investment performance review for the school board for the ......market update improving economic...

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 School Board For the Quarter Ended December 31, 2019

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

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BREVARD PUBLIC SCHOOLS

For the Quarter Ended December 31, 2019

Table of Contents


Tab I

Market Update

Executive Summary page

Portfolio Snapshots Page

Asset Allocation Chart Page

Aggregate Holdings Pages

3 – 12

13

14 – 18

19 – 21

22 - 26

2 of 27


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


PFM Asset Management LLC7 of 27



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 A

AA

Cor

p A

A

Cor

p A

Cor

p B

BB

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 Y

ears

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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Executive Summary


The Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency/GSE, Federal Agency/CMO, CommercialPaper, and Corporate Notes securities.

The Capital, Operating, and Discretionary Sales SurTax Portfolios continue to provide the District with favorable yield relative to thebenchmark. At quarter end, the portfolios had Yields to Maturity at Cost of 1.80%, 1.67% and 1.90%, respectively. All portfoliosexceeded the 1.51% Effective Yield of their benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index.

The Self Insurance and Health Insurance Portfolios’ quarterly total return performances were both 0.53%, outperforming thebenchmark’s performance of 0.51%. Over the past year, the Self Insurance and Health Insurance portfolios both returned 3.74%, ascompared to the benchmark performance of 3.55%.

Following three consecutive Fed rate cuts, we continued to maintain portfolio durations in line with benchmarks 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 levels were on the tighter end of their recent trading history, the incremental income was generally additive to performance 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 the near-term. As a result, weplan to continue a duration-neutral strategy relative to benchmarks.

We continued to de-emphasize agencies, generally reducing allocations in favor of other sectors. Value in federal agency remained extremely limited, largely on scarce supply. Spreads remained near historically tight levels, the sectors’ excess returns in Q4. In some instances, agencies were trading at yields less than similar maturity Treasuries. We also largely avoided callable agencies during the quarter as early redemption risk remained elevated.

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

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BREVARD CNTY SCHOOL BOARD CAPITAL - ST


Portfolio Snapshot

Portfolio Statistics

As of December 31, 2019

$71,750,000

$72,019,202

$71,521,956

$122,638

$374,607

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

$71,514,864

1.67%

1.80%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 0.52 Years

Duration to Worst: 0.52 Years

Average Maturity: 0.53 Years

Credit Quality (S&P Ratings)

14.6%

A-1

28.1%

A-1+

57.3%

AA+

0%

20%

40%

60%

80%

100%

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

93.0%

7.0%

0.0% 0.0% 0.0% 0.0%

Maturity Distribution

Sector Allocation

21.5%

Commercial

Paper

78.5%

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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BREVARD CNTY SCHOOL BOARD OPERATING - ST


Portfolio Snapshot



$107,900,000

$118,070,543

$107,395,577

$107,885

$10,567,081

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$107,404,182

1.67%

1.67%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





30.5%

A-1

38.0%

A-1+

31.5%

AA+

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%


Sector Allocation

38.8%

Commercial

Paper

61.2%

U.S.

Treasury



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BREVARD COUNTY DISC SALES SURTAX ACCOUNT


Portfolio Snapshot



$62,780,000

$62,945,265

$62,678,237

$175,152

$91,876

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$62,668,759

1.71%

1.90%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





21.4%

A-1

17.3%

A-1+

61.3%

AA+

0%

20%

40%

60%

80%

100%


93.7%

6.3%

0.0% 0.0% 0.0% 0.0%


Sector Allocation

38.8%

Commercial

Paper

61.2%

U.S.

Treasury



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BREVARD COUNTY FLA SD SELF INSURANCE FD


Portfolio Snapshot



$15,687,528

$15,938,987

$15,814,820

$91,565

$32,603

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$15,653,865

1.66%

2.30%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





8.0%

A

3.4%

A-

3.4%

A+

0.9%

AA

2.0%

AA-

81.5%

AA+

0.8%

Not Rated

0%

10%

20%

30%

40%

50%


8.8%

42.3%

46.9%

0.6% 1.3%0.0%


Sector Allocation

18.7%

Corporate

7.4%

Federal

Agency/CMO

2.3%

Federal

Agency/GSE

0.8%

Municipal

70.8%

U.S.

Treasury



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BREVARD COUNTY SD HEALTH INSURANCE FUND


Portfolio Snapshot



$13,009,236

$13,215,882

$13,119,754

$77,071

$19,056

Accrued Interest:

Cash:

Par Value:

Total Market Value:


$12,986,152

1.66%

2.30%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:





8.1%

A

3.4%

A-

3.4%

A+

1.0%

AA

1.8%

AA-

81.5%

AA+

0.8%

Not Rated

0%

10%

20%

30%

40%

50%


8.7%

42.8%

46.6%

0.6% 1.3%0.0%


Sector Allocation

18.7%

Corporate

7.3%

Federal

Agency/CMO

2.1%

Federal

Agency/GSE

0.8%

Municipal

71.1%

U.S.

Treasury



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For the Quarter Ended December 31, 2019BREVARD COUNTY SCHOOL DISTRICT Asset Allocation

Security TypeAmortized Cost

(Includes Interest)Allocation

PercentagePermitted by

Policy In ComplianceUnited States Treasury Securities 181,070,112.93 52.83% 100% YesFederal Agency 632,709.05 0.18% 80% YesCorporate Notes 5,406,536.78 1.58% 20% YesMunicipals 226,412.94 0.07% 20% YesAgency Mortgage-Backed Securities (MBS) 2,126,243.84 0.62% 80% YesNon-Negotiable Interest Bearing Time Certificates of Deposit and Savings Accounts - - 25% YesCommercial Paper 81,340,117.24 23.73% 35% YesBankers’ Acceptances - - 35% YesRepurchase Agreements - - 50% YesMoney Market Funds 11,085,223.38 3.23% 75% YesIntergovernmental Pools 60,877,681.85 17.76% 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%.

52.83%

0.18%

3.23%

0.07%

1.58%

0.62%

23.73%

17.76%

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

United States Treasury Securities

Federal Agency

Money Market Funds

Municipals

Corporate Notes

Agency Mortgage-Backed Securities (MBS)

Commercial Paper

Intergovernmental Pools



Sector Individual Issuer BreakdownAmortized Cost



PolicyIn

ComplianceCORPORATE NOTE AMERICAN EXPRESS CREDIT 151,343.13 0.04% 5% YesCORPORATE NOTE AMERICAN HONDA FINANCE 285,524.81 0.08% 5% YesCORPORATE NOTE TOYOTA MOTOR CREDIT CORP 352,421.29 0.10% 5% YesCORPORATE NOTE JOHN DEERE CAPITAL CORP 250,229.98 0.07% 5% YesCORPORATE NOTE IBM CORP 276,327.58 0.08% 5% YesCORPORATE NOTE US BANK NA CINCINNATI 281,331.93 0.08% 5% YesCORPORATE NOTE BANK OF AMERICA CORP 275,860.95 0.08% 5% YesCORPORATE NOTE CISCO SYSTEMS 196,160.03 0.06% 5% YesCORPORATE NOTE WALT DISNEY COMPANY/THE 60,199.65 0.02% 5% YesCORPORATE NOTE PACCAR FINANCIAL CORP 250,998.51 0.07% 5% YesCORPORATE NOTE CATERPILLAR FINANCIAL SERVICES CORP 201,163.78 0.06% 5% YesCORPORATE NOTE WAL-MART STORES INC 275,153.11 0.08% 5% YesCORPORATE NOTE WELLS FARGO & COMPANY 279,094.81 0.08% 5% YesCORPORATE NOTE MELLON BANK 228,047.57 0.07% 5% YesCORPORATE NOTE HERSHEY COMPANY 145,519.14 0.04% 5% YesCORPORATE NOTE JP MORGAN CHASE & CO 275,062.63 0.08% 5% YesCORPORATE NOTE NATIONAL RURAL UTIL COOP 271,821.69 0.08% 5% YesCORPORATE NOTE GENERAL DYNAMICS CORP 170,567.68 0.05% 5% YesCORPORATE NOTE HSBC USA 478,022.12 0.14% 5% YesCORPORATE NOTE EXXON MOBIL CORP 280,274.44 0.08% 5% YesCORPORATE NOTE NORTHERN TRUST COMPANY 280,621.76 0.08% 5% YesCORPORATE NOTE THE WALT DISNEY CORPORATION 140,790.19 0.04% 5% YesMBS / CMO FHLMC MULTIFAMILY STRUCTURED P 1,451,945.16 0.42% 40% YesMBS / CMO FREDDIE MAC 106,257.35 0.03% 40% YesMBS / CMO FANNIEMAE-ACES 568,041.33 0.17% 40% YesUS TSY BOND/NOTE UNITED STATES TREASURY 181,070,112.93 52.83% 100% YesMUNI BOND/NOTE HONOLULU HI 226,412.94 0.07% 20% YesFED AGY BOND/NOTE FANNIE MAE 632,709.05 0.18% 40% YesCOMMERCIAL PAPER TOYOTA MOTOR CREDIT CORP 12,006,259.64 3.50% 10% YesCOMMERCIAL PAPER MUFG BANK LTD/NY 7,425,858.86 2.17% 10% YesCOMMERCIAL PAPER BANK OF MONTREAL CHICAGO 12,908,241.60 3.77% 10% YesCOMMERCIAL PAPER EXXON MOBIL CORP 12,760,377.74 3.72% 10% YesCOMMERCIAL PAPER BNP PARIBAS NY BRANCH 6,938,486.65 2.02% 10% YesCOMMERCIAL PAPER CREDIT AGRICOLE CIB NY 6,953,333.31 2.03% 10% YesCOMMERCIAL PAPER JP MORGAN SECURITIES LLC 6,470,092.79 1.89% 10% YesCOMMERCIAL PAPER NATIXIS NY BRANCH 7,941,716.65 2.32% 10% YesCOMMERCIAL PAPER COOPERATIEVE RABOBANK U.A. 7,935,750.00 2.32% 10% Yes



Sector Individual Issuer BreakdownAmortized Cost



PolicyIn

ComplianceMNY MKT/MUTUAL FND CASH BALANCE 11,085,223.38 3.23% 25% YesINTERGOVERNMENTAL POOLS FL PALM 60,877,681.85 17.76% 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%.




Aggregated Holdings


Aggregate Portfolio Holdings (1/5)

Issuer Par Value Book Value Market ValueAccured Interest

Maturity Date

Effective Duration Coupon Rate Yield at Cost Yield at Market

AMERICAN EXPRESS CO 80,000.00 80,008.34 81,342.96 708.00 3/3/2022 2.00 2.70% 2.70% 1.91%AMERICAN HONDA FINANCE 155,000.00 154,949.59 155,562.34 335.83 5/20/2022 2.32 1.95% 1.96% 1.79%BANK OF AMERICA CO 150,000.00 149,682.11 150,858.75 787.50 10/19/2020 0.79 2.63% 2.90% 1.90%THE BANK OF NEW YORK MELLON CORPORATION 125,000.00 125,483.37 125,505.13 1,209.72 8/17/2020 0.53 2.60% 1.90% 1.95%CATERPILLAR INC 110,000.00 109,978.70 109,950.50 661.38 9/4/2020 0.66 1.85% 1.88% 1.92%CISCO SYSTEMS INC 110,000.00 107,317.08 110,075.35 570.93 9/20/2021 1.60 1.85% 3.32% 1.81%DEERE & COMPANY 125,000.00 124,938.70 125,869.00 191.67 6/7/2021 1.40 2.30% 2.33% 1.81%THE WALT DISNEY CORPORATION 35,000.00 34,931.98 34,914.08 184.48 9/1/2022 2.58 1.65% 1.72% 1.74%THE WALT DISNEY CORPORATION 75,000.00 74,757.27 75,495.68 666.04 2/12/2021 1.09 2.30% 2.60% 1.70%EXXON MOBIL CORP 75,000.00 75,015.21 75,004.88 458.08 3/6/2020 0.10 1.91% 1.71% 1.84%EXXON MOBIL CORP 75,000.00 74,118.23 75,442.73 555.50 3/1/2021 1.06 2.22% 3.26% 1.71%FANNIE MAE 150,000.00 149,926.08 153,035.10 1,859.38 1/11/2022 1.95 2.63% 2.65% 1.61%FANNIE MAE 200,000.00 200,055.52 204,046.80 2,479.17 1/11/2022 1.95 2.63% 2.61% 1.61%FANNIE MAE 114,183.76 114,970.75 114,973.87 225.00 8/25/2022 1.35 2.36% 1.76% 1.74%FANNIE MAE 118,742.90 119,999.45 120,138.32 248.23 11/25/2022 1.47 2.51% 1.70% 1.60%FANNIE MAE 74,158.14 74,879.44 74,897.21 220.00 9/25/2021 0.89 3.56% 2.27% 2.18%FREDDIE MAC 149,479.87 147,925.67 150,284.22 283.02 3/25/2022 1.14 2.27% 3.03% 1.67%FREDDIE MAC 150,000.00 151,612.54 151,157.94 294.38 7/25/2022 1.31 2.36% 1.44% 1.65%FREDDIE MAC 100,000.00 101,323.98 100,691.53 192.25 8/25/2022 1.35 2.31% 1.25% 1.68%FREDDIE MAC 155,000.00 156,132.15 157,146.89 324.21 11/25/2022 1.47 2.51% 1.92% 1.46%FREDDIE MAC 34,231.27 34,091.18 34,584.69 76.14 2/25/2023 1.59 2.67% 2.81% 1.91%FREDDIE MAC 141,277.25 144,370.29 144,240.54 347.42 2/25/2024 2.08 2.95% 1.83% 1.86%FREDDIE MAC 60,557.03 60,556.85 61,918.22 161.64 7/1/2023 1.79 3.20% 3.11% 1.84%FREDDIE MAC 64,897.83 64,896.27 64,618.70 113.14 7/25/2024 2.27 2.09% 2.03% 2.22%GENERAL DYNAMICS CORP 95,000.00 94,937.89 95,329.37 379.34 5/11/2020 0.36 2.88% 3.06% 1.89%HSBC HOLDINGS PLC 125,000.00 124,850.51 125,063.88 946.53 3/5/2020 0.18 2.35% 3.03% 2.01%HSBC HOLDINGS PLC 135,000.00 134,834.97 135,068.99 1,022.25 3/5/2020 0.18 2.35% 3.05% 2.01%HERSHEY COMPANY 80,000.00 79,989.98 80,268.80 296.44 5/15/2020 0.37 2.90% 2.93% 1.97%HONOLULU HI 125,000.00 125,000.00 124,846.25 784.97 8/1/2022 2.50 1.74% 1.74% 1.79%IBM CORP 150,000.00 149,552.26 149,985.15 1,171.88 8/1/2022 2.49 1.88% 1.99% 1.88%JP MORGAN CHASE & CO 150,000.00 148,759.16 151,160.25 1,275.00 3/1/2021 1.06 2.55% 3.28% 1.88%NATIONAL RURAL UTILITIES CO FINANCE CORP 150,000.00 149,731.22 151,688.25 1,280.83 3/15/2021 1.17 2.90% 3.05% 1.95%NORTHERN TRUST 150,000.00 151,591.94 151,929.45 1,474.48 8/2/2022 2.48 2.38% 1.95% 1.86%PACCAR FINANCIAL CORP 135,000.00 134,946.32 137,364.26 592.88 5/10/2021 1.32 3.10% 3.13% 1.79%TOYOTA MOTOR CORP 200,000.00 200,081.65 200,052.20 1,301.94 3/12/2020 0.20 2.15% 1.94% 1.98%US BANCORP 150,000.00 152,128.78 153,475.95 1,325.00 3/15/2022 2.04 3.00% 2.33% 1.92%UNITED STATES TREASURY 645,000.00 645,502.23 649,560.15 5,060.97 7/31/2022 2.50 1.88% 1.84% 1.59%UNITED STATES TREASURY 300,000.00 300,810.88 302,121.00 2,353.94 7/31/2022 2.50 1.88% 1.77% 1.59%

22 of 27



Aggregated Holdings




Maturity Date


UNITED STATES TREASURY 200,000.00 200,516.56 200,164.00 1,098.21 8/31/2022 2.58 1.63% 1.53% 1.59%UNITED STATES TREASURY 100,000.00 99,843.60 100,964.80 506.15 4/15/2021 1.26 2.38% 2.50% 1.62%UNITED STATES TREASURY 200,000.00 200,093.32 203,648.40 2,077.45 8/15/2021 1.57 2.75% 2.72% 1.61%UNITED STATES TREASURY 500,000.00 498,831.91 509,590.00 4,079.67 9/15/2021 1.65 2.75% 2.89% 1.61%UNITED STATES TREASURY 390,000.00 389,390.89 398,744.58 2,389.55 10/15/2021 1.73 2.88% 2.97% 1.60%UNITED STATES TREASURY 350,000.00 350,941.54 358,257.90 1,299.28 11/15/2021 1.82 2.88% 2.73% 1.59%UNITED STATES TREASURY 395,000.00 394,614.37 402,143.97 4,561.82 1/15/2022 1.96 2.50% 2.55% 1.60%UNITED STATES TREASURY 200,000.00 200,149.89 203,617.20 2,309.78 1/15/2022 1.96 2.50% 2.46% 1.60%UNITED STATES TREASURY 755,000.00 754,382.03 769,332.92 7,129.42 2/15/2022 2.05 2.50% 2.54% 1.59%UNITED STATES TREASURY 650,000.00 650,319.85 659,547.20 3,116.80 4/15/2022 2.22 2.25% 2.23% 1.59%UNITED STATES TREASURY 415,000.00 414,033.20 418,161.06 2,372.64 3/31/2021 1.22 2.25% 2.44% 1.63%UNITED STATES TREASURY 100,000.00 99,763.25 100,761.70 571.72 3/31/2021 1.22 2.25% 2.44% 1.63%UNITED STATES TREASURY 110,000.00 109,643.60 110,837.87 628.89 3/31/2021 1.22 2.25% 2.52% 1.63%UNITED STATES TREASURY 375,000.00 370,202.37 377,475.75 2,534.34 8/31/2021 1.62 2.00% 2.79% 1.60%UNITED STATES TREASURY 500,000.00 502,188.32 503,301.00 3,379.12 8/31/2021 1.62 2.00% 1.73% 1.60%UNITED STATES TREASURY 160,000.00 158,858.37 159,556.32 920.65 1/31/2021 1.07 1.38% 2.05% 1.63%UNITED STATES TREASURY 180,000.00 177,334.99 178,945.38 684.27 2/28/2021 1.15 1.13% 2.43% 1.63%UNITED STATES TREASURY 225,000.00 222,963.17 223,189.43 643.19 9/30/2021 1.72 1.13% 1.65% 1.59%UNITED STATES TREASURY 225,000.00 223,261.42 223,189.43 643.19 9/30/2021 1.72 1.13% 1.58% 1.59%UNITED STATES TREASURY 390,000.00 387,923.91 387,653.76 830.36 10/31/2021 1.80 1.25% 1.55% 1.58%UNITED STATES TREASURY 350,000.00 349,651.23 350,259.70 734.38 11/15/2022 2.79 1.63% 1.66% 1.60%UNITED STATES TREASURY 250,000.00 250,432.18 250,771.50 382.51 11/30/2021 1.87 1.75% 1.66% 1.59%UNITED STATES TREASURY 1,000,000.00 987,581.69 1,005,859.00 7,846.47 1/31/2022 2.02 1.88% 2.49% 1.59%UNITED STATES TREASURY 300,000.00 296,925.31 301,652.40 524.59 5/31/2021 1.39 2.00% 2.74% 1.60%UNITED STATES TREASURY 725,000.00 719,512.77 730,720.98 42.32 6/30/2021 1.47 2.13% 2.64% 1.59%UNITED STATES TREASURY 250,000.00 248,400.62 252,519.50 2,353.94 7/31/2021 1.54 2.25% 2.67% 1.60%UNITED STATES TREASURY 175,000.00 172,844.12 175,656.25 521.63 4/30/2022 2.27 1.75% 2.30% 1.59%UNITED STATES TREASURY 400,000.00 400,335.90 399,124.80 2,266.30 8/15/2022 2.55 1.50% 1.47% 1.59%UNITED STATES TREASURY 300,000.00 297,786.38 298,171.80 879.10 10/15/2022 2.72 1.38% 1.65% 1.60%WAL-MART STORES INC 150,000.00 149,988.51 150,759.00 95.00 6/23/2020 0.48 2.85% 2.87% 1.77%WELLS FARGO & COMPANY 150,000.00 150,511.03 150,573.15 1,722.50 7/22/2020 0.55 2.60% 1.98% 1.91%AMERICAN EXPRESS CO 70,000.00 70,007.29 71,175.09 619.50 3/3/2022 2.00 2.70% 2.70% 1.91%AMERICAN HONDA FINANCE 130,000.00 129,957.72 130,471.64 281.67 5/20/2022 2.32 1.95% 1.96% 1.79%BANK OF AMERICA CO 125,000.00 124,735.09 125,715.63 656.25 10/19/2020 0.79 2.63% 2.90% 1.90%BANK OF MONTREAL 3,000,000.00 2,985,375.00 2,986,191.00 0.00 3/31/2020 0.25 0.00% 1.96% 1.83%BANK OF MONTREAL 10,000,000.00 9,922,866.60 9,918,880.00 0.00 6/5/2020 0.43 0.00% 1.80% 1.88%THE BANK OF NEW YORK MELLON CORPORATION 100,000.00 100,386.70 100,404.10 967.78 8/17/2020 0.53 2.60% 1.90% 1.95%BNP PARIBAS 4,000,000.00 3,966,546.64 3,967,744.00 0.00 6/5/2020 0.43 0.00% 1.96% 1.86%BNP PARIBAS 3,000,000.00 2,971,940.01 2,971,218.00 0.00 7/2/2020 0.50 0.00% 1.86% 1.90%CATERPILLAR INC 90,000.00 89,982.57 89,959.50 541.13 9/4/2020 0.66 1.85% 1.88% 1.92%

23 of 27



Aggregated Holdings




Maturity Date


CISCO SYSTEMS INC 90,000.00 87,804.89 90,061.65 467.13 9/20/2021 1.60 1.85% 3.32% 1.81%RABOBANK NEDERLAND 3,000,000.00 2,986,350.00 2,987,199.00 0.00 3/25/2020 0.23 0.00% 1.97% 1.81%RABOBANK NEDERLAND 5,000,000.00 4,949,400.00 4,949,420.00 0.00 7/17/2020 0.54 0.00% 1.86% 1.85%CREDIT AGRICOLE SA 2,000,000.00 1,994,503.32 1,994,612.00 0.00 2/21/2020 0.14 0.00% 1.96% 1.87%CREDIT AGRICOLE SA 2,000,000.00 1,990,806.66 1,991,288.00 0.00 3/25/2020 0.23 0.00% 1.99% 1.85%CREDIT AGRICOLE SA 3,000,000.00 2,968,023.33 2,967,270.00 0.00 7/31/2020 0.58 0.00% 1.83% 1.86%DEERE & COMPANY 100,000.00 99,950.96 100,695.20 153.33 6/7/2021 1.40 2.30% 2.33% 1.81%DEERE & COMPANY 25,000.00 24,970.94 25,053.15 24.38 6/13/2022 2.38 1.95% 2.00% 1.86%THE WALT DISNEY CORPORATION 25,000.00 24,951.42 24,938.63 131.77 9/1/2022 2.58 1.65% 1.72% 1.74%THE WALT DISNEY CORPORATION 65,000.00 64,789.64 65,429.59 577.24 2/12/2021 1.09 2.30% 2.60% 1.70%EXXON MOBIL CORP 5,000,000.00 4,984,977.75 4,984,545.00 0.00 3/5/2020 0.18 0.00% 1.70% 1.72%EXXON MOBIL CORP 3,000,000.00 2,990,986.65 2,990,727.00 0.00 3/5/2020 0.18 0.00% 1.70% 1.72%EXXON MOBIL CORP 4,800,000.00 4,784,413.34 4,783,776.00 0.00 3/11/2020 0.19 0.00% 1.68% 1.72%EXXON MOBIL CORP 65,000.00 65,013.18 65,004.23 397.01 3/6/2020 0.10 1.91% 1.71% 1.84%EXXON MOBIL CORP 65,000.00 64,235.80 65,383.70 481.43 3/1/2021 1.06 2.22% 3.26% 1.71%FANNIE MAE 125,000.00 124,938.40 127,529.25 1,549.48 1/11/2022 1.95 2.63% 2.65% 1.61%FANNIE MAE 150,000.00 150,041.64 153,035.10 1,859.38 1/11/2022 1.95 2.63% 2.61% 1.61%FANNIE MAE 95,153.13 95,808.95 95,811.55 187.50 8/25/2022 1.35 2.36% 1.76% 1.74%FANNIE MAE 94,994.32 95,999.56 96,110.66 198.58 11/25/2022 1.47 2.51% 1.70% 1.60%FANNIE MAE 64,485.34 65,112.56 65,128.01 191.31 9/25/2021 0.89 3.56% 2.27% 2.18%FREDDIE MAC 119,583.89 118,340.53 120,227.37 226.41 3/25/2022 1.14 2.27% 3.03% 1.67%FREDDIE MAC 125,000.00 126,343.78 125,964.95 245.31 7/25/2022 1.31 2.36% 1.44% 1.65%FREDDIE MAC 75,000.00 75,992.99 75,518.65 144.19 8/25/2022 1.35 2.31% 1.25% 1.68%FREDDIE MAC 125,000.00 125,913.02 126,731.36 261.46 11/25/2022 1.47 2.51% 1.92% 1.46%FREDDIE MAC 31,949.18 31,818.43 32,279.04 71.06 2/25/2023 1.59 2.67% 2.81% 1.91%FREDDIE MAC 117,731.04 120,308.58 120,200.45 289.52 2/25/2024 2.08 2.95% 1.83% 1.86%FREDDIE MAC 45,417.77 45,417.63 46,438.66 121.23 7/1/2023 1.79 3.20% 3.11% 1.84%FREDDIE MAC 49,921.41 49,920.21 49,706.70 87.03 7/25/2024 2.27 2.09% 2.03% 2.22%GENERAL DYNAMICS CORP 75,000.00 74,950.97 75,260.03 299.48 5/11/2020 0.36 2.88% 3.06% 1.89%HSBC HOLDINGS PLC 100,000.00 99,880.41 100,051.10 757.22 3/5/2020 0.18 2.35% 3.03% 2.01%HSBC HOLDINGS PLC 115,000.00 114,859.42 115,058.77 870.81 3/5/2020 0.18 2.35% 3.05% 2.01%HERSHEY COMPANY 65,000.00 64,991.86 65,218.40 240.86 5/15/2020 0.37 2.90% 2.93% 1.97%HONOLULU HI 100,000.00 100,000.00 99,877.00 627.97 8/1/2022 2.50 1.74% 1.74% 1.79%IBM CORP 125,000.00 124,626.88 124,987.63 976.56 8/1/2022 2.49 1.88% 1.99% 1.88%JP MORGAN CHASE & CO 125,000.00 123,965.97 125,966.88 1,062.50 3/1/2021 1.06 2.55% 3.28% 1.88%JP MORGAN CHASE & CO 6,500,000.00 6,470,092.79 6,473,850.50 0.00 3/23/2020 0.23 0.00% 2.04% 1.75%MITSUBISHI UFJ FINANCIAL GROUP INC 2,500,000.00 2,478,766.65 2,479,175.00 0.00 6/5/2020 0.43 0.00% 1.99% 1.93%MITSUBISHI UFJ FINANCIAL GROUP INC 1,000,000.00 991,376.67 991,670.00 0.00 6/5/2020 0.43 0.00% 2.02% 1.93%MITSUBISHI UFJ FINANCIAL GROUP INC 2,000,000.00 1,978,588.88 1,978,244.00 0.00 7/24/2020 0.56 0.00% 1.90% 1.92%MITSUBISHI UFJ FINANCIAL GROUP INC 2,000,000.00 1,977,126.66 1,976,814.00 0.00 8/7/2020 0.60 0.00% 1.90% 1.92%

24 of 27



Aggregated Holdings




Maturity Date


NATIONAL RURAL UTILITIES CO FINANCE CORP 120,000.00 119,784.97 121,350.60 1,024.67 3/15/2021 1.17 2.90% 3.05% 1.95%NATIXIS NY BRANCH 3,000,000.00 2,985,586.65 2,984,943.00 0.00 4/2/2020 0.25 0.00% 1.89% 1.95%NATIXIS NY BRANCH 3,000,000.00 2,975,040.00 2,974,683.00 0.00 6/5/2020 0.43 0.00% 1.94% 1.95%NATIXIS NY BRANCH 2,000,000.00 1,981,090.00 1,980,066.00 0.00 7/2/2020 0.50 0.00% 1.88% 1.97%NORTHERN TRUST 125,000.00 126,326.61 126,607.88 1,228.73 8/2/2022 2.48 2.38% 1.95% 1.86%PACCAR FINANCIAL CORP 115,000.00 114,954.27 117,014.00 505.04 5/10/2021 1.32 3.10% 3.13% 1.79%TOYOTA MOTOR CORP 4,000,000.00 3,982,005.56 3,983,376.00 0.00 3/20/2020 0.22 0.00% 2.08% 1.88%TOYOTA MOTOR CORP 400,000.00 398,186.89 398,272.80 0.00 3/23/2020 0.23 0.00% 2.01% 1.88%TOYOTA MOTOR CORP 1,000,000.00 995,093.33 995,143.00 0.00 4/2/2020 0.25 0.00% 1.93% 1.89%TOYOTA MOTOR CORP 1,700,000.00 1,687,548.91 1,686,808.00 0.00 5/21/2020 0.39 0.00% 1.90% 1.98%TOYOTA MOTOR CORP 5,000,000.00 4,943,424.95 4,942,465.00 0.00 8/7/2020 0.60 0.00% 1.88% 1.90%TOYOTA MOTOR CORP 150,000.00 150,061.24 150,039.15 976.46 3/12/2020 0.20 2.15% 1.94% 1.98%US BANCORP 125,000.00 126,773.98 127,896.63 1,104.17 3/15/2022 2.04 3.00% 2.33% 1.92%UNITED STATES TREASURY 5,000,000.00 4,981,819.40 4,982,410.00 0.00 3/26/2020 0.23 0.00% 1.55% 1.48%UNITED STATES TREASURY 3,000,000.00 2,985,679.14 2,985,693.00 0.00 4/23/2020 0.31 0.00% 1.53% 1.51%UNITED STATES TREASURY 5,000,000.00 4,986,564.45 4,986,855.00 0.00 3/5/2020 0.18 0.00% 1.52% 1.46%UNITED STATES TREASURY 4,000,000.00 3,983,351.48 3,983,392.00 0.00 4/9/2020 0.27 0.00% 1.52% 1.50%UNITED STATES TREASURY 5,000,000.00 4,978,955.60 4,979,240.00 0.00 4/9/2020 0.27 0.00% 1.54% 1.50%UNITED STATES TREASURY 5,000,000.00 4,973,666.65 4,974,770.00 0.00 4/30/2020 0.33 0.00% 1.59% 1.51%UNITED STATES TREASURY 10,250,000.00 10,191,721.58 10,192,149.00 0.00 5/14/2020 0.37 0.00% 1.54% 1.51%UNITED STATES TREASURY 5,000,000.00 4,971,571.50 4,971,780.00 0.00 5/14/2020 0.37 0.00% 1.54% 1.51%UNITED STATES TREASURY 5,000,000.00 4,968,868.55 4,968,655.00 0.00 5/28/2020 0.41 0.00% 1.52% 1.52%UNITED STATES TREASURY 4,600,000.00 4,597,278.59 4,597,125.00 31,875.00 7/15/2020 0.53 1.50% 1.61% 1.62%UNITED STATES TREASURY 515,000.00 515,401.00 518,641.05 4,040.93 7/31/2022 2.50 1.88% 1.84% 1.59%UNITED STATES TREASURY 300,000.00 300,810.88 302,121.00 2,353.94 7/31/2022 2.50 1.88% 1.77% 1.59%UNITED STATES TREASURY 1,800,000.00 1,798,853.31 1,798,594.20 10,198.37 8/15/2020 0.62 1.50% 1.60% 1.63%UNITED STATES TREASURY 175,000.00 175,451.99 175,143.50 960.94 8/31/2022 2.58 1.63% 1.53% 1.59%UNITED STATES TREASURY 4,550,000.00 4,554,160.84 4,553,908.45 10,281.25 11/15/2020 0.86 1.75% 1.64% 1.65%UNITED STATES TREASURY 3,000,000.00 3,002,940.30 3,002,577.00 6,778.85 11/15/2020 0.86 1.75% 1.64% 1.65%UNITED STATES TREASURY 4,750,000.00 4,754,635.34 4,754,080.25 10,733.17 11/15/2020 0.86 1.75% 1.64% 1.65%UNITED STATES TREASURY 1,750,000.00 1,751,667.17 1,751,503.25 3,954.33 11/15/2020 0.86 1.75% 1.64% 1.65%UNITED STATES TREASURY 3,000,000.00 3,007,138.50 3,006,564.00 2,612.70 12/15/2020 0.94 1.88% 1.62% 1.64%UNITED STATES TREASURY 3,300,000.00 3,298,551.20 3,300,874.50 27,619.57 1/31/2020 0.08 2.00% 2.55% 1.67%UNITED STATES TREASURY 3,000,000.00 2,998,728.69 3,000,795.00 25,108.70 1/31/2020 0.08 2.00% 2.53% 1.67%UNITED STATES TREASURY 8,500,000.00 8,496,070.20 8,502,252.50 71,141.30 1/31/2020 0.08 2.00% 2.57% 1.67%UNITED STATES TREASURY 2,000,000.00 1,999,133.72 2,002,812.00 11,434.43 3/31/2020 0.25 2.25% 2.43% 1.67%UNITED STATES TREASURY 75,000.00 74,882.70 75,723.60 379.61 4/15/2021 1.26 2.38% 2.50% 1.62%UNITED STATES TREASURY 250,000.00 250,116.65 254,560.50 2,596.81 8/15/2021 1.57 2.75% 2.72% 1.61%UNITED STATES TREASURY 400,000.00 399,065.52 407,672.00 3,263.74 9/15/2021 1.65 2.75% 2.89% 1.61%UNITED STATES TREASURY 350,000.00 349,453.36 357,847.70 2,144.47 10/15/2021 1.73 2.88% 2.97% 1.60%

25 of 27



Aggregated Holdings




Maturity Date


UNITED STATES TREASURY 335,000.00 335,901.18 342,903.99 1,243.60 11/15/2021 1.82 2.88% 2.73% 1.59%UNITED STATES TREASURY 365,000.00 364,643.65 371,601.39 4,215.35 1/15/2022 1.96 2.50% 2.55% 1.60%UNITED STATES TREASURY 70,000.00 70,052.46 71,266.02 808.42 1/15/2022 1.96 2.50% 2.46% 1.60%UNITED STATES TREASURY 580,000.00 579,525.27 591,010.72 5,476.90 2/15/2022 2.05 2.50% 2.54% 1.59%UNITED STATES TREASURY 45,000.00 45,061.52 45,778.73 317.10 3/15/2022 2.13 2.38% 2.31% 1.57%UNITED STATES TREASURY 675,000.00 675,332.15 684,914.40 3,236.68 4/15/2022 2.22 2.25% 2.23% 1.59%UNITED STATES TREASURY 1,930,000.00 1,944,029.85 1,937,916.86 13,043.41 2/28/2021 1.14 2.00% 1.37% 1.64%UNITED STATES TREASURY 400,000.00 399,068.14 403,046.80 2,286.89 3/31/2021 1.22 2.25% 2.44% 1.63%UNITED STATES TREASURY 125,000.00 124,704.06 125,952.13 714.65 3/31/2021 1.22 2.25% 2.44% 1.63%UNITED STATES TREASURY 165,000.00 164,465.40 166,256.81 943.34 3/31/2021 1.22 2.25% 2.52% 1.63%UNITED STATES TREASURY 350,000.00 345,522.21 352,310.70 2,365.38 8/31/2021 1.62 2.00% 2.79% 1.60%UNITED STATES TREASURY 350,000.00 351,531.82 352,310.70 2,365.38 8/31/2021 1.62 2.00% 1.73% 1.60%UNITED STATES TREASURY 2,000,000.00 2,000,701.18 1,998,672.00 6,987.70 3/31/2020 0.25 1.38% 1.23% 1.64%UNITED STATES TREASURY 16,000,000.00 15,973,896.48 15,973,120.00 74,340.66 8/31/2020 0.66 1.38% 1.62% 1.63%UNITED STATES TREASURY 8,000,000.00 7,985,729.52 7,983,752.00 27,950.82 9/30/2020 0.74 1.38% 1.62% 1.65%UNITED STATES TREASURY 7,000,000.00 6,986,717.36 6,985,783.00 24,456.97 9/30/2020 0.74 1.38% 1.63% 1.65%UNITED STATES TREASURY 5,000,000.00 4,988,962.35 4,988,475.00 11,710.16 10/31/2020 0.82 1.38% 1.64% 1.65%UNITED STATES TREASURY 5,000,000.00 5,006,410.20 5,004,690.00 240.38 12/31/2020 0.99 1.75% 1.62% 1.66%UNITED STATES TREASURY 150,000.00 148,929.72 149,584.05 863.11 1/31/2021 1.07 1.38% 2.05% 1.63%UNITED STATES TREASURY 2,000,000.00 1,991,903.64 1,993,906.00 2,404.37 5/31/2021 1.39 1.38% 1.67% 1.59%UNITED STATES TREASURY 200,000.00 198,189.48 198,390.60 571.72 9/30/2021 1.72 1.13% 1.65% 1.59%UNITED STATES TREASURY 150,000.00 148,840.95 148,792.95 428.79 9/30/2021 1.72 1.13% 1.58% 1.59%UNITED STATES TREASURY 240,000.00 238,722.40 238,556.16 510.99 10/31/2021 1.80 1.25% 1.55% 1.58%UNITED STATES TREASURY 225,000.00 224,775.79 225,166.95 472.10 11/15/2022 2.79 1.63% 1.66% 1.60%UNITED STATES TREASURY 350,000.00 350,605.05 351,080.10 535.52 11/30/2021 1.87 1.75% 1.66% 1.59%UNITED STATES TREASURY 2,200,000.00 2,198,988.20 2,199,777.80 13,974.18 1/15/2020 0.04 1.38% 2.60% 1.61%UNITED STATES TREASURY 825,000.00 814,754.89 829,833.68 6,473.34 1/31/2022 2.02 1.88% 2.49% 1.59%UNITED STATES TREASURY 250,000.00 247,437.76 251,377.00 437.16 5/31/2021 1.39 2.00% 2.74% 1.60%UNITED STATES TREASURY 460,000.00 456,518.45 463,629.86 26.85 6/30/2021 1.47 2.13% 2.64% 1.59%UNITED STATES TREASURY 225,000.00 223,560.55 227,267.55 2,118.55 7/31/2021 1.54 2.25% 2.67% 1.60%UNITED STATES TREASURY 2,500,000.00 2,496,345.20 2,499,317.50 7,991.80 4/15/2020 0.29 1.50% 2.01% 1.59%UNITED STATES TREASURY 2,500,000.00 2,497,407.85 2,498,730.00 4,842.03 5/15/2020 0.37 1.50% 1.78% 1.63%UNITED STATES TREASURY 9,000,000.00 8,998,548.30 9,000,000.00 401.79 6/30/2020 0.50 1.63% 1.66% 1.63%UNITED STATES TREASURY 2,000,000.00 1,999,521.56 2,000,000.00 89.29 6/30/2020 0.50 1.63% 1.67% 1.63%UNITED STATES TREASURY 7,900,000.00 7,897,169.83 7,897,219.20 5,504.10 6/15/2020 0.45 1.50% 1.58% 1.58%UNITED STATES TREASURY 400,000.00 400,335.90 399,124.80 2,266.30 8/15/2022 2.55 1.50% 1.47% 1.59%UNITED STATES TREASURY 250,000.00 248,155.31 248,476.50 732.58 10/15/2022 2.72 1.38% 1.65% 1.60%WAL-MART STORES INC 125,000.00 124,990.43 125,632.50 79.17 6/23/2020 0.48 2.85% 2.87% 1.77%WELLS FARGO & COMPANY 125,000.00 125,425.86 125,477.63 1,435.42 7/22/2020 0.55 2.60% 1.98% 1.91% Totals/Weighted Average 271,126,764.13 270,227,821.37 270,530,343.94 574,311.41 - 0.60 0.90% 1.83% 1.68%

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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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