investment performance review for the quarter ended ...eagendatoc.brevardschools.org/04-09-2019...

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, 2018

Steven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorD. Scott Stitcher, CFA, DirectorJason Human, Client ManagerSean Gannon, Senior Analyst

of 17


BREVARD PUBLIC SCHOOLS

For the Quarter Ended December 31, 2018

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

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

Yiel

d

2-Year U.S. Treasury

Market Update

The sell-off in equity markets in the fourth quarter sparked a flight to quality as investors sought the relative safety of U.S. Treasury obligations, pushing yields lower.

As was widely expected, the Federal Reserve raised the federal funds target rate by 25 basis points for the fourth time in 2018 at its December meeting, but the consequential bump in yields was overcome by continued equity market uncertainty.

The 2-year Treasury decreased by 33 basis points to end the quarter at 2.49%.

Treasury Yields Fall from Recent Highs

Source: Bloomberg, as of 12/31/2018.

Quarter Ending Yield QoQ Change

4Q 2018 2.49% -0.33%

3Q 2018 2.82% 0.29%

2Q 2018 2.53% 0.26%

1Q 2018 2.27% 0.38%

4Q 2017 1.89% 0.42%

3Q 2017 1.47% 0.09%

2Q 2017 1.38% 0.11%

1Q 2017 1.27% 0.07%

4Q 2016 1.20% 0.56%

1.89%

2.82%

2.53%

2.27%

2.49%

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Market Update

U.S. Treasury Curve and Executive Summary Bullets

Source: Bloomberg, as of 12/31/2018.

4Q201812/31/18

4Q201712/31/17

4Q201612/31/16

3-month 2.35% 1.38% 0.50%

6-month 2.48% 1.53% 0.61%

1-year 2.60% 1.73% 0.81%

2-year 2.49% 1.88% 1.19%

3-year 2.46% 1.97% 1.45%

5-year 2.51% 2.21% 1.93%

10-year 2.68% 2.41% 2.44%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3M 6M 1Y 2Y 3Y 5Y 10Y

Yiel

d

Maturity

December 31, 2018December 31, 2017December 31, 2016

Economic conditions, which remain solid, were characterized by:̶ U.S. GDP grew at 3.4% in Q3 (following 4.2% growth in Q2; both figures are the highest since Q3 2014);̶ Inflation continued to hover just shy of the Fed’s objective of 2%, as measured by the personal consumption

expenditures (PCE) core price index;̶ Wage growth continued its ascent , maintaining a gradual upward trend and reinforcing the desired trajectory of

inflation The Self Insurance and Health-Insurance Portfolios’ quarterly total return performances were both 1.13%,

underperforming the benchmark performance of 1.29% by 0.16%. Over the past year, the Self Insurance and HealthInsurance portfolios returned 1.64% and 1.65% respectively, compared to the benchmark performance of 1.58%.

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BREVARD CNTY SCHOOL BOARD CAPITAL - ST


Portfolio Snapshot

Portfolio Statistics

As of December 31, 2018

$56,500,000

$71,587,293

$55,875,825

$108,086

$15,603,382

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

Benchmark Eff. Yield: 2.39%

$55,923,634

2.63%

2.35%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 0.50 Years

Duration to Worst: 0.50 Years

Average Maturity: 0.50 Years

Credit Quality (S&P Ratings)

15.8%

A-1

31.7%

A-1+

52.5%

AA+

0%

20%

40%

60%

80%

100%

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

100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

Maturity Distribution

Sector Allocation

33.5%

Commercial

Paper

9.8%

Federal

Agency/GSE

56.7%

U.S.

Treasury


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

Account ****0017

of 17

BREVARD CNTY SCHOOL BOARD OPERATING - ST


Portfolio Snapshot



$92,250,000

$132,567,828

$91,376,119

$147,786

$41,043,923

Accrued Interest:

Cash:

Par Value:

Total Market Value:



$91,379,436

2.66%

2.67%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





32.6%

A-1

14.1%

A-1+

53.3%

AA+

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%


Sector Allocation

32.6%

Commercial

Paper

67.4%

U.S.

Treasury



Account ****0018

of 17

BREVARD COUNTY DISC SALES SURTAX ACCOUNT


Portfolio Snapshot



$41,130,000

$43,021,210

$40,721,270

$82,078

$2,217,861

Accrued Interest:

Cash:

Par Value:

Total Market Value:



$40,810,680

2.65%

2.44%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





29.4%

A-1

7.3%

A-1+

63.2%

AA+

0%

20%

40%

60%

80%

100%


90.5%

4.8% 4.7%0.0% 0.0% 0.0%


Sector Allocation

36.8%

Commercial

Paper

63.2%

U.S.

Treasury



Account ****0019

of 17

BREVARD COUNTY FLA SD SELF INSURANCE FD


Portfolio Snapshot



$15,361,599

$15,363,662

$15,220,781

$66,206

$76,674

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$15,310,967

2.64%

2.05%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





5.9%

A

4.9%

A-

3.0%

A+

1.6%

AA

2.5%

AA-

82.1%

AA+

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


18.0%

42.2%

38.8%

0.0% 1.0% 0.0%


Sector Allocation

20.0%

Corporate

1.6%

Federal

Agency/CMO

10.5%

Federal

Agency/GSE

67.9%

U.S.

Treasury



Account ****0010

of 17

BREVARD COUNTY SD HEALTH INSURANCE FUND


Portfolio Snapshot



$12,725,967

$12,739,274

$12,614,390

$57,573

$67,312

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$12,687,115

2.64%

2.06%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





5.7%

A

4.9%

A-

2.9%

A+

1.6%

AA

2.3%

AA-

82.5%

AA+

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


16.3%

43.6%

39.2%

0.0% 0.9% 0.0%


Sector Allocation

19.7%

Corporate

1.6%

Federal

Agency/CMO

10.1%

Federal

Agency/GSE

68.6%

U.S.

Treasury



Account ****0016

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For the Quarter Ended December 31, 2018BREVARD COUNTY SCHOOL DISTRICT Asset Allocation

Security TypeAmortized Cost

(Includes Interest)Allocation

PercentagePermitted by

Policy In ComplianceUnited States Treasury Securities 138,606,047.61 43.88% 100% YESFederal Agency 8,412,553.10 2.66% 80% YESCorporate Notes 5,586,793.25 1.77% 20% YESMunicipals - 0.00% 20% YESAgency Mortgage-Backed Securities (MBS) 445,271.69 0.14% 80% YESCertificates of Deposit and Savings Accounts - 0.00% 25% YESCommercial Paper 63,521,890.01 20.11% 35% YESBankers’ Acceptances - 0.00% 35% YESRepurchase Agreements - 0.00% 50% YESMoney Market Funds 59,009,152.69 18.68% 75% YESIntergovernmental Pools 40,290,841.04 12.76% 25% YES

End of month trade-date amortized cost of portfolio holdings, including accrued interest. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%.

0.1%

20.1%

1.8%

2.7%

18.7%

43.9%

12.8%

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

Agency Mortgage-Backed Securities (MBS)

Commercial Paper

Corporate Notes

Federal Agency

Money Market Funds

United States Treasury Securities

Intergovernmental Pools

© 2018 PFM Asset Management LLC of 17

For the Quarter Ended December 31, 2018BREVARD COUNTY SCHOOL DISTRICT Asset Allocation

Sector Individual Issuer BreakdownAmortized Cost

(Includes Interest)Allocation

PercentagePermitted by Policy In Compliance

Us Tsy Bond/Note UNITED STATES TREASURY 138,606,047.61 43.88% 100% YESMny Mkt/Mutual Fnd MONEY MARKET FUND 59,009,152.69 18.68% 25% YESMbs / Cmo FREDDIE MAC 175,000.00 0.06% 40% YESMbs / Cmo FANNIEMAE-ACES 184,467.35 0.06% 40% YESMbs / Cmo FHLMC MULTIFAMILY STRUCTURED P 85,804.34 0.03% 40% YESIntergovernmental Pools FEITF 40,290,841.04 12.76% 25% YESFed Agy Bond/Note FANNIE MAE 2,187,443.96 0.69% 40% YESFed Agy Bond/Note FEDERAL HOME LOAN BANKS 413,450.84 0.13% 40% YESFed Agy Bond/Note FREDDIE MAC 5,811,658.30 1.84% 40% YESCorporate Note AMERICAN HONDA FINANCE 270,653.40 0.09% 5% YESCorporate Note APPLE INC 325,926.56 0.10% 5% YESCorporate Note CISCO SYSTEMS 193,441.46 0.06% 5% YESCorporate Note HSBC USA 474,830.81 0.15% 5% YESCorporate Note IBM CORP 236,158.29 0.07% 5% YESCorporate Note MELLON BANK 229,623.42 0.07% 5% YESCorporate Note TOYOTA MOTOR CREDIT CORP 353,139.56 0.11% 5% YESCorporate Note WELLS FARGO & COMPANY 280,748.00 0.09% 5% YESCorporate Note AMERICAN EXPRESS CREDIT 270,796.60 0.09% 5% YESCorporate Note EXXON MOBIL CORP 279,198.65 0.09% 5% YESCorporate Note PEPSICO INC 135,325.72 0.04% 5% YESCorporate Note JP MORGAN CHASE & CO 551,137.41 0.17% 5% YESCorporate Note CATERPILLAR FINANCIAL SERVICES CORP 201,107.24 0.06% 5% YESCorporate Note BANK OF AMERICA CORP 275,150.28 0.09% 5% YESCorporate Note HONEYWELL INTERNATIONAL 80,217.83 0.03% 5% YESCorporate Note WAL-MART STORES INC 455,825.85 0.14% 5% YESCorporate Note PROCTER & GAMBLE CO/THE 135,413.65 0.04% 5% YESCorporate Note PACCAR FINANCIAL CORP 250,927.92 0.08% 5% YESCorporate Note NATIONAL RURAL UTIL COOP 271,433.26 0.09% 5% YESCorporate Note HERSHEY COMPANY 145,471.81 0.05% 5% YESCorporate Note GENERAL DYNAMICS CORP 170,265.53 0.05% 5% YESCommercial Paper TOYOTA MOTOR CREDIT CORP 12,868,786.66 4.07% 10% YESCommercial Paper BNP PARIBAS NY BRANCH 7,720,964.00 2.44% 10% YESCommercial Paper CREDIT AGRICOLE CIB NY 7,764,513.67 2.46% 10% YESCommercial Paper JP MORGAN SECURITIES LLC 10,816,071.81 3.42% 10% YESCommercial Paper BANK OF MONTREAL CHICAGO 7,403,000.78 2.34% 10% YESCommercial Paper COOPERATIEVE RABOBANK U.A. 1,483,217.49 0.47% 10% YESCommercial Paper MUFG BANK LTD/NY 7,709,191.15 2.44% 10% YESCommercial Paper NATIXIS NY BRANCH 7,756,144.45 2.46% 10% YES

End of month trade-date amortized cost of portfolio holdings, including accrued interest. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%.

© 2018 PFM Asset Management LLC of 17



Aggregated Holdings


Aggregate Portfolio Holdings (1/6)

Issuer Par Value Book Value Market Value Accured Interest Maturity Date Effective Duration Coupon Rate Yield at Cost Yield at MarketUNITED STATES TREASURY $ 4,000,000 $ 3,999,717 $ 3,998,352 $ 20,788 1/15/2019 0.041 1.13% 1.31% 2.13%

JP MORGAN CHASE & CO 150,000 150,116 149,926 1,498 1/28/2019 0.078 2.35% 1.32% 2.87%


UNITED STATES TREASURY 3,300,000 3,298,287 3,297,809 20,715 1/31/2019 0.084 1.50% 2.14% 2.28%


APPLE INC 25,000 24,999 24,973 154 2/8/2019 0.105 1.55% 1.59% 2.53%

APPLE INC 30,000 29,999 29,967 185 2/8/2019 0.105 1.55% 1.59% 2.53%

TOYOTA MOTOR CORP 3,000,000 2,989,687 2,988,738 0 2/22/2019 0.143 0.00% 2.42% 2.56%



PEPSICO INC 75,000 74,990 74,698 191 5/2/2019 0.336 1.55% 1.59% 2.73%

PEPSICO INC 60,000 59,992 59,759 152 5/2/2019 0.336 1.55% 1.59% 2.73%

AMERICAN EXPRESS CO 150,000 149,989 149,446 453 5/3/2019 0.238 1.88% 1.90% 2.94%

AMERICAN EXPRESS CO 120,000 119,992 119,557 363 5/3/2019 0.238 1.88% 1.90% 2.94%

NATIXIS NY BRANCH 2,000,000 1,979,393 1,978,802 0 5/13/2019 0.359 0.00% 2.84% 2.90%

JP MORGAN CHASE & CO 2,000,000 1,979,027 1,978,868 0 5/13/2019 0.359 0.00% 2.89% 2.89%

CREDIT AGRICOLE SA 2,000,000 1,979,687 1,978,994 0 5/13/2019 0.359 0.00% 2.80% 2.87%

BNP PARIBAS 2,000,000 1,979,760 1,979,532 0 5/13/2019 0.359 0.00% 2.79% 2.80%



UNITED STATES TREASURY 8,000,000 7,923,115 7,923,936 0 5/23/2019 0.387 0.00% 2.46% 2.42%


RABOBANK NEDERLAND 1,500,000 1,483,217 1,482,684 0 5/28/2019 0.400 0.00% 2.78% 2.84%




TOYOTA MOTOR CORP 10,000,000 9,879,100 9,877,370 0 6/6/2019 0.424 0.00% 2.83% 2.85%



BANK OF MONTREAL 7,500,000 7,403,001 7,402,200 0 6/14/2019 0.446 0.00% 2.88% 2.88%

of 17



Aggregated Holdings




MITSUBISHI UFJ FINANCIAL GROUP INC 2,000,000 1,974,287 1,971,952 0 6/24/2019 0.473 0.00% 2.71% 2.93%



FREDDIE MAC 35,000 34,984 34,666 138 7/19/2019 0.541 0.88% 0.96% 2.63%

FREDDIE MAC 5,500,000 5,484,554 5,447,536 21,656 7/19/2019 0.541 0.88% 1.40% 2.63%



BNP PARIBAS 2,500,000 2,457,400 2,456,725 0 8/2/2019 0.578 0.00% 2.94% 2.96%



MITSUBISHI UFJ FINANCIAL GROUP INC 700,000 686,668 686,625 0 8/23/2019 0.634 0.00% 3.00% 2.98%


FANNIE MAE 550,000 549,809 544,139 1,879 8/28/2019 0.650 1.00% 1.05% 2.64%

FANNIE MAE 400,000 399,945 395,738 1,367 8/28/2019 0.650 1.00% 1.02% 2.64%

FANNIE MAE 510,000 509,728 504,565 1,743 8/28/2019 0.650 1.00% 1.08% 2.64%

FANNIE MAE 270,000 269,963 267,123 923 8/28/2019 0.650 1.00% 1.02% 2.64%


BNP PARIBAS 3,350,000 3,283,804 3,281,828 0 9/5/2019 0.669 0.00% 2.94% 3.02%

MITSUBISHI UFJ FINANCIAL GROUP INC 5,150,000 5,048,236 5,045,872 0 9/5/2019 0.669 0.00% 2.94% 3.00%

IBM CORP 130,000 129,966 128,737 675 9/6/2019 0.666 1.63% 1.66% 3.08%

IBM CORP 105,000 104,972 103,980 545 9/6/2019 0.666 1.63% 1.66% 3.08%




WAL-MART STORES INC 100,000 99,999 99,298 399 10/9/2019 0.758 1.75% 1.75% 2.67%



PROCTER & GAMBLE CO 75,000 74,989 74,366 241 10/25/2019 0.801 1.75% 1.77% 2.80%

PROCTER & GAMBLE CO 60,000 59,991 59,493 193 10/25/2019 0.801 1.75% 1.77% 2.80%

of 17



Aggregated Holdings



Issuer Par Value Book Value Market Value Accured Interest Maturity Date Effective Duration Coupon Rate Yield at Cost Yield at MarketHONEYWELL INTERNATIONAL $ 45,000 $ 44,985 $ 44,559 $ 137 10/30/2019 0.817 1.80% 1.84% 3.00%

HONEYWELL INTERNATIONAL 35,000 34,989 34,657 107 10/30/2019 0.817 1.80% 1.84% 3.00%



AMERICAN HONDA FINANCE 150,000 149,963 148,826 400 11/13/2019 0.849 2.00% 2.03% 2.92%

AMERICAN HONDA FINANCE 120,000 119,970 119,060 320 11/13/2019 0.849 2.00% 2.03% 2.92%

APPLE INC 150,000 149,968 148,775 360 11/13/2019 0.851 1.80% 1.83% 2.76%

APPLE INC 120,000 119,974 119,020 288 11/13/2019 0.851 1.80% 1.83% 2.76%


UNITED STATES TREASURY 730,000 730,283 722,472 963 11/30/2019 0.899 1.50% 1.46% 2.65%



UNITED STATES TREASURY 400,000 398,872 394,219 2,092 1/31/2020 1.061 1.25% 1.51% 2.61%




FANNIE MAE 150,000 149,962 148,293 769 2/28/2020 1.136 1.50% 1.52% 2.50%

FANNIE MAE 125,000 124,969 123,577 641 2/28/2020 1.136 1.50% 1.52% 2.50%



HSBC HOLDINGS PLC 125,000 124,020 123,738 947 3/5/2020 1.142 2.35% 3.03% 3.23%

HSBC HOLDINGS PLC 135,000 133,919 133,637 1,022 3/5/2020 1.142 2.35% 3.05% 3.23%



EXXON MOBIL CORP 75,000 75,171 74,326 458 3/6/2020 1.041 1.91% 1.71% 2.69%

EXXON MOBIL CORP 65,000 65,148 64,416 397 3/6/2020 1.041 1.91% 1.71% 2.69%

TOYOTA MOTOR CORP 200,000 200,492 197,684 1,302 3/12/2020 1.163 2.15% 1.94% 3.14%

TOYOTA MOTOR CORP 150,000 150,369 148,263 976 3/12/2020 1.163 2.15% 1.94% 3.14%



of 17



Aggregated Holdings




FREDDIE MAC 150,000 149,774 147,729 407 4/20/2020 1.276 1.38% 1.49% 2.56%

FREDDIE MAC 120,000 119,820 118,183 325 4/20/2020 1.276 1.38% 1.49% 2.56%



GENERAL DYNAMICS CORP 95,000 94,769 95,065 379 5/11/2020 1.321 2.88% 3.06% 2.82%

GENERAL DYNAMICS CORP 75,000 74,818 75,052 299 5/11/2020 1.321 2.88% 3.06% 2.82%

HERSHEY COMPANY 80,000 79,964 79,958 296 5/15/2020 1.331 2.90% 2.93% 2.94%

HERSHEY COMPANY 65,000 64,971 64,966 241 5/15/2020 1.331 2.90% 2.93% 2.94%





WELLS FARGO & COMPANY 150,000 151,413 148,546 1,723 7/22/2020 1.496 2.60% 1.98% 3.24%

WELLS FARGO & COMPANY 125,000 126,177 123,788 1,435 7/22/2020 1.496 2.60% 1.98% 3.24%





THE BANK OF NEW YORK MELLON CORPORATION 125,000 126,359 124,178 1,210 8/17/2020 1.444 2.60% 1.90% 3.02%

THE BANK OF NEW YORK MELLON CORPORATION 100,000 101,087 99,342 968 8/17/2020 1.444 2.60% 1.90% 3.02%

CATERPILLAR INC 110,000 109,948 107,858 661 9/4/2020 1.623 1.85% 1.88% 3.05%

CATERPILLAR INC 90,000 89,957 88,247 541 9/4/2020 1.623 1.85% 1.88% 3.05%

BANK OF AMERICA CO 150,000 149,294 148,428 788 10/19/2020 1.733 2.63% 2.90% 3.23%

BANK OF AMERICA CO 125,000 124,412 123,690 656 10/19/2020 1.733 2.63% 2.90% 3.23%






of 17



Aggregated Holdings



Issuer Par Value Book Value Market Value Accured Interest Maturity Date Effective Duration Coupon Rate Yield at Cost Yield at MarketUNITED STATES TREASURY $ 400,000 $ 398,749 $ 394,297 $ 19 12/31/2020 1.950 1.75% 1.91% 2.49%







EXXON MOBIL CORP 75,000 73,386 73,920 556 3/1/2021 1.962 2.22% 3.26% 2.91%

EXXON MOBIL CORP 65,000 63,601 64,064 481 3/1/2021 1.962 2.22% 3.26% 2.91%

NATIONAL RURAL UTILITIES CO FINANCE CORP 150,000 149,515 149,317 1,281 3/15/2021 2.102 2.90% 3.05% 3.11%

NATIONAL RURAL UTILITIES CO FINANCE CORP 120,000 119,612 119,454 1,025 3/15/2021 2.102 2.90% 3.05% 3.11%







FANNIE MAE 100,000 99,886 99,918 542 4/13/2021 2.195 2.50% 2.55% 2.54%

FANNIE MAE 75,000 74,914 74,939 406 4/13/2021 2.195 2.50% 2.55% 2.54%

PACCAR FINANCIAL CORP 135,000 134,908 134,461 593 5/10/2021 2.246 3.10% 3.13% 3.28%

PACCAR FINANCIAL CORP 115,000 114,922 114,541 505 5/10/2021 2.246 3.10% 3.13% 3.28%










of 17



Aggregated Holdings



Issuer Par Value Book Value Market Value Accured Interest Maturity DateEffective Duration Coupon Rate Yield at Cost Yield at Market

UNITED STATES TREASURY $ 350,000 $ 342,930 $ 345,652 $ 2,378 8/31/2021 2.557 2.00% 2.79% 2.48%



CISCO SYSTEMS INC 110,000 105,822 106,959 571 9/20/2021 2.511 1.85% 3.32% 2.91%

CISCO SYSTEMS INC 90,000 86,582 87,512 467 9/20/2021 2.511 1.85% 3.32% 2.91%

FEDERAL HOME LOAN BANKS 220,000 220,000 220,550 1,852 9/20/2021 1.280 3.00% 3.00% 2.90%

FEDERAL HOME LOAN BANKS 190,000 190,000 190,475 1,599 9/20/2021 1.280 3.00% 3.00% 2.90%

FANNIE MAE 97,104 98,669 98,194 0 9/25/2021 2.010 3.56% 2.27% 2.58%

FANNIE MAE 84,438 85,799 85,386 0 9/25/2021 2.010 3.56% 2.27% 2.58%





FREDDIE MAC 44,495 44,283 44,391 0 2/25/2023 1.980 2.67% 2.81% 2.70%

FREDDIE MAC 41,529 41,330 41,432 0 2/25/2023 1.980 2.67% 2.81% 2.70%

FREDDIE MAC 100,000 100,000 100,594 0 7/1/2023 1.730 3.20% 3.11% 2.85%

FREDDIE MAC 75,000 75,000 75,445 0 7/1/2023 1.730 3.20% 3.11% 2.85%

Totals/Weighted Average $ 217,967,566 $ 216,111,833 $ 215,808,385 $ 460,532 0.674 0.91% 2.46% 2.65%

of 17


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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