/5/2019 12/9/2019 600,000.00 770.00 600,000.00 601,685.402.10MUFG UNION BANK NA

DTD 12/09/2019 2.100% 12/09/2022

90520EAK7 600,000.00

AA Aa2 12/6/2019 12/10/2019 608,196.00 626.67 608,037.62 610,501.801.88WAL-MART STORES INC CORP

(CALLABLE) NOTE

DTD 10/20/2017 2.350% 12/15/2022

931142DU4 600,000.00

AA- A1 12/5/2019 12/9/2019 799,328.00 953.33 799,341.62 799,302.401.98US BANK NA CINCINNATI

DTD 12/09/2019 1.950% 01/09/2023

90331HPF4 800,000.00

A- A2 12/5/2019 12/6/2019 509,240.00 6,852.11 508,945.84 509,464.502.35JPMORGAN CHASE & CO (CALLABLE)

NOTES

DTD 12/08/2016 2.972% 01/15/2023

48128BAB7 500,000.00

A- A2 3/15/2019 3/22/2019 100,000.00 801.75 100,000.00 102,384.703.21JPMORGAN CHASE & CO BONDS

DTD 03/22/2019 3.207% 04/01/2023

46647PBB1 100,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




83,367,053.91 83,660,000.00 436,133.96 83,506,669.55 84,033,656.38 2.06 Managed Account Sub Total

$436,133.96 $83,506,669.55 $84,033,656.38 Securities Sub-Total

Accrued Interest $436,133.96

Total Investments $84,469,790.34

2.06%$83,660,000.00 $83,367,053.91

Bolded items are forward settling trades.


of 79

PALM BEACH COUNTY SD SHORT TERM FUND


Portfolio Snapshot



$560,000,000

$560,545,177

$556,477,737

$98,443

$3,968,998

Accrued Interest:

Cash:

Par Value:

Total Market Value:


Benchmark Eff. Yield: 1.68%

$556,641,139

1.81%

1.75%

AAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





62.5%

A-1

17.9%

A-1+

19.6%

AA+

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%


Sector Allocation

80.4%

Commercial

Paper

19.6%

U.S.

Treasury



of 79




Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$135,988,992.00

$420,047,846.65

$440,898.35

$116,569.55

$557,467.90

$556,477,737.00

$135,986,944.00

$420,047,846.65

$606,348.65

$116,569.55

$722,918.20

$556,641,139.30

Portfolio Earnings




of 79




Sector Allocation



Commercial Paper 447.5 80.4% 36.0 26.5% 135.5 40.5% 340.3 51.1%

U.S. Treasury 109.0 19.6% 100.0 73.5% 199.2 59.5% 225.6 33.8%

Federal Agency/GSE 0.0 0.0% 0.0 0.0% 0.0 0.0% 100.8 15.1%

$556.5 100.0% $136.0 100.0% $334.6 100.0% $666.7 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

December 2019 September 2019 June 2019 March 2019

Federal Agency/GSE

U.S. Treasury

Commercial Paper



of 79






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield


Average

Maturity

PALM BEACH COUNTY SD SHORT TERM FUND 1.81% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.41 yrs

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%



of 79




Credit Quality



62.5%$348,001,554A-1

19.6%$108,962,343AA+

17.9%$99,513,840A-1+

Totals 100.0%$556,477,737

62.5%

A-1

17.9%

A-1+

19.6%

AA+



of 79




Issuer Distribution




EXXON MOBIL CORP 49,863,000 9.0%

BANK OF MONTREAL 34,854,400 6.3%

PFIZER INC 34,797,402 6.3%

SUMITOMO MITSUI TRUST HOLDINGS INC 34,779,230 6.3%

RABOBANK NEDERLAND 34,703,515 6.2%

MIZUHO FINANCIAL GROUP INC. 34,697,040 6.2%

CREDIT SUISSE GROUP 34,579,405 6.2%

CREDIT AGRICOLE SA 30,729,215 5.5%

BNP PARIBAS 30,712,289 5.5%

MITSUBISHI UFJ FINANCIAL GROUP INC 30,635,905 5.5%

NATIXIS NY BRANCH 30,624,590 5.5%

COCA-COLA COMPANY 25,839,970 4.6%

AMERICAN HONDA FINANCE 14,943,510 2.7%

TOYOTA MOTOR CORP 14,853,438 2.7%

THE WALT DISNEY CORPORATION 10,902,485 2.0%

556,477,737 100.0%Grand Total:

To

p 5

= 4

7.3

%

To

p 1

0 =

77.0

%


of 79







Commercial Paper

AMERICAN HONDA FINANCE 2.7% 3.3% 14,943,510

BANK OF MONTREAL 6.3% 7.8% 34,854,400

BNP PARIBAS 5.5% 6.9% 30,712,289

COCA-COLA COMPANY 4.6% 5.8% 25,839,970

CREDIT AGRICOLE SA 5.5% 6.9% 30,729,215

CREDIT SUISSE GROUP 6.2% 7.7% 34,579,405

EXXON MOBIL CORP 9.0% 11.1% 49,863,000

MITSUBISHI UFJ FINANCIAL GROUP INC 5.5% 6.8% 30,635,905

MIZUHO FINANCIAL GROUP INC. 6.2% 7.8% 34,697,040

NATIXIS NY BRANCH 5.5% 6.8% 30,624,590

PFIZER INC 6.3% 7.8% 34,797,402

RABOBANK NEDERLAND 6.2% 7.8% 34,703,515

SUMITOMO MITSUI TRUST HOLDINGS INC 6.2% 7.8% 34,779,230

THE WALT DISNEY CORPORATION 2.0% 2.4% 10,902,485

TOYOTA MOTOR CORP 2.7% 3.3% 14,853,438

100.0% 80.4% 447,515,394 Sector Total

U.S. Treasury



100.0% 19.6% 108,962,343 Sector Total

100.0% 556,477,737 Portfolio Total 100.0%

of 79



Portfolio Activity


Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

12/5/19 12/5/19 31,000,000 09659BFS4 BNP PARIBAS NY BRANCH COMM PAPER 6/26/20 30,687,313.33 1.80%0.00%

12/5/19 12/5/19 50,000,000 30229ABT5 EXXON MOBIL CORP COMM PAPER 2/27/20 49,804,000.00 1.69%0.00%

12/5/19 12/5/19 30,000,000 86563GDF6 SUMITOMO MITSUI TRUST NY COMM PAPER 4/15/20 29,799,800.00 1.83%0.00%

12/5/19 12/5/19 35,000,000 21687AFF5 COOPERATIEVE RABOBANK U.A. COMM PAPER 6/15/20 34,666,002.78 1.80%0.00%

12/5/19 12/5/19 31,000,000 62479LHA6 MUFG BANK LTD/NY COMM PAPER 8/10/20 30,599,040.83 1.89%0.00%

12/5/19 12/5/19 35,000,000 2254EAHA4 CREDIT SUISSE NEW YORK COMM PAPER 8/10/20 34,554,566.67 1.86%0.00%

12/5/19 12/5/19 24,000,000 71708EE50 PFIZER INC COMM PAPER 5/5/20 23,822,666.67 1.76%0.00%

12/5/19 12/5/19 11,000,000 71708EDD4 PFIZER INC COMM PAPER 4/13/20 10,931,280.56 1.74%0.00%

12/5/19 12/5/19 31,000,000 22533TFK7 CREDIT AGRICOLE CIB NY COMM PAPER 6/19/20 30,692,953.61 1.83%0.00%

12/5/19 12/5/19 35,000,000 60689FFF0 MIZUHO BANK LTD/NY COMM PAPER 6/15/20 34,657,559.03 1.84%0.00%

12/5/19 12/5/19 31,000,000 63873JHA1 NATIXIS NY BRANCH COMM PAPER 8/10/20 30,603,329.17 1.87%0.00%

12/5/19 12/6/19 35,000,000 06366GCG2 BANK OF MONTREAL CHICAGO 3/16/20 34,824,137.68 1.80%0.00%

12/6/19 12/6/19 50,000,000 912828XU9 US TREASURY NOTES 6/15/20 50,346,791.76 1.54%1.50%


12/6/19 12/6/19 9,000,000 912828X21 US TREASURY N/B NOTES 4/15/20 9,018,125.64 1.53%1.50%

12/6/19 12/6/19 15,000,000 02665JCJ7 AMERICAN HONDA FINANCE COMM PAPER 3/18/20 14,926,612.50 1.72%0.00%

12/9/19 12/9/19 3,000,000 89233GHA7 TOYOTA MOTOR CREDIT CORP COMM PAPER 8/10/20 2,962,841.67 1.84%0.00%


12/9/19 12/9/19 12,000,000 89233GFS0 TOYOTA MOTOR CREDIT CORP COMM PAPER 6/26/20 11,877,333.33 1.86%0.00%

12/9/19 12/9/19 11,000,000 2546R2FR2 WALT DISNEY COMPANY COMM PAPER 6/25/20 10,894,806.39 1.75%0.00%

12/9/19 12/9/19 5,000,000 86563GFS6 SUMITOMO MITSUI TRUST NY COMM PAPER 6/26/20 4,949,722.22 1.83%0.00%

12/9/19 12/9/19 26,000,000 19121AE72 COCA-COLA COMPANY COMM PAPER 5/7/20 25,815,833.33 1.71%0.00%

560,000,000 556,781,002.39Total BUY


of 79



Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

INTEREST



12/15/19 12/15/19 7,000,000 912828XU9 US TREASURY NOTES 6/15/20 52,500.00 1.50%



100,000,000 751,282.66Total INTEREST

MATURITY

10/1/19 10/1/19 36,000,000 62479MX16 MUFG BANK LTD/NY COMM PAPER 10/1/19 36,000,000.00 0.00 0.00%

10/3/19 10/3/19 50,000,000 912796SL4 UNITED STATES TREASURY BILL 10/3/19 50,000,000.00 0.00 0.00%

10/3/19 10/3/19 50,000,000 912796SL4 UNITED STATES TREASURY BILL 10/3/19 50,000,000.00 0.00 0.00%

136,000,000 136,000,000.00 0.00Total MATURITY


of 79



Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


10/1/19 10/1/19 36,000,000.00 62479MX16 MUFG BANK LTD/NY COMM PAPERMATURITY 10/1/19 36,000,000.00 0.00 0.00%

10/3/19 10/3/19 50,000,000.00 912796SL4 UNITED STATES TREASURY BILLMATURITY 10/3/19 50,000,000.00 0.00 0.00%

10/3/19 10/3/19 50,000,000.00 912796SL4 UNITED STATES TREASURY BILLMATURITY 10/3/19 50,000,000.00 0.00 0.00%


12/5/19 12/5/19 31,000,000.00 09659BFS4 BNP PARIBAS NY BRANCH COMM PAPERBUY 6/26/20 (30,687,313.33) 1.80%0.00%

12/5/19 12/5/19 50,000,000.00 30229ABT5 EXXON MOBIL CORP COMM PAPERBUY 2/27/20 (49,804,000.00) 1.69%0.00%

12/5/19 12/5/19 30,000,000.00 86563GDF6 SUMITOMO MITSUI TRUST NY COMM PAPERBUY 4/15/20 (29,799,800.00) 1.83%0.00%

12/5/19 12/5/19 35,000,000.00 21687AFF5 COOPERATIEVE RABOBANK U.A. COMM PAPERBUY 6/15/20 (34,666,002.78) 1.80%0.00%

12/5/19 12/5/19 31,000,000.00 62479LHA6 MUFG BANK LTD/NY COMM PAPERBUY 8/10/20 (30,599,040.83) 1.89%0.00%

12/5/19 12/5/19 35,000,000.00 2254EAHA4 CREDIT SUISSE NEW YORK COMM PAPERBUY 8/10/20 (34,554,566.67) 1.86%0.00%

12/5/19 12/5/19 24,000,000.00 71708EE50 PFIZER INC COMM PAPERBUY 5/5/20 (23,822,666.67) 1.76%0.00%

12/5/19 12/5/19 11,000,000.00 71708EDD4 PFIZER INC COMM PAPERBUY 4/13/20 (10,931,280.56) 1.74%0.00%

12/5/19 12/5/19 31,000,000.00 22533TFK7 CREDIT AGRICOLE CIB NY COMM PAPERBUY 6/19/20 (30,692,953.61) 1.83%0.00%

12/5/19 12/5/19 35,000,000.00 60689FFF0 MIZUHO BANK LTD/NY COMM PAPERBUY 6/15/20 (34,657,559.03) 1.84%0.00%

12/5/19 12/5/19 31,000,000.00 63873JHA1 NATIXIS NY BRANCH COMM PAPERBUY 8/10/20 (30,603,329.17) 1.87%0.00%

12/5/19 12/6/19 35,000,000.00 06366GCG2 BANK OF MONTREAL CHICAGOBUY 3/16/20 (34,824,137.68) 1.80%0.00%

12/6/19 12/6/19 50,000,000.00 912828XU9 US TREASURY NOTESBUY 6/15/20 (50,346,791.76) 1.54%1.50%


12/6/19 12/6/19 9,000,000.00 912828X21 US TREASURY N/B NOTESBUY 4/15/20 (9,018,125.64) 1.53%1.50%


of 79



Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

12/6/19 12/6/19 15,000,000.00 02665JCJ7 AMERICAN HONDA FINANCE COMM PAPERBUY 3/18/20 (14,926,612.50) 1.72%0.00%

12/9/19 12/9/19 3,000,000.00 89233GHA7 TOYOTA MOTOR CREDIT CORP COMM PAPERBUY 8/10/20 (2,962,841.67) 1.84%0.00%


12/9/19 12/9/19 12,000,000.00 89233GFS0 TOYOTA MOTOR CREDIT CORP COMM PAPERBUY 6/26/20 (11,877,333.33) 1.86%0.00%

12/9/19 12/9/19 11,000,000.00 2546R2FR2 WALT DISNEY COMPANY COMM PAPERBUY 6/25/20 (10,894,806.39) 1.75%0.00%

12/9/19 12/9/19 5,000,000.00 86563GFS6 SUMITOMO MITSUI TRUST NY COMM PAPERBUY 6/26/20 (4,949,722.22) 1.83%0.00%

12/9/19 12/9/19 26,000,000.00 19121AE72 COCA-COLA COMPANY COMM PAPERBUY 5/7/20 (25,815,833.33) 1.71%0.00%

12/15/19 12/15/19 7,000,000.00 912828XU9 US TREASURY NOTESINTEREST 6/15/20 52,500.00 1.50%



TOTALS (420,029,719.73) 0.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 12/6/2019 12/6/2019 8,998,945.31 28,770.49 8,999,154.63 8,997,543.001.53US TREASURY N/B NOTES

DTD 04/17/2017 1.500% 04/15/2020

912828X21 9,000,000.00


DTD 06/15/2017 1.500% 06/15/2020

912828XU9 50,000,000.00


DTD 06/15/2017 1.500% 06/15/2020

912828XU9 7,000,000.00


DTD 06/15/2017 1.500% 06/15/2020

912828XU9 43,000,000.00


Commercial Paper

A-1+ P-1 12/5/2019 12/5/2019 49,804,000.00 0.00 49,867,000.00 49,863,000.001.69EXXON MOBIL CORP COMM PAPER

DTD 12/05/2019 0.000% 02/27/2020

30229ABT5 50,000,000.00

A-1 P-1 12/5/2019 12/6/2019 34,824,137.68 0.00 34,869,409.05 34,854,400.001.80BANK OF MONTREAL CHICAGO

DTD 12/05/2019 0.000% 03/16/2020

06366GCG2 35,000,000.00

A-1 P-1 12/6/2019 12/6/2019 14,926,612.50 0.00 14,945,137.50 14,943,510.001.72AMERICAN HONDA FINANCE COMM

PAPER

DTD 11/22/2019 0.000% 03/18/2020

02665JCJ7 15,000,000.00

A-1+ P-1 12/5/2019 12/5/2019 10,931,280.56 0.00 10,945,552.97 10,945,242.001.74PFIZER INC COMM PAPER

DTD 11/19/2019 0.000% 04/13/2020

71708EDD4 11,000,000.00

A-1 P-1 12/5/2019 12/5/2019 29,799,800.00 0.00 29,840,749.80 29,825,460.001.83SUMITOMO MITSUI TRUST NY COMM

PAPER

DTD 12/05/2019 0.000% 04/15/2020

86563GDF6 30,000,000.00

A-1+ P-1 12/5/2019 12/5/2019 23,822,666.67 0.00 23,854,166.64 23,852,160.001.76PFIZER INC COMM PAPER

DTD 11/20/2019 0.000% 05/05/2020

71708EE50 24,000,000.00

A-1 P-1 12/9/2019 12/9/2019 25,815,833.33 0.00 25,844,072.02 25,839,970.001.71COCA-COLA COMPANY COMM PAPER

DTD 12/09/2019 0.000% 05/07/2020

19121AE72 26,000,000.00

A-1 P-1 12/5/2019 12/5/2019 34,657,559.03 0.00 34,705,465.20 34,697,040.001.84MIZUHO BANK LTD/NY COMM PAPER

DTD 12/05/2019 0.000% 06/15/2020

60689FFF0 35,000,000.00


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Commercial Paper

A-1 P-1 12/5/2019 12/5/2019 34,666,002.78 0.00 34,712,727.70 34,703,515.001.80COOPERATIEVE RABOBANK U.A.

COMM PAPER

DTD 12/05/2019 0.000% 06/15/2020

21687AFF5 35,000,000.00

A-1 P-1 12/5/2019 12/5/2019 30,692,953.61 0.00 30,735,035.87 30,729,215.001.83CREDIT AGRICOLE CIB NY COMM

PAPER

DTD 12/05/2019 0.000% 06/19/2020

22533TFK7 31,000,000.00

A-1 P-1 12/9/2019 12/9/2019 10,894,806.39 0.00 10,906,964.42 10,902,485.001.75WALT DISNEY COMPANY COMM

PAPER

DTD 11/07/2019 0.000% 06/25/2020

2546R2FR2 11,000,000.00

A-1 P-1 12/5/2019 12/5/2019 30,687,313.33 0.00 30,728,698.23 30,712,289.001.80BNP PARIBAS NY BRANCH COMM

PAPER

DTD 11/19/2019 0.000% 06/26/2020

09659BFS4 31,000,000.00

A-1 P-1 12/9/2019 12/9/2019 4,949,722.22 0.00 4,955,504.15 4,953,770.001.83SUMITOMO MITSUI TRUST NY COMM

PAPER

DTD 12/09/2019 0.000% 06/26/2020

86563GFS6 5,000,000.00

A-1+ P-1 12/9/2019 12/9/2019 11,877,333.33 0.00 11,891,439.96 11,888,448.001.86TOYOTA MOTOR CREDIT CORP COMM

PAPER

DTD 10/02/2019 0.000% 06/26/2020

89233GFS0 12,000,000.00

A-1 P-1 12/5/2019 12/5/2019 30,603,329.17 0.00 30,646,341.46 30,624,590.001.87NATIXIS NY BRANCH COMM PAPER

DTD 12/05/2019 0.000% 08/10/2020

63873JHA1 31,000,000.00

A-1 P-1 12/5/2019 12/5/2019 30,599,040.83 0.00 30,642,518.23 30,635,905.001.89MUFG BANK LTD/NY COMM PAPER

DTD 12/05/2019 0.000% 08/10/2020

62479LHA6 31,000,000.00

A-1+ P-1 12/9/2019 12/9/2019 2,962,841.67 0.00 2,966,329.98 2,964,990.001.84TOYOTA MOTOR CREDIT CORP COMM

PAPER

DTD 11/13/2019 0.000% 08/10/2020

89233GHA7 3,000,000.00

A-1 P-1 12/5/2019 12/5/2019 34,554,566.67 0.00 34,602,866.55 34,579,405.001.86CREDIT SUISSE NEW YORK COMM

PAPER

DTD 11/14/2019 0.000% 08/10/2020

2254EAHA4 35,000,000.00

1.80 447,515,394.00 447,659,979.73 0.00 451,000,000.00 447,069,799.77Security Type Sub-Total


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



556,047,846.65 560,000,000.00 98,442.63 556,641,139.30 556,477,737.00 1.75 Managed Account Sub Total

$98,442.63 $556,641,139.30 $556,477,737.00 Securities Sub-Total

Accrued Interest $98,442.63


1.75%$560,000,000.00 $556,047,846.65



of 79

PALM BEACH COUNTY SD TAN PROCEEDS


Portfolio Snapshot



$115,725,000

$117,172,473

$116,164,853

$1,007,620

-

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$116,189,191

1.68%

1.65%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





12.0%

A-1

88.0%

AA+

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%


Sector Allocation

12.0%

Commercial

Paper

88.0%

U.S.

Treasury



of 79




Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$0.00

$116,269,245.92

($104,392.89)

$294,248.48

$189,855.59

$116,164,853.03

$0.00

$116,269,245.92

($80,054.89)

$294,248.48

$214,193.59

$116,189,191.03

Portfolio Earnings




of 79




Sector Allocation


Market Value ($) % of PortfolioSector

U.S. Treasury 102,236,376 88.0%

Commercial Paper 13,928,477 12.0%

Total $116,164,853 100.0%

12.0%

Commercial

Paper

88.0%U.S. Treasury



of 79




Sector Allocation


Market Value ($)Sector % of Portfolio % of Benchmark

- 88.0% 102,236,376 U.S. Treasury

- 12.0% 13,928,477 Commercial Paper

$116,164,853 100.0% 0.0%Total

0%

20%

40%

60%

80%

100%

Commercial Paper U.S. Treasury

12.0%

88.0%

0.0% 0.0%




of 79




Sector Allocation



U.S. Treasury 102.2 88.0% 0.0 0.0% 94.5 81.0% 94.1 81.1%

Commercial Paper 13.9 12.0% 0.0 0.0% 22.1 19.0% 22.0 18.9%

$116.2 100.0% $0.0 0.0% $116.6 100.0% $116.0 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

December 2019 June 2019 March 2019

Commercial Paper

U.S. Treasury



of 79






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield


Average

Maturity

PALM BEACH COUNTY SD TAN PROCEEDS 1.68% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.63 yrs

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%



of 79





Duration Distribution

> 5 YEARS4-5 YEARS3-4 YEARS2-3 YEARS1-2 YEARS0-1 YEARSEffective

DurationPortfolio / Benchmark

PALM BEACH COUNTY SD TAN PROCEEDS 0.61 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0%

20%

40%

60%

80%

100%


100%

0% 0% 0% 0% 0%

Distribution by Effective Duration

0%

20%

40%

60%

80%

100%


100%

0% 0% 0% 0% 0%

Contribution to Portfolio Duration


of 79




Credit Quality



88.0%$102,236,376AA+

12.0%$13,928,477A-1

Totals 100.0%$116,164,853

12.0%

A-1

88.0%

AA+



of 79




Issuer Distribution




BNP PARIBAS 3,483,405 3.0%

CREDIT AGRICOLE SA 3,483,292 3.0%

NATIXIS NY BRANCH 3,480,948 3.0%

MITSUBISHI UFJ FINANCIAL GROUP INC 3,480,832 3.0%

116,164,853 100.0%Grand Total:


of 79







Commercial Paper

BNP PARIBAS 3.0% 25.0% 3,483,405

CREDIT AGRICOLE SA 3.0% 25.0% 3,483,292

MITSUBISHI UFJ FINANCIAL GROUP INC 3.0% 25.0% 3,480,832

NATIXIS NY BRANCH 3.0% 25.0% 3,480,948

100.0% 12.0% 13,928,477 Sector Total

U.S. Treasury


100.0% 88.0% 102,236,376 Sector Total

100.0% 116,164,853 Portfolio Total 100.0%


of 79



Portfolio Activity


Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

11/21/19 11/22/19 3,525,000 09659BHH6 BNP PARIBAS NY BRANCH COMM PAPER 8/17/20 3,476,798.56 1.86%0.00%

11/21/19 11/22/19 98,175,000 912828NT3 US TREASURY NOTES 8/15/20 99,581,596.48 1.62%2.62%

11/21/19 11/22/19 3,525,000 63873JHH6 NATIXIS NY BRANCH COMM PAPER 8/17/20 3,476,008.38 1.89%0.00%

11/21/19 11/22/19 3,525,000 62479LHH1 MUFG BANK LTD/NY COMM PAPER 8/17/20 3,475,481.58 1.91%0.00%

11/21/19 11/22/19 3,525,000 22533THH2 CREDIT AGRICOLE CIB NY COMM PAPER 8/17/20 3,477,588.75 1.82%0.00%

11/22/19 11/22/19 3,450,000 912828NT3 US TREASURY NOTES 8/15/20 3,499,429.69 1.62%2.62%

115,725,000 116,986,903.44Total BUY

INTEREST


12/2/19 12/2/19 0 MONEY0002 MONEY MARKET FUND 4,285.84

0 4,286.16Total INTEREST


of 79



Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


11/21/19 11/22/19 3,525,000.00 63873JHH6 NATIXIS NY BRANCH COMM PAPERBUY 8/17/20 (3,476,008.38) 1.89%0.00%

11/21/19 11/22/19 3,525,000.00 09659BHH6 BNP PARIBAS NY BRANCH COMM PAPERBUY 8/17/20 (3,476,798.56) 1.86%0.00%

11/21/19 11/22/19 98,175,000.00 912828NT3 US TREASURY NOTESBUY 8/15/20 (99,581,596.48) 1.62%2.62%

11/21/19 11/22/19 3,525,000.00 62479LHH1 MUFG BANK LTD/NY COMM PAPERBUY 8/17/20 (3,475,481.58) 1.91%0.00%

11/21/19 11/22/19 3,525,000.00 22533THH2 CREDIT AGRICOLE CIB NY COMM PAPERBUY 8/17/20 (3,477,588.75) 1.82%0.00%

11/22/19 11/22/19 3,450,000.00 912828NT3 US TREASURY NOTESBUY 8/15/20 (3,499,429.69) 1.62%2.62%

12/2/19 12/2/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 4,285.84

TOTALS (116,982,617.28)


of 79



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost





DTD 08/16/2010 2.625% 08/15/2020

912828NT3 3,450,000.00


DTD 08/16/2010 2.625% 08/15/2020

912828NT3 98,175,000.00

1.62 102,236,376.00 102,254,447.97 1,007,620.16 101,625,000.00 102,363,368.65Security Type Sub-Total

Commercial Paper

A-1 P-1 11/21/2019 11/22/2019 3,476,798.56 0.00 3,483,966.04 3,483,405.001.86BNP PARIBAS NY BRANCH COMM

PAPER

DTD 11/21/2019 0.000% 08/17/2020

09659BHH6 3,525,000.00

A-1 P-1 11/21/2019 11/22/2019 3,477,588.75 0.00 3,484,638.75 3,483,292.201.82CREDIT AGRICOLE CIB NY COMM

PAPER

DTD 11/15/2019 0.000% 08/17/2020

22533THH2 3,525,000.00

A-1 P-1 11/21/2019 11/22/2019 3,476,008.38 0.00 3,483,293.36 3,480,948.081.89NATIXIS NY BRANCH COMM PAPER

DTD 11/21/2019 0.000% 08/17/2020

63873JHH6 3,525,000.00

A-1 P-1 11/21/2019 11/22/2019 3,475,481.58 0.00 3,482,844.91 3,480,831.751.91MUFG BANK LTD/NY COMM PAPER

DTD 11/21/2019 0.000% 08/17/2020

62479LHH1 3,525,000.00

1.87 13,928,477.03 13,934,743.06 0.00 14,100,000.00 13,905,877.27Security Type Sub-Total

116,269,245.92 115,725,000.00 1,007,620.16 116,189,191.03 116,164,853.03 1.65 Managed Account Sub Total

$1,007,620.16 $116,189,191.03 $116,164,853.03 Securities Sub-Total

Accrued Interest $1,007,620.16


1.65%$115,725,000.00 $116,269,245.92



of 79

Tab III


For the Quarter Ended December 31, 2019PALM BEACH COUNTY SCHOOL DISTRICT, FL Asset Allocation

Security TypeAmortized Cost

(Includes Interest)Allocation

PercentagePermitted by

Policy In ComplianceFlorida Prime (SBA) 113,505,721.73 7.74% 25% YesUnited States Treasury Securities 168,422,825.60 11.48% 100% YesFederal Agency 2,573,020.68 0.18% 50% YesCorporate Notes 21,684,424.32 1.48% 30% YesMunicipals 342,135.11 0.02% 20% YesAgency Mortgage-Backed Securities (MBS) - - 20% YesNon-Negotiable Interest Bearing Time Certificates of Deposit and Savings Ac - - 25% YesDemand Deposit Bank Account 424,029,001.35 28.90% 100% YesCommercial Paper 447,659,979.73 30.51% 50% YesBankers’ Acceptances - - 35% YesRepurchase Agreements - - 50% YesMoney Market Funds 3,998,693.11 0.27% 75% YesIntergovernmental Pools 284,997,299.19 19.42% 50% Yes

End of month trade-date amortized cost of portfolio holdings, including accrued interest.

11.48%

0.18%

0.27%

0.02%

7.74%

1.48%

30.51%

19.42%

28.90%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

United States Treasury Securities

Federal Agency

Money Market Funds

Municipals

Florida Prime (SBA)

Corporate Notes

Commercial Paper

Intergovernmental Pools

Demand Deposit Bank Account



Sector Individual Issuer BreakdownAmortized Cost



PolicyIn

ComplianceCORPORATE NOTE AMERICAN EXPRESS CREDIT 459,838.24 0.03% 5% YesCORPORATE NOTE AMERICAN HONDA FINANCE 863,077.41 0.06% 5% YesCORPORATE NOTE APPLE INC 454,951.48 0.03% 5% YesCORPORATE NOTE BRANCH BANKING & TRUST 910,798.22 0.06% 5% YesCORPORATE NOTE CITIGROUP INC 426,166.40 0.03% 5% YesCORPORATE NOTE GOLDMAN SACHS GROUP INC 401,935.88 0.03% 5% YesCORPORATE NOTE MORGAN STANLEY 832,131.11 0.06% 5% YesCORPORATE NOTE TOYOTA MOTOR CREDIT CORP 1,106,995.06 0.08% 5% YesCORPORATE NOTE WELLS FARGO BANK NA 727,039.20 0.05% 5% YesCORPORATE NOTE JOHN DEERE CAPITAL CORP 428,710.00 0.03% 5% YesCORPORATE NOTE IBM CORP 816,062.78 0.06% 5% YesCORPORATE NOTE JPMORGAN CHASE & CO 616,599.70 0.04% 5% YesCORPORATE NOTE CHARLES SCHWAB CORP 306,096.94 0.02% 5% YesCORPORATE NOTE STATE STREET CORPORATION 221,929.03 0.02% 5% YesCORPORATE NOTE US BANK NA CINCINNATI 1,237,470.25 0.08% 5% YesCORPORATE NOTE BANK OF AMERICA CORP 851,318.81 0.06% 5% YesCORPORATE NOTE UNILEVER CAPITAL CORP 251,605.06 0.02% 5% YesCORPORATE NOTE 3M COMPANY 363,001.52 0.02% 5% YesCORPORATE NOTE HOME DEPOT INC 397,243.36 0.03% 5% YesCORPORATE NOTE WALT DISNEY COMPANY/THE 120,399.30 0.01% 5% YesCORPORATE NOTE PACCAR FINANCIAL CORP 472,193.81 0.03% 5% YesCORPORATE NOTE CATERPILLAR FINANCIAL SERVICES CORP 743,865.05 0.05% 5% YesCORPORATE NOTE VISA INC 424,168.43 0.03% 5% YesCORPORATE NOTE WAL-MART STORES INC 958,898.04 0.07% 5% YesCORPORATE NOTE MELLON BANK 399,393.24 0.03% 5% YesCORPORATE NOTE AMERICAN EXPRESS CREDIT CORP 427,185.57 0.03% 5% YesCORPORATE NOTE JOHNSON & JOHNSON 399,151.98 0.03% 5% YesCORPORATE NOTE UNITED PARCEL SERVICE 428,219.52 0.03% 5% YesCORPORATE NOTE HERSHEY COMPANY 476,530.70 0.03% 5% YesCORPORATE NOTE MERCK & CO INC 498,483.39 0.03% 5% YesCORPORATE NOTE PFIZER INC 362,926.87 0.02% 5% YesCORPORATE NOTE JP MORGAN CHASE & CO 311,579.19 0.02% 5% YesCORPORATE NOTE NATIONAL RURAL UTIL COOP 276,701.66 0.02% 5% YesCORPORATE NOTE BOEING CO 141,346.19 0.01% 5% YesCORPORATE NOTE HONEYWELL INTERNATIONAL 90,689.44 0.01% 5% YesCORPORATE NOTE GENERAL DYNAMICS CORP 301,001.78 0.02% 5% YesCORPORATE NOTE HSBC USA 301,891.43 0.02% 5% Yes



Sector Individual Issuer BreakdownAmortized Cost



PolicyIn

ComplianceCORPORATE NOTE PEPSICO INC 223,125.76 0.02% 5% YesCORPORATE NOTE EXXON MOBIL CORP 561,097.26 0.04% 5% YesCORPORATE NOTE BANK OF NY MELLON CORP 382,976.14 0.03% 5% YesCORPORATE NOTE BURLINGTN NORTH SANTA FE 180,355.48 0.01% 5% YesCORPORATE NOTE EXXON MOBIL CORPORATION 251,783.13 0.02% 5% YesCORPORATE NOTE ORACLE CORP 345,076.62 0.02% 5% YesCORPORATE NOTE NORTHERN TRUST COMPANY 331,643.89 0.02% 5% YesCORPORATE NOTE MUFG UNION BANK NA 600,770.00 0.04% 5% YesUS TSY BOND/NOTE UNITED STATES TREASURY 168,422,825.60 11.48% 100% YesMUNI BOND/NOTE HONOLULU HI 342,135.11 0.02% 20% YesFED AGY BOND/NOTE FANNIE MAE 1,439,485.76 0.10% 25% YesFED AGY BOND/NOTE FREDDIE MAC 1,133,534.92 0.08% 25% YesCOMMERCIAL PAPER AMERICAN HONDA FINANCE 14,945,137.50 1.02% 10% YesCOMMERCIAL PAPER TOYOTA MOTOR CREDIT CORP 14,857,769.94 1.01% 10% YesCOMMERCIAL PAPER MUFG BANK LTD/NY 30,642,518.23 2.09% 10% YesCOMMERCIAL PAPER PFIZER INC 34,799,719.61 2.37% 10% YesCOMMERCIAL PAPER BANK OF MONTREAL CHICAGO 34,869,409.05 2.38% 10% YesCOMMERCIAL PAPER EXXON MOBIL CORP 49,867,000.00 3.40% 10% YesCOMMERCIAL PAPER BNP PARIBAS NY BRANCH 30,728,698.23 2.09% 10% YesCOMMERCIAL PAPER CREDIT AGRICOLE CIB NY 30,735,035.87 2.09% 10% YesCOMMERCIAL PAPER NATIXIS NY BRANCH 30,646,341.46 2.09% 10% YesCOMMERCIAL PAPER COOPERATIEVE RABOBANK U.A. 34,712,727.70 2.37% 10% YesCOMMERCIAL PAPER CREDIT SUISSE NEW YORK 34,602,866.55 2.36% 10% YesCOMMERCIAL PAPER COCA-COLA COMPANY 25,844,072.02 1.76% 10% YesCOMMERCIAL PAPER WALT DISNEY COMPANY 10,906,964.42 0.74% 10% YesCOMMERCIAL PAPER MIZUHO BANK LTD/NY 34,705,465.20 2.37% 10% YesCOMMERCIAL PAPER SUMITOMO MITSUI TRUST NY 34,796,253.95 2.37% 10% YesDEMAND DEPOSIT BANK ACCOUCASH WELLS FARGO 394,553,167.92 26.89% 100% YesDEMAND DEPOSIT BANK ACCOUCASH BOA 444,443.16 0.03% 100% YesFLORIDA PRIME (SBA) SBA 113,505,721.73 7.74% 25% YesDEMAND DEPOSIT BANK ACCOUCASH IN SCHOOLS ACCOUNTS 28,984,471.57 1.98% 100% YesDEMAND DEPOSIT BANK ACCOUCASH TD BANK 46,918.70 0.00% 100% YesMNY MKT/MUTUAL FND CASH BALANCE 3,998,693.11 0.27% 100% YesINTERGOVERNMENTAL POOLS FL PALM 284,997,299.19 19.42% 25% Yes

End of month trade-date amortized cost of portfolio holdings, including accrued interest.




Appendix

IMPORTANT DISCLOSURES

This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its

accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as

to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven

correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does

not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities.

Dime

Ã Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg, or Telerate.

Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated market value.

Ã In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and

forward settling sales are excluded.

Ã Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees.

Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of

future returns.

Ã Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.

Ã Money market fund/cash balances are included in performance and duration computations.

Ã Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Ã Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

Ã MBS maturities are represented by expected average life.


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Appendix

GLOSSARY

Ã ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Ã AGENCIES: Federal agency securities and/or Government-sponsored enterprises.

Ã AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the

date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis.

Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Ã BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.

Ã COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Ã CONTRIBUTION TO DURATION: Represents each sector or maturity range ’s relative contribution to the overall duration of the portfolio measured as a percentage weighting. Since

duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or maturity range to the total rate

sensitivity of the portfolio.

Ã DURATION TO WORST: A measure of the sensitivity of a security ’s price to a change in interest rates, stated in years, computed from cash flows to the maturity date or to the put

date, whichever results in the highest yield to the investor.

Ã EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Ã EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on

investment returns, while nominal yield does not.

Ã FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Ã INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.

Ã MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

Ã MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.

Ã NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Ã PAR VALUE: The nominal dollar face amount of a security.


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Appendix

GLOSSARY

Ã PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the

mortgage-backed security.

Ã REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

Ã SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity

proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Ã TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

Ã UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.

Ã U.S. TREASURY: The department of the U.S. government that issues Treasury securities.

Ã YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on

an annualized basis.

Ã YTM AT COST: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from

purchase date to maturity, stated as a percentage on an annualized basis.

Ã YTM AT MARKET: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period

remaining until maturity, stated as a percentage on an annualized basis.


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